This thread is depressing for a number of us not nearing retirement.
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[Misc] Retirement
- Thread starter Tim Over Whelmed
- Start date
This thread is depressing for a number of us not nearing retirement.
A mex eyecan
Well-known member
- Nov 3, 2011
- 3,889
mmmm, fancy talking about retirement on a thread titled retirement.Triggaaar, not taking the Micky it just struck me as funny.
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Triggaaar, not taking the Micky it just struck me as funny.
Well of course you should talk about retirement, but instead of sharing amazing holiday plans, can't you just say it's crap, you're bored and you wish you were still working?
- Jul 10, 2003
- 27,792
A mex eyecan
Well-known member
- Nov 3, 2011
- 3,889
Trigaaar.
Im retired. It’s bloody awful.
I now have to take the Mrs shopping. That’s costing more petrol money AND car park money
I now have to go take her to see her Sister, which means my ears get a royal bashing
I have to go for coffee and cake which has caused me to put on half a stone
I have to go for walks which has worn out my trainers far more frequently
I frequently oversleep which means i have to eat breakfast later than I’d like
I have time to clean the cars
I have time to watch A Place In The Sun
See, it’s all downers mate. You keep working, you know you’re better off doing so.
LamieRobertson
Not awoke
Cash, Grandad ?
Love that show
- Jul 10, 2003
- 27,792
Hugely under rated, I still love some of those sketches
Daddies_Sauce
Falmer WSL, not a JCL
- Jun 27, 2008
- 886
After the budget, and the news of IHT (and tax) on Pensions (SIPPs) left for beneficiaries, how many of us retired are starting to re-think our estate and pensions plans? (assuming I last past 2027!).
No change really. Kids are now possibly going to end up with a tax bill they wouldn’t have had, but I’m doing my level best to not have much left when the reaper comes calling (short summary advice on best way to avoid IHT hasn‘t materially changed - spend it/give it away).
Daddies_Sauce
Falmer WSL, not a JCL
- Jun 27, 2008
- 886
My expression of wishes states that I will leave 50% of that remaining on my demise to the Mrs and 25% to each of our 2 Children, Mrs will still receive her share tax free (if I go before 75) but the kids will be hit with IHT and tax bills.
Weststander
Well-known member
Are the kids hit with the IHT or the estate before their share is worked out?
I say this because of the anti IHT in any shape or form say “Big government are taxing my kids”.
Daddies_Sauce
Falmer WSL, not a JCL
- Jun 27, 2008
- 886
As I understand it currently (I'm still reading and and this may change), Pension providers have to settle any IHT (from the remaining pot) before they can distribute the remainder of the SIPP, presumably based on your expressions of wishes. By changing the expression of wishes and leaving everything to the Mrs, then she can still inherit tax free (if I go before 75) and then 'gift' to the kids?
BrightonCottager
Well-known member
Is it only SIPPs that get taxed, or ordinary occupational and private pensions as well?
What happens at 75?
It's more depressing for those who are with no pension Or assets . . .
havin said that, some people don't give a shit.
Daddies_Sauce
Falmer WSL, not a JCL
- Jun 27, 2008
- 886
Up to 75 it's tax free, after 75 it becomes taxable.
North of Robertsbridge
Well-known member
It applies to all direct contribution (DC) pensions. DB pensions and annuities may also leave something for beneficiaries, but with DC it’s the total remaining pot, and at the moment that’s growing, even drawing down around 6% a year
I’ve told my little one what this is going to mean for her and we’re agreed that we parents should spend as much as possible during our retirement (although the prospect of paying higher rate tax on my pension is a bit aggravating as allowance remain frozen for the moment)
BrightonCottager
Well-known member
I've answered my own question by looking at the consultation here. It's all pensions that will be potentially liable to IHR.
Mancgull
Well-known member
That’s going to change from 2027. As pensions are now within the framework of IHT, the pension will be income tax free to the beneficiary ( even after age 75) so there is no element of double taxation.
Weststander
Well-known member
Isn’t the new tax regime effectively on all non-defined benefit or annuity pension plans? Where there’s wealth beyond death.