[Misc] Retirement

[Triggaaar]

Hi Chaps,

Off to India in a couple of weeks, doing the Golden Triangle, flying to Mumbai and then going on a cruise down through Cochin, Goa and Southern Asia.

This thread is depressing for a number of us not nearing retirement.

 

[A mex eyecan]

mmmm, fancy talking about retirement on a thread titled retirement.

Triggaaar, not taking the Micky it just struck me as funny.

 

[Triggaaar]

mmmm, fancy talking about retirement on a thread titled retirement.

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?

 

[WATFORD zero]

Off to Exmouth in February for a few nights….do they accept Sterling?

Cash, Grandad ?

 

[A mex eyecan]

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?

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]

Cash, Grandad ?

Love that show

 

[WATFORD zero]

Love that show

Hugely under rated, I still love some of those sketches

 

[Daddies_Sauce]

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!).

 

[dazzer6666]

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]

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]

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.

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]

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]

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?

Is it only SIPPs that get taxed, or ordinary occupational and private pensions as well?

 

[Triggaaar]

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)

What happens at 75?

 

[zefarelly]

This thread is depressing for a number of us not nearing retirement.

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]

What happens at 75?

Up to 75 it's tax free, after 75 it becomes taxable.

 

[North of Robertsbridge]

Is it only SIPPs that get taxed, or ordinary occupational and private pensions as well?

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]

Is it only SIPPs that get taxed, or ordinary occupational and private pensions as well?

I've answered my own question by looking at the consultation here. It's all pensions that will be potentially liable to IHR.

 

[Mancgull]

Up to 75 it's tax free, after 75 it becomes taxable.

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]

Is it only SIPPs that get taxed, or ordinary occupational and private pensions as well?

Isn’t the new tax regime effectively on all non-defined benefit or annuity pension plans? Where there’s wealth beyond death.