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[Misc] Retirement
- Thread starter Tim Over Whelmed
- Start date
Seagull58
In the Algarve
I did a paper round from age 13 and got my NI number at that age. I left the UK at 51 years old and was informed by DWp that I already had the required number of years for the full pension.
BrightonCottager
Well-known member
And don't forget the Residence Nil Rate Band if there is a property in the estate https://www.gov.uk/guidance/inheritance-tax-residence-nil-rate-bandSurvive 7 years post gift of cash and all is good. Even before that, what’s the worst that could happen, some IHT payable (tapered lower) on your estate. Never falling on your son to pay.
[Subject to @dazzer6666 vetting my post].
Of course, it looks like IHT will be raised in the Autumn Budget....
Kneon Light
Well-known member
Thanks very much. I had no idea I could claim it from abroad! I'll look int this and get it sorted,
Blue&WhiteSea
Well-known member
Having spent the last 3 months looking at iht, CGT and chargeable gains calculations for the fintech I work for, I can safely say if you don't have a lot of time to invest in understanding all the rules then a decent 'financial planner' who can do cash flow modelling (not just any old ifa) is a must for anyone who has anything other than a bog standard financial situation!
I've been watching a lot of James Shacks on YouTube and he seems to get a lot of the edge case tax scenarios spot on.
I've been watching a lot of James Shacks on YouTube and he seems to get a lot of the edge case tax scenarios spot on.
Daddies_Sauce
Falmer WSL, not a JCL
- Jun 27, 2008
- 882
I’ve had this thread on ‘notify’ since it was originally posted back in 2022, every time there is a new post I receive the notification and follow with interest. The thread has covered areas of walking football, cycling, gardening, dog walking, holidays etc. and obviously financial planning leading up to and post-retirement. At the start of this year I stated to play Indoor Bowls, I do not do the more serious competition stuff, I’m not there yet, but it has been enjoyable.
I ‘retired’ in 2017, though then went back to do some part time work for a couple of years. I then retired again but after 6 months, I was asked to go back and support some project work part time. I did this as (a) it ‘kept my hand in’ - (b) got the grey cells working again, and (c) I did not have full entitlement to state pension despite having 48/49 years of full contributions, it took me 50 years to reach full entitlement, so please check and understand your state pension forecast. (transition rules apply!)
Following my initial retirement in 2017 I engaged a IFA to combine and manage some private pensions that I had accrued over the years. So I’ll give some of my thoughts on IFA’s and financial management.
After engaging an IFA, I did a lot or reading so I could understand investing, tax implications, IHT and CGT.
I do not invest outside of tax wrappers so do not have to worry about CGT, our combined estate is under the IHT thresholds so no worries there (yet!).
As part of my initial research I read about the 60:40 portfolio, and set up a dummy portfolio on Trustnet so I could track the Vanguard LifeStrategy 60% fund. How many funds do you really need? If I had placed my combined private pensions into the VLS 60 fund and taking into account the management fee’s from the IFA, I would have around £50k more than I currently have in my SIPP. Be wary of those seeming small percentage management fees, over the years they really add up.
There has been discussion a few posts back regarding deferring the state pension and receiving the percentage uplift later in life, the question is will you get there? If you ‘fall off the perch’ before claiming, then deferred state pension is not payable. I have a family relative and a close friend both as I write, currently in the RSCH having had major ops due to the big ‘C’ being found in different areas. There are no guarantees in receiving that extra bonus by deferring.
I have a small S&S ISA that is my play-thing to learn and understand. I made mistakes along the way, but that’s learning, the percentage gains of the S&S ISA have outperformed those from my IFA managed SIPP, despite the big dips from Covid, it currently has 4 funds, do you really need 15-20 funds in a SIP Portfolio? Many ‘medium/small IFA’s are ‘selling-up’ or being ‘acquired’ by large national companies due to the increased regulatory requirements, are they really then, under the covers, independent, or is it smoke and mirrors?
I wanted cash-flow modelling but was advised that this an extra charge, really? So I wrote my own in an Excel Spreadsheet.
I too follow James Shacks, Damien Talks Money and a couple of others on YouTube.
I ‘retired’ in 2017, though then went back to do some part time work for a couple of years. I then retired again but after 6 months, I was asked to go back and support some project work part time. I did this as (a) it ‘kept my hand in’ - (b) got the grey cells working again, and (c) I did not have full entitlement to state pension despite having 48/49 years of full contributions, it took me 50 years to reach full entitlement, so please check and understand your state pension forecast. (transition rules apply!)
Following my initial retirement in 2017 I engaged a IFA to combine and manage some private pensions that I had accrued over the years. So I’ll give some of my thoughts on IFA’s and financial management.
After engaging an IFA, I did a lot or reading so I could understand investing, tax implications, IHT and CGT.
I do not invest outside of tax wrappers so do not have to worry about CGT, our combined estate is under the IHT thresholds so no worries there (yet!).
As part of my initial research I read about the 60:40 portfolio, and set up a dummy portfolio on Trustnet so I could track the Vanguard LifeStrategy 60% fund. How many funds do you really need? If I had placed my combined private pensions into the VLS 60 fund and taking into account the management fee’s from the IFA, I would have around £50k more than I currently have in my SIPP. Be wary of those seeming small percentage management fees, over the years they really add up.
There has been discussion a few posts back regarding deferring the state pension and receiving the percentage uplift later in life, the question is will you get there? If you ‘fall off the perch’ before claiming, then deferred state pension is not payable. I have a family relative and a close friend both as I write, currently in the RSCH having had major ops due to the big ‘C’ being found in different areas. There are no guarantees in receiving that extra bonus by deferring.
I have a small S&S ISA that is my play-thing to learn and understand. I made mistakes along the way, but that’s learning, the percentage gains of the S&S ISA have outperformed those from my IFA managed SIPP, despite the big dips from Covid, it currently has 4 funds, do you really need 15-20 funds in a SIP Portfolio? Many ‘medium/small IFA’s are ‘selling-up’ or being ‘acquired’ by large national companies due to the increased regulatory requirements, are they really then, under the covers, independent, or is it smoke and mirrors?
I wanted cash-flow modelling but was advised that this an extra charge, really? So I wrote my own in an Excel Spreadsheet.
I too follow James Shacks, Damien Talks Money and a couple of others on YouTube.
Half Time Pies
Well-known member
I also follow James Shacks and Damien Talks Money! Would also recommend Ramin Nakisa (ex-Investment banker that has most of his portfolio in one passive index fund!) and his pensioncraft youtube channel, podcast and subscription service.
- Jul 27, 2024
- 607
Thanks All, some good YouTube leads to follow up there. I have an initial free consultation with an IFA next week but I’m wary. I don’t mind paying a few hundred quid for some help with strategy and how best to allocate investments but I’m not allowing anyone to actively manage my money, and no doubt cream off a chunk every year while they’re at it.
Absolutely. It is not a yes/no answer.
My advice would be that your son/daughter should open a separate account for your gift(s) and keep it separate. The key question as to whether it is a matrimonial asset (which could potentially be split between the divorcing parties) is generally decided on whether the money has remained separate or has been 'mingled' with other matrimonial funds. It will be easier to demonstrate that it was not a matrimonial asset if it's kept in a separate account (especially if it hasn't been drawn upon before the divorce).
Also it may be helpful to record in writing that the gift is for the sole benefit of your son/daughter, but I do not KNOW whether this would be relevant. But it can't do any harm if you want to protect the gift in these circumstances.
If the parties don't reach an agreed settlement, then a judge will decide on the issue. and will decide one way or the other. OR the judge can decide that SOME of the gift has remained separate and SOME has been mingled.
Daddies_Sauce
Falmer WSL, not a JCL
- Jun 27, 2008
- 882
I do track Ramin's channel, but it's something that I no longer take much noticed of, he moved his portfolio from my have & hold fund in my S&S ISA, another one that I dip in and out of is MeaningfulMoney.
Thoughts when I started to look for an IFA was to meet with at least 3. I only went with 2, maybe should have tried to find a 3rd to compare. As I posted above, those seemingly small management percentages, really add up over what can be a short period of time.
And remember, nobody has a crystal ball as to what he markets are going to do, not even an IFA.
- May 8, 2018
- 10,616
just checked and still have c8,000 days until state retirement. Saying that I’ve just bought an electric golf trolley so technically in some circles I am now officially semi retired.
In most cases I suspect the ‘gift’ will be a property deposit so not as simple keeping it in a separate account. If the couple split the settlement would be worked out based on the usual factors including the extent of the contribution made by each party. The ‘gift’ should be made solely to the offspring and not the couple so it’s clear
- Jul 27, 2024
- 607
Thi
This is where a trust comes in useful. It allows you to ring fence a sum for a particular purpose or person. This overrides subsequent wills, which can be an issue. For example if you left everything to your child in a will but then you die and your widow remarries, this pretty much invalidates your will and your child gets nothing. Setting up a trust ensures your child gets X amount regardless of what else happens.
Not sure how that helps with gifting money to a child (to help with a property purchase) ?
- Thread starter
- #935
I tend to look for bargain holidays on a Sunday evening, I.e. anything flying out of Gatwick tomorrow (Monday), tend to use TUI, LoveHolidays & Kayak, anyone know any other good places to try? Gone are the days of arriving at Gatwick with your passport I guess!
Secret Escapes can be good for short breaks in v good hotels
LamieRobertson
Not awoke
Is that like leaving in the middle of the night through a window?
No chance I could get through a window
Mr Bridger
Sound of the suburbs
I looked at Secret Escapes for next weekend in Chester for the Friday/Saturday to take in the Everton game. £259 for the two nights, which includes a bottle of Prosecco in your room on arrival. Same hotel and dates with Booking.com £250 but without the Prosecco.
So basically £9.00 for a bottle of fix to tempt you.
Yep…but a sample of one not necessarily going to show up the best deals. You have to do a bit of work on all these sites