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Pensions

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By (user no longer on site) OP   
over a year ago

My Account ( yip i have ) 1 is aying by i am 67yrs old ( pension age ) i wont av enough to life on. What do I do then

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By *iman2100Man
over a year ago

Glasgow


"My Account ( yip i have ) 1 is aying by i am 67yrs old ( pension age ) i wont av enough to life on. What do I do then "

You will have to continue to work past retirement age unless the Government can supplement your income or you like living in abject poverty.

No other choices unless you want to put away every possible penny you earn in the next 7 years into a pension fund. As a very rough guide for every £20k you put away in a pension pot you will get about £1k per year pension.

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By (user no longer on site)
over a year ago


"My Account ( yip i have ) 1 is aying by i am 67yrs old ( pension age ) i wont av enough to life on. What do I do then

You will have to continue to work past retirement age unless the Government can supplement your income or you like living in abject poverty.

No other choices unless you want to put away every possible penny you earn in the next 7 years into a pension fund. As a very rough guide for every £20k you put away in a pension pot you will get about £1k per year pension. "

Thats all well and good but then like my 86yr old father whonhas worked hard all his life no still has to pay full rent, pay for dental and optical care, all becuase he has a private pension from his employers. He has paid tax all these years and gets nothing back. My plan poss could be reach 55 take as much private pension fund that i can, ensure son ok, go away on long holiday, enjoy aand blew the lot. So.i can retire and i can get some of the benefits my tax has paid for over the years. Its a mindfield on COL is mot helping with projections for my pension fund x

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By (user no longer on site)
over a year ago


"My Account ( yip i have ) 1 is aying by i am 67yrs old ( pension age ) i wont av enough to life on. What do I do then "

First thing you should always do is put money away for savings or sip. Then pay your bills I always do this as soon as I get paid.

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By *iman2100Man
over a year ago

Glasgow


"My Account ( yip i have ) 1 is aying by i am 67yrs old ( pension age ) i wont av enough to life on. What do I do then

You will have to continue to work past retirement age unless the Government can supplement your income or you like living in abject poverty.

No other choices unless you want to put away every possible penny you earn in the next 7 years into a pension fund. As a very rough guide for every £20k you put away in a pension pot you will get about £1k per year pension.

Thats all well and good but then like my 86yr old father whonhas worked hard all his life no still has to pay full rent, pay for dental and optical care, all becuase he has a private pension from his employers. He has paid tax all these years and gets nothing back. My plan poss could be reach 55 take as much private pension fund that i can, ensure son ok, go away on long holiday, enjoy aand blew the lot. So.i can retire and i can get some of the benefits my tax has paid for over the years. Its a mindfield on COL is mot helping with projections for my pension fund x"

Working hard all your life does not entitle you to a pension. Saving money in a pension scheme does.

You need to read up on what happens if you deliberately make yourself impoverished by blowing all your capital. You may be assessed as if you still had the money and get no benefits at all even though you have almost zero income.

The tax you pay, pays for services you received in the year. That has gone. NI produces the State Pension which varies depending on what contributions you made.

However when you retire you no longer pay National Insurance so save about 11% on your income and only get taxed above your personal allowance.

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By (user no longer on site)
over a year ago


"My Account ( yip i have ) 1 is aying by i am 67yrs old ( pension age ) i wont av enough to life on. What do I do then

You will have to continue to work past retirement age unless the Government can supplement your income or you like living in abject poverty.

No other choices unless you want to put away every possible penny you earn in the next 7 years into a pension fund. As a very rough guide for every £20k you put away in a pension pot you will get about £1k per year pension.

Thats all well and good but then like my 86yr old father whonhas worked hard all his life no still has to pay full rent, pay for dental and optical care, all becuase he has a private pension from his employers. He has paid tax all these years and gets nothing back. My plan poss could be reach 55 take as much private pension fund that i can, ensure son ok, go away on long holiday, enjoy aand blew the lot. So.i can retire and i can get some of the benefits my tax has paid for over the years. Its a mindfield on COL is mot helping with projections for my pension fund x"

Do stocks and shares Isa with reputable company you won’t pay tax on it. You can only take so much out of a pension at 55 which increases to 58 if memory serves me right in 2025.

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By *alcon43Woman
over a year ago

Paisley

You’ll have a state pension as well as your work pension.

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By *lder for funxxxMan
over a year ago

glasgow

It's a minefield, they don't tell you when you pump money into pensions all your life, OK you get 25 % tax free but when you retire if you go above the tax thresh hold which is just over 12k and take money out of your pension, they tax you on it, it's a scandel of the highest order.

I get no benifits of any kind because I worked all my life mosty paying 40 % tax.

Put your money into an isa , not pensions.

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By *ittyScritchesWoman
over a year ago

Edinburgh

The point of a pension isn't to give you a lump sum the second you hit retirement age though, it's to keep you going from that point through the rest of your life.

A stocks & shares ISA may be tax free but it's an investment product and if what you're invested in tanks the money could be gone overnight. That's true to an extent with pension products but they're diversified over a larger portfolio for a longer period which helps create a buffer when markets are struggling.

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By (user no longer on site)
over a year ago


"The point of a pension isn't to give you a lump sum the second you hit retirement age though, it's to keep you going from that point through the rest of your life.

A stocks & shares ISA may be tax free but it's an investment product and if what you're invested in tanks the money could be gone overnight. That's true to an extent with pension products but they're diversified over a larger portfolio for a longer period which helps create a buffer when markets are struggling."

Your right about stocks and shares isa best to buy when stock market tanks.

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By *rx12Man
over a year ago

kelso

Go Crypto

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By *immfmeMan
over a year ago

central

Jesus, this thread is a minefield of financial illiteracy, misinformation and unhelpful ‘advice’.

OP, you’re welcome to DM me and ill be happy to walk you through some ideas which will help. It might not get you to a comfortable’ spot at 67, but it’ll defo help get you closer.

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By *avie65Man
over a year ago

In the west.


"The point of a pension isn't to give you a lump sum the second you hit retirement age though, it's to keep you going from that point through the rest of your life.

A stocks & shares ISA may be tax free but it's an investment product and if what you're invested in tanks the money could be gone overnight. That's true to an extent with pension products but they're diversified over a larger portfolio for a longer period which helps create a buffer when markets are struggling."

ISA's have a £20k limit per year and anyone putting their money in one should make sure it's regulated by the FSA that way if something happens to the bank or BS your money is safe, Upton £85k.

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By *immfmeMan
over a year ago

central


"It's a minefield, they don't tell you when you pump money into pensions all your life, OK you get 25 % tax free but when you retire if you go above the tax thresh hold which is just over 12k and take money out of your pension, they tax you on it, it's a scandel of the highest order.

I get no benifits of any kind because I worked all my life mosty paying 40 % tax.

Put your money into an isa , not pensions."

When you put money into a pension, it’s done tax free - so depending on the scheme, it’s either done from gross pay (before income tax and NI has been deducted) or net pay (where you get basic rate relief on contributions and can reclaim the additional 22% from HMRC). It’s then drawn as an income when you retire with 25% tax free, and is income taxed in the same way as earned income.

It’s not a scandal because you are deferring the tax you could pay at 40% to a time when you may only be paying 20%.

Stocks & shares ISAs are great savings vehicles but have limits, are subscribed from net pay and have basically the same investment options as pensions but without as many tax efficiencies.

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By *immfmeMan
over a year ago

central


"My Account ( yip i have ) 1 is aying by i am 67yrs old ( pension age ) i wont av enough to life on. What do I do then

You will have to continue to work past retirement age unless the Government can supplement your income or you like living in abject poverty.

No other choices unless you want to put away every possible penny you earn in the next 7 years into a pension fund. As a very rough guide for every £20k you put away in a pension pot you will get about £1k per year pension.

Thats all well and good but then like my 86yr old father whonhas worked hard all his life no still has to pay full rent, pay for dental and optical care, all becuase he has a private pension from his employers. He has paid tax all these years and gets nothing back. My plan poss could be reach 55 take as much private pension fund that i can, ensure son ok, go away on long holiday, enjoy aand blew the lot. So.i can retire and i can get some of the benefits my tax has paid for over the years. Its a mindfield on COL is mot helping with projections for my pension fund x

Do stocks and shares Isa with reputable company you won’t pay tax on it. You can only take so much out of a pension at 55 which increases to 58 if memory serves me right in 2025. "

You can withdraw your full pension on your 55th birthday if you wanted, but highly inefficient and completely I’ll advised. The change in the minimum pension age from 55 to 57 happens in 2028.

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By *ibliosWoman
over a year ago

Edinburgh


"ISA's have a £20k limit per year and anyone putting their money in one should make sure it's regulated by the FSA that way if something happens to the bank or BS your money is safe, Upton £85k. "

FCA (Financial Conduct Authority) - the FSA ceased to be as such a decade ago.

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By *avie65Man
over a year ago

In the west.


"ISA's have a £20k limit per year and anyone putting their money in one should make sure it's regulated by the FSA that way if something happens to the bank or BS your money is safe, Upton £85k.

FCA (Financial Conduct Authority) - the FSA ceased to be as such a decade ago."

Doh, it's an age thing.

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By *iman2100Man
over a year ago

Glasgow


"It's a minefield, they don't tell you when you pump money into pensions all your life, OK you get 25 % tax free but when you retire if you go above the tax thresh hold which is just over 12k and take money out of your pension, they tax you on it, it's a scandel of the highest order.

I get no benifits of any kind because I worked all my life mosty paying 40 % tax.

Put your money into an isa , not pensions."

Income paid into pension pots is not taxed so if it was all paid back untaxed it would be a perfect tax avoidance scheme.

If you pay 40% tax on income then you need to actively claim this extra 20% back from the Tax folk when you make pension contributions.

Where you put your money is best decided on following seeing a financial advisor.

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By *oversfunCouple
over a year ago

ayrshire

We are both going to take the lot which is a tidy sum even after we pay the 40%,and go on holidays ect and enjoy ourselves

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By *immfmeMan
over a year ago

central


"We are both going to take the lot which is a tidy sum even after we pay the 40%,and go on holidays ect and enjoy ourselves "

That’s what it’s for…..but you can do it in a tax efficient way. If you have a financial adviser, they’ll be able to talk you through it. If you don’t, drop me a DM

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By (user no longer on site) OP   
over a year ago


"We are both going to take the lot which is a tidy sum even after we pay the 40%,and go on holidays ect and enjoy ourselves

That’s what it’s for…..but you can do it in a tax efficient way. If you have a financial adviser, they’ll be able to talk you through it. If you don’t, drop me a DM"
i recently found out i have to pay around 3% off my pension to my advisor as they need too consolidate my 3 pensions into 1 . Now i know there will be cheaper advisors out there .

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By *oversfunCouple
over a year ago

ayrshire


"We are both going to take the lot which is a tidy sum even after we pay the 40%,and go on holidays ect and enjoy ourselves

That’s what it’s for…..but you can do it in a tax efficient way. If you have a financial adviser, they’ll be able to talk you through it. If you don’t, drop me a DM"
thanks but we have it sorted

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By *ibliosWoman
over a year ago

Edinburgh


"i recently found out i have to pay around 3% off my pension to my advisor as they need too consolidate my 3 pensions into 1 . Now i know there will be cheaper advisors out there . "

So in fact ONE of your 3 private pensions (for which you have a financial adviser, not to mention your state pension) is saying you may not have enough to last your retirement?!?! I think the answer to your original question then is rely on some of the rest of it - many people aren't nearly so fortunate as to have multiple pots to consolidate or otherwise, or even a fully funded state stipend for that matter!

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By (user no longer on site) OP   
over a year ago


"i recently found out i have to pay around 3% off my pension to my advisor as they need too consolidate my 3 pensions into 1 . Now i know there will be cheaper advisors out there .

So in fact ONE of your 3 private pensions (for which you have a financial adviser, not to mention your state pension) is saying you may not have enough to last your retirement?!?! I think the answer to your original question then is rely on some of the rest of it - many people aren't nearly so fortunate as to have multiple pots to consolidate or otherwise, or even a fully funded state stipend for that matter!"
atm i am not at state pension age ( took early retirement and have lived on my own savings for the last 5yrs ) i realised when i was 50yrs old i had to put money by which i did into 1 private pension the other 2 i never knew nothing about until 2yrs ago when i found old paper work and made a few calls then found out i had 2 windfalls . But as i said my Advisor has said it probably not do me for the rest off my life .

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By *immfmeMan
over a year ago

central


"i recently found out i have to pay around 3% off my pension to my advisor as they need too consolidate my 3 pensions into 1 . Now i know there will be cheaper advisors out there .

So in fact ONE of your 3 private pensions (for which you have a financial adviser, not to mention your state pension) is saying you may not have enough to last your retirement?!?! I think the answer to your original question then is rely on some of the rest of it - many people aren't nearly so fortunate as to have multiple pots to consolidate or otherwise, or even a fully funded state stipend for that matter!atm i am not at state pension age ( took early retirement and have lived on my own savings for the last 5yrs ) i realised when i was 50yrs old i had to put money by which i did into 1 private pension the other 2 i never knew nothing about until 2yrs ago when i found old paper work and made a few calls then found out i had 2 windfalls . But as i said my Advisor has said it probably not do me for the rest off my life . "

Well, that depends on how long you fancy living. Do it hard, fast and leave a beautiful body.

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By *panksspankedMan
over a year ago

Edinburgh

It is literally about betting your life.To do the sums properly it would be useful to know how long you're going to live. However getting money early while you're still able to enjoy it is not such a bad idea. Also there may be enjoyable part time or temporary work which can bring in some money and be much less stressful than being in a responsible job. I retired at 57 and have absolutely no regrets. I work about 7 weeks a year but doing something I enjoy

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