The Retirement Thread
7 lurkers |
176 watchers
Nov 2023
10:24pm, 26 Nov 2023
17,702 posts
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UltraDunc
I’ve missed getting up for work, they started ringing to see where I’d got too!
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Nov 2023
4:17pm, 27 Nov 2023
72,426 posts
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Lip Gloss
I received my Arcadia letter this morning with my lump sum total less tax….I do hope I get a tax rebate next year owing to the fact that come December I will be not be earning enough to pay tax. I’ve also just received an email from the NHS which they want replied ASAP and the figures still mean bugger all to me. Confusing due to fact that the NHS pension is split . |
Nov 2023
5:01pm, 27 Nov 2023
31,279 posts
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Johnny Blaze
moneyhelper.org.uk Well, I’ve started getting my”wake up” letters from my DC providers and that led me to start thinking about annuity options and assessing providers. I had no idea how to do this but the above tool helped because it helps to both model different annuity choices and also suggest best providers. I learnt a few things: 1 The difference in annual payments between an annuity which has an inflation element and one which has a fixed payment is huge and it a take a long time before the lower payment on an inflation-linked annuity “exceeds” money paid by a fixed payment annuity. 2 Modelling a joint vs single life annuity doesn’t seem to move the dial anywhere near as much as 1 above and neither does varying maximum guarantee period or joint life payment of 50% or 100%. Perhaps someone more clever than me could explain why that is? As it is I am going to go for a joint life annuity with a flat amount payment, 30 year guarantee and 100% of income paid to my OH if I kark it first. Annuity rates look very high at the moment so I’m thinking I should lock em in. |
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Nov 2023
5:02pm, 27 Nov 2023
31,280 posts
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Johnny Blaze
I’m seeing an IFA next week, and a bit anxious about it!
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Nov 2023
5:04pm, 27 Nov 2023
48,630 posts
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HappyG(rrr)
I don't know what any of that means JB, but best of luck with it!  G
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Nov 2023
5:08pm, 27 Nov 2023
31,281 posts
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Johnny Blaze
It’s flipping complicated that’s for sure, but I’m slowly getting to grips with it.
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Nov 2023
5:36pm, 27 Nov 2023
72,429 posts
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Lip Gloss
I just had a quick chat with my FA and I’m now taking the larger tax free sum and smaller pension from NHS.
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Nov 2023
5:54pm, 27 Nov 2023
66,532 posts
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Velociraptor
That's what I did too, LG. The practice accountant recommended that strategy, with projections, although I'm not sure now that it was ideal since I plan to live to be 120.
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Nov 2023
5:55pm, 27 Nov 2023
16,990 posts
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XB
Mrs XB did just the opposite, LG. We got our first monthly dollop this month and I am married to a pensioner
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Nov 2023
6:03pm, 27 Nov 2023
72,431 posts
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Lip Gloss
That's what I did too, LG. The practice accountant recommended that strategy, with projections, although I'm not sure now that it was ideal since I plan to live to be 120. I will have to plan wisely with my two lumps sums I receive at the end of the week but it will make my bank account look healthy for a week or so haha. XB, I will still be using my divorce settlement to give me a monthly income as well so the small pension from NHS will be enough. I have a 3k mortgage I will off next month so that will also save me a monthly standing order. |
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