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Nov 2023
8:03am, 28 Nov 2023
7,156 posts
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ThorntonRunner
Had my telephone call with pension provider yesterday and have confirmed request for 25% tax free sum (most of which will go to the children - they're in their late twenties and it will be more use to them now then when I die) and shift the rest into flexible drawdown. We're fortunate that between us most of our pensions are defined benefit, so we'll be using this one to bridge from now until those pensions + state pension kick in.
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Nov 2023
8:41am, 28 Nov 2023
72,444 posts
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Lip Gloss
My son will get what’s left when I die. I worked to provide for me 😂😂.
Joking aside, he gets my house and I do intend gifting them something just now. My pension isn’t huge and I am using it rather early so he is not expecting anything from me. My inheritance (when it get finalised from my dad ) will be more or less his.
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Nov 2023
8:46am, 28 Nov 2023
4,556 posts
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Ally-C
I’ve no kids, so no one to leave anything to. So I aim to die skint.
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Nov 2023
8:48am, 28 Nov 2023
48,635 posts
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HappyG(rrr)
I'm amazed at number of ads for equity release on my various social media from Reader's Digest, I think. Maybe it makes more sense for people in England with £1M houses?
Regarding people talking about buying their annuities when the market is "up" or "down", not everyone perhaps has the luxury of choosing that point. If the market is in a 3 year lull, then you just have to take what you get, surely?
To be honest though, I don't understand these things very well! And very jealous of LG having a pension that will be the same as salary! My pension will be less than 1/5th of my salary, I think!  G
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Nov 2023
8:53am, 28 Nov 2023
15,981 posts
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jda
Equity release (when done sensibly) makes sense for anyone who'd rather have money now than when they die, surely?
No pockets in a shroud. He who dies with the most toys is still dead.
Not denying there may be scams around, of course, though I'd have thought the industry was well enough established and regulated by now to limit them.
You can probably smooth over more than 3y if you want, but there are few lulls that long anyway.
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Nov 2023
8:54am, 28 Nov 2023
4,557 posts
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Ally-C
I visited my dad’s wife the other week, she’s taken equity release out in the house they shared. She will pay back double what she received.
Pretty stupid because her wealthy brother offered to give her the money & get it back in her will.
She likes to be independent though.
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Nov 2023
8:55am, 28 Nov 2023
66,538 posts
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Velociraptor
My pension is nowhere near my work income, but it doesn't need to be.
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Nov 2023
9:05am, 28 Nov 2023
4,558 posts
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Ally-C
My pension is nowhere near my work income, but it doesn't need to be.
That’s our thoughts too.
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Nov 2023
9:10am, 28 Nov 2023
15,982 posts
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jda
If you have a significant estate to leave, the chances are very high indeed that your children are already going to be pretty rich when you pop your clogs. If you're concerned for their economic wellbeing, the time to give them money is when they are young and skint not retired and rich.
(I've mentioned before, the vast majority of inherited wealth goes to rich people in their 50s or older.)
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Nov 2023
9:19am, 28 Nov 2023
36,459 posts
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Ness
My pension is nowhere near my work income, but it doesn't need to be.
Same here. The fact that Mr Ness and I aren't paying anywhere near as much income tax as we used to helps also only running one car and not two. And added bonus being able to go on holiday not in school holidays makes that cheaper too.
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Marmite