The Retirement Thread
1 lurker |
176 watchers
13 Sep
2:00pm, 13 Sep 2024
7,699 posts
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ThorntonRunner
At the moment the care system is broken. If you need care in old age then you pay for it with what would have been your kids' inheritance. If you don't need care your kids are laughing. It's a health lottery. Far rather we had a fully funded care system paid for by increased inheritance tax that spreads that cost across everyone. (Sorry if this is moving into politics rather than retirement) |
13 Sep
3:22pm, 13 Sep 2024
1,821 posts
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Daz Love
Just published by Fidelity some thoughts on upcoming Budget. Obviously all speculation but couple of key thoughts:- Tax Free amount could be capped at 100k Changes to current tax relief - could happen, of course, but the complexity and difficulty of doing so make it unlikely fidelity.co.uk |
13 Sep
3:25pm, 13 Sep 2024
57,609 posts
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EvilPixie
Oh to be able to say my 25% tax free lump sum is anywhere near 100k let alone over it!
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13 Sep
3:28pm, 13 Sep 2024
6,470 posts
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Windsor Wool
Yes BR - what a lady! I will certainly not be leaving anything close to that kind of positive mark on society. I would have thought that an inheritance could make a massive difference to many families in their 50s. Some might be looking to set their own kids up for the future: university fees, getting a decent place to live, driving, all those things. They all come at a significant cost. Others might be looking for their own escape from meaningless jobs. Perhaps I’m just talking about myself, dunno! I honestly think that most parents would continue to want to support their kids in any way they can for as long as possible. I mean, where do you cut off caring for them? Should a wealthy family refuse to pay their kids through higher education? Anyway, my politics means that I actually support the taxation of estates. I just could never think about stopping wanting to support my son and so I can see why it’s a very emotional subject for many. |
13 Sep
4:19pm, 13 Sep 2024
481 posts
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shyfire
It is emotive. No more so when you have to start estate planning (7 years too late on my part) and wonder how much living past an autumn budget is going to cost your family. I have saved hard all my life and have acquired a house, savings and multiple pensions through different employers. I accept I am lucky on that score but have worked to have a comfortable retirement. I don't live extravagantly apart from a few wasted race entries and too much kit in running days. I did not benefit from being widowed young. That marriage cost me far more in many ways than anything I ever got out of it financially or otherwise as the main breadwinner. There are many things I could have done that I haven't since always mindful of how that money might be needed if not working. I am not going to see my state pension at 67 and getting to 55 for private pensions is not great odds! It is already falling on my sister to take on caring roles for myself and my mum. There is no one going to support her in later life and want to pass on everything I can to her since she may likely need it for her own care - there will be no family left. I totally resent the fact that she will end up paying IHT on what I leave (and have already paid tax on) just because I am not passing property to spouse or children. She has been far more supportive than any spouse ever was! |
13 Sep
9:47pm, 13 Sep 2024
279 posts
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OO61
Thanks for article Daz it does show the difficulties with many of the changes, also how the savings might affect those retired vs those saving for it or act as a disincentive to save for retirement. If our only worry is how to pass on wealth, then we are lucky indeed.
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14 Sep
11:20am, 14 Sep 2024
50,918 posts
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HappyG(rrr)
Shyfire, so sorry to hear,I didn't realise you were unwell. My sincere sympathies. In these scenarios of course, it would be better that money could pass on to family. Take care. G
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15 Sep
9:24am, 15 Sep 2024
10,477 posts
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Northern Exile
That's the problem with the Moral High Ground HG: it's an unstable and lonely platform, a place where it's hard to maintain perspective and appreciate the difficulties others may be experiencing.
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15 Sep
9:26am, 15 Sep 2024
50,926 posts
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HappyG(rrr)
And um happy to be informed and corrected NE.
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15 Sep
9:26am, 15 Sep 2024
50,927 posts
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HappyG(rrr)
I am...
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Jigs Useful Links
FE accepts no responsibility for external links. Or anything, really.- Money Helper
- How Much is Enough to Retire On?
- Retirement Living Standards
- How much will you need to retire?
- Free Govt website for pension advice
- SIPP pensions
- ISAs
- Check your National Insurance contributions
- Check your state pension account
- Martin Lewis on pensions
- Support and advice for those widowed under the age of 50
- Power of Attorney information
- Making the most of your retirement
- 20 tips for a happy retirement
- Married Couple's Allowance
- Aviva guide to retirement planning
- U3A
- U3A Local Sites - map
- Make a Power of Attorney
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