The Retirement Thread
1 lurker |
176 watchers
31 Oct
3:19pm, 31 Oct 2024
24,922 posts
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geordiegirl
My head hurts with it all.... Definitely spend it! we might as well we have no kids so any money is left to extended family or charity. I realised I didnt receive my draw down pension quote so rang pension provider.... they raised a case but an IT issue that night meant it got conveniently missed. No real issue but hopefully get some idea of its worth next week. I'd rather take it out and have it in my bank than the company reclaim it if I pop my clogs early. |
31 Oct
3:56pm, 31 Oct 2024
71,726 posts
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Velociraptor
Also thinking that the best way to deal with my SIPP might be to start churning it back into the economy fairly soon.
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31 Oct
6:14pm, 31 Oct 2024
432 posts
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OO61
Advice from my kids is to spend it all, at a premium for tax avoidance 😆
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31 Oct
6:39pm, 31 Oct 2024
6,521 posts
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Windsor Wool
paul the builder wrote: Long time no see 👀 HappyG tagged me 10 days ago, and quick-as-a-flash I'm here 😜 Good thread choice to do it in. OH and I both planning to stop work March-ish next year. We're going to build a house too. Major changes in our world. Congrats McG. @paul the builder nice plan. Where's the house to be? £22Bn to the NHS. Has to be be good for old people like us. Thumbs up. |
31 Oct
7:27pm, 31 Oct 2024
335 posts
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kaysdee
Expression of wishes that has your spouse/civil partner as the beneficiary would be covered under spousal exemption so no tax due. If the first death is over 75, the value would be taxed at the beneficiary’s marginal rate, which is the same as the current rule. If the pension is left to the spouse and I guess taken as cash, then this would fall into the spouse’s estate and could be left to children after the second death, so again, apx £1M for married couples with nil rate band and residential nil rate band. My pension beneficiaries are already my kids (not my husband as he is in residential care now) but I don’t expect the kids (or rather my estate) to have to pay any inheritance tax as my estate will be under £500k. OH’s beneficiaries are me and the kids and his estate also won’t be above £500k. There will be no changes for us. So, AIUI, although there will be different rules and pension values will be included in an inheritance tax valuation, for the majority of families, that calculation will be under the thresholds, so there will be no inheritance tax due. I think! It will only affect you if your pension value pushes your estate above £500k/£1M (if a married couple). I think many people will now be changing expression of wishes though. All spousal inheritance is tax free - the inherited pension taxed at the beneficiary’s marginal rate if the first death is over 75, no matter the beneficiary, is nothing new. |
31 Oct
7:37pm, 31 Oct 2024
27,612 posts
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Bazoaxe
I think the IHT thing is under consultation until 2027 and it will be complex. I know the LTA changes when implemented were and remain problematic with many areas where the HMRC have not given clear guidance.
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31 Oct
7:56pm, 31 Oct 2024
28,995 posts
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Sigh
Our pensions are all 'private' now, and will be caught within the new rules; however, we don't qualify for state pension for another ten years and in the next decade we'll knock a big hole in them, I expect. What's likely to do for us is property prices. The house we paid £250k for, 15 years ago, would typically be circa £400k in today's market (based on local prices). Add another 30-odd years onto that and allow for some fiscal drag on allowances, and I don't think it would take much residual pension to push the estate over the future IHT limit. |
31 Oct
8:20pm, 31 Oct 2024
13,069 posts
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cathrobinson
It might be time for me and Nic to get married…
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31 Oct
9:34pm, 31 Oct 2024
3,413 posts
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Mushroom
I know plenty of non married couples who have got married either when one has become seriously ill, or when both are in their 70s. It's the oldest tax evasion tip there is..! |
31 Oct
9:38pm, 31 Oct 2024
78,371 posts
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Lip Gloss
Does this mean I have to get married lol
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- How Much is Enough to Retire On?
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- Free Govt website for pension advice
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- 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
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- Married Couple's Allowance
- Aviva guide to retirement planning
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