The Retirement Thread
176 watchers
May 2022
4:18pm, 11 May 2022
996 posts
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wrexhamrob
I wouldn't be starting to take my NHS pension until my next birthday, in March 2023, so technically at the moment I'm just unemployed. |
May 2022
4:20pm, 11 May 2022
14,403 posts
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Mandymoo
My dad has just said he has reworked their wills to help with IHT - keep telling them to spend as much as they can, but it's good to see they are all organised etc. Dad has just paid a big chunk to have his eyes sorted out privately, and hopefully they are booking a nice holiday soon.
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May 2022
4:51pm, 11 May 2022
28,954 posts
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HellsBells
I stopped work at 53 and took my NHS pension at 55. NHPS were extremely helpful, PCSE were appalling and caused a 4 month delay in payments starting
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May 2022
5:09pm, 11 May 2022
7,033 posts
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Fizz :-)
My dad seems anxious to my sister that we might have to pay inheritance tax, but then won’t discuss the details with me. As I said to WW, if there is that much money then it’s a nice problem to have! (I’m pretty certain he’s well inside the threshold!!)
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May 2022
5:27pm, 11 May 2022
88,887 posts
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Hanneke
I wasn't expecting anything, inheritance wise, as my mum was about to be placed into a really expensive care home that would have me re-mortgaging my property to pay half of the bills very soon! In stead, she died, totally unexpectedly, a week before this was going to happen. This means I received a modest but seriously helpful inheritance. We were surprised about the secret savings pots my mum had! She lived as if she didn't have a penny and never enjoyed being comfortably off. Both my sister and I have an opposite view: enjoy it now! So she took her teenage kids on a safari! Funnily enough, I went on an altogether different safari too! I went camping and mountain biking in Tanzania and hiking and kayaking in Botswana... 2 holidays. On the grounds that: goodness knows if you can do this next year or in 10 years time. As it stands, due to Covid, those were my last ever trips abroad it seems! So glad I went! Been dwelling on good memories for years already! |
May 2022
7:22pm, 11 May 2022
22,633 posts
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Bazoaxe
I know of two families who on the death of a parent discovered significant sums of cash under the bed. In one case one parent was leaving everything to the eldest child, the other parent had somehow squirrelled away a significant sum of cash for the other two to find and inherit without their older sibling knowing. |
May 2022
7:45pm, 11 May 2022
2,450 posts
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Flatlander
The basic Inheritance Tax (IHT) nil rate is lower than some of you are thinking it is. The threshold is £325,000 until 5th April 2026 gov.uk and gov.uk (but note that in certain circumstances, see the latter link, up to £1,000,000 may be exempt) . A £175,000 Inheritance Tax additional threshold (residence nil rate band) may be available under certain conditions gov.uk |
May 2022
7:45pm, 11 May 2022
8,831 posts
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Northern Exile
My parents divorced in the 80s and both remarried. They haven't aged well, both are more or less completely dependent on their partners to administer their lives.... as an example, my mother can't even use a cashpoint and sits on her arse most of the day, she hasn't cooked in years and is totally dependent on her very ill husband to organise her life and bring her food. By the same token my father cannot do a single thing for himself that requires forethought, he is 100% dependent on his wife to feed him, clothe him and pay his bills. He passes the day by gardening and mowing lawns for other street residents, whether they want it or not. All a long winded way of saying that I'm sure that both will end up in a care home which will swallow what resources they have.
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May 2022
7:51pm, 11 May 2022
12,507 posts
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jda
Bazo was that in Scotland? Can’t disinherit children, they have legal rights. (Did we have this conversation before? Rings a bell somehow..)
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May 2022
7:55pm, 11 May 2022
12,508 posts
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jda
Flatlander, for a couple who have assets of a million in total, it’s likely that they have a house worth 350k. Views may differ but I think a totally unearned windfall (unearned by the recipient!) of a million quid, which almost always finds its way into the pockets of the already comfortably-off, seems very generous to me. |
McGoohan 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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