The Retirement Thread
1 lurker |
175 watchers
May 2022
12:32pm, 17 May 2022
27,266 posts
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Johnny Blaze
Nice, but it's not Sidmouth
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May 2022
12:32pm, 17 May 2022
27,267 posts
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Johnny Blaze
Haha!
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May 2022
2:46pm, 17 May 2022
1,402 posts
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arbster
Stupid naive question, while taking a small annuity while still at 'work' is the only downside that the annuity income is taxable? |
May 2022
2:48pm, 17 May 2022
4,185 posts
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jabberknit
B Rubble (from a couple of pages ago) no need to worry about becoming brain dead. Since retiring, my OH has used his tech knowledge/experience to help voluntary organisations, and is currently learning Spanish. I've resuscitated my knowledge of German to do a bit of tutoring. You have so much more time to do the things you've always wanted to, but seldom had the time or energy to do while working.
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May 2022
2:48pm, 17 May 2022
1,403 posts
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arbster
Right, I can read back on this, but is "Nest" the government pension provider any good if I wanted to start making big payments into? Again, I don't care about funds growing, just about them not getting smaller, there not being massive fees and basically getting the higher rate tax deduction! Thanks G |
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May 2022
2:50pm, 17 May 2022
1,404 posts
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arbster
Exactly right jda. Pensions let you defer tax to a time when your marginal tax rate may be lower, as the cost of keeping the money locked up. For people in employment, there's also any employer contribution and national insurance savings from salary sacrifice that make them a good deal irrespective of the tax situation. |
May 2022
2:51pm, 17 May 2022
42,348 posts
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HappyG(rrr)
OK, thanks arbster. That could be why my company/payroll provider is charging me a big whack to administer extra pension payments via salary sacrifice. Or they could just be robbing barstewards!  G
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May 2022
3:00pm, 17 May 2022
1,405 posts
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arbster
OK, thanks arbster. That could be why my company/payroll provider is charging me a big whack to administer extra pension payments via salary sacrifice. Or they could just be robbing barstewards! G |
May 2022
3:14pm, 17 May 2022
3,087 posts
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B Rubble
Thanks Jabberknit - I've got a couple of organisations I would like to volunteer for. One in particular, the local Canal Trust was asking a couple of years ago for ground engineers, so that might help. I was also thinking of learning Spanish and improving my poor French.
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May 2022
6:29pm, 17 May 2022
84 posts
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OverTheHillToo
Stupid naive question, while taking a small annuity while still at 'work' is the only downside that the annuity income is taxable?OverTheHillToo that's normally correct. Is it an annuity that you're buying with a defined contribution pot, or a defined benefit pension? Sometimes the nuances matter. I have a small personal pension that I'm planning on taking 25% tax free lump sum and converting the rest to an annuity. Hope that makes sense? |
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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