Originally posted by psychocandy
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Pensions/drawdown etc
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Last edited by Contractor UK; 26 November 2020, 10:41. Reason: No abuse on prof forums so have edited :-)'CUK forum personality of 2011 - Winner - Yes really!!!! -
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Originally posted by northernladuk View Post****.Last edited by Contractor UK; 26 November 2020, 10:41.Rhyddid i lofnod psychocandy!!!!Comment
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Originally posted by northernladuk View Post***.Last edited by Contractor UK; 26 November 2020, 10:42.Rhyddid i lofnod psychocandy!!!!Comment
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Originally posted by psychocandy View PostActually, if I'm going to boast, you should see the size of my..... ok I'll stop there.'CUK forum personality of 2011 - Winner - Yes really!!!!Comment
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Originally posted by Fred Bloggs View PostDrawing the 25 per cent tax free does not trigger MPAA. Spend it on cocaine, hookers or daffodils. No difference.
Draw down even 1p in income after taking the 25 per cent and you trigger the MPAA.
And MPAA when triggered applies to ALL you're pensions not just the one you took it out of?Rhyddid i lofnod psychocandy!!!!Comment
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Originally posted by GhostofTarbera View PostTake out £250K spend £50K per year on fun stuff, if you make it till sixty you are nearly deed anyhoo, so no need for a lot of cash after that
Long time deed
Sent from my iPhone using Contractor UK ForumRhyddid i lofnod psychocandy!!!!Comment
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Originally posted by psychocandy View Post
HL SIPP - £125K
EX-employer pension - £25K
Current Umbrella pension - £42K
NEST - £2
Not brilliant....
I suppose a better question that 'how much have you got' is how big a pot you need in order to be able to retire at 55.
Vaguely thinking about chucking it all in next year - currently (counts fingers) 53, so just over a year till I can access my pot.
But am absolutely clueless about how it all works, whether I can afford to not work, whether I'm allowed to take a part time job while drawing pension etc, etc.
No mortgage, but I don't want to be counting pennies if I want a weekend away, or an occasional holiday etc.
No idea how long I'm gonna live for, that kinda info would be handy...
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Originally posted by psychocandy View Post
And MPAA when triggered applies to ALL you're pensions not just the one you took it out of?Public Service Posting by the BBC - Bloggs Bulls**t Corp.
Officially CUK certified - Thick as f**k.Comment
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Originally posted by mudskipper View Post
Is that 25K income or 25K pot? If that latter, that doesn't sound like much of a retirement income. IIRC, the rule of thumb guidance used to be £100K of pot for £5K of annual income, so you're looking at around £10K a year there - probably better than most of the population, but not exactly easy street money.
I suppose a better question that 'how much have you got' is how big a pot you need in order to be able to retire at 55.
Vaguely thinking about chucking it all in next year - currently (counts fingers) 53, so just over a year till I can access my pot.
But am absolutely clueless about how it all works, whether I can afford to not work, whether I'm allowed to take a part time job while drawing pension etc, etc.
No mortgage, but I don't want to be counting pennies if I want a weekend away, or an occasional holiday etc.
No idea how long I'm gonna live for, that kinda info would be handy...Public Service Posting by the BBC - Bloggs Bulls**t Corp.
Officially CUK certified - Thick as f**k.Comment
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