warchest etc

[ladymuck]

There's also SDLT relief for first time buyers, if you're eligible

Stamp Duty Land Tax: relief for first time buyers - guidance note - GOV.UK

[mogga71]

Forget pensions

Live your life now, could be deed next week

Or if you live to 70 (new retirement age) you will get 2 years life of pondering about garden centers until you snuff it form latest pandemic- best case


Sent from my iPhone using Contractor UK Forum

Hmmmmm ... not sure you are being serious here.

1. Pensions are just about the only tax benefit contractors have left when caught by ir35 (ie. most contractors next year IMHO).
2. 70 ? Thats the state pension you are talking about isn't it? Totally different from when you can take personal pension..still 55 I believe?
3. It's a good chance that most people will be living way past 70 in the future.

I certainly wish I had put more in my pension when I was a young contractor. If I would have put 40k (160k in 4 consecutive years) into Apple, Microsoft, Amazon and Alphabet 15 years ago I could have now retired.

[ShandyDrinker]

Hmmmmm ... not sure you are being serious here.

1. Pensions are just about the only tax benefit contractors have left when caught by ir35 (ie. most contractors next year IMHO).
2. 70 ? Thats the state pension you are talking about isn't it? Totally different from when you can take personal pension..still 55 I believe?
3. It's a good chance that most people will be living way past 70 in the future.

I certainly wish I had put more in my pension when I was a young contractor. If I would have put 40k (160k in 4 consecutive years) into Apple, Microsoft, Amazon and Alphabet 15 years ago I could have now retired.

I don't necessarily agree with this. Life expectancy was reported to be falling in 2019. You have to wonder if the retirement age will then be reduced? Not a chance of course. We're heading for work until you drop.

[PCTNN]

I wouldn't count too much on state pension either.

Personal pension, sure, you can start taking it when you're 55 so that's going t be ok, but state pension? Just forget it.

I'd focus on other source of income for when you retire, and for now rental income seems to still be the better option.

[mogga71]

I wouldn't count too much on state pension either.

Personal pension, sure, you can start taking it when you're 55 so that's going t be ok, but state pension? Just forget it.

I'd focus on other source of income for when you retire, and for now rental income seems to still be the better option.

All good questions. Had a similar argument a few weeks before lockdown. My friends have rental properties and some were thinking about selling them due to the constant measures imposed by governments .... tax etc. Personally I think if you choose the best tech stocks (put them in ISA and/or SIPPs) and hold your nerve and stick with them for 20 years I reckon they will way outperform property investments....but thats just me.

I think a mixture of property and share investments is probably the best advice.