Was having this conversation yesterday with a QS of ours who is due to, or would like to, retire. He more or less brow beat me into upping it to that 15% I mentioned. Harassed me into submission. Yes, it's a lot. And it'll be missed, but am already paying 12% in and you get **** all interest at the minute, so it's a sensible investment. He mentioned himself having close to half a mill in his pot ffs. He's been paying best part of 30% last few years, been with us nearly 50 years and has upped it progressively over that time. I'll never even get close to that. Am meeting our financial advisor on Thursday morning as I haven't got a clue how it'll all pan out.
Dunno. I think you can take out sizeable lump sum etc., tax fee after you're 55. You need to ultimately weigh up how long you'll live I guess, plus what you can pass on to wife and kids etc. You don't just get that total amount of course. It's essentially what you take out pre retirement, then what the actual retirement lump sum is, followed by 'salary'. I genuinely have no clue on such ****.
It depends when you started paying in. After some date in the 90s I think they ditched the tax free lump sum option as it was costing too much to companies as lots of people would live another 20+ years into retirement and bleed them dry. One was called definite contributions and one is defined benefits, can’t remember which is which but basically the later one is utter **** and you’re probably better off trying to find other ways to make money. Depending on your company scheme you can get it tripled or whatever but if you’re only putting in like 5/6k a year, getting 15/18k back for every year is still pretty **** if you don’t have other investments to live on when you retire
Get the occasional tidy bonus on completion that, if paid into my salary, are taxed at my already inflated rate. If I bung it into my pension, I can take it out 'tax free' (I use the word free loosely) at 55. Not sure about the rest tbf. I've never read into or pretended to be an expert. I have just begun upping my own %age the last few years, knowing I probably ****ing need to. Have also got an old local authority one that will give me some steady beer money, plus state of course.
I was going to say find a pub on the way, and realised it's only just gone 10...so maybe a cafe if it tips it down.
Really nice out, warm but the big clouds are rolling in and getting dark, we'll get thunder and lightning later.
Just having breakfast now, at Castellammare. Not up there till three. We're going to the pop up on the way back. Can't make my mind up from Burritto, Pizza, Curry or Portuguese chicken. Might just have the lot, **** it.
