Pension stuff, how's it all looking ? HAve you prepared ?

[Dodgy69]

Finally....

For the first time in the 2 years I've had my pension invested, it's in positive territory.

[weeksy]

New Ducati day?

[JackyJoll]

Finally....

For the first time in the 2 years I've had my pension invested, it's in positive territory.

Starting 2 years ago was unfortunate timing! All the best for the future.

[Dodgy69]

New Ducati day?

MT is stopping for now, no one wants to buy it for sensible money. Bike changes are on hold.

[Dodgy69]

Finally....

For the first time in the 2 years I've had my pension invested, it's in positive territory.

Starting 2 years ago was unfortunate timing! All the best for the future.

Yep...about a month after I set it up, Putin got greedy.

[JackyJoll]

Finally....

For the first time in the 2 years I've had my pension invested, it's in positive territory.

Starting 2 years ago was unfortunate timing! All the best for the future.

Yep...about a month after I set it up, Putin got greedy.

I had the same trouble, but it wasn’t my main pension: just additional voluntary contributions and investment of the lump sums.

[Horse]

Finally....

For the first time in the 2 years I've had my pension invested, it's in positive territory.

Starting 2 years ago was unfortunate timing! All the best for the future.

Yep...about a month after I set it up, Putin got greedy.

Truss & Kwarteng buggered a fair chunk of mine

[JackyJoll]

Starting 2 years ago was unfortunate timing! All the best for the future.

Yep...about a month after I set it up, Putin got greedy.

Truss & Kwarteng buggered a fair chunk of mine

It’ll bounce back.

[Count Steer]

Starting 2 years ago was unfortunate timing! All the best for the future.

Yep...about a month after I set it up, Putin got greedy.

Truss & Kwarteng buggered a fair chunk of mine

They did a real job on bonds related funds didn't they? Recovery has been glacial. Meanwhile Kwarteng is off to share his expertise with the City.

[Mr. Dazzle]

Hey he must be smart, he was on University Challenge.

[Taipan]

New Ducati day?

MT is stopping for now, no one wants to buy it for sensible money. Bike changes are on hold.

I gave up trying to sell my Cb1r over winter. Got some ridiculous offers, so pulled the ad and decided to wait until April or March if the weathers picks up.

[Taipan]

I wouldn’t have a clue. Sometimes I wish I knew more about these matters, but tbh, I reckon the wife and I could survive well enough on state pensions. We both have private pensions as well though, so I guess that’s why I don’t trouble myself with such things. If we struggle I’ll set myself up an only fans page!

[Yorick]

What is the average pension pot for a fifty year old person?

Google throws up a few different answers, I wondered what people think?

Not sure but mine have doubled since I retired 10 years ago.
I'm no financial expert, but I'd never take money out of pensions. They're nice little earners.

Caveat, I take £15,000 tax free out of one each year.
That tax saving is nice and the money goes into ISAs or pays for my Euro trackdays.

[MyLittleStudPony]

What is the average pension pot for a fifty year old person?

Google throws up a few different answers, I wondered what people think?

I think I have about 50k in mine from memory. I'm not relying on it for anything. I gave up on it a good while back and put the money elsewhere.

With a good annuity paying 5% and a typical one more like 3.5% (from memory), you'd need a £500k pot to get about £20k a year of income. I'd rather have the £500k myself.

I think our generation got many amazing things. Pensions were not among them for most.

[Count Steer]

What is the average pension pot for a fifty year old person?

Google throws up a few different answers, I wondered what people think?

It's a bit of a 'how long is a piece of string' question really. The average pot is probably a lot less than is ideal. The Google figures are all over the shop and focus on what you 'should' have by then. £50k pops up a lot. (And should double over 10 years). What the ideal is depends on when you plan to retire and what sort of retirement you want. Usual thing, if you want to retire on, eg, 50% or 66% of current income you just have to work backwards to figure out what you need to save/when you can retire. That's before taking into account what inflation/interest rates and random Chancellors will do to the value of the pot/income from it.

According to recent reports the state pension alone is a 'below the poverty line' existence.

[Mr. Dazzle]

Google says all sorts of tosh, like the average savings (not pension, just savings) of a 45yr old is about three times their yearly salary or just over £100k - which I think is utter cobblers, what average 45yr old has a hundred grand stashed away.

Obviously I know people with that amount and more, but they’re exceptions, most normal working class people I know don’t have six figures in their savings account.

I've got more than that and I'm 39

Deffo a string question though

[Count Steer]

Google says all sorts of tosh, like the average savings (not pension, just savings) of a 45yr old is about three times their yearly salary or just over £100k - which I think is utter cobblers, what average 45yr old has a hundred grand stashed away.

Obviously I know people with that amount and more, but they’re exceptions, most normal working class people I know don’t have six figures in their savings account.

To be fair, it's not Google saying it but yes, if that average is cashable savings, I'd say it's bolleaux. Most folk at 45 are up to their neck in mortgage rather than salting it away.

[Count Steer]

Ideally our plan would be to take the lot out at fifty five, it’s worthless as an actual pension/annuity, we might as well take it and do something better but I’ll need decent advice or HMRC are going to have my pants down.

You could put it into a SIPP based on investments of your choice. Take out the initial tax free slab and stick it in ISAs and then pull/draw down the rest over time in a tax effective fashion and use it as part of your annual ISA allowance...or something along those lines.

Difficult to pull it all without the tax man sharpening his carving knife.

[Count Steer]

Ideally our plan would be to take the lot out at fifty five, it’s worthless as an actual pension/annuity, we might as well take it and do something better but I’ll need decent advice or HMRC are going to have my pants down.

You could put it into a SIPP based on investments of your choice. Take out the initial tax free slab and stick it in ISAs and then pull/draw down the rest over time in a tax effective fashion and use it as part of your annual ISA allowance...or something along those lines.

Difficult to pull it all without the tax man sharpening his carving knife.

We’re maxed out on allowances now.

The allowance rules are a joke, as I understand it you can earn up to £18k each tax free from interest as long as you don’t have any income from anywhere else. It’s your usual allowance, plus a grand, plus an extra five grand special allowance if you don’t have any other income, but if you do have any income then you lose the extra five grand allowance. So bizarrely it seems that if you take a job and earn even just a pound then you lose the whole five grand allowance.

There's no max total on ISAs just the £20k pa each, so you could drip feed it out of the SIPP using draw-down in 5+ years time making sure you didn't eg take enough to put you in another tax band in a year.

Yeah the allowances can be arcane. My bro retired and his employers wanted him to go back on a casual basis from time to time. He did for a little while then decided the only people (apart from the employer) that were benefiting were HMRC. After tax it made his daily rate rather .

[Dodgy69]

If you work for a decent company who put a good % of your salary in your pot and you match it, it'll build up quite nicely, particularly if you're young, so at 57 ?? retirement could be doable.

Trouble is, these poxy politicians keep increasing the age that you can get your hands on it. I think the state pension will slowly become unreachable for some, based on this myth that we're all living longer.

Drawing a pension is definitely all about tax avoidance and identifying the loop holes.