Jol_BWFC Posted March 5 Share Posted March 5 1 hour ago, Ani said: They are on here. I think only @captainmed and I are bona fide millionaires. Them pension pots come in handy… If you’re married, does that mean you need 2 million quid to be a millionaire? I’m not suggesting you’re married to @captainmed 😘 Quote Link to comment Share on other sites More sharing options...
Site Supporter MickyD Posted March 5 Site Supporter Share Posted March 5 10 minutes ago, Jol_BWFC said: Them pension pots come in handy… If you’re married, does that mean you need 2 million quid to be a millionaire? I’m not suggesting you’re married to @captainmed 😘 No, just make sure she knows it’s not hers, it’s yours. Quote Link to comment Share on other sites More sharing options...
Site Supporter MickyD Posted March 19 Site Supporter Share Posted March 19 A news item on yesterday about a woman who was fleeced for £100k+ under the guise of cryptocurrency. Apparently she ‘invested’ a couple of hundred pounds which, within a couple of weeks became a couple of thousand pounds. The problem was, it was all a confidence trick where the tricksters were willing to gamble a few thousand pounds that they’d come back in for greater reward. The woman who just got 10x her original outlay came back with £100k. Strangely it was just before a downturn in Crypto’s value. Quote Link to comment Share on other sites More sharing options...
Ani Posted March 19 Share Posted March 19 On 05/03/2024 at 17:06, Jol_BWFC said: Them pension pots come in handy… If you’re married, does that mean you need 2 million quid to be a millionaire? I’m not suggesting you’re married to @captainmed 😘 The millionaire comment was a joke btw But if you do want to retire and have a 'good' retirement £1m is often quoted, but depends on a number of things 1 Do you own you home outright ? 2 Would you be prepared to downsize? 3 Do you want to leave anything to dependants. My answers are Yes( because I used money from Pension) Yes and No so am happy to be retired at 58 with a lot less than £1M. The 2 things that really can catch you out are inflation and the majority of pension being taxed. Your state Pension at 67 will take up most of your tax free allowance. Maybe more if they keep triple lock but freeze tax allowance, It is a minefield but the only certainty is putting more in earlier gives you massively more and better options especially if you are employed and your employer chucks in too. If you are self employed pension contributions come out before any Corporation Tax so again makes sense to pay as much as you can in. Quote Link to comment Share on other sites More sharing options...
Site Supporter FrancisFogarty Posted March 21 Site Supporter Share Posted March 21 (edited) On 19/03/2024 at 09:54, Ani said: Your state Pension at 67 will take up most of your tax free allowance. Maybe more if they keep triple lock but freeze tax allowance, Yes. I have private pensions plus my SP and my tax free allowance is next to bugger all. The job I retired from was taxed at full rate, but should my tax code alter in April ? Sorry, not crypto question. Edited March 21 by FrancisFogarty Quote Link to comment Share on other sites More sharing options...
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