Retirement planning & leaving UK

[royal white]

5 minutes ago, Dr Faustus said:

Was in response to me that bud, in terms of my investment; not sure of what I all now is relevant but-

I should have 200k asset in 3 years, 10 years decent pension at lower rate, 0 debt. I’ve got 10 years to achieve a dream of working abroad- @BobyBrno lad did it near 30 years ago… I’m doing it wrong way around, but hope to make it for life.

Do I sell the gaff or rent it? Do I invest in further properties when I really can’t be arsed being here? I intend to allow kids to play football and have fun; so many questions

Remortgage and buy a couple more. Get a decent property management company to look after them if you don’t want to 

[jayjayoghani]

I've started to think about this too. Where to retire. Could feasibly do it UK, NZ or Australia but the last two have insane property prices, anywhere decent with good healthcare nearby anyway. 

Actually think I may have to retire to the UK. Watch a bit of Escape to the Country as parts of it dont seem too bad! I know you cant improve the weather that much but some parts of England, Wales or Scotland clearly an upgrade from Greater Manchester.

Ask @Smiley how his move has gone. 

 

[jayjayoghani]

8 hours ago, Cheese said:

No doubt you'll be back here for the inevitable eye, knee, hip and heart operations when the time comes, pumping the system for more than any immigrant ever has.

On this point, non residents aren't eligible for (non emergency) NHS care irrespective of your UK citizenship. Its often a discussion on forums over here. You would have to move back.

Though I accept you may be able to game the system..e.g. have a UK address but spend most of your time overseas. 

[Cheese]

1 minute ago, jayjayoghani said:

On this point, non residents aren't eligible for (non emergency) NHS care irrespective of your UK citizenship. Its often a discussion on forums over here. You would have to move back.

Though I accept you may be able to game the system..e.g. have a UK address but spend most of your time overseas. 

I know a few who game the system whilst residing in Spain. One of them even voted Leave and has spent all that time since complaining about it, the daft cunt.

[Cheese]

5 hours ago, BobyBrno said:

You missed out the bit about AI taking you where you want to go information wise. Ironic that you also ignored the moronic reference. Not sure why.

Hahahahahaha. 
Thats it. Goodnight.👍

 

[Zico]

2 hours ago, Cheese said:

 

quite funny that, put it to the test and got similar, see below

you have to careful how you use it

if you use it as a conversational search tool, it performs searches for you, and can summarise the results, and does a good job

which is what Boby was suggesting

though you wouldn't want to actually ask it for actual advice on the best way to go, but it can certainly round up the options for you

[green genie]

Apparently Zug in Switzerland is the bolthole of choice for the expats fleeing Dubai.

[little whitt]

16 hours ago, Mounts Kipper said:

Any advice on areas to retire to that are low or zero tax, I am looking at Cyprus as a low tax area and interested to know of any folk who’ve baled out of UK and how it’s going or any advice. 

Happy Birthday pal🍺

[little whitt]

11 hours ago, Mounts Kipper said:

Try to build cashflow & invest in property… wish I’d of invested in property as you can sell any time whereas pension drawdowns are taxable. 

Mine is siting in a Drawdown   Not started to take it yet

do they tax it at Source 

as im Self Employed 

and if they do would i get it back at the end of the Tax year  When i put my books in 

[Tonge moor green jacket]

13 hours ago, Jol_BWFC said:

You’ve saved 40% tax on your pension contributions, but only get taxed at 20% when you take it out. So you’re getting a tax break by paying a lower rate of tax on your earnings.

My brother works in the public sector. He’s not on a defined benefit scheme. He won’t be able to retire in his 50s. Their pensions schemes have changed materially in recent years (to their detriment).

People who earn more pay more. It’s been that way for decades. Trying to avoid paying taxes will only make public service worse. But then I guess it won’t matter if you move and live in the EU (despite you despising the EU).

Wealthy person in wanting to avoid paying tax shocker.

He would pay 40% percent tax if his pension was big enough though.

As for your general comments, he would pay the requisite taxation of whichever nation he was in.

If that's a lower amount than here, but services are worse then that's the rub, and a decision for any individual in that situation. 

What isn't debatable, is that services have got worse, whilst taxation has gone up.

 

[Mounts Kipper]

2 hours ago, little whitt said:

Mine is siting in a Drawdown   Not started to take it yet

do they tax it at Source 

as im Self Employed 

and if they do would i get it back at the end of the Tax year  When i put my books in 

No idea how it works… best getting some financial advice. 

[Tonge moor green jacket]

3 hours ago, Mounts Kipper said:

No idea how it works… best getting some financial advice. 

Aye.

Anyway, whatever you end up doing, enjoy it.

Englamabad isn't what it used to be. 😀

[waffer cup 07]

1 hour ago, Tonge moor green jacket said:

Aye.

Anyway, whatever you end up doing, enjoy it.

Englamabad isn't what it used to be. 😀

I could list many reasons, that is just one of many.

Edited April 13 by waffer cup 07

[Cheese]

4 minutes ago, waffer cup 07 said:

I could list many reasons, that is just one of many.

Except it's utter bollocks.

[Ani]

6 hours ago, little whitt said:

Mine is siting in a Drawdown   Not started to take it yet

do they tax it at Source 

as im Self Employed 

and if they do would i get it back at the end of the Tax year  When i put my books in 

Your pension provider pays the money out and it is just like being paid by an employer, they will have a tax code and apply the appropriate level of tax.

If you over pay in a year they should refund at the end of the year. One rule that caught me out is that your £12500 annual tax free allowance is ‘earned’ monthly. So if you drawdown money early in the tax year to cover say six months you will only have circa £1000 tax free and will need to reclaim the rest. 
 

There is a pretty simple on line process to claim the money back if you do over pay and want it during the year. However it takes a good few weeks for HMRC to deal with the claims. 

[Ani]

6 hours ago, Tonge moor green jacket said:

He would pay 40% percent tax if his pension was big enough though.

As for your general comments, he would pay the requisite taxation of whichever nation he was in.

If that's a lower amount than here, but services are worse then that's the rub, and a decision for any individual in that situation. 

What isn't debatable, is that services have got worse, whilst taxation has gone up.

 

Unless he needs a lot of cash should be able to manage the income to avoid higher rate tax.

£12500 tax free £37500 at 20% gives you over £40k in your hand. 
 

Then you have the 25% tax free element of the Pension which can be drawn down as needed to pay for any big items. 

[RoadRunnerFan]

1 hour ago, Ani said:

Then you have the 25% tax free element of the Pension which can be drawn down as needed to pay for any big items. 

@Mounts Kipper you can recycle some/all of this allowance through your S&S ISA allowance so you continue to earn returns which are arent taxed when you withdraw.

Four pages in without ISAs getting a mention needed calling out!

 

Edited April 13 by RoadRunnerFan

[Winchester White]

1 hour ago, RoadRunnerFan said:

@Mounts Kipper you can recycle some/all of this allowance through your S&S ISA allowance so you continue to earn returns which are arent taxed when you withdraw.

Four pages in without ISAs getting a mention needed calling out!

 

I have absolutely no idea what you are talking about. I think I need to start looking into this stuff more, I just plod on paying in every month.

[Mounts Kipper]

18 minutes ago, Winchester White said:

I have absolutely no idea what you are talking about. I think I need to start looking into this stuff more, I just plod on paying in every month.

If your 40% tax payer try to pay into salary sacrifice to save the higher tax rate…. Labour Party reducing the salary sacrifice to 4k in 2029 so anyone thinking of salary sacrifice better start asap. 

[Ani]

15 minutes ago, Winchester White said:

I have absolutely no idea what you are talking about. I think I need to start looking into this stuff more, I just plod on paying in every month.

In this instance it is about how you manage your money out of your pension later to avoid paying too much tax. 
 

I get the point @RoadRunnerFan is making but not sure if Mounts stops being a UK resident he could do this. 
 

Assume you are under 55 and employed rather than self employed, if so best advice invariably would be speak to your HR department and ask what top up schemes are available to your work Pension and how much will they stick in. I do not know anyone who regrets putting more into their Pension once they get old ! 
 

 

[RoadRunnerFan]

51 minutes ago, Mounts Kipper said:

If your 40% tax payer try to pay into salary sacrifice to save the higher tax rate…. Labour Party reducing the salary sacrifice to 4k in 2029 so anyone thinking of salary sacrifice better start asap. 

You know you still get 40% relief if you pay into your pension outside of sal sac - you and your employer only lose NI relief.

[RoadRunnerFan]

53 minutes ago, Ani said:

In this instance it is about how you manage your money out of your pension later to avoid paying too much tax. 
 

I get the point @RoadRunnerFan is making but not sure if Mounts stops being a UK resident he could do this. 
 

 

Ahh get you - if he changes his mind about going abroad though - and for anyone else looking to build a bridge to when they can draw their pension its a useful tool. Mine's a big part of my plan. 

[little whitt]

16 hours ago, Ani said:

Your pension provider pays the money out and it is just like being paid by an employer, they will have a tax code and apply the appropriate level of tax.

If you over pay in a year they should refund at the end of the year. One rule that caught me out is that your £12500 annual tax free allowance is ‘earned’ monthly. So if you drawdown money early in the tax year to cover say six months you will only have circa £1000 tax free and will need to reclaim the rest. 
 

There is a pretty simple on line process to claim the money back if you do over pay and want it during the year. However it takes a good few weeks for HMRC to deal with the claims. 

Was just Thinking of taking 

£500 a month  out

[Ani]

4 hours ago, little whitt said:

Was just Thinking of taking 

£500 a month  out

To do that you use the pension money to buy an annuity which pays a monthly income, whoever runs your pension will sort that out for you. 
 

You would need a pot of about £120k at 60 to buy an annuity to guarantee that income for life, maybe a bit more. 

 

Edited April 14 by Ani

[jayjayoghani]

17 hours ago, RoadRunnerFan said:

@Mounts Kipper you can recycle some/all of this allowance through your S&S ISA allowance so you continue to earn returns which are arent taxed when you withdraw.

Four pages in without ISAs getting a mention needed calling out!

 

Only thing is ISA limit being reduced to 12k for under 65s from next year. Still 20k for over 65s though.

Edit I read still 20k for S&S ISAs though.  

Edited April 14 by jayjayoghani
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