Handed my notice in today in search of a stress free life, anybody else done it?

He can't have had that long to go

Good on you ST and best of luck.

Because I always thought that taking my DB early was too much of a penalty. Then 13 months ago when our savings were getting low and I had given up my intention of working as a Dietitian, I asked for a quote from my company for what my pension under the DB scheme would be. I got this and a cash equivalent transfer value of my whole pension pot. Whilst I lost £10k a year in annual pension retiring now instead of 62, my transfer value was in the £millions. I never knew I could transfer this total and take 25% of this up to my life time allowance! Now a I reckon I have only 20 more years on this planet given my family history I reckon transferring was a no brainer. God bless Gideon!

 

It was on only this month it was brought to my attention you can transfer out of DB schemes rather than DC schemes. I have been asleep for two years! Check yours out if you have been in a DB scheme for years.

I understand now...i took my final salary pension at 50 which meant i took that big hit but it was still a decent pension. I took the lump sum and used it to buy my second property at a knock down price which we subsequently mortgaged and took about £90k out to fund our next 3 purchases. We continued reinvest the profits to buy more until we thought we had enough to manage without getting too leveraged. We have just bought our last BTL and will settle at that now. Managing your pension funds to provide a decent income is a gamble at times and needs sound professional advice before anyone should plunge in. Good luck bgoefc!

He can't have had that long to go

Only 53 you cheeky sod! Still got a couple of years on you ????

I understand now...i took my final salary pension at 50 which meant i took that big hit but it was still a decent pension. I took the lump sum and used it to buy my second property at a knock down price which we subsequently mortgaged and took about £90k out to fund our next 3 purchases. We continued reinvest the profits to buy more until we thought we had enough to manage without getting too leveraged. We have just bought our last BTL and will settle at that now. Managing your pension funds to provide a decent income is a gamble at times and needs sound professional advice before anyone should plunge in. Good luck bgoefc!

How many properties do you have in your portfolio mate?

You're a top bloke Pete, enjoy it mate and have a great time.

 

 

 

You could even go to Lanzarote if you know of any cheap deals..................

 

Seriously mate, go for it pal.

Cheers Si, appreciated mate. Did i say i was going to Puerta Banus tommorrow? ????

How many properties do you have in your portfolio mate?

I have 12 now...Miami has worked on most of them...top roofer!

Some landlords will be selling up shortly, aren't the goverment slashing tax relief on these buy to let mortgages to just 20% tax relief on the interest? Its ok if you haven't got a mortgage on a rental property of course.http://www.moneysupermarket.com/landlord-insurance/buy-to-let-tax-relief/

Edited March 23, 20179 yr by Blondi

Some landlords will be selling up in a couple of years, aren't the goverment slashing tax relief on these buy to let mortgages to just 20% tax relief on the interest? Its ok if you haven't got a mortgage on a rental property of course.

You're correct and many will sell but most of those will be in the SE where landlords rely on capital growth rather than rental profit as their prime reason for buying property. Without boring you with the detail if you can minimise your 40% tax liability (my mrs and i own 50% each of our properties) then its works

Good luck ST hope it works out I've been planning baling out for 4-5 years I might go in 2 years but definitely 5 years if I can stick it out that long. Bought my place in Spain with one eye on quitting there as it's cheaper lifestyle.

Back to the EU, you're missing it already?

Back to the EU, you're missing it already?

You would love it if they told him to sling his hook

Back to the EU, you're missing it already?

Just hedging my bets sterling goes up cheaper cost of living sterling weakens and might just sell the property and take the profit. Love Europe but hated them ruling over us.

I have 12 now...Miami has worked on most of them...top roofer!

I remember working on that house in Swinton when i lobbed that lump hammer to Si on the roof, and the butter fingered cunt missed it, it flew over and nearly hit a neighbour hanging some washing out at the back. 

I remember working on that house in Swinton when i lobbed that lump hammer to Si on the roof, and the butter fingered cunt missed it, it flew over and nearly hit a neighbour hanging some washing out at the back.

Was it those lesbians next door? ????

Handed my notice in today in search of a stress free life, anybody else done it?

I'm 34 and already knackered, stressed and cynical from work and I only left Uni 13 years ago!

 

Good luck, you've done something many wish to do!

I understand now...i took my final salary pension at 50 which meant i took that big hit but it was still a decent pension. I took the lump sum and used it to buy my second property at a knock down price which we subsequently mortgaged and took about £90k out to fund our next 3 purchases. We continued reinvest the profits to buy more until we thought we had enough to manage without getting too leveraged. We have just bought our last BTL and will settle at that now. Managing your pension funds to provide a decent income is a gamble at times and needs sound professional advice before anyone should plunge in. Good luck bgoefc!

 

Well done Salford. Yes it is a risk doing on your own rather than buying annuity but the cash difference is massive.  My view is that i will be fucked and slavering when I am 80 and plan to swallow two bottles of paracetamol when I get there. I have 1.6 million to spend in the next 23 years...why not?

I'm 34 and already knackered, stressed and cynical from work and I only left Uni 13 years ago!

 

Good luck, you've done something many wish to do!

I do feel somewhat liberated and i am thankful for all of the good wishes. If i can offer some advice to those with a fair few years to go before retirement then use your work place pension as your savings vehicle. I am pretty sure that the backlash of the self employed NI U turn will be limiting the maximum amount you can save in your pension each year. Currently that is £40k but that is likely to be reduced to £33k in the next few weeks. But for those who have spare cash then you should salary sacrifice into your pension as much as you can afford. Trust me you will benefit enormously and could retire years before you may suspect.

Edited March 23, 20179 yr by Salford Trotter

Time and health are two things money can't buy.

 

I reckon' you won't regret a thing, good luck, ST.

Well done Salford. Yes it is a risk doing on your own rather than buying annuity but the cash difference is massive. My view is that i will be fucked and slavering when I am 80 and plan to swallow two bottles of paracetamol when I get there. I have 1.6 million to spend in the next 23 years...why not?

If you need some help swallowing bottles of some decent pinot then i will happily join you..you will be fine mate

Time and health are two things money can't buy.

 

I reckon' you won't regret a thing, good luck, ST.

Thanks J...taking a leaf out of your book and making a fresh start

Was it those lesbians next door?

That's the one, had to go round the back and collect it, just glad it wasn't the butch one.

That's the one, had to go round the back and collect it, just glad it wasn't the butch one.

She would have had you for breakfast Mick????

I do feel somewhat liberated and i am thankful for all of the good wishes. If i can offer some advice to those with a fair few years to go before retirement then use your work place pension as your savings vehicle. I am pretty sure that the backlash of the self employed NI U turn will be limiting the maximum amount you can save in your pension each year. Currently that is £40k but that is likely to be reduced to £33k in the next few weeks. But for those who have spare cash then you should salary sacrifice into your pension as much as you can afford. Trust me you will benefit enormously and could retire years before you may suspect.

Great advice, I have mates of our age putting their max into their pension now they are in their 50's. Rules do change though and this caught me out as I could have applied for lifetime allowance protection earlier before it was reduced.

Good luck to you. My father died before he could enjoy the retirement he'd planned (he was 2 years older than you) so it's always nice to see someone else getting that chance.

Thanks NB