Quit everything , and start again over 50?

another_casualty · 11 March 2017 at 2:32PM

Thanks very much harz

The way this was going , it was heading towards the length of my sale last year.
Funny enough, we mentioned swapping the rooms on the 2nd viewing I had there .
Yeah, gotta look at home deliveries etc.

Great tip about the locks.Thanks!

The good thing is, I'll have time to design the place the way I want it.

dreaming · 11 March 2017 at 6:28PM

All systems go now then AC - good news. Sounds like all the questions have been resolved to your satisfaction. Looking forward to the next chapter.
Just been for lunch with youngest, and a walk round the shops. All I bought was some potato grow bags in Wilkos - last of the big spenders me! Feel stuffed so will just have some toast or something later on. Feeling very sleepy too with carb overload! Best way to spend a Saturday in my opinion.

another_casualty · 11 March 2017 at 6:35PM

Watching the rugby . Trying to keep awake . Scotland awful

copperjar · 12 March 2017 at 10:52AM

Glad you've made the decision AC and you're feeling positive. It's a lovely flat and I'm sure you'll be happy there. Exciting times ahead!

harz99 · 12 March 2017 at 11:50AM

harz99 wrote: »

AC this may interest you, but if your going to do it make it soon rather than later, and certainly before the Budget on March 8th in case things change.

http://www.hl.co.uk/pensions/sipp/how-much-can-i-invest

Basically invest the total of your earnings this tax year, hold it in cash, the Government will add an extra 20%, then once you reach age 55, move the pot into drawdown, take the maximum lump sum and the rest over however many months you wish from the options.

If you need help go over to the Pensions section of Essential Money on this site, plenty of help there.

Been doing something very similar for my wife who is a non taxpayer and gets £720 extra on £2880 paid in.

The extra you get would pay for those carpets...

AC, you were talking about pensions a little while back?

So you can set up a SIPP before 5th April relating to your this tax year's earnings to 5th April 2017 (getting a fair chunk added from HMRC).

Leave the money in cash in the SIPP then set up a regular drawdown at some point in the future (maybe when you have ascertained that you can/can't work) to provide a monthly income.

The point being that HMRC will add substantially to your "pot" each time you contribute to a SIPP.

However, to benefit from this you need to set up the first SIPP before the end of this month, otherwise as I understand it you will lose the opportunity to base it on your earnings for tax year ended 5th April 2017.

I would take advice from the experts on the Pension pages here as a matter of urgency, they are generally very helpful.

HTH.

another_casualty · 12 March 2017 at 1:44PM

Thanks copperjar & harz !:)
Thanks for that good bit of advice there harz.
Pensions are a necessity , but one of the most complicated pita
to understand . Yes , I will contact someone on the pensions forum this week . It's amazing how many people,even in well paid jobs haven't got a pension . I just realised I have 3 albeit small pensions . The latest being in the job I just left . Roughly about 6 years .
I have loads of boxfikes in storage , which will probably be reduced to about 4 contains the important things you need . That's another thing I did when I had my head in the sand : I looked at things once and stuck them somewhere to be looked at in the future . Lots of overfilled boxfikes

I was getting a bit philosophical this morning .
I was thinking that in essence , I was flogging myself to death while thinking 'keep the flat . Don't ever leave ' / 'Don't attempt to leave your job
You'll never get another one . ' / 'Keep going or you'll affect your pension .'
There were many times when I had a few palpitations every day . Never told anyone . Even the doctor . When I first got told of high blood pressure , I refused to acknowledge it . That was back in July 2011. Just before my birthday in the same year , I took the medication at the time . It was only one tablet 5mg. Nothing in the scheme of things .
Combine everything ,and it just come down to 'the future' 'stick it out .'

Thankfully, I've been very lucky and have been able to do something about it . I feel for those who can't . It's like those adverts on tv . They tell us we should plan for our own funeral . Grave situation etc.

While I will obviously have one eye on the future ( the other one is weak ),
I have gone back to being calm , and aim to be that way as much as possible . Sure think about the future , but don't let it ruin or takeover your life

lessonlearned · 12 March 2017 at 3:10PM

Great post there, AC. So good to see you sounding so much more positive. It's all about balance, yes plan for the future but at the same time enjoy the present. And yes whilst it sounds daft, "gratitude" is so important. We all get down at times - I had a very sad few days a couple of weeks ago... but deep down I know that I am fortunate. And I usually bounce back fairly quickly.

A glorious day here, a really Lovely spring day. I have spent a happy hour or so in the garden, repotting some shrubs and having a general tidy up, clearing up winter debris.

Am now lounging in my zero gravity recliner, resting my aching back.

I am in a sunny sheltered spot in the garden soaking up the sun and just "chillin" and chatting to my boyfriend GAbriel. White blonde hair, piercing blue eyes, gleaming white teeth and a honey golden skin, tall and handsome as befits his Viking heritage. (He's Lithuanian)

.........and at just 4 years old an absolute heartbreaker.

Ha ha.....had you going there.....

DS2 is on catering duties today -I think he's finally caught the cooking bug :j so I'm just enjoying the chAnce to soak up a few rays. Will try and summon Up the energy to go for a walk.

I need to get my step count up. Got the itinerary for the Baltic cruise. St Petersburg means a LOT of walking and hundreds of steps. I've got 8 weeks to get fit enough.......

AC. Definitely take a look at that SIPP Harz told you about. It's a good deal if you are eligible. I looked at it for myself but unfortunately it's not right for me but i would think it would suit your circumstances very well.

enthusiasticsaver · 12 March 2017 at 5:50PM

I second Harzs advice re SIPP. I have just done this myself as I am still working part time so put £8k in which will be maxed to £10k in March by HMRC. I will do the same for 2017-2018 after April but as I am only working unti December when I retire early it will be a lower amount. Don't forget to allow for your pension contributions from last April until October.

harz99 · 12 March 2017 at 7:23PM

enthusiasticsaver wrote: »

I second Harzs advice re SIPP. I have just done this myself as I am still working part time so put £8k in which will be maxed to £10k in March by HMRC. I will do the same for 2017-2018 after April but as I am only working unti December when I retire early it will be a lower amount. Don't forget to allow for your pension contributions from last April until October.

I'm no expert but this just seems a no brainer to do, even if AC only holds the SIPP money in cash, and then when the HMRC payment is made and he is 55 (December?), takes the tax free lump sum, and arranges monthly drawdown within his tax allowance to keep it tax free until all the cash has been returned to him.

another_casualty · 12 March 2017 at 9:11PM

Thanks again .

I will go to pensions board in a moment .

Quit everything , and start again over 50?

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