Pensions Planning: The NUMBER

gadgetmind

Linton wrote: »

Bestinvest wants the cash to be available for transfer about 2 weeks before the payment date.

Sorry, which transfer is this? PCLS?

Linton

gadgetmind wrote: »

Sorry, which transfer is this? PCLS?

A taxed withdrawal. Everything must be in place to go through the PAYE monthly run to be drawn down at the start of the month.

gadgetmind

OK, thanks. I'm running main SIPP at 4% cash currently so that will cover 8 months of drawdown, and dividends will replenish enough to keep things ticking.

I'm going to enter drawdown in April (once LTA gets a boost) and it's all rather new and a bit scary!

Aegaeon

Skoll post - Spam? Really?

It's a good question and I'd like to know the answer.... what tools are there to make long term planning easier (possible even?).

westv

ex-pat_scot wrote: »

4 posts. 4 suggestions to visit the same website. Likely SPAM. Reported as such.

Yes, spam but why did you quote it?

mgdavid

Aegaeon wrote: »

Skoll post - Spam? Really?

It's a good question and I'd like to know the answer.... what tools are there to make long term planning easier (possible even?).

I know it's long but have you read this thread from the beginning? Lots of tips in here!

LAPORTS1

Just thought I'd push this thread to the front again with a small twist.

Current Number
Age : 44
Total Saved : £152,000
Saving ~£900 per month

Target Number
Retirement Age : 60
Target Retirement Number: £650,000

I'll be up-ing the monthly contribution once the mortgage is paid off in 6 years.

Interested to see what everyone else's situation is

demonloop

Current Number
Age : 40
Total Saved : £300000 (in BTL mostly)

Target Number
Retirement Age : 55
Target Retirement Number: £1.2m

No mortgage since 2016, and with a saleable business (hopefully)

ex-pat_scot

LAPORTS1 wrote: »

I'll be up-ing the monthly contribution once the mortgage is paid off in 6 years.

Understandable, but perhaps not optimal from a tax perspective

OldMusicGuy

Update from someone that's been retired 6 months and is getting a pretty good handle on how expenditures are going. Bit of background, we are a couple living in an expensive part of the UK (SE) in a 5 bed house. Our son has just moved out so we will be downsizing to a 3 bed house in a cheaper part of the country next year.

My retirement planning targeted an annual after-tax expenditure level of between £32K and £36K. It looks like we will be closer to 36K this year due to a number of unexpected health-related expenditures, but once we have moved to a smaller place, I think we should be running closer to the £32K level.

Our core living costs (excluding entertaining, clothes, holidays etc) are running at around £21,500. That does include nearly £2K spending on 2 pets which many people may not have. If we didn't have the pets and we lived in a smaller house in a lower council tax area, I reckon that number will be closer to £18K.