Early-retirement wannabe

mgdavid

DancingBadger wrote: »

I know we’re in O/T territory discussing dentists, but how do you fund your private dental treatment? Bank account? Denplan? BUPA?

The first round of crowns etc were paid from a DB pension taken while I was still working, now they're sorted I'm on a Plan which gives me 2 checkups and 2 hygienist visits per year plus an element of additional work. They seem to have a lot of discretion regarding bills and are quite generous to me.

ams25

OldMusicGuy wrote: »

Just did that. Spent £2,000 getting 30 year old root canal work drilled out and replaced with the latest modern equivalent. Hopefully that will go with me into the crematorium/afterlife/wicker coffin at the end of the garden.

That was the only major dental work left I needed doing, I've had all my old fillings gradually replaced over the last 5 years. I wanted to get that out of the way before I retired. Will be signing on with the local NHS dentist when I retire, no more private stuff.

I'd advise caution here. Implants are not available on the NHS (except in exceptional circumstances). I am in the process of having several and it's so expensive. I am choosing to pay more than is possible with the go to Hungary type deals because I'd rather not risk it....but anybody retiring should have a dental emergency fund option if possible imho.

I dislike dentists more for the pain they inflict on your wallet than on your teeth....and they smile as they do it.

enthusiasticsaver

westv wrote: »

Something I can't quite decide on when sticking numbers on spreadsheets is would I have a cash pot purely for emergencies/big spend items or would I have a cash pot which both contributes to income(the usual 4% or whatever) and is available for the former?

We have a large cash pot for big spend items and to top up DB pensions and income portfolio so both of the above. It is there as backup if we decide to do a long haul holiday or need to do something to house or change one of the cars. I would feel nervous not having that buffer as our monthly income is obviously lower than when we were working and no annual bonuses. 75% of our assets are invested and 25% spread over a number of cash deposit accounts. We will reduce that once my second DB pension kicks in 2020 and when our state pensions start paying out in 2024 and 2026.

sebo0607

I am planning to retire early but still have 20 years to go, but it is never to early to start planning. I thought I had a reasonable understanding of the pension rules but I have confused myself.

My current salary takes me into the higher rate tax bracket, but I have worked out I can afford to make contributions into my company pension scheme and SIPP which will reduce my salary to under the higher rate threshold.

If I do this are there any negative impacts?

What will happen to the higher rate tax relief I currently receive from the SIPP, I assume this will not longer apply. As I have not paid higher rate tax in the first place.

Will I be able to claim the married tax allowance as my wife is a non tax payer.

atush

bluenose1 wrote: »

Funny you should say that. I have massively increased my pension contributions so I could at least consider retirement in 3 and a half years at 55. I am conscious that my teeth, particularly back teeth are full of fillings and worry what will happen to them over the next few years. Have no idea what work I will need or the cost but think I may have to build in the cost to my retirement planning!!

my back teeth have a few fillings, but not many. But if they are lowers? My second has broen now.

I blame a younger lifetime of icy drinks- I used to like chewing ice. When i lived somewhere warm enough to need ice lol.

atush

sebo0607 wrote: »

I am planning to retire early but still have 20 years to go, but it is never to early to start planning. I thought I had a reasonable understanding of the pension rules but I have confused myself.

My current salary takes me into the higher rate tax bracket, but I have worked out I can afford to make contributions into my company pension scheme and SIPP which will reduce my salary to under the higher rate threshold.

If I do this are there any negative impacts?

What will happen to the higher rate tax relief I currently receive from the SIPP, I assume this will not longer apply. As I have not paid higher rate tax in the first place.

Will I be able to claim the married tax allowance as my wife is a non tax payer.

What will happen to the higher rate tax relief I currently receive from the SIPP

You subtract your current sipp contribs fro your salary. And salty above the treshold after that can get HRT relief. After that, you get only BRT relief

westv

ams25 wrote: »

I'd advise caution here. Implants are not available on the NHS (except in exceptional circumstances). I am in the process of having several and it's so expensive. I am choosing to pay more than is possible with the go to Hungary type deals because I'd rather not risk it....but anybody retiring should have a dental emergency fund option if possible imho.

I dislike dentists more for the pain they inflict on your wallet than on your teeth....and they smile as they do it.

Implants £1k or so a tooth? Not sure if I class that as expensive or not considering the implant should last a lot longer than its owner.

justme111

[QUOTE

I dislike dentists more for the pain they inflict on your wallet than on your teeth....and they smile as they do it. [/QUOTE]

funnily enough you do not dislike car maufacturers I guess - their costs are eeven higher and cars last for less time.
Or resent money spent on holiday or eating at a fancy restaurant - I never came across an expression how one dislikes gourmet chefs because they inflict pain on one's wallet.
OldMusicGuy , you probably will realise thar not only implants are not " included" in NHS so in a few years you will be back to your dentist.

ams25

westv wrote: »

Implants £1k or so a tooth? Not sure if I class that as expensive or not considering the implant should last a lot longer than its owner.

more than 1k a tooth. 2k and up. Have some complexity in my case..probably looking at 10k or so all in. And these are replacing root canal teeth which of course previously cost a fair bit.

ams25

justme111 wrote: »

[QUOTE

I dislike dentists more for the pain they inflict on your wallet than on your teeth....and they smile as they do it.

funnily enough you do not dislike car maufacturers I guess - their costs are eeven higher and cars last for less time.
Or resent money spent on holiday or eating at a fancy restaurant - I never came across an expression how one dislikes gourmet chefs because they inflict pain on one's wallet.
OldMusicGuy , you probably will realise thar not only implants are not " included" in NHS so in a few years you will be back to your dentist.[/QUOTE]

you might be taking me too literally..... Are you a dentist!!

But a key difference is with the dentist it is not really a choice....you are a captive market and short of insisting on a second opinion have to follow their advice which I am sure is mostly honest and good. But I've had a crown which then needed root canal (crown wasted) which then failed...so now needs an implant. Probably not the dentists fault (Maybe mine) but nevertheless experiences like this do make me somewhat apprehensive! And then there's the drilling. :eek: