Early-retirement wannabe

atush

FIRSTTIMER wrote: »

Thanks for this. The SIPP idea puts me off as I do not want 25% cash and then the rest in a pension. I want the full SIPP as tax free cash - can this happen?

I also feel having access to S&S ISA cash if needed is better than no access to a SIPP for 20 odd years in addition to all my money going into work pension too.

Maybe I!!!8217;m thinking wrong?

Maybe it isnt one or the other but both?

and if you pay BRtax, 100 into a pension costs you 80. and just 80 goes into the ISA as no TR.

If you pay HRtax, 100 into a pension costs you 60.

hugheskevi

Why not sell current house / buy retirement house immediately on retirement (gets that settled and out of the way / derisked) then rent that property out for a few years whilst you travel?

That is a good option and in other circumstances would be ideal, but the retirement property will be in a very remote, rural location (eg unlikely to be any other property visible in any direction). That would make it hard to rent out, and also to manage remotely given how isolated it will be.

westv

hugheskevi wrote: »

That is a good option and in other circumstances would be ideal, but the retirement property will be in a very remote, rural location (eg unlikely to be any other property visible in any direction). That would make it hard to rent out, and also to manage remotely given how isolated it will be.

Living in the middle of nowhere when I'm retired is the stuff of nightmares for me!

MallyGirl

me too. I want more land but not at the expense of neighbours.
My parents, separately, have moved to remote properties in Dorset and Devon. After 8 years for Mum and 7 for Dad they have both recognised that they must move again. Mum has to drive the wheelie bin to the collection point as she can't manage it otherwise. Her village has one little shop, no pub, no amenities beyond a fish & chip van that comes once a week (and she has to drive to as she is too far to walk). His village doesn't even have a shop, just a church, no gas, his water comes from a bore hole with a complicated filtration and treatment system - what could possibly go wrong for a couple of pensioners in such an environment!!!

gadgetmind

FIRSTTIMER wrote: »

Thanks for this. The SIPP idea puts me off as I do not want 25% cash and then the rest in a pension. I want the full SIPP as tax free cash - can this happen?

No, but you avoid tax at whatever level on the way in. If you then use the SIPP to avoid taking DB pension early, you can probably withdraw your SIPP tax free before SP kicks in (10-12 years are personal allowance only after 25% tax free) with ISA helping make up any shortfall. This is *way* more tax efficient then doing it all with ISAs.

atush

hugheskevi wrote: »

That is a good option and in other circumstances would be ideal, but the retirement property will be in a very remote, rural location (eg unlikely to be any other property visible in any direction). That would make it hard to rent out, and also to manage remotely given how isolated it will be.

interesting. We will move from t he country nearer to town when we retire.

hugheskevi

interesting. We will move from t he country nearer to town when we retire.

I'm doing it very much the other way around, moving from central London to mid/west Wales - probably about as extreme as you can get.

But I will be aged 45-50 when I move there, am very fit and healthy, so expect at least 20-30 years of good health. At that future time things could change, not least as the upkeep of a large property might be more difficult.

MallyGirl wrote: »

me too. I want more land

I will need land for a number of pets, including a couple of big dogs - probably a Husky and a German shepherd, but a Malamute would be very acceptable too. Our lifestyle at the moment means we can't have a dog (both out all day) but we walk a friend's Malamute most weekends

JoeEngland

hugheskevi wrote: »

I'm doing it very much the other way around, moving from central London to mid/west Wales - probably about as extreme as you can get.

But I will be aged 45-50 when I move there, am very fit and healthy, so expect at least 20-30 years of good health. At that future time things could change, not least as the upkeep of a large property might be more difficult.

I will need land for a number of pets, including a couple of big dogs - probably a Husky and a German shepherd, but a Malamute would be very acceptable too. Our lifestyle at the moment means we can't have a dog (both out all day) but we walk a friend's Malamute most weekends

Moving from London to Wales sounds like a very good move

bluenose1

hugheskevi wrote: »

I'm doing it very much the other way around, moving from central London to mid/west Wales - probably about as extreme as you can get.

But I will be aged 45-50 when I move there, am very fit and healthy, so expect at least 20-30 years of good health. At that future time things could change, not least as the upkeep of a large property might be more difficult.

I will need land for a number of pets, including a couple of big dogs - probably a Husky and a German shepherd, but a Malamute would be very acceptable too. Our lifestyle at the moment means we can't have a dog (both out all day) but we walk a friend's Malamute most weekends

I am so easily influenced. I have spent 30 minutes tonight looking on Rightmove for houses in Wales. House prices seem very good value.
Nice to dream as doubt my husband would willingly give up his beloved golf course and the social scene there.
Might look at Scotland tomorrow!!!

MallyGirl

hugheskevi wrote: »

I will need land for a number of pets, including a couple of big dogs - probably a Husky and a German shepherd, but a Malamute would be very acceptable too. Our lifestyle at the moment means we can't have a dog (both out all day) but we walk a friend's Malamute most weekends

I am lucky that I am home based so the dogs don't get left, and I have no commute so I can walk them before work while it is still cooler and quieter.
A retirement location would have a secure paddock so that dogs can have fun off lead.