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Gallygirl's "A journey of 121,226.67 pounds begins with a single penny" diary

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Comments

  • Radish72
    Radish72 Posts: 2,075 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    gallygirl wrote: »
    :kisses3: George Osborne and his pension changes :kisses3:.

    From the risk of being shot, what has he changed regarding pensions
    Mortgage Aug 12 £165K, Aug 19 £0
    ISA challenge start 2019 £3000/£1500 (50%)
  • gallygirl
    gallygirl Posts: 17,240 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    Depends on whether you're in a defined benefits or contributions pension. If the latter then at 55 you can access the whole of your pot and don't have to buy an annuity. You can take an initial 25% tax free then pay tax on the rest (the feeling is it's treated as income so you can use the remainder of your 20% allowance then take another tranche the following year). Carry on, with remainder still invested, till it's exhausted. Or you can still buy an annuity if you wish right at the start, but you have more options now.

    So, in my case I can withdraw the cash once I stop working over about 7 years. Take some income from it but reinvest the rest in NISA's etc. Or premium bonds. Or another btl. Or champagne and men and then squander the rest :rotfl:.
    A positive attitude may not solve all your problems, but it will annoy enough people to make it worth the effort
    :) Mortgage Balance = £0 :)
    "Do what others won't early in life so you can do what others can't later in life"
  • nattypants
    nattypants Posts: 2,577 Forumite
    Why GG? why??? I come on for some light reading, and I am faced with THIS on your thread??? Don't you have any consideration for people like me and HDK?

    Radish - you just had to ask ......
    February13 - £74990 (or thereabouts)
    MND - Let's go for 2020 'cos it's got a nice ring to it:D
    C'mon nattypants:cool:
  • elantan
    elantan Posts: 21,022 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    Champagne and men and squandering the rest ... That's the stuff of dreams that is :)
  • Alchemilla
    Alchemilla Posts: 6,252 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    It was easier when you talked about bushes...
  • nattypants
    nattypants Posts: 2,577 Forumite
    Alchemilla wrote: »
    It was easier when you talked about bushes...

    Thank you Al - it's so refreshing to meet like minded people. I think you and me should set up our own forum specifically about ponyplops, chocowine and money squandering ....
    February13 - £74990 (or thereabouts)
    MND - Let's go for 2020 'cos it's got a nice ring to it:D
    C'mon nattypants:cool:
  • Alchemilla
    Alchemilla Posts: 6,252 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    Oof! You called me out.
    You will have to explain chocowine?
  • gallygirl
    gallygirl Posts: 17,240 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    gallygirl wrote: »
    [STRIKE]Depends on whether you're in a defined benefits or contributions pension. If the latter then at 55 you can access the whole of your pot and don't have to buy an annuity. You can take an initial 25% tax free then pay tax on the rest (the feeling is it's treated as income so you can use the remainder of your 20% allowance then take another tranche the following year). Carry on, with remainder still invested, till it's exhausted. Or you can still buy an annuity if you wish right at the start, but you have more options now.

    So, in my case I can withdraw the cash once I stop working over about 7 years. Take some income from it but reinvest the rest in NISA's etc. Or premium bonds. Or another btl. Or champagne and men and then squander the rest :rotfl:[/STRIKE].

    Sorry Nats.

    Basically Radish, more money for chocolate and wine. Or chocowine.
    A positive attitude may not solve all your problems, but it will annoy enough people to make it worth the effort
    :) Mortgage Balance = £0 :)
    "Do what others won't early in life so you can do what others can't later in life"
  • Hurdler
    Hurdler Posts: 1,361 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker Mortgage-free Glee!
    Well I wholeheartedly buy into chocowine. And champagne, and men and squandering. All of it really

    And shhhh but thanks GG for explaining the defined benefits thingymybob
    • Mortgage @ March 2008: £194,965 ; Lightbulb Moment: July 2011: £164,926; End Date: March 2033
    • MORTGAGE FREE: September 2015
    • MSE 1p Savings Challenge 2024 #50: Jan, Feb, Mar, Apr, May, Jun, Jul, Aug, Sep, Oct, Nov, Dec = £223.84/£671.61
  • Habibiboo
    Habibiboo Posts: 1,582 Forumite
    gallygirl wrote: »
    Or champagne and men and then squander the rest :rotfl:.

    :wave:

    Love this, the way it reads to me, the champers and men are necessities ... the squandering comes afterwards! Way to go in retirement GG!
    Stash busting 2014 45 / 60 (balls of yarn)!
    2014 Sealed Pot #2136 ?/£500
    House: Decluttering 322 / 365
    Original mortgage [STRIKE]£149,000[/STRIKE][STRIKE]£117,750[/STRIKE];[STRIKE]£112,500[/STRIKE] MFW 2014#69 GOAL 1: [STRIKE]£109 K April[/STRIKE] ;) GOAL 2: [STRIKE]£103 K by Sept[/STRIKE] ;) GOAL 3: < £100k by end of 2014 MF goal: Nov 2020 - 4 years early
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