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ooooo what to buy myself

24

Comments

  • jamesd
    jamesd Posts: 26,103 Forumite
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    Well, if you die and it interests you, if you haven't taken pension benefits or if you're using income drawdown, your spouse gets to inherit 100% of your pension pot when you die, without any taxes. So all is not lost, even if you don't get to benefit yourself.
  • elantan
    elantan Posts: 21,022 Forumite
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    well atleast he can buy the penny sweeties then lol

    thanks though james its something less to worry about
  • jem16
    jem16 Posts: 19,728 Forumite
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    elantan wrote: »
    well halfing bills with hubby looks something like this

    How come you pay half the bills if you earn much less than your husband?
  • elantan
    elantan Posts: 21,022 Forumite
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    edited 3 November 2012 at 12:25PM
    i didnt say i did, i said halfing the bills would look like this ... he does pay more which does allow me to put some money into a pension... but if i didnt have the kindve relationship with my husband that i do have things could be very difficult, i also said there are other th ings i contribute to, i spose the best way to understand our financial position is, our money gets pooled into the one pot and we pay all the bills, by the food/diesel etc and save what we can... at the end of the month there is never any more left ever

    dont get me wrong i have no money left at the end of the month, and tbh i really do need more money ( as i have stated several times already) things are very tight for us financially as although my husband earns more than me he doesnt earn an awful lot either, basically enough to help us scrape by, pay the bills and put a very small amount away for my pension and early retirement

    the aim is when i get a better job we can put more by for my pension and early retirement, then when we have five years wages saved for me we will start to save money so that we can both retire earlier month by month ( if that makes sense?)
  • jem16
    jem16 Posts: 19,728 Forumite
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    elantan wrote: »
    i didnt say i did, i said halfing the bills would look like this ... he does pay more which does allow me to put some money into a pension... but if i didnt have the kindve relationship with my husband that i do have things could be very difficult,

    I've never quite understood the idea that bills are divided equally amongst couples but I know many people work like this. My husband and I were paid into a joint account and bills were just paid from that joint money. It was never mine and his - it was ours. When I didn't work for 5 years to look after our children, it was just the same.

    However I appreciate that others don't work that way.
  • elantan
    elantan Posts: 21,022 Forumite
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    but again as previously stated this thread was aimed at a more or less look at what plans like NEST will provide when people retire and what exciting things we could do with the money
  • jem16
    jem16 Posts: 19,728 Forumite
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    elantan wrote: »
    but again as previously stated this thread was aimed at a more or less look at what plans like NEST will provide when people retire and what exciting things we could do with the money

    No I realise that. However even retirement planning should be joint to utilise the tax-free allowances in retirement to their best advantage.
  • elantan
    elantan Posts: 21,022 Forumite
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    jem16 wrote: »
    I've never quite understood the idea that bills are divided equally amongst couples but I know many people work like this. My husband and I were paid into a joint account and bills were just paid from that joint money. It was never mine and his - it was ours. When I didn't work for 5 years to look after our children, it was just the same.

    However I appreciate that others don't work that way.

    Sorry we must've cross posted

    My relationship sounds the same as your own, it is our money not mine and his, but there are many many couples that work that way and at the end of the day we should only have the type of relationship that is right for us as individuals

    There have been occasions in our relationship were I earned more than my husband and things were no different then either, I don't know if it's something to do with the fact we met when we were very young and have been together for 25 years or what but that's the way that suits us :)
  • elantan
    elantan Posts: 21,022 Forumite
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    jem16 wrote: »
    No I realise that. However even retirement planning should be joint to utilise the tax-free allowances in retirement to their best advantage.

    Both of us do work at it, husband has a company pension so we were more concentrated on getting something in place for me as I have none ( other than state) ... But you can only stretch your money so far
  • dunstonh
    dunstonh Posts: 120,198 Forumite
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    Jem is correct. People should ideally try to equalise their retirement provision to ensure both personal allowances are used and death benefits are not lop sided creating a potential shortfall.

    Split finances are very inefficient.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
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