Retirement income planning for a couple?

gadgetmind

atush wrote: »

Tell her you would be lost w/o her and don't want to ever see her suffer financially?

Yeah, as if every woman on the planet wouldn't see right through that line!

nicknameless

atush wrote: »

Why not?

Now, how do we get her to agree? You could propose getting married on some romantic tropical island? (ie a fun holiday?)

Tell her you would be lost w/o her and don't want to ever see her suffer financially?

Let's not get carried away and negate some of those tax advanatages :rotfl:.

Difficult to explain but we've never ever felt the need or desire to, both detest the idea of the occasion, and somehow it just doesn't feel right. Plus I like using the phrase 'my partner' and seeing people squirm not knowing whether to say 'he' or 'she'.

So I need a combination of in private / secret, lack of occasion, and romance all in one. mmm - registry office doesn't work.

kidmugsy

Run away to Gretna Green.

rpc

nicknameless wrote: »

So I need a combination of in private / secret, lack of occasion, and romance all in one. mmm - registry office doesn't work.

Our registry office was pretty nice, certainly romantic. You could always ask two passers by to act as witnesses.

Failing that, elope and do it on a beach somewhere nice. As far as anyone else is concerned, you are going on holiday.

atush

Try a registry office in an overseas territory- a hot and sunny one like I suggested.

I got married in a tax haven- The Bahamas ;-)

nicknameless

Just wanted to bump an old thread that I started sometime ago with an update and further queries.

The retirement plan is now firmly in place and as well as occupational pensions we have a rainy day fund, have started a decent S&S ISA investment portfolio, and have started a SIPP for myself (HRT payer).

Can I ask for further input regarding a further SIPP for my partner (yes we are still not married despite my best efforts with spreadsheets!). I am wondering if the final piece of the Jigsaw is to start a SIPP in her name and divert some of the funds that are going into S & S ISAs?

Our target is now 55 (13 years time) and we will of course have between then and the start of occupational pensions to fund. My partner's pension income would not hit taxable levels until state pension kicks in. So to use tax free allowance between 55 and whenever, I presume some SIPP provision would be sensible, plus it puts more pension provision in her name.

My hesitancy is the lack of flexibility with these funds of course and the fact that she'll never have pension income sufficient to use flexible drawdown for any SIPP funds (our plan is to deplete private pension funds asap as we'll have income from occupational pensions).

Thoughts?

gadgetmind

For my wife, I'm doing both S&S ISAs and a SIPP at the max £240pcm she's allowed. If I could only afford one, I'd probably do the SIPP as she should be able to avoid most tax in retirement. If she was going to hit 20% in retirement, then the S&S ISAs might win.

kidmugsy

Given the choice between your incomes being unbalanced, and your total income being the same but more evenly balanced, I'd recommend the latter. God knows what taxes will be aimed at "wealthy pensioners" in future: take action now, if only to protect your future bus pass.

atush

I agree, she needs a pension to use up her personal allowance. you can always use S&S isas as well for any funds you have left over.

Second, about the marriage thing, forget the spreadsheets. You can think financial, but from her response she doesn't want to. I think she wants it, she just wants you to want it more for other reasons.

Buy a ring and propose properly. What about taking her to vegas and getting married in the drive thru chapel lol.

nicknameless

OK - will start a SIPP for here asap. I think.