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Retirement income planning for a couple?
Comments
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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.
I will try with a ring (doughnut) this evening perhaps?
I hear what you're saying. Shall put my thinking cap on.0 -
Be careful there's a strong pro-marriage lobby on mse :P
If you want to campaign to end financial discrimination against non-married couples I'll join you
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Opinion on here suggests drawdown appears only to be viable for a pension pot of £100k. If she is under that amount then she may be forced down the annuity route.
My wife will have a state pension of £5k (approx) and £5k (approx) of her own work pension. I will have a state pension of £5k and £21kwork plus a drawdown SIPP with £100k value. If I die the wife will have a pension of over £20k (half mine) and will then be able to use my SIPP as flexible drawdown in her own right.
She also has a SIPP of £17k. It would have been better in my SIPP but we will use when she hits 75 assuming I have not gone.
Will your "wife" not qualify in the same way .0 -
Opinion on here suggests drawdown appears only to be viable for a pension pot of £100k.
That's for two reasons, 1) cost, 2) risk. In this case, (2) doesn't really apply, so it's all down to finding a drawdown provider whose fixed costs won't cripple returns.I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0 -
gadgetmind wrote: »That's for two reasons, 1) cost, 2) risk. In this case, (2) doesn't really apply, so it's all down to finding a drawdown provider whose fixed costs won't cripple returns.
Silly Q but risk of?
Guesstimations would be my SIPP pot at approx £100k and her pot at around £50k at 55 if we divert some S&S funds to her SIPP.0 -
Opinion on here suggests drawdown appears only to be viable for a pension pot of £100k. If she is under that amount then she may be forced down the annuity route.
My wife will have a state pension of £5k (approx) and £5k (approx) of her own work pension. I will have a state pension of £5k and £21kwork plus a drawdown SIPP with £100k value. If I die the wife will have a pension of over £20k (half mine) and will then be able to use my SIPP as flexible drawdown in her own right.
She also has a SIPP of £17k. It would have been better in my SIPP but we will use when she hits 75 assuming I have not gone.
Will your "wife" not qualify in the same way .
Our situations are very similar re work pensions. I'm just wondering if I can make more of a portion of our investment cash which is then more efficient between early retirement and pensions kick in (i.e. using my 'wife's' tax free allowance).0 -
There is a risk with drawdown that someone could deplete the pot by drawing on it too hard during bad times. A larger pot provides a buffer, but so do your other SIPPs and your other pensions.
My wife will probably end up with a pot of around £50k. She will be using drawdown and she will be drawing on it as hard as possible. However, she will also continue making contributions for the additional tax relief.I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0 -
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