Starting to plan retirement - some expert advice appreciated!

geelamch

At what point did you realise the poster was taking the !!!!

geelamch

He already told most of you more than you know

geelamch

Ah think dee whatever the pish it is.you ain't goy a pot to !!!! in

geelamch

I shall translate to any one else,he don't have a pot to !!!! in

AlwaysLearnin

deeboy1 wrote: »

*I've freed up a £10k lump sum to add too, which in theory takes me tosomewhere around £42k for this tax year. I will top it up with another lump sumlater and consider carrying forward some allowance from the previous tax year.(I was a member of a different company pension for half of that tax year aswell as the two years before so it seems from the link Jamesd provided to theHMRC page that I qualify).

*If I do carry forward I'm not going to overboard, and I think reducingtaxable pay to under £100k would be a stretch: (1) I'm still a little nervousabout locking up so much money until 55 and (2) bearing in mind my earningsincluding bonus for 2012-3 tax year were £178k that means I may have to give upa further £28k to reach that level this year too. But I'm open to persuasion(LOL) and am interested to understand just how much 'marginal' rate tax thatwould save, so fire away at me!

A pretty elaborate ruse if it is... Anyway, couple of points:

To clarify again, any carried forward amounts would start with the remaining amount from 3 years ago, i.e. you use the current year, then remainder from 3 years ago, then 2 years ago, then last year. The three year amount will be lost at the end of this tax year.

Re getting down to £100k, appreciate it's a lot of money but if you look at it that the £28k would cost you ~£15k in tax (28k x 40%, plus the 40% on the lost personal allowance), equating to ~53% - that's a big instant uplift if putting in a pension rather than 'taking out' and investing.

I'll leave the investments to others much more knowledgeable than I

racing_blue

deeboy1 wrote: »

[*]Want to retire at 50 (would downgrade to semi-retire for a low key job!)

This part interests me- is there a potential investment crossover? Ie. lay the foundations for future low-key/ hobby job while you still have high-key income. Any scope for holding a suitable commercial property within a SIPP for example?

deeboy1

A pretty elaborate ruse if it is

Indeed, @ AlwaysLearnin. I wasn't sure whether the mystery friend was drunk and confused or simply illiterate but no matter.

Re getting down to £100k, appreciate it's a lot of money but if you look at it that the £28k would cost you ~£15k in tax (28k x 40%, plus the 40% on the lost personal allowance), equating to ~53%

OK I think get it now. Essentially I'm getting the assets for less than half of the cost (~47%) because there is both 40% tax relief and then a further ~£4k saved on the recaptured £9k+ personal allowance portion. This is food for thought and maybe more manageable. I'm going to look at it, great tip and thanks for explaining.

This part interests me- is there a potential investment crossover? Ie. lay the foundations for future low-key/ hobby job while you still have high-key income. Any scope for holding a suitable commercial property within a SIPP for example?

@racingblue - interesting thinking, you mean make managing (an) investment(s) the part time job post-50?

As I say, I'd welcome all comments on the 'age 50-55/ 50-60 investment pot'. Maybe there are too many items on the list, maybe there is still just too much cash, maybe the non-cash is a bit aggressive in terms of asset allocation. Comments on the allocation and opinions on the ITs/ funds/ other investments listed welcome from anyone (sober and coherent).

Thanks again all

Deeboy

gadgetmind

I've reported the random pishy potty messages to no avail. Perhaps we need to regard them as decoration and move on?

atush

I reported one, and referenced the others- again to no avail.

I can only assume someone was on the sauce.