Breaking Through, Travelling On

Goldiegirl

I have no knowledge about the grey area, but you've reminded me that I really should open another pension. As a non tax payer I'd benefit from this tax relief benefit. But I'm currently suffering from financial admin fatigue, and I can't face doing anything about it at the moment.


But, noted for future thought!

edinburgher

KC, could that payment rolling over into the next tax year possibly been as the result of a pension input period?

If so, the article says that they're being standardised from April 2016, so shouldn't be an issue in future.

Karmacat

I didn't know about that, Ed - but I *think* it was because of the basis of my tax declaration - not when money was earned, but when it was paid in, or left my account. So Aviva received my cheque on 2nd April, but the money didn't leave my account till the 8th or something ridiculous. I think thats why it counts as this year.

So I'll have to check how much it was - I may have already used this year's tax allowance because of that. Therefore I can make a £2880 payment on 6th April or whatever, and send all the funds over to cash at the same time, to safeguard El Pension against a crash.

Complicated this, isn't it - Goldie, no wonder you're suffering from financial admin fatigue!

earthgirl

Goldiegirl wrote: »

I'm currently suffering from financial admin fatigue

:laugh: Know what you mean!

edinburgher

Cash? If the £2800 is just a small part of your pension provision, isn't that a tad alarmist? Unless you have hefty fixed income coming from an annuity, remember that you will probably need to keep a slug of equities to maintain a decent quality of life in retirement.

gallygirl

Goldiegirl wrote: »

I have no knowledge about the grey area, but you've reminded me that I really should open another pension.

I need to find the money to pay another £2,880 in April for 16/17, the last before I (probably) start drawing. Trouble is all my money is in regular savers or P2P lending. Oops . #1stworldproblem

Karmacat

edinburgher wrote: »

Cash? If the £2800 is just a small part of your pension provision, isn't that a tad alarmist? Unless you have hefty fixed income coming from an annuity, remember that you will probably need to keep a slug of equities to maintain a decent quality of life in retirement.

I was thinking of just keeping it in cash between now and September of this year, when I start to draw on it - if it loses 20-25% of its value between now and then because of a stock market correction/recession, I'm snookered. Isn't that the usual thing, to put more of your pension fund into cash as you approach your retirement date? Thought it was ...

Oh - its called derisking: http://www.thisismoney.co.uk/money/pensions/article-2771041/Should-risk-pension-investments-retirement.html

And probably shouldn't be done if you go the drawdown route. Oops. More research needed, really quickly.

SuperSecretSquirrel

Hi KC, spotted you on ed's thread, garlic book got a mention... What is the plan once done? Are you looking for a publishing deal or are you looking at self publishing or the eBook route? I've toyed with the idea of writing books (for kindle in particular as it seems the simplest option) but not sure if it pays for itself or if it's more a labour of love hobbyist type thing. Time is scarce so can only really commit if there's money in it. Would love to hear more from someone in the know. Apologies if you are an established author with a megabucks publishing deal from one of the major players, no offence intended!!!

Karmacat

How lovely if I had megabucks in the offing :j

Self publishing on kindle is the idea ... this particular one, however, is to be a "reward" for signing up to my blog, since every entrepreneurial book I've ever read goes on about the list being the holy grail

I chose garlic because not many in my niche focus on it, and because *I* want to know too - so this one won't pay for itself directly as such, but will do it in other ways :j

I do have a kindle book out already, published a year ago - last month it sold 5 copies :beer: but basically, you get out of writing/publishing what you put in. There's money in it, but it's a risk, like any self employment.

What field would you be thinking of writing in, Squirrel?

Karmacat

Couple of hours with my sister yesterday, she drove me back home - more DVDs borrowed from my niece :j at her initiative, she's very sweet

Storm Katie was not so sweet, sigh ... fence is down at the front, wobbling at the back, and the hip of my roof is lying on the paving at the front of the house looks like I'll be chatting with my insurer today.