Only freedom will do

edinburgher

I've not come across a scheme that forced you to take a lump sum, but I'm not an expert by any means! Don't assume I'm right just because I am a !!!!!!

gallygirl

Watty1 wrote: »

Interesting calculation. My pension pot is coming along nicely - well actually its rather empty but I'm counting the equity in our other house! Need to research capital gains on that one though. Bet that will wipe out a chunk of it.

Don't sell it then . You'll continue to get around a 4% return without touching the capital :T.

pavlovs_dog

Ed... I've just bought a haggis (9p YS bargain.... Would have been rude not to ).

I've never had haggis before. Any suggestions what to do with it?

Busymumofthreeplusdog

pavlovs_dog wrote: »

Ed... I've just bought a haggis (9p YS bargain.... Would have been rude not to ).

I've never had haggis before. Any suggestions what to do with it?

Yum!! Sliced and fried on a roll is delish. Mix it with fried onions, even better! :T Traditionally should be heated ( can be microwaved) and served with mash tatties & mashed turnip! Equally delish.
Enjoy
Busy........

muddywhitechicken

pavlovs_dog wrote: »

Ed... I've just bought a haggis (9p YS bargain.... Would have been rude not to ).

I've never had haggis before. Any suggestions what to do with it?

Haggis lasagne YUM!

edinburgher

It's also great on a pizza. *Really* unhealthy, but freaking delicious would be making haggis fritters (deep fried battered slices of it). Well... you did ask.

Alternatively, it's a great breakfast dish

elantan

edinburgher wrote: »

Unless lump sum comes from AVCs, I wouldn't recommend it. I believe received wisdom is that defined benefit pensions should be taken as larger payments, not smaller payments + lump sum?

Ive been given this nugget of wisdom myself but dont fully understand it tbh, the difference between the two amounts was roughly £3k a year ( hubby's pension) and the lump sum was silly money like £68k or so, taking the tax for the £3k brings it down to £2.4k would mean it would take something silly like 28.3 years to break even ( no inflation etc taken into account either just straight maths) ... to me that didnt seem like a good deal

am i missing something ?

edinburgher

£68k? Seems awfully generous.

It's usually not recommended because the commutation factor (how many £ you lose in income for taking a lump sum) doesn't often work in your favour. A brief article on Which.

Their example (£12 for every £1 given up) is more typical. If you plan on living for longer than 12 years it strikes me as a bum deal.

judi24

Hello - no idea how or why I started reading your thread Edinburgher - but I did! (I am still a DFWer so just dreaming about next steps I guess!) and what an interesting read!!! Problem is I kept skipping a few pages to get through it but missed important info and had to keep doubling back (its the ENFP in me!!! Chaotic and always moving on to the next thing!) Congratulations on the forthcoming addition! Please believe me life will never, ever be the same again! (but in a good way generally although broadsheets in the pub on a Sunday might go awol for a while!!)


I need to re read and understand your freedom theory - but I totally get the idea that there has to be something more than a job that just doesn't do it for you! I was in this very situation a year ago - and really just wanted to give it all up to bum around telling stories at festivals! Then I found a job where I finally fit - it is hard work, stressful and emotional - but it is me!!! (it has taken a long time to get here - I'm 45!) so there is hope for you!


What I will take from you thread is ways (obviously when debt free!) to maximise my ability to stop working when I choose - and I will be looking more closely at how you make your fortune!!!


Thanks for your inspiration!

gallygirl

judi24 wrote: »

Problem is I kept skipping a few pages to get through it but missed important info and had to keep doubling back (its the ENFP in me!!! Chaotic and always moving on to the next thing!)

Hello fellow ENFPer :hello:

ENFP: God,help me to keep my mind on one th-Look a bird-ing at a time. :rotfl: