How to make best to use of my pension,savings and investments

johndevlin

I am looking for help in using my pension along with savings and investments to create a sustainable income for my wife and myself. Are there any online devices or programmes I could use to help me make the best use of my assets in a tax efficient way? I have the feeling I want to start using my pension pot as letting it continue to grow brings problems of its own.

Your_Hero

Not sure about online devices, but the human form is an independent financial adviser, IFA.

If you give us some more details, I'm sure others would love to help, but it is far to vague at present.

MoneySavingUser

johndevlin wrote: »

I have the feeling I want to start using my pension pot as letting it continue to grow brings problems of its own.

Which problems?

dunstonh

I want to start using my pension pot as letting it continue to grow brings problems of its own.

It is unusual for someone to consider growth on a pension a bad thing. Unless you are close to the lifetime allowance and havent got fixed protection.

johndevlin

I had hoped there might be an online programme or device someone could recommend for this purpose. I am 55 years of age, my wife 56 and we have both, for the moment retired. We have a reasonable sized pension pot along with pots of savings and investments. If I don't use my current income tax allowances and just use unencumbered cash to live on, I will reach a point where I have to use more of my pension pot which is limited in the amount I can take without paying tax.

OldBeanz

https://www.retireeasy.co.uk/

kidmugsy

johndevlin wrote: »

I am 55 years of age, my wife 56 and we have both, for the moment retired. We have a reasonable sized pension pot along with pots of savings and investments. If I don't use my current income tax allowances and just use unencumbered cash to live on, I will reach a point where I have to use more of my pension pot which is limited in the amount I can take without paying tax.

You're doing it the wrong way. You should aim to withdraw enough from the pensions annually to just use up your personal allowances, otherwise you lose them every year. Conserve your cash for the future.

atush

johndevlin wrote: »

I am looking for help in using my pension along with savings and investments to create a sustainable income for my wife and myself. Are there any online devices or programmes I could use to help me make the best use of my assets in a tax efficient way? I have the feeling I want to start using my pension pot as letting it continue to grow brings problems of its own.

I cannot understand what problems letting your money grow would cause you? please be a little more specific?

when you need the income, and how much your pots of money are, and your target rate of income would help greatly?

atush

johndevlin wrote: »

I had hoped there might be an online programme or device someone could recommend for this purpose. I am 55 years of age, my wife 56 and we have both, for the moment retired. We have a reasonable sized pension pot along with pots of savings and investments. If I don't use my current income tax allowances and just use unencumbered cash to live on, I will reach a point where I have to use more of my pension pot which is limited in the amount I can take without paying tax.

How you retired before making a plan is inconceivable.

However, having done so, what taxible income do you have? you have retired, have you started taking your pensions ie your tax free lump sums? Any income?

johndevlin

I recognise that I wanted to use my allowances and just hoped there would be software to help me which might factor in things like growth to your fund and inflation,

atush

Ther is no software that can help you as far as we can tell with the little you have told us.

But you can, without giving people here who can help you actual details, use an excel spreadsheet using your own details which can then remain anonymous.

As a future bit of advice, if you want real help, anonymously, do not use your real name when you join?