Taking control

ColdIron

AnotherJoe wrote: »

They will eventually but for those who retire before SP there will be a period during which they can withdraw without paying any tax on their withdrawals.

Indeed, I retired 9 years early and have taken two years of personal allowance tax free and look forward to seven more

aroominyork

ColdIron wrote: »

Indeed, I retired 9 years early and have taken two years of personal allowance tax free and look forward to seven more

Sometimes this seems like an “I plan to retire early” forum. Maybe we need a second forum for us wage slaves, to generate less envy and tooth gnashing.

badger09

aroominyork wrote: »

Sometimes this seems like an “I plan to retire early” forum. Maybe we need a second forum for us wage slaves, to generate less envy and tooth gnashing.

And another for us early retirees to look down with sympathy, and a little smugness, at those wage slaves and ER wannabes:rotfl:

colsten

AnotherJoe wrote: »

They will eventually but for those who retire before SP there will be a period during which they can withdraw without paying any tax on their withdrawals.

It would still depend on how much they choose to withdraw, and whether they have other taxable income, e.g. from savings or rent etc.. It's simple, really - if you bust your personal allowances, you pay tax.

Alexland

cannydo wrote: »

Do you think our plan is sufficient enough considering our time in life?

I would agree with AnotherJoe that your investment plan looks inadequate. Although compounding is helpful remember if your return averages 6% each year with 2.5% going towards inflation (to maintain your spending power) and 0.5% going on fees then it's only really a 3% annual return. Plus you are likely to take less risk as you approach retirement which will further reduce your return. It may sound harsh but if you put peanuts in you get peanuts out. Better you know this now. So your options are to either increase your contribution or try and keep working for much longer.

Alex

Thrugelmir

cannydo wrote: »

We consider ourselves medium to high risk in the hope we of good returns after 20 years

With risk comes the potential of greater losses. If you don't understand what you are investing in walk away. Better to be cautious than foolish.