It's time to start digging up those Squirrelled Nuts!!!!

ColdIron

michaels said:

ColdIron said:

Sea_Shell said:

Do these new IHT on pension rules now make it pointless (for us) to make the £2880 net annual pension contributions?

It's still £720 that you wouldn't have had. The 6.25% advantage still exists. The income tax position remains unchanged. So just as pointful(?) in that respect

IT is only 720 if you can draw it out as a non-taxpayer - so before state pension, otherwise only 180

That's the 6.25% bit which as I say, still exists, and that's the worst case for a basic rate taxpayer

bjorn_toby_wilde

I’ll carry on, but I’m not taking it straight back out and the money I put in last year is 20% up (on paper obviously)

Plus SWMBO has less pension provision than me so it makes sense to put as much as possible in for her in case I go first!

Roger175

My wife and I are broadly similar ages, she retired at 58 and me this year aged 60. My wife has done the £2,880 SIPP contribution for the last two years and then drawn it out in the same year, as she has spare nil rate band capacity and I will start doing the same for this year. We will both continue doing this until we reach SP age as we will get the full £720 back. After SP age, I just don't think it will be worth the hassle.  

Sea_Shell

Maybe it will be 'liberating' to think of every £ we spend as only being 60p

40% discount on EVERYTHING.     Bargain.   

Must try harder at this spending malarkey.   We've still only spent ~£17,000 in the last 12 months.  

And that includes some larger purchases...

New oven - £1000
New mattress - £500
New glasses for us both - £600
Big car service - £300


Our holiday spends have been much reduced, however, as we've had access to family-owned accommodation, for short breaks.    Gotta love 'mates rates'.     

bluenose1

Roger175 said:

My wife and I are broadly similar ages, she retired at 58 and me this year aged 60. My wife has done the £2,880 SIPP contribution for the last two years and then drawn it out in the same year, as she has spare nil rate band capacity and I will start doing the same for this year. We will both continue doing this until we reach SP age as we will get the full £720 back. After SP age, I just don't think it will be worth the hassle.  

I intend to continue, find it’s only maybe 20 minutes work for £180 return each year.
Pays for a few meal out.

I think it’s brilliant that your spend is so low @Sea_Shell and you obviously want for nothing.  

Our bills and food budget are £17k per year. I suppose we have additional spend  to most as reckon the dog with grooming, food, insurance, dog minder works out about £150pm and we have sky sports which is £87 pm. 

We both have £900 each per month spending allowance.
A lot of oh’s is spent on golf membership, holidays, football season ticket,  gym membership, presents and meals out etc.
Mine is spent on, I sometimes wonder what!!! At least 4 meals out per month, gym membership, clothes, hairdressers for highlights, paying for meals for the kids when they visit, birthday/Christmas presents, holidays home and abroad.
So a spend of approx £38,600
And that spend doesn’t include general / replacement spend on stuff around the house which I reckon has been approx £5k.
Frightening myself now, think I may need to consider returning to work, not
Though I do want to reduce expenses so will monitor it more.

Sea_Shell

I've just noticed that I seem to have been "upgraded" by Lloyds to a 360 customer.

It seems that because my account is my linked account to various savings platforms, I'm putting enough "income" through it to qualify, as I shuffle my nuts about.

It usually has a float of just £100 actually in it.

😇

Not sure it's of any real benefit mind.

kimwp

Sea_Shell said:

I've just noticed that I seem to have been "upgraded" by Lloyds to a 360 customer.

It seems that because my account is my linked account to various savings platforms, I'm putting enough "income" through it to qualify, as I shuffle my nuts about.

It usually has a float of just £100 actually in it.

😇

Not sure it's of any real benefit mind.

Apparently that means they have classed you as "mass affluent"
https://www.lloydsbankinggroup.com/insights/launching-lloyds-bank-360.html

Sea_Shell

kimwp said:

Sea_Shell said:

I've just noticed that I seem to have been "upgraded" by Lloyds to a 360 customer.

It seems that because my account is my linked account to various savings platforms, I'm putting enough "income" through it to qualify, as I shuffle my nuts about.

It usually has a float of just £100 actually in it.

😇

Not sure it's of any real benefit mind.

Apparently that means they have classed you as "mass affluent"
https://www.lloydsbankinggroup.com/insights/launching-lloyds-bank-360.html

I haven't shuffled anywhere near £75k through my account over the year and they don't hold hardly any of my savings, bar Reg Savers.

So I can only assume they have access (knowledge?) to my wider financial position.

 

Actually, I have my ISA with iWeb....aha, the penny drops 😉 

bjorn_toby_wilde

“Mass Affluent”

I’m not sure how I would feel about that as a descriptor 😂

On the one hand affluent sounds quite good but even though my mass has increased over the last few years it’s not very kind of them to point that out!

westv

Is this a mass debate?



...... I'll get my coat