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Withdrawing up to 40% tax bracket - how long will my pension last?

beeza650 · 2024-11-07 13:04:28

With no inheritance tax advantage of a pension now coupled with my hope I'll live beyond 75, meaning those who inherit my pension will pay income tax on it, has influenced my plan to simply withdraw from my pension up to the 40% bracket each year. What I don't spend will go in an ISA. My main question is has anyone get a…

Comments

Firegirl Posts: 1,035 Forumite

8 November 2024 at 8:54AM

Interesting read. I am aiming to save 1M before retirement at 55 latest. Such a massive amount that I can’t really comprehend it wouldn’t be enough I’ve saved to an ISA to bridge the gap between retiring and being able to draw down pension.

Mortgage balance Feb 2015 start of MFW Journey-£245316.06/Aim to be mortgage neutral 2022 — Target for May 2024 14 Year Target Balance MF50 = £89,535 — Mortgage Balance £106, 000—Target for May 2024! £89,535

Retirement Planning
Starting Position (Jan 2024) : Pension 1-£165,000/Pension 2-£50,000/Pension 3-£9,500/ISA-£87,000/Total-£311,500
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