Retirement Income Planning

cash99

Sarahspangles said:

I posted in another thread about the opportunity for one spouse to draw less from their pension for a year or two allowing them to benefit from the additional £5k starter savings band. With lump sums, and possibly inheritance, one or both spouses may be taxed on interest on their savings over £1k, as it’s not possible to shunt all the cash into ISAs straight away. We will be saving £1k tax a year for the next couple of years by holding enough in joint savings accounts to benefit from all of the band. 

Great tip. Fortunately, my wife's income will be within the limit during our first few retirement years. 

MallyGirl

badmemory said:

I only have one comment which I seem to make regularly.  Why do you think you will need so much less income after 75.  Maybe some less but what if you need help even if only a cleaner.  Then there are taxis if you are no longer allowed to drive.  I speak as someone who struggled to wield a vacuum cleaner for almost 2 years.

Indeed. Having spent Christmas with my mother and her husband (76 and 82) I was shocked by the heat they now need to run the house at. I was sitting there in short sleeves while Mum had on a jumper plus an extra fleece around her shoulders and she was still feeling cold and moaning about a non existent draft.
They have a gardener but really ought to get a cleaner as they are no longer keeping on top of that. Needing more help is just around the corner.