Should I start to empty my SIPP

NormalNorman

With the greatest of respect. You have clearly won the game with your hard work. Time to explore new things and spend accordingly? By posting on here there is an intention to change? Cheers!

Catonthemoon

It sounds like you’re single (unmarried). Why not go on holiday…I would. Enjoy it while you can!

NormalNorman

When the grim reaper comes many thoughts appear. That's the last time I'll see so and so, we spend too much time at work and wouldn't it have been great if we had done xyz…

QrizB

https://forums.moneysavingexpert.com/discussion/comment/82101669#Comment_82101669

It might even be time to take financial advice from the late George Best.

hoofy

I enjoy just being alive.

I often think of treating myself but when it comes to it, I can't think of anything I want or anywhere I'd like to be. I enjoy being at home with my Mrs and my cat.

I work from home btw and do less than 10mins a day actual work.

I also look after my 89 yo mother who lives next door but one. I might start thinking about doing something else when she's gone.

kempiejon

An exercise for tax planning. For quite a while I've been treating the various annual allowance as use it or lose it, while seeing many of them dwindle with cuts and inflationary pressures. I harvest cap gains and have dividends and cash interest within limits. I have previously paid dividend income tax and at 10.75% in the basic rate band, that is of increasing interest. If, inevitably, one will be paying income tax post SP at a higher rate then extraction at the lower rate seems smart. One can hopefully shelter and deal with the excess extraction in a tax efficient manner like premium bonds, ISAs, low coupon shorter dated gilts and those aforementioned breaks for capital gains and dividends and interest keeping an eye on how that impacts your total income.

dunstonh

I always put 20k in my stocks and shares isa every year.

The pension wrapper beats the ISA wrapper. Whilst company contributions on the pension are better than personal ones, personal contributions are better than stocks and shares ISA.

So not only should you be aiming to do better in ISA each year, you should also be aiming to do better in pension. And if you take a salary instead of dividends of £ 12,570, then you can put £12,570 into a pension.

BobR64

https://forums.moneysavingexpert.com/discussion/comment/82101686#Comment_82101686

Ah - this is the first time you mentioned your wife. That could change things. If you die before 75 and before her she will inherit your SIPP completely tax free.

hoofy

https://forums.moneysavingexpert.com/discussion/comment/82101705#Comment_82101705

If I take a salary, then there is employers NIC to take into consideration

I already made a personal pension contribution this year of £2880 which is the limit for someone with no income.

Albermarle

https://forums.moneysavingexpert.com/discussion/comment/82101709#Comment_82101709

Two assumptions here.

1. The OP could leave the SIPP to someone else

2. This age 75 rule is a bit illogical, so might get changed one day. Pension legislation does tend to evolve with time.