The Retirement Thread
1 lurker |
174 watchers
Mar 2024
7:51am, 30 Mar 2024
36,552 posts
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Nick Cook
Yesterday I went as far as to to in to my DC pension and change the retirement age from 60 to the end of this year. This should generate a pack with more info on options and next steps. My main query is what I do with the 25% tax free cash. I think I will leave that invested and use as income but not sure if I use that first or alongside the taxable element. I left the full 25% in the pot. Now whenever I draw cash out, I take 25% tax free then. |
Mar 2024
8:38am, 30 Mar 2024
62,964 posts
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alpenrose
I didn't take the full 25% when I started getting my pension but worked out how much less a month I would receive and went with that. I thought it better to take as when I die so will my pension. At least I had use of that money and if not it would go into part of my estate. The "advice" I was given when I left work wasn't really very helpful to me long term, unlike these days, |
Mar 2024
9:41am, 30 Mar 2024
31,588 posts
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Rosehip
The 25% - spent 3rd, long term invested 3rd and short-term rainyday-potted the rest
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Mar 2024
9:47am, 30 Mar 2024
31,919 posts
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Johnny Blaze
My 25% pots are largely coming out in erm, the next few weeks. One pot is buying a car and a cruise. The others are buying ISAs short term (rates still good at the moment) until I get to spend them in the next 5 years or so, which I fully intend to do, IIS (if I’m spared). The plan is to use the 25% jobboes to have nice things and let the pension pay for living exes.
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Mar 2024
10:31am, 30 Mar 2024
26,168 posts
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Sigh
I decided to crystallise the remainder of my 25% last November, and stuck it in an ISA as rainy day fund, Jo did the same with hers.
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Mar 2024
11:43am, 30 Mar 2024
26,505 posts
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Bazoaxe
This is the part, plus where you invest the DC pot plus TFC where it probably is worth taking advice. Probably time for me to speak to PensionWise. I am too tight to pay for advice and have a suspicion around IFAs
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Mar 2024
11:48am, 30 Mar 2024
7,373 posts
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ThorntonRunner
My 25% has gone on a new car (electric), solar panels plus battery and an ashp aircon system. Reduces my carbon footprint and looks to be saving me about £2k per year in household and car energy costs. Capital expenditure now to reduce running costs during retirement.
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Mar 2024
12:07pm, 30 Mar 2024
62,968 posts
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alpenrose
My commutation went on practically rebuilding my house.
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Mar 2024
12:09pm, 30 Mar 2024
26,508 posts
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Bazoaxe
We do have a few jobs around the house that we should attend to and also have promised ourselves retirement bikes and some decent walking gear, so maybe we need some of the TFC to set us up.
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Mar 2024
12:07am, 31 Mar 2024
26,169 posts
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Sigh
Congrats to HellsBells on her re-retirement today!  I managed to update the Hall of Fame on my phone, too! Currently 8pm in Manhattan 
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CumbriAndy Useful Links
FE accepts no responsibility for external links. Or anything, really.- Money Helper
- How Much is Enough to Retire On?
- Retirement Living Standards
- How much will you need to retire?
- Free Govt website for pension advice
- SIPP pensions
- ISAs
- Check your National Insurance contributions
- Check your state pension account
- Martin Lewis on pensions
- Support and advice for those widowed under the age of 50
- Power of Attorney information
- Making the most of your retirement
- 20 tips for a happy retirement
- Married Couple's Allowance
- Aviva guide to retirement planning
- U3A
- U3A Local Sites - map
- Make a Power of Attorney
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