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March 30 2023 3.27am

Are you Mortgage free?

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View The groover's Profile The groover Flag Danbury 13 Feb 23 10.29pm Send a Private Message to The groover Add The groover as a friend

Originally posted by YT

I'm sorry, but this will only be true if the value of the pension pot at death plus the 'crystallisation value' of any pension benefits taken by the deceased prior to death is below the Lifetime Allowance (LTA). If the LTA threshold is crossed, then taxes WILL apply.

Its over £1m. If you have a pot that size why worry!!!!

 

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View YT's Profile YT Flag Oxford 14 Feb 23 6.31am Send a Private Message to YT Add YT as a friend

Originally posted by The groover

Its over £1m. If you have a pot that size why worry!!!!

It's nothing to do with worry, it's to do with giving complete and correct advice. In any case, a pension pot of £1m will only secure a pension in line with the average UK salary.

 


Palace since 19 August 1972. Palace 1 (Tony Taylor) Liverpool 1 (Emlyn Hughes)

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View cryrst's Profile cryrst Flag The garden of England 14 Feb 23 11.39am Send a Private Message to cryrst Add cryrst as a friend

Originally posted by YT

It's nothing to do with worry, it's to do with giving complete and correct advice. In any case, a pension pot of £1m will only secure a pension in line with the average UK salary.

But the theory is as you retire your outgoings are lower so in that respect it should last a bit longer than 20 years. Still at 85-90 you probably peeing yourself and had enough anyway

 

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View YT's Profile YT Flag Oxford 14 Feb 23 2.20pm Send a Private Message to YT Add YT as a friend

Originally posted by cryrst

But the theory is as you retire your outgoings are lower so in that respect it should last a bit longer than 20 years. Still at 85-90 you probably peeing yourself and had enough anyway

Hehe.

Yes, but if you scroll back, the question was about how best to leave money to kids free of tax and not about eking out a pension fund until incontinence claims its ultimate victory

 


Palace since 19 August 1972. Palace 1 (Tony Taylor) Liverpool 1 (Emlyn Hughes)

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View cryrst's Profile cryrst Flag The garden of England 14 Feb 23 4.55pm Send a Private Message to cryrst Add cryrst as a friend

Originally posted by YT

Hehe.

Yes, but if you scroll back, the question was about how best to leave money to kids free of tax and not about eking out a pension fund until incontinence claims its ultimate victory

Feck the kids. Protect them yes but actually feel good that you had a s***e hard start and they donít have to. Twisted logic imho. First favourite at Kempton whilst on your death bed. See how much they love you then ha ha

 

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View The groover's Profile The groover Flag Danbury 14 Feb 23 9.59pm Send a Private Message to The groover Add The groover as a friend

Originally posted by YT

But then his whole post is full of muddled thinking.

Maybe you could explain this comment because I fail to see any issue with my post.

This is just a passive aggressive comment.

 

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View The groover's Profile The groover Flag Danbury 14 Feb 23 10.10pm Send a Private Message to The groover Add The groover as a friend

Originally posted by YT

It's nothing to do with worry, it's to do with giving complete and correct advice. In any case, a pension pot of £1m will only secure a pension in line with the average UK salary.

So you come on a football website for financial advice about a £1m pension fund........... And I have muddled thinking!

As has been said after your mortgage is paid you don't need the average UK salary to live comfortably.

However, If you get the enhanced UK pension and want the average UK salary per year to live on a pension pot of £1M would last around 40 years. So that's 106 if you retire today at retirement age.

Edited by The groover (15 Feb 2023 10.05am)

 

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View Dubai Eagle's Profile Dubai Eagle Flag 15 Feb 23 6.57am Send a Private Message to Dubai Eagle Add Dubai Eagle as a friend

As I have mentioned couple times on here my folks had nothing, scraped by day to day & when they passed away we (the brothers) all pitched in to cover the funeral costs, there was never ever going to be anything passed down to us -

So I have worked long & hard, made certain sacrifices over the years to ensure that my kids have it a lot easier than I did, more recently the chance of a Uni education, the deposits for their first property etc etc & something in the bank to help sustain them when I go - I am not living particularly frugally but I feel that if I give them a leg up, they will hopefully be in a position financially to give their kids a leg up & so on

Originally posted by cryrst

I just donít get this leaving it to the kids. Yes itís great if you have it to leave but would you live a frugal existence just so your kids have it easy.
Maybe Iím wrong but I will not have bundles in old age so selling my house to live a decent ish life will happen and the sprogs know this and agree. Only my take with my situation.

 

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View Dubai Eagle's Profile Dubai Eagle Flag 15 Feb 23 7.01am Send a Private Message to Dubai Eagle Add Dubai Eagle as a friend

Does anyone think that we are due a revisit to the IHT allowances situation - its been at £325,000 for some considerable time ( 2007 I think) & £325,000 today buys you a lot less than it did in 2007 -

OK Couples can now combine their allowances but it still seems low compared to modern day housing valuations & living costs -

Also - Costs down South are markedly higher than up North, maybe there should be a North / South divide on allowance's ?

 

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View Forest Hillbilly's Profile Forest Hillbilly Flag in a hidey-hole 15 Feb 23 8.37am Send a Private Message to Forest Hillbilly Add Forest Hillbilly as a friend

Being mortgage-free at this point in the economy, has got to be a relief.
Not only does it afford you more expendable income, but also more security. There are many households nearing the end of their mortgage, who've have the bread-winners salary slashed and had home re-possessed. Banks have been particularly aggressive in recent years, in this regard to mortgage defaults.

Only yesterday I saw poor local have his home loaded up and taken away. Another family homeless.

welsh house repossesion.jpg Attachment: welsh house repossesion.jpg (155.71Kb)

 


,.,.,..,

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View The groover's Profile The groover Flag Danbury 15 Feb 23 10.07am Send a Private Message to The groover Add The groover as a friend

Originally posted by Dubai Eagle

As I have mentioned couple times on here my folks had nothing, scraped by day to day & when they passed away we (the brothers) all pitched in to cover the funeral costs, there was never ever going to be anything passed down to us -

So I have worked long & hard, made certain sacrifices over the years to ensure that my kids have it a lot easier than I did, more recently the chance of a Uni education, the deposits for their first property etc etc & something in the bank to help sustain them when I go - I am not living particularly frugally but I feel that if I give them a leg up, they will hopefully be in a position financially to give their kids a leg up & so on


That is exactly the same for me and my wife. Parents passed away leaving nothing other than an insurance policy to cover funeral costs.

I've put both my daughters though uni. One has a masters now. And I helped them get on the housing ladder as well.

We have worked kin hard to get there as well.

 

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