Pensions

[westphalian]

I’m gonna live off my savings when I retire. Dunno what I’m going to do on the second week

[Lucan]

So one year on, any changes in pension/retirement planning?

[spudulike]

The past year should have been kind to anyone with a pension plan investing in equity.

No changes to pensions here but took life easier last year and will do the same for the next few years.

Pensions are best planned at 20 years and not 45 years - treat it like growing an Oak tree, plant the acorn at 1 year and you end up with a decent tree later in life, leave it until 45 and you will get......a small shrub!

[swinny]

30 year old here and no pension as of yet. 

 

Been looking into buying a couple of houses but dont want the hassle....

 

Also like the look of the LISA for retirement and drawing at 60 yr old. 25% top up pa off the government. Can put up to 4k a year into it. 

 

Also need to sort a basic pension aswell. 

 

Need to move savings about as doing naff all at current place. But all the places doing better offers...... never heard of them!

 

Also thought about going ltd and paying myself a pension out of my profits before tax

 

Need to pull my finger out!

 

Interesting topic for me this is. 

[Stephen Blair]

Buy some houses and have a pension and your savings and your machinery and a big jar full of coins mate.

  Fingers in pies and all that.

  I treat my pension as money I don’t miss, I’m not a big risk taker so I’m a number 6 on the pension scale so I don’t get a big return.

  I started mine when I was 16, trebbled it at 23 when I became self employed and I’ll cash it in at 55 and pay the TAX and enjoy the money hopefully.

  Maybe a couple of deposits for the boys to buy a house or a Porsche for my good lady.

[Matthew Storrs]

Has anyone who is self employed used the NEST pension that I think is set up by the government usually used by work place pensions? 

ive spent most of the last 10 years investing in machines, which in turn enables me a reasonable living and having assets is always good. But as Stephen says think keeping several options in the go is a good idea. Certainly the LISAs seem like free money and be mad not to take them up on it, espeacially if still youngish as they stop the 25% contribution after you get to 50 I think.

 

[Big J]

My best advice would be invest in woodland. 

 

The capital is protected from inheritance tax and the income is income tax free. 

 

If anyone is interested, we've recently started a company to establish new woodland. It's only come together in the past 12 weeks, so we're a little late to the game for this planting season, but as it is, we're planting 74 acres of new woodland in the Southwest this spring, across two sites. Infact, the site in West Devon represents 40% of all of the new planting in that Forestry Commission area (West Devon), which shows the shocking state of new woodland creation in the UK.

 

In all seriousness, we're looking to expand the planting quite significantly in 2021, so if you're interested in an alternative income source for retirement that leaves a protected asset for your kids/significant others, get in touch.

[swinny]

2-3 years later folks.... hope some changes have been made over this duration 😀 

[aspenarb]

10 minutes ago, swinny said:

2-3 years later folks.... hope some changes have been made over this duration 😀 

 

Dont know about that Chris, most of the folk I know living off a pension wear an overcoat indoors and spend all day licking the inside of their lounge windows.

 

Bob

[swinny]

18 minutes ago, aspenarb said:

 

Dont know about that Chris, most of the folk I know living off a pension wear an overcoat indoors and spend all day licking the inside of their lounge windows.

 

Bob

Lol 😆  how do you not know some folk on arbtalk allready do that now lol 😆 😂