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Discussion Starter #1 (Edited)
There we go.

Last night we did the maths and, with a fair wind and the selling of the Velar, I may just be able to retire, aged 54 and 11/12s.
We'd be poor but happy.
I've received some top notch advice from members both on and off line, especially about whether I should stick about 40% of my settlement into my pension..thus saving about 8k in tax and NI.
it's a no brainer but pension draw downs are ruiningly expensive, after the first 25% has been released.
Instead of a drawdown I may sell two of the little ones....but the market will have to recover first.
 
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Life is too short Dave, no need for Velar nor fancy toys to be Happy :)
And you could still get a proper 80/90’s XJ for pennies to be happy 😃
 
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Great to see you came up with a name for the thread! :ROFLMAO:
Just a thought: It has been a long, long time since I went through redundancy but isn't a redundancy payout tax free?
 
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Great to see you came up with a name for the thread! :ROFLMAO:
Just a thought: It has been a long, long time since I went through redundancy but isn't a redundancy payout tax free?
I think the first 30k is tax free
 
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I'm confused why you say/think "pension draw downs are ruiningly expensive". I retired early 2 years ago and will eventually (circa 8 years time) enter into drawdown. In practice it should, at least for me, be a one off arrangement that should perpetuate indefinitely and again I expect to pay a one off fee for a drawdown implementation. So I am interested and uncertain why you should have the view you do.
I'd also add I have two SIPP's and also one other pension sum I intend to eventually transfer into one of my SIPP's. As such I have almost unlimited ability to do as I wish with them including arranging the form of drawdown I would formulate.
 

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Discussion Starter #6

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It was a one off 25% you could draw out about 5 years ago, I took £100k out of mine and gave Son and Daughter half each.
 
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Discussion Starter #8 (Edited)
I'm confused why you say/think "pension draw downs are ruiningly expensive". I retired early 2 years ago and will eventually (circa 8 years time) enter into drawdown. In practice it should, at least for me, be a one off arrangement that should perpetuate indefinitely and again I expect to pay a one off fee for a drawdown implementation. So I am interested and uncertain why you should have the view you do.
I'd also add I have two SIPP's and also one other pension sum I intend to eventually transfer into one of my SIPP's. As such I have almost unlimited ability to do as I wish with them including arranging the form of drawdown I would formulate.
Again...thank you..
this is what I have been advised, outside of this or any other arena and is taken onboard.

time to meet with an ifa...
 

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Discussion Starter #9
It was a one off 25% you could draw out about 5 years ago, I took £100k out of mine and gave Son and Daughter half each.
Fair play.... please adopt me...

I have 3 small pensions only paying about £10k a year combined....the chunky one us my DB. that and my state pension 2 yrs later will see me straight.
 

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Fair play.... please adopt me...

I have 3 small pensions only paying about £10k a year combined....the chunky one us my DB. that and my state pension 2 yrs later will see me straight.
Go for it Dave you won't regret it. If you needed more you will have plenty of time to think about how to make a few bob. It's easy now with the internet.
 

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Go for it Dave you won't regret it. If you needed more you will have plenty of time to think about how to make a few bob. It's easy now with the internet.
As the better half said " it's not been a week... give yourself 3 month's off... "

Anyway, meeting with an IFA next week...
 

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Great to see you came up with a name for the thread! :ROFLMAO:
Just a thought: It has been a long, long time since I went through redundancy but isn't a redundancy payout tax free?
yes, i believe the former Blue Peter ( and alleged pervert) presenter would be very happy to get a name check.
 

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Again...thank you..
this is what I have been advised, outside of this or any other arena and is taken onboard.

time to meet with an ifa...
I know an IFA is going to cost but given the advice you are looking for it may well pay serious dividends. In the interim a useful free resource is the Hargreaves Lansdown web site which does contain some information in regards drawdown it also advises their costs for drawdown which for an existing account holder is all but £0.

SIPP's I must confess are not everyone's cup of tea but an IFA would soon arrange an administered plan if you are not that way inclined albeit they will charge. Two of my plans are administered by me and the third by the “professionals”. Curiously mine are significantly out performing the third!
 

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I will go on that site now and thank you.
 

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the one thing I can say is you don’t need as much money as you think. The only things you need are good people around you, and health to enjoy life. Anything else can be made to work.
 
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I know an IFA is going to cost but given the advice you are looking for it may well pay serious dividends. In the interim a useful free resource is the Hargreaves Lansdown web site which does contain some information in regards drawdown it also advises their costs for drawdown which for an existing account holder is all but £0.

SIPP's I must confess are not everyone's cup of tea but an IFA would soon arrange an administered plan if you are not that way inclined albeit they will charge. Two of my plans are administered by me and the third by the “professionals”. Curiously mine are significantly out performing the third!
Couldn't invest £100k of mine, could you? :sneaky:
 
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Couldn't invest £100k of mine, could you? :sneaky:
Depends if you can afford my charges John ;)
Something for nothing though and that is that Baillie Gifford seem to have the midas touch at the moment. I'm in with 4 of their funds and they have all out performed the other 15 or so I also run. Latest pick for me just 3 months ago has already turned in just over 4.85%. Every prospect it will yield at least 18% for a full year. Just got to keep an eye out for the next covid crash.........
 

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Depends if you can afford my charges John ;)
Something for nothing though and that is that Baillie Gifford seem to have the midas touch at the moment. I'm in with 4 of their funds and they have all out performed the other 15 or so I also run. Latest pick for me just 3 months ago has already turned in just over 4.85%. Every prospect it will yield at least 18% for a full year. Just got to keep an eye out for the next covid crash.........
Just been reading they were heavy on Tesla, they have Now had to sell quite a lot due to investment rules, still hold over 4% though.
 
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