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Home > General > JLR to cut back production |
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Largered Member Since: 10 Jul 2016 Location: UK Posts: 1978 |
tenet, I never took out a pension. But what I did do was to work hard and retire at 48, with enough to keep me going into my latter years. Why 'gamble' with your future, when you can be certain of it ! Too many follow the 'sheep' ..... be a BULL !! .....but thanks for your concern ..... |
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24th Jan 2018 2:13 pm |
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Tigger Member Since: 30 Mar 2011 Location: L15KRD Posts: 2555 |
I take it that you are aware of the exact levels of charges on these accounts and how up front they are legally obliged to be now? |
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24th Jan 2018 3:14 pm |
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Largered Member Since: 10 Jul 2016 Location: UK Posts: 1978 |
.....oh the 'money-makers-scam' I missed is 'equity Release' = NO (or little) inheritance for your kids !!! BEWARE !!!! . |
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24th Jan 2018 3:16 pm |
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Yorky Bob Member Since: 28 Apr 2015 Location: Yorkshire Posts: 4561 |
All too late for me to worry about at my age but: A 1.5% annual charge typically would reduce the size of a pension pot by 34% over a working life, a 0.5% charge would reduce it by 13%. So why would I want to give away 34% to 13% of my pension pot to anyone as no financial adviser is going to grow it by any vast amount, it will grow more with any tax relief and the employer contribution if directly employed. FL2 MY10 TD4 GS traded in at 2 years FL2 MY13 TD4 GS Current |
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24th Jan 2018 3:37 pm |
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Largered Member Since: 10 Jul 2016 Location: UK Posts: 1978 |
too many variables ..... too many percentages ...... too much to go wrong .......
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24th Jan 2018 3:44 pm |
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Tigger Member Since: 30 Mar 2011 Location: L15KRD Posts: 2555 |
If you've never had to pay any income tax at all, then you'll be doing better than most of us, but can't imagine how |
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24th Jan 2018 3:57 pm |
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IanMetro Member Since: 11 Sep 2017 Location: Somerset BS21 Posts: 3111 |
I think that as the argument is turning to the rights and wrongs of marketing and finance, you are proving that what I said about the lack of focus on engineering and making good products is right.
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24th Jan 2018 4:03 pm |
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I Like Chips Member Since: 25 Jun 2017 Location: Ascott Under Wychwood Posts: 1530 |
Cash is trash at the moment |
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24th Jan 2018 4:05 pm |
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Largered Member Since: 10 Jul 2016 Location: UK Posts: 1978 |
Oh Tigger, I can remember, in the 80's, when I was paying tax at £13,000 a MONTH !
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24th Jan 2018 4:06 pm |
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Yorky Bob Member Since: 28 Apr 2015 Location: Yorkshire Posts: 4561 |
Get some tax paid on this: You may need Facebook account.
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24th Jan 2018 4:15 pm |
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MartynB Member Since: 08 Aug 2011 Location: Currently Rootless ! Posts: 1777 |
What Tigger was alluding to Bob is this . You have £15k in the bank . You are a tax payer at either 20% or 40% who has not crystallised their pension and still has head room in their Life Time Allowance. You can go pay £15 kfor a new runaround and in 3 years you have £6k worth of trade in so the car has cost you 9000. You could lease the same small car for £ 3k a year over 3 years i it has cost you 9000 . With the £15 Cash you put it into Free Standing AVCs. That buys you £18,750 in your pension pot as a lower rate tax payer so you have a £3750 benefit over using the cash to buy the car after considering the lease cost . As a higher rate tax payer your £15 grand gets you £25,000 of AVC , so you have made 10k instantly . In instant cash terms you have covered the car lease and made a profit of £1000. Leaving you £10,000 better off than if you had bought the car and ended up with just the residual value 2009 GS Auto Zermatt Silver - Sold June 21 after 10 years of ownership 2016 Subaru Outback SE 2.0 diesel SE Premium Lineartronic Sold 2024 after 8 years and 80k miles . Best Car I ever owned ! 2023 Toyota Hilux invincible X 2.8 Auto . |
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24th Jan 2018 5:49 pm |
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Yorky Bob Member Since: 28 Apr 2015 Location: Yorkshire Posts: 4561 |
I have buried many friends who got nowhere near a pension payout. So we can talk about pension pots and AVC's but you can't beat the Grim Reaper. In the real World around us now many face the choice of just getting by so we with pensions be it small or large need to think how lucky we are I guess. FL2 MY10 TD4 GS traded in at 2 years
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24th Jan 2018 5:59 pm |
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Largered Member Since: 10 Jul 2016 Location: UK Posts: 1978 |
I consider myself to be blessed. I came from a humble background. True to my values I never elevated myself to the 'money' level of others.
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24th Jan 2018 6:22 pm |
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Tigger Member Since: 30 Mar 2011 Location: L15KRD Posts: 2555 |
Thanks Martyn, couldn’t have put it better myself |
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24th Jan 2018 6:55 pm |
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