Investments, stocks, shares

[weller54]

50 minutes ago, Tommy G said:

Theres a balance - most people will have a state pension they can fall back on, in reality when you are 75+ you don't have many outgoings, eat less, go out less, drive less, holiday less. I've seen it happen to both sets of my grandparents, swimming in cash and assets but lived like it was WW2. It's a generational thing, but (as a finance professional!!) I'd say enjoy it before 75ish.

Fvck it... I'm on autotrader looking at Aston Martins while we speak!! 😂

[Babylon]

30 minutes ago, weller54 said:

What about hair care costs though??... 

The amount women spend on their barnets is fvcking insane!!! 🤬

£10 on a box of dye 

[FoyleFox]

2 hours ago, Lako42 said:

 

If you spend £15k a year on holidays then the interest isn't going to be doing much before long

ha, yes, I wasn't suggesting Panini should be budgeting that!

 

1 hour ago, Tommy G said:

Thats the point at a certain age isn't it? To enjoy it. With the security knowing if it all went wrong you have a cushion. Why people who still ''save'' at 60 odd because ita the right thing to do, it's bulls*it and such an odd way of looking at life. At that age your assets and cash should be getting smaller, either by spending or handing it down to kids, charity etc. You can't spend it when you've pegged it.

Precisely where we are. Although I'm 50 (last week ) the other half is 66, so we always had to plan for then. Not much point waiting until my official retirement to start the enjoyment. Which is why we decided to start liquidating the first retirement/enjoying ourselves assets this year.

[weller54]

14 minutes ago, FoyleFox said:

ha, yes, I wasn't suggesting Panini should be budgeting that!

 

Precisely where we are. Although I'm 50 (last week ) the other half is 66, so we always had to plan for then. Not much point waiting until my official retirement to start the enjoyment. Which is why we decided to start liquidating the first retirement/enjoying ourselves assets this year.

Ooo you little toyboy you!! 

[Paninistickers]

2 hours ago, Tommy G said:

On the flip side you are battling with inflation headwind - which also recently hasn't been insignificant.... £100 today will be worth between £90-£95 in 12 months etc. That's always been there and something to also consider.

It's why funds are, to an extent, inflation proof.....assets always safer than bits of iou paper, right?

[FoxesDeb]

I think one of the biggest things people need to take into account upon retirement is how much all the free time actually can end up costing. We are in the very fortunate position where my husband was able to take early retirement at 50 on a final salary pension, and I'm still working full time until my own final salary pension kicks in when I'm 55.

 

Since my husband retired we've travelled more, found new hobbies, had time to eat out more, do more things to the house, the list is endless really. You can't equate the money you spend while you're working full time to what you will spend when you are retired, especially if you actually want to enjoy your retirement. I think this is maybe what @weller54 post was about. It's much easier to spend 2k a month in retirement than it is to spend the same when you're working 40 hours a week.

[weller54]

2 minutes ago, FoxesDeb said:

I think one of the biggest things people need to take into account upon retirement is how much all the free time actually can end up costing. We are in the very fortunate position where my husband was able to take early retirement at 50 on a final salary pension, and I'm still working full time until my own final salary pension kicks in when I'm 55.

 

Since my husband retired we've travelled more, found new hobbies, had time to eat out more, do more things to the house, the list is endless really. You can't equate the money you spend while you're working full time to what you will spend when you are retired, especially if you actually want to enjoy your retirement. I think this is maybe what @weller54 post was about. It's much easier to spend 2k a month in retirement than it is to spend the same when you're working 40 hours a week.

Exactly right!!! 😁

[HighPeakFox]

If I get to retire on my own terms I'll count myself very lucky. One might say 'wll, that's on you for how you lived earlier in your adulthood' and to a large extent I'd have to agree. Ironically, I'm now as together and responsible financially as I've ever been. 

 

If I'm very very lucky, I'll inherit enough to take the main pressure off for the rest of my life.

[Raj]

19 minutes ago, FoxesDeb said:

I think one of the biggest things people need to take into account upon retirement is how much all the free time actually can end up costing. We are in the very fortunate position where my husband was able to take early retirement at 50 on a final salary pension, and I'm still working full time until my own final salary pension kicks in when I'm 55.

 

Since my husband retired we've travelled more, found new hobbies, had time to eat out more, do more things to the house, the list is endless really. You can't equate the money you spend while you're working full time to what you will spend when you are retired, especially if you actually want to enjoy your retirement. I think this is maybe what @weller54 post was about. It's much easier to spend 2k a month in retirement than it is to spend the same when you're working 40 hours a week.

I knew you'd come up with the rationale behind it which I didnt think about to be honest, not like that Weller chappie!

[Wymsey]

49 minutes ago, HighPeakFox said:

If I get to retire on my own terms I'll count myself very lucky. One might say 'wll, that's on you for how you lived earlier in your adulthood' and to a large extent I'd have to agree. Ironically, I'm now as together and responsible financially as I've ever been. 

 

If I'm very very lucky, I'll inherit enough to take the main pressure off for the rest of my life.

I once heard someone that my girlfriend knows say that "in some ways, I glad my Mother passed, so I don't have to work anymore as I've got her money".

 

Me and my girlfriend were quite shocked when she said this, but I suppose each to their own and that..

Edited 2 August 2023 by Wymsey

[HighPeakFox]

43 minutes ago, Wymsey said:

I once heard someone that my girlfriend knows say that "in some ways, I glad my Mother passed, so I don't have to work anymore as I've got her money".

 

Me and my girlfriend were quite shocked when she said this, but I suppose each to their own and that..

I hope you know that's not what I was saying...

[Wymsey]

5 minutes ago, HighPeakFox said:

I hope you know that's not what I was saying...

Probably not, initially, no - apologies.

 

But sometimes it's not easy to understand/interpret certain things being put on a computer screen.

Edited 2 August 2023 by Wymsey

[Lako42]

Ive grown up expecting no inheritance as I don't think that's wise planning. 

 

I would prefer my parents to take some equity from the property to enable them to retire earlier or enjoy retirement more than if they couldn't. 

 

 

[Paninistickers]

52 minutes ago, Wymsey said:

I once heard someone that my girlfriend knows say that "in some ways, I glad my Mother passed, so I don't have to work anymore as I've got her money".

 

Me and my girlfriend were quite shocked when she said this, but I suppose each to their own and that..

You know, if the old girl had had a good innings, many parents would be fairly content that their kids can live easily and peacefully as a legacy. 

 

If I make it to say 110 as fit as a fiddle and compos mentis and clock oit, the kids are welcome to whatever's left

[Paninistickers]

7 minutes ago, Lako42 said:

Ive grown up expecting no inheritance as I don't think that's wise planning. 

 

I would prefer my parents to take some equity from the property to enable them to retire earlier or enjoy retirement more than if they couldn't. 

 

 

It only takes one of them.to end up in a.care home for 10 years to see an inheritance wiped out.

[Zear0]

5 minutes ago, Paninistickers said:

It only takes one of them.to end up in a.care home for 10 years to see an inheritance wiped out.

Quite. My Gran's home is just shy of £1400 per week. Not sure people know how quick am estate can be hoovered up when they need care. 

[HighPeakFox]

1 hour ago, Wymsey said:

Probably not, initially, no - apologies.

 

But sometimes it's not easy to understand/interpret certain things being put on a computer screen.

I don't think anyone else will have taken what I said that way - I put it to you that you have a tendecy to see the worst in what some people say.

 

Your apology is accepted, however.

[stretch1965]

5 hours ago, Tommy G said:

Salary sacrifice is the most tax efficient as you dont pay national insurance on the salary you are sacrificing (the employer doesn't either) You can also make a lump sum payment into your pot should you need to (if you got inheritance, lump sum, extra cash floating about etc etc) Given you are 58 depending on the type of pension you can draw it now anyway so access isn't a problem. From a tax break point of view I'd chuck as much as you can in there given your age , you can contribute up to £60K a year now including ers.   

Thanks Tommy 

[Tommy G]

3 hours ago, Paninistickers said:

It's why funds are, to an extent, inflation proof.....assets always safer than bits of iou paper, right?

Correct somehow my vanguard stocks and shares isa has grown over 10% in the past 12 months which makes up some of the covid shortfalls. I find vanguard an excellent platform and really easy to use 

[Paninistickers]

12 minutes ago, Tommy G said:

Correct somehow my vanguard stocks and shares isa has grown over 10% in the past 12 months which makes up some of the covid shortfalls. I find vanguard an excellent platform and really easy to use 

I use Hargreaves Lansdowne platform. The individual stocks I bought have largely been a disaster. Around four occasions I've been stung by a new share issue and as a result the value of my holding fell by 75%. Amateur mistake. 

 

The funds however have been at worst stable and the trackers (bought during COVID) brilliant. I like my ethical funds, small business or basics  such as water 

[Tommy G]

1 minute ago, Paninistickers said:

I use Hargreaves Lansdowne platform. The individual stocks I bought have largely been a disaster. Around four occasions I've been stung by a new share issue and as a result the value of my holding fell by 75%. Amateur mistake. 

 

The funds however have been at worst stable and the trackers (bought during COVID) brilliant. I like my ethical funds, small business or basics  such as water 

Yeh I only invest in funds never been one to back individual equities. I use the HL for my sons S&S ISA for a bit of variety, the mobile app is great which something vanguard lacks. 

[Ginger_Filbert]

12 hours ago, Tommy G said:

Are you still working and employed, presume enrolled in your company scheme rather than a SIPP? If you are a 40% tax payer you can get higher rate relief on your penion contributions, some people aren't aware of this.

 

When do you plan to retire, presume 65-67? If you are 50 that is still 17 years to get your pension fund as fat as you can get it, I've not looked at annuity rates recently but even at drawn down that £100K combined with state would be ''ok''.

 

I'd get some advice from an IFA, I have 2 I use if you need a recommendation. I'm mid 30's so a while off retirement but keep a close eye on pensions and investments, the sole reason being I don't want to be chained to working any longer than required 

Can you give any more info on this please? Never heard about it before.

[weller54]

2 hours ago, Lako42 said:

Ive grown up expecting no inheritance as I don't think that's wise planning. 

 

I would prefer my parents to take some equity from the property to enable them to retire earlier or enjoy retirement more than if they couldn't. 

 

 

Equity release is a con! 

But it's a last resort if really necessary I suppose. 

[Bellend Sebastian]

3 minutes ago, Ginger_Filbert said:

Can you give any more info on this please? Never heard about it before.

20% tax relief at source; you get the extra 20% as a higher rate tax payer either via self assessment or claiming separately (Tommy G will know far more about this than me)

[Paninistickers]

2 minutes ago, weller54 said:

Equity release is a con! 

But it's a last resort if really necessary I suppose. 

Interesting.... I've always been sceptical but someone earlier who seems to know their stuff suggested it ...and it's logical. Release dormant money in a house that you won't need when dead. 

 

Why do you think it is a con?