Clean It Up
UK Window Cleaning Forum => Window Cleaning Forum => Topic started by: trevor povey on February 26, 2009, 09:54:22 pm
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following on from a previous post on endowments(lucky I got out of mine) just wondering what you lads/lasses think about your pension payments?
I pay approx £170 per month,I know its a good tax point but is it worth continuing paying?
A few year back a couple of my pals stopped all there payments into their pension policies and paid them into Isa's ...have you had similar thoughts or any other alternative advice
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I'm overpaying my mortgage but as much as I can.
Saves thousands in interest, guaranteed not to lose your money.
But not very exciting
And what I'll do when I've paid it up, I don't know...
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I think pensions were more of a phase rather than investment,that seems to be becoming more of a fact on a weekly basis.
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I stopped using my endownment for the mortgaeg and started using it as a savings policy. If I needed it for my mortgage now, I would be well fooked.
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Started cleaning windows in 1983 so started paying into a pension up til 2004 as i lost a fortune to companies demutualising with each other, penaties etc:and bad advice from so called financial advisers. So i now put it in an ISA.
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Trevor, read my post in reply to just lost 2 grand.
The way I see it is this, unless you can save a pension pot of 250 grand or so, it.s not worth it.
You end up disqualifying yourself from any means tested benefits.
I once knew a old rogue that said to me, "Dai, every time you have a few bob, buy yourself a sovereign, and don't say a word to anyone, when you retire, claim whatever you can, and when you want a treat you can sell a few".
Wise words or not? I'll let you decide.
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pension plans are a waste of time :'(
unless your the ex boss of rbs >:(
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Trevor, read my post in reply to just lost 2 grand.
The way I see it is this, unless you can save a pension pot of 250 grand or so, it.s not worth it.
You end up disqualifying yourself from any means tested benefits.
I once knew a old rogue that said to me, "Dai, every time you have a few bob, buy yourself a sovereign, and don't say a word to anyone, when you retire, claim whatever you can, and when you want a treat you can sell a few".
Wise words or not? I'll let you decide.
crafty old get, good advice think i will start this myself.
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Trevor, read my post in reply to just lost 2 grand.
The way I see it is this, unless you can save a pension pot of 250 grand or so, it.s not worth it.
You end up disqualifying yourself from any means tested benefits.
I once knew a old rogue that said to me, "Dai, every time you have a few bob, buy yourself a sovereign, and don't say a word to anyone, when you retire, claim whatever you can, and when you want a treat you can sell a few".
Wise words or not? I'll let you decide.
Interesting .... is gold low at the mo?
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Trevor, read my post in reply to just lost 2 grand.
The way I see it is this, unless you can save a pension pot of 250 grand or so, it.s not worth it.
You end up disqualifying yourself from any means tested benefits.
I once knew a old rogue that said to me, "Dai, every time you have a few bob, buy yourself a sovereign, and don't say a word to anyone, when you retire, claim whatever you can, and when you want a treat you can sell a few".
Wise words or not? I'll let you decide.
Interesting .... is gold low at the mo?
no, its sky bloody high
its the new investment ( well was about 3 months ago )
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Pensions are a total waste of money.
I stoped paying into a proper pension 15 years ago and I am so glad I did.
I watched a couple of programs at the time on pensions and their was one common theme running through all the interviews they undertook in the programs. When the workers came to claim their pensions they where all disapointed with the amount they where getting for all the years they had put money into them.
Plus when you die the Insurance company keeps the money you saved for all those years.
I buy Cash ISAs every year for me and the wife.Thats my pension. You dont pay tax on the intrest as you will when you claim with a pension fund. If I die then my kids will benift from my savings.
Cash ISAs are good.
If the country goes bankcrupt we are all screwed and their is a very good chance it could happen with these clowns running the country. We will have hyper inflation and your money will become worthless.
You could buy gold, Russia is buying every ounce it can lay its hands on at the momment. look at this site you get very little gold for your money though. http://goldmoney.com/en/index.php?d=0&gmrefcode=goldiac
Buy some property if you have the money. Prices will start to take off soon again as people are going to be taking their money out of the banks and you only have three choices. Put it under the mattress but with high inflation your money will lose its value week by week.
Buy gold.But you will not see it as it will be held in a vault, But you have to sell it at the right time as it will lose its value fast when we come out of this financial turmoil.
Property, You can rent it and earn an income, It will increase in value over time. You will find many buisness institutions in the next ten years buying into property which will increase property values Unlike gold you have something tangible to see and feel.
Neil
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But, you will be subject to capital gains tax when you sell that property for your retirement. :(
Oh, and get taxed on any rental income.
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But, you will be subject to capital gains tax when you sell that property for your retirement. :(
Oh, and get taxed on any rental income.
Paying loads of income tax is good; I wish I paid a few million per year! Honest!
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If you pay £2000 per year into a pension you knock £2000 off your tax bill.
Even if the return is quite low in 25 years time it's got to be worth it.
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I'll have a nice military pension when I'm 60; no pension fund; it's paid directly out of the treasury and since it's based on rank and time served, it should be a nice little earner!
I don't think that's relevant to this post, I just thought I'd show off a bit; it's rare I get the chance too.
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I'll have a nice military pension when I'm 60; no pension fund; it's paid directly out of the treasury and since it's based on rank and time served, it should be a nice little earner!
I don't think that's relevant to this post, I just thought I'd show off a bit; it's rare I get the chance too.
rare?? :)
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Pensions are a total waste of money.
I stoped paying into a proper pension 15 years ago and I am so glad I did.
I watched a couple of programs at the time on pensions and their was one common theme running through all the interviews they undertook in the programs. When the workers came to claim their pensions they where all disapointed with the amount they where getting for all the years they had put money into them.
Plus when you die the Insurance company keeps the money you saved for all those years.
I buy Cash ISAs every year for me and the wife.Thats my pension. You dont pay tax on the intrest as you will when you claim with a pension fund. If I die then my kids will benift from my savings.
Cash ISAs are good.
If the country goes bankcrupt we are all screwed and their is a very good chance it could happen with these clowns running the country. We will have hyper inflation and your money will become worthless.
You could buy gold, Russia is buying every ounce it can lay its hands on at the momment. look at this site you get very little gold for your money though. http://goldmoney.com/en/index.php?d=0&gmrefcode=goldiac
Buy some property if you have the money. Prices will start to take off soon again as people are going to be taking their money out of the banks and you only have three choices. Put it under the mattress but with high inflation your money will lose its value week by week.
Buy gold.But you will not see it as it will be held in a vault, But you have to sell it at the right time as it will lose its value fast when we come out of this financial turmoil.
Property, You can rent it and earn an income, It will increase in value over time. You will find many buisness institutions in the next ten years buying into property which will increase property values Unlike gold you have something tangible to see and feel.
Neil
an interesting point you make about the country going bankrupt not so long ago I was talking to a old mate who runs a large manufacturing firm and he was saying the same thing would happen within 20 yrs.
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If you pay £2000 per year into a pension you knock £2000 off your tax bill.
Even if the return is quite low in 25 years time it's got to be worth it.
Is it £2000 off or 20% of £2000 off? (Assuming you pay tax at the standard rate?)
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I'll have a nice military pension when I'm 60; no pension fund; it's paid directly out of the treasury and since it's based on rank and time served, it should be a nice little earner!
I don't think that's relevant to this post, I just thought I'd show off a bit; it's rare I get the chance too.
problem is lasting till your 60 ;D ;D ;D
Yep, there's no guarantees in life, but on my Japanese side of the family the blokes last well into their 80s, but on my Geordie side they rarely make it past their fifties!
Hopefully I'll average out.
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buy another house and rent it out, or if you can't afford ithat, pay more off your morgage
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not all pension plans are a waste of time, i get £115 a week from my invista pension,i also had a lump sum of £15400, might not sound much to some considering i had to work for them for 25 years to get it, but im only 50 so i dont think its too bad.
look what fred the shred got though,and he's the same age as me,the jammy ba****** >:(
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not all pension plans are a waste of time, i get £115 a week from my invista pension,i also had a lump sum of £15400, might not sound much to some considering i had to work for them for 25 years to get it, but im only 50 so i dont think its too bad.
look what fred the shred got though,and he's the same age as me,the jammy ba****** >:(
You must have built up quite a pot to get that rugby.
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Probably worth paying into a pension if you make the 40% tax bracket as the you then save 40% on your tax liability.
Stock markets are well down at the moment, but these things are cyclical and it only really matters where the stockmarket is at when you cash in your investment.
In time markets recovered extremely well after the Wall Street Crash of 1929 and the subsequent depression of the 30s. So if time is on your side stock market investments could well pay long term.
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buy another house and rent it out, or if you can't afford ithat, pay more off your morgage
spot on
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If you pay £2000 per year into a pension you knock £2000 off your tax bill.
Even if the return is quite low in 25 years time it's got to be worth it.
Is it £2000 off or 20% of £2000 off? (Assuming you pay tax at the standard rate?)
If your tax bill is £4000 for the year and you pay £4000 into a pension in the same tax year your tax liability is £0000 for that tax year.
My IFA informed me at our last meeting.
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If you pay £2000 per year into a pension you knock £2000 off your tax bill.
Even if the return is quite low in 25 years time it's got to be worth it.
Is it £2000 off or 20% of £2000 off? (Assuming you pay tax at the standard rate?)
If your tax bill is £4000 for the year and you pay £4000 into a pension in the same tax year your tax liability is £0000 for that tax year.
My IFA informed me at our last meeting.
Let me get my head round this ... are you saying that if the I work out my tax to be say, £4000 this year then I can pay that into a pension instead of paying the tax man?
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That's what I understood. Has to be for the tax year it's comming off though.
So if you have £4000 spare, get it into a plan before April and come Jan next year, it will be off your Tax payments. Obviously seek IFA first.
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With the goverment throwing money at the banks and quantative easing around the corner.One of two things are going to happen. We will either go bankrupt as a country or more likely their will come a time within 2 years where the goverment will not be able to raise any more cash then watch out for high inflation. Money will pour into 3 areas .Gold shares and property. Property will become very big again as it as an asset you can touch and feel.
Iam against pensions as I like to be in charge of my own money.For instance within a year put your money in shares if we are at the bottom of the market and your money will grow by over 100% in months.
Neil