Saving for pension - any regrets?

[Sub]

Most of the pension pots in the country will be fully spent next winter to pay for food, gas and electricity - don't need to worry about them anymore.

[GitMaster69]

Most of the pension pots in the country will be fully spent next winter to pay for food, gas and electricity - don't need to worry about them anymore.

But government will come and save you. that's why you pay 60% tax

[northernladuk]

My friend gave me idea: buy property in SPV and pay all income into pension, saving loads on tax. That might be the way

But assuming you need 3330£ per month net that would require SIGNIFICANT deposit to achieve that

Assuming rich 6% yield and 2.5% interest

You need about 250k deposit and tuliploads of stampduty ... but you get to have cake and eat it

But that's not the point. Idea is to diversify should the worst happen but whatever. Up to you.

[Andy Hallett]

The government's assault on the lifetime allowance should make everyone think twice about investing further in a pension.

[youngguy]

I'm just the wrong side of 40.

I went contracting relatively young (hence the username) and cashed in my single perm pension. It was only a few K but I thought 'why not use the money now than wait 40yrs'. Mistake 1

After a few years contracting I started maxing out contributions via a fairly expensive managed platform (mistake 2).

A few years ago I moved everything to a SIPP and went the Buffet/Bogle route, to lower the fees and because I have no idea what I'm doing. I'm a risk adverse person so I never did the multiple property thing (mistake 3) and up until a few years ago everything was in the SIPP basket, other than the warchest (retained profit) of 3-4 years outgoings.

In recent years I've built up a stocks ISA (covering about 3 years outgoings) and some cash savings (couple of years outgoings) and if all goes to plan I will have the 'problem' of the LTA before I hit 50. I'm inside for the first time ever, so still maxing out the contributions for tax efficiency and will do that for at least another 2-3 years to help mask the pain and bitterness of using an umbrella and being PAYE.

Current thinking is to work a little less, spend a little more and taper work down as 50 approaches...but who knows.

I can't say I've regretted putting money into a pension, but that's because otherwise it would have sat in my business account and I would have had even less idea of what to do with it.

[youngguy]

The government's assault on the lifetime allowance should make everyone think twice about investing further in a pension.

Weirdly, I happened to see this recently. It gives a couple of different options

https://youtu.be/hqfsfpK8WZU

[psychocandy]

I view this as trolling - take care on Professional forums PC…

All joking aside, with pension credit, those who don't have enough can get pension credit to top it up to a certain level. I know a lot of people with this mindset.

[northernladuk]

All joking aside, with pension credit, those who don't have enough can get pension credit to top it up to a certain level. I know a lot of people with this mindset.

EDIT : Post removed for squabbling which is annoying members.

MODS : Are you going to do anything about PC ever?

[d000hg]

I'm sure you do. Explains your poor attitude to everything. Birds of a feather flocking and all that.

You get a warning about trolling and you are still doing it. There are a lot of qualifying criteria about pension credit that no contractor will meet so you are just spreading misinformation with zero facts or basis. Not one of your posts about benefits ends well for you so why do you continue to do it?

And you continue to be a rude jerk in the professional forums which also isn't allowed. Hypocrisy much?

I have noticed an increase in squabbling and bickering in the Professional forums of late.

I am not amused.

I do not care who starts the squabbling. I will finish it by banning all participants. The more persistant the squabbling the longer the ban.

Feel free to disagree and correct but please show respect for all posters on these forums.

I hope I've made myself clear.

How about you stop being a jerk and in particular, stop being a jerk targeting individual members, outside of General. Moderators don't require your help. If you can't restrain yourself from bickering with (bullying) certain members, use the ignore feature for your own good and everyone else's. I can't be the only one sick of it.

[Guy Incognito]

The government's assault on the lifetime allowance should make everyone think twice about investing further in a pension.

The opposite is true. Pensions are such great value the government are trying to reduce the damage. I am intending to try and hit the lifetime allowance and retire on that day.