Originally posted by Fred Bloggs
View Post
- Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.
- Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!
Pensions
Collapse
X
-
-
Originally posted by brocky View PostGreat however......I'm still no closer to working out if its actually better to...
a) stick my cash in shares ISA's (given pension funds basically play the stock exchange) and bonds which by the time of retirement will be quite a decent pot (and of course gives me the flexibility to retire when I want......
b) start a full pension through my company, reducing coropration tax (11%?)
c) Bung cash into a buy to let giving a regular income whilst preserving capital (hopefully - well, most of the capital at least)
d) Combination of the above!
e) Just go with the flow and dont worry about it, maybe start playing the lottery.
...any more?
Decisions decisions!
Brocky
Returns wise don't sit scratching your head and asking us numpties. Go see Accountant and FA and get it sorted. It's your future so bit of work isn't going to kill you.'CUK forum personality of 2011 - Winner - Yes really!!!!Comment
-
Amazing that in this day and age, supposedly intelligent people still think it's a good idea to put their money in pension funds.
I guess the last 13 years passed people by then.Is God willing to prevent evil, but not able? Then he is not omnipotent. Is he able, but not willing? Then he is malevolent. Is he both able and willing? Then whence cometh evil? Is he neither able nor willing? Then why call him God? - EpicurusComment
-
you can put it in a SIPP for self select stocks or funds... up to a certain level it makes sense as you save corporation tax as well as income tax.. also its tax free growth when its in. Although usual caveats apply of, pay off credit cards/ loans, then mortgage, then max ISA allowances and draw the max you can before you go onto the upper rate band of tax.Comment
-
Originally posted by PM-Junkie View PostAmazing that in this day and age, supposedly intelligent people still think it's a good idea to put their money in pension funds.
I guess the last 13 years passed people by then.
For example, if you have £100k in a fund, at age 55 take out £25k in cash tax free, the rest you reinvest. However that has to be labelled as "Pension Fund" in some way so it's ring-fenced for later pension investment (hopefully not an annuity!). Anything else and it's earned income so taxable.
So not quite so stupid, is it?Blog? What blog...?Comment
-
I'm 27 and am basically maxing out my ISAs and plan to buy a few properties.
Yes I may lose out a little on the tax benefit of pensions, but you lose all control of your money, if they decide to raise the retirement age to 80 I'm screwed.
Plus you still pay tax on the pension when you receive it when you're old... meh!
So for now I'm going to save on my own, try to keep as much of it as ISA if I can. And then when I'm close to retirement I may pay into a pension....but to be honest, I'm hoping I can semi-retire at 45. take my ISA cash and retire somewhere cheap and sunny.Comment
-
Originally posted by Mehmeh View PostPlus you still pay tax on the pension when you receive it when you're old... meh!Blog? What blog...?Comment
-
Originally posted by Mehmeh View PostYes I may lose out a little on the tax benefit of pensions, but you lose all control of your money, if they decide to raise the retirement age to 80 I'm screwed.Loopy LooComment
-
Originally posted by lje View PostYou do know that when the govenrnment raises the retirement age it is just for the pension paid by the government don't you? You can take money out of a personal pension at 55 now-a-days. (It used to be 50 so it can be changed - but doesn't particularly give the government any benefit in doing so.)It's about time I changed this sig...Comment
-
Originally posted by lje View PostYou do know that when the govenrnment raises the retirement age it is just for the pension paid by the government don't you? You can take money out of a personal pension at 55 now-a-days. (It used to be 50 so it can be changed - but doesn't particularly give the government any benefit in doing so.)
TBH I plan on being retired before 55, so issue still stands.Comment
- Home
- News & Features
- First Timers
- IR35 / S660 / BN66
- Employee Benefit Trusts
- Agency Workers Regulations
- MSC Legislation
- Limited Companies
- Dividends
- Umbrella Company
- VAT / Flat Rate VAT
- Job News & Guides
- Money News & Guides
- Guide to Contracts
- Successful Contracting
- Contracting Overseas
- Contractor Calculators
- MVL
- Contractor Expenses
Advertisers
Contractor Services
CUK News
- Streamline Your Retirement with iSIPP: A Solution for Contractor Pensions Sep 1 09:13
- Making the most of pension lump sums: overview for contractors Sep 1 08:36
- Umbrella company tribunal cases are opening up; are your wages subject to unlawful deductions, too? Aug 31 08:38
- Contractors, relabelling 'labour' as 'services' to appear 'fully contracted out' won't dupe IR35 inspectors Aug 31 08:30
- How often does HMRC check tax returns? Aug 30 08:27
- Work-life balance as an IT contractor: 5 top tips from a tech recruiter Aug 30 08:20
- Autumn Statement 2023 tipped to prioritise mental health, in a boost for UK workplaces Aug 29 08:33
- Final reminder for contractors to respond to the umbrella consultation (closing today) Aug 29 08:09
- Top 5 most in demand cyber security contract roles Aug 25 08:38
- Changes to the right to request flexible working are incoming, but how will contractors be affected? Aug 24 08:25
Comment