Pension Alternatives ?

[swebb]

It's that time of year again, I was about to hit the panic button and try and move some money in to my SIPP and then thought hold on a minute is this really a good plan.

Pensions have many plus points however I'm now thinking there are a lot of negatives as well. The main negative for me is that the rules keep changing, I'm putting money in to something that I have no control over when I can get it out, how much I can take out and when I take it out where it has to go and how much tax is claimed back.

My parents have been hit this year by new draw down rules which has effected there income by quite a bit.

So I don't like the fact that basically I have little control on the final outcome of my pension and certainly no clear picture as to what and when I could take. I know the upfront tax saving is large but I'm growing in the opinion that is offset by the things I have raised.

So what are the alternative, I'm interested to hear. I was thinking I could just leave the money in the company and when I finally shut it take the tax hit, grab the money and use what I would have put in a pension in to a buy to let deposit.

I'd be interested to hear about different idea's

Thanks

Steve

[stek]

Pension Alternatives ?

Pork Bellies

[swebb]

Pork Bellies

Do I now let you run the company whilst a film crew follow you around as you make witty comments

[stek]

Pension Alternatives ?

Do I now let you run the company whilst a film crew follow you around as you make witty comments

You did post in General, surely not expecting serious answers, where you? You have to post in Legal for Shiite like that!

[DimPrawn]

Buy a bigger and bigger house.

When you downsize there is no CGT on your primary residence, all profit is tax free.

Me 'ouse is me pension. As supported by govt's of all political leanings.

[Mich the Tester]

If you're between 30 and 45, give up on the idea of retiring on a good income, work to pay off your mortgage and learn some skills that you can use part time into your 70s or 80s, so you can semi-retire with no debts. Seriously, the demographic timebomb that's starting off now will mean anything you've saved for a pension will be taxed away.

[swebb]

Ok forget it I'll post elsewhere!

[Mich the Tester]

Ok forget it I'll post elsewhere!

My answer was serious; I studied geography and specialised in Demography; governments in Europe have been warned about the demographic timebomb for about 50 years now and have done next to nothing about it. Many of us can forget the idea of retiring like our grandparents or parents did.

Pay off your debts, find something you can do for the rest of your life and accept that that's the best you can do; if you DO manage to retire, count yourself lucky.

[Ketchup]

If you're between 30 and 45, give up on the idea of retiring on a good income, work to pay off your mortgage and learn some skills that you can use part time into your 70s or 80s, so you can semi-retire with no debts. Seriously, the demographic timebomb that's starting off now will mean anything you've saved for a pension will be taxed away.

Exactly that. There is an ageing population. I am in my late 20's, when i am old, living into your hundreds will be the norm. There are so many people who are not making any provision for their pension that the taxpayer will be fund. I suspect at least part of this funding will be from people who have built a decent pension for themselves.

My dad has just retired, he was fairly successful and has now sold his house, bought 3 BTL's and is looking to move abroad to live.

[Mich the Tester]

My dad has just retired, he was fairly successful and has now sold his house, bought 3 BTL's and is looking to move abroad to live.

... probably to escape having everything he's worked to build up taxed out of existence?