Great video and very timely for me. Just retired in Sept age 55. I read Die With Zero and it really got me thinking and persuaded me to retire ASAP. You must live for experiences if fortunate enough to have enough put aside... and at a young age when you can appreciate it. We don't know what's around the corner. I'm so glad I made that retirement decision. I don't have an overly luxurious lifestyle but play racket sports most days which I love and is very sociable too. I'm also starting to take up new hobbies and go on more holidays. It doesn't cost a fortune and I really don't miss the stress and routine of work.
The incompetence and corruption that runs through this administration are getting more ridiculous. I feel for people with disabilities not getting the help they deserve. Thank you June Renae Matthysse, imagine investing $1.5k and receiving $9k in 10 days
Most couples can leave offspring £1m without IHT then it’s 40%. (Unless I’m missing something) I’d rather have too much and if my son has to pay tax on anything over £1m then so be it, worse problems to have! I don’t intend to be sitting in old age wondering if I’ll run out before I die. Having money allows you to be able to forget about money.
This type of planning becomes all the more relevant if state pension gets means tested. Little point in having cash in the bank if it means you loose £12k+ in pension income. Uncertain times.
Not all FAs discourage withdrawals. Mine regularly discusses with me whether I want to take something out - he said it’s incredibly difficult to persuade people to spend their own money - they worry about running out. He also said the best way to avoid IHT is to spend your money now. My wife seems to have taken that to heart.
Great use of charts to explain those retirement years Ian. To plan, you must know what your monthly/annual expenses are. Then factor in inflation and market growth. It's not too difficult and tools like your spreadsheet really help. There are also free online resources which will plot retirement withdrawals. There's even a commercial product (Timeline) which is free for up to 3 users and will guide you through all income and expenditure and tell you if your plan is sustainable via Monte Carlo simulations.
A lot of this would be less concerning if they had a 20% band on inheritance taxes rather than the sudden 40% band. However our 500k+ threshold is high compared to the rest of Europe (Italy excepted), especially when it comes to descendent inheritances. There is always the retire in Austria, Czechia, Norway, Slovakia, and Sweden option to avoid IHT.
Hi there, can I take a drawdown @ age 55 and take income from drawdown and convert the drawdown into annuity with the remaining money left in the drawdown to an annuity @ age 75. Thanks
I've been accruing money since I stopped work and now find myself with far too much and with an intention to leave absolutely nothing more than £1million. I now have an uphill struggle to divest well over half as much again, given my wife and I will not leave a penny more than we have to. The kids are set for a bumper Xmas and on the strict instruction they can only spend 60% and to keep 40% (diminishing) to pay any IHT. That thieving Reeves will not get a penny if I can help it and I'd rather be put on indefinite life support to thwart her and the government!
Great video and very timely for me. Just retired in Sept age 55. I read Die With Zero and it really got me thinking and persuaded me to retire ASAP.
You must live for experiences if fortunate enough to have enough put aside... and at a young age when you can appreciate it. We don't know what's around the corner.
I'm so glad I made that retirement decision. I don't have an overly luxurious lifestyle but play racket sports most days which I love and is very sociable too. I'm also starting to take up new hobbies and go on more holidays. It doesn't cost a fortune and I really don't miss the stress and routine of work.
The incompetence and corruption that runs through this administration are getting more ridiculous. I feel for people with disabilities not getting the help they deserve. Thank you June Renae Matthysse, imagine investing $1.5k and receiving $9k in 10 days
Most couples can leave offspring £1m without IHT then it’s 40%. (Unless I’m missing something) I’d rather have too much and if my son has to pay tax on anything over £1m then so be it, worse problems to have! I don’t intend to be sitting in old age wondering if I’ll run out before I die. Having money allows you to be able to forget about money.
Right on Ian - I am 100% with you!
This type of planning becomes all the more relevant if state pension gets means tested. Little point in having cash in the bank if it means you loose £12k+ in pension income.
Uncertain times.
Not all FAs discourage withdrawals. Mine regularly discusses with me whether I want to take something out - he said it’s incredibly difficult to persuade people to spend their own money - they worry about running out. He also said the best way to avoid IHT is to spend your money now. My wife seems to have taken that to heart.
😁
Great use of charts to explain those retirement years Ian. To plan, you must know what your monthly/annual expenses are. Then factor in inflation and market growth. It's not too difficult and tools like your spreadsheet really help. There are also free online resources which will plot retirement withdrawals. There's even a commercial product (Timeline) which is free for up to 3 users and will guide you through all income and expenditure and tell you if your plan is sustainable via Monte Carlo simulations.
Morning Ian. Have you done any research using VCTs as a means of tax mitigation and tax free income in retirement alongside SIPP and ISA?
@@TraderMark72 no
The New IHT envelope is £1m so the bucket sequence changes. Equity release to zero, with stock drawdown with guard rails. why annuity?
A lot of this would be less concerning if they had a 20% band on inheritance taxes rather than the sudden 40% band. However our 500k+ threshold is high compared to the rest of Europe (Italy excepted), especially when it comes to descendent inheritances.
There is always the retire in Austria, Czechia, Norway, Slovakia, and Sweden option to avoid IHT.
You also have to change your domicile as well as residence to avoid IHT issues, which as far as I am aware is not straightforward.
Hi there, can I take a drawdown @ age 55 and take income from drawdown and convert the drawdown into annuity with the remaining money left in the drawdown to an annuity @ age 75. Thanks
@@renjithjoseph1755 yes
I've been accruing money since I stopped work and now find myself with far too much and with an intention to leave absolutely nothing more than £1million. I now have an uphill struggle to divest well over half as much again, given my wife and I will not leave a penny more than we have to. The kids are set for a bumper Xmas and on the strict instruction they can only spend 60% and to keep 40% (diminishing) to pay any IHT. That thieving Reeves will not get a penny if I can help it and I'd rather be put on indefinite life support to thwart her and the government!
7:06 ahhh…. Rascals 😂