We are looking at spending more on travelling than we had intended, we were going to leave our complete pension pot and house to the kids, but since the budget that would mean the government taking a large chunk of it, so once the consultation period has been completed and the final outcome is confirmed, then it’s chatting to our financial adviser to see how much we need to spend on enjoying ourselves in later life and saying up yours Rachel, already got over a hundred nights booked on cruises, and will probably book a few more before we get to immobile.
If you think you'll last seven years and have enough available now, you could give some to your kids and potentially reduce the IHT impact that way
That’s is being thought about, but something that we need to get clarified is the effect of donating lumps of money to the kids, if we should need care in later life, we are both in our early 70’s so that care problem could well fall into the 7 year period. But all this will be investigated once the final rules are in place (another thing we are thinking of is giving the house to kids, and then paying them the going rate, but neither of us are really keen to do that, as we both think the care problem could raise its ugly head).
If you think you'll last seven years and have enough available now, you could give some to your kids and potentially reduce the IHT impact that way
That’s is being thought about, but something that we need to get clarified is the effect of donating lumps of money to the kids, if we should need care in later life, we are both in our early 70’s so that care problem could well fall into the 7 year period. But all this will be investigated once the final rules are in place (another thing we are thinking of is giving the house to kids, and then paying them the going rate, but neither of us are really keen to do that, as we both think the care problem could raise its ugly head).
If you haven't already, also think about 'tenants in common' rather than 'joint tenants'.
If you think you'll last seven years and have enough available now, you could give some to your kids and potentially reduce the IHT impact that way
That’s is being thought about, but something that we need to get clarified is the effect of donating lumps of money to the kids, if we should need care in later life, we are both in our early 70’s so that care problem could well fall into the 7 year period. But all this will be investigated once the final rules are in place (another thing we are thinking of is giving the house to kids, and then paying them the going rate, but neither of us are really keen to do that, as we both think the care problem could raise its ugly head).
If you haven't already, also think about 'tenants in common' rather than 'joint tenants'.
Yep, means that they can only go after the 50% owned should you end up in care. Me, should it get to that stage I think I will be investing in a shotgun.
Can you lot on here do me a favour? Live your retirements for me. Apart from the house there's no pension pot for me, not much savings at the moment either. Hitting 50 this year I've gone a bit mad. I've always done a manual job and I'm starting to feel the aches and pains. Me and another mate are always joking about it down the pub. I'm determined to retire at 60 even if it means I've only got £25 a week to live on. I think most days to myself what physical state will I be in when I'm 65. My retirement won't be much, and it doesn't really bother me as i will get by. It brings a smile to me face though when I read about the retirement plans some of you have. Enjoy your retirements and if you've got the money try not to put off what you've always wanted to do. Otherwise that day may never come.
Can you lot on here do me a favour? Live your retirements for me. Apart from the house there's no pension pot for me, not much savings at the moment either. Hitting 50 this year I've gone a bit mad. I've always done a manual job and I'm starting to feel the aches and pains. Me and another mate are always joking about it down the pub. I'm determined to retire at 60 even if it means I've only got £25 a week to live on. I think most days to myself what physical state will I be in when I'm 65. My retirement won't be much, and it doesn't really bother me as i will get by. It brings a smile to me face though when I read about the retirement plans some of you have. Enjoy your retirements and if you've got the money try not to put off what you've always wanted to do. Otherwise that day may never come.
During a recent trip to Hawaii, Bill Gates saw a fisherman lying beside his boat, smoking his pipe. Bill Gates: "Why aren't you fishing?" Fisherman: "Because I have caught enough fish for the day." Bill Gates: "Why don't you catch some more?" Fisherman: "What could I do with them?" Bill Gates: "Earn more money. Then you could have a motor fixed to your boat and go into deeper waters and catch more fish. That would bring you more money. Soon you would have enough to buy nylon nets, so more fish, more money. Soon you would have enough to buy two boats, maybe even a fleet of boats. Then you would go rich like me." Fisherman: "What would I do then?" Bill Gates: "Then you could sit back and enjoy life." Fisherman: "What do you think I am doing now?"
Can you lot on here do me a favour? Live your retirements for me. Apart from the house there's no pension pot for me, not much savings at the moment either. Hitting 50 this year I've gone a bit mad. I've always done a manual job and I'm starting to feel the aches and pains. Me and another mate are always joking about it down the pub. I'm determined to retire at 60 even if it means I've only got £25 a week to live on. I think most days to myself what physical state will I be in when I'm 65. My retirement won't be much, and it doesn't really bother me as i will get by. It brings a smile to me face though when I read about the retirement plans some of you have. Enjoy your retirements and if you've got the money try not to put off what you've always wanted to do. Otherwise that day may never come.
Again, remember you wont be getting your State Pension until you are 67...maybe 70 in 20 years time.
What have you got in "savings" that would fill the gap from age 60(ish) to.age 67 ? Even if you live frugally you'll probably need £1k pm at the very least.....probably more like £1500 pm. That would need a savings pot of at least £50k & probably nearer to £100k.
If you think you'll last seven years and have enough available now, you could give some to your kids and potentially reduce the IHT impact that way
That’s is being thought about, but something that we need to get clarified is the effect of donating lumps of money to the kids, if we should need care in later life, we are both in our early 70’s so that care problem could well fall into the 7 year period. But all this will be investigated once the final rules are in place (another thing we are thinking of is giving the house to kids, and then paying them the going rate, but neither of us are really keen to do that, as we both think the care problem could raise its ugly head).
There is no "7 year rule" when it comes to funding care. Local authorities can go back further if they feel there is deprivation of assets.
If you think you'll last seven years and have enough available now, you could give some to your kids and potentially reduce the IHT impact that way
That’s is being thought about, but something that we need to get clarified is the effect of donating lumps of money to the kids, if we should need care in later life, we are both in our early 70’s so that care problem could well fall into the 7 year period. But all this will be investigated once the final rules are in place (another thing we are thinking of is giving the house to kids, and then paying them the going rate, but neither of us are really keen to do that, as we both think the care problem could raise its ugly head).
There is no "7 year rule" when it comes to funding care. Local authorities can go back further if they feel there is deprivation of assets.
That what’s my thoughts where, but just wanted it confirmed.
If you think you'll last seven years and have enough available now, you could give some to your kids and potentially reduce the IHT impact that way
That’s is being thought about, but something that we need to get clarified is the effect of donating lumps of money to the kids, if we should need care in later life, we are both in our early 70’s so that care problem could well fall into the 7 year period. But all this will be investigated once the final rules are in place (another thing we are thinking of is giving the house to kids, and then paying them the going rate, but neither of us are really keen to do that, as we both think the care problem could raise its ugly head).
There is no "7 year rule" when it comes to funding care. Local authorities can go back further if they feel there is deprivation of assets.
So if I wanted to leave my house to a charity rather than it going to fund my care how would I do it?
Can you lot on here do me a favour? Live your retirements for me. Apart from the house there's no pension pot for me, not much savings at the moment either. Hitting 50 this year I've gone a bit mad. I've always done a manual job and I'm starting to feel the aches and pains. Me and another mate are always joking about it down the pub. I'm determined to retire at 60 even if it means I've only got £25 a week to live on. I think most days to myself what physical state will I be in when I'm 65. My retirement won't be much, and it doesn't really bother me as i will get by. It brings a smile to me face though when I read about the retirement plans some of you have. Enjoy your retirements and if you've got the money try not to put off what you've always wanted to do. Otherwise that day may never come.
Again, remember you wont be getting your State Pension until you are 67...maybe 70 in 20 years time.
What have you got in "savings" that would fill the gap from age 60(ish) to.age 67 ? Even if you live frugally you'll probably need £1k pm at the very least.....probably more like £1500 pm. That would need a savings pot of at least £50k & probably nearer to £100k.
Rent the 3 bed house in West Wickham out. Currently would rent for £2500. Buy a caravan down the coast.
Can you lot on here do me a favour? Live your retirements for me. Apart from the house there's no pension pot for me, not much savings at the moment either. Hitting 50 this year I've gone a bit mad. I've always done a manual job and I'm starting to feel the aches and pains. Me and another mate are always joking about it down the pub. I'm determined to retire at 60 even if it means I've only got £25 a week to live on. I think most days to myself what physical state will I be in when I'm 65. My retirement won't be much, and it doesn't really bother me as i will get by. It brings a smile to me face though when I read about the retirement plans some of you have. Enjoy your retirements and if you've got the money try not to put off what you've always wanted to do. Otherwise that day may never come.
Again, remember you wont be getting your State Pension until you are 67...maybe 70 in 20 years time.
What have you got in "savings" that would fill the gap from age 60(ish) to.age 67 ? Even if you live frugally you'll probably need £1k pm at the very least.....probably more like £1500 pm. That would need a savings pot of at least £50k & probably nearer to £100k.
Rent the 3 bed house in West Wickham out. Currently would rent for £2500. Buy a caravan down the coast.
Taxable income. C£30k pa - lose c£3500 in tax gives you £2200 pm. Need a good buffer fund for void periods, repairs & replacements plus other general stuff tenants break or dont look after. Then there are court fees for non payment & eviction. Then when you do get your property back you have to spend thousands just getting it back up to scratch to rent out again.
Renting's a mugs game unless you own multiple properties & have deep pockets.
As mentioned above, Equity release could be a better option if you dont have dependants you want to leave your money to once you're gone.
Or use a pension.......the very thing that's out there designed to give you tax efficient income in retirement. Or an ISA. Or both.
If you think you'll last seven years and have enough available now, you could give some to your kids and potentially reduce the IHT impact that way
That’s is being thought about, but something that we need to get clarified is the effect of donating lumps of money to the kids, if we should need care in later life, we are both in our early 70’s so that care problem could well fall into the 7 year period. But all this will be investigated once the final rules are in place (another thing we are thinking of is giving the house to kids, and then paying them the going rate, but neither of us are really keen to do that, as we both think the care problem could raise its ugly head).
There is no "7 year rule" when it comes to funding care. Local authorities can go back further if they feel there is deprivation of assets.
So if I wanted to leave my house to a charity rather than it going to fund my care how would I do it?
You can't. You can leave your Estate to anyone you like in a Will, but still alive and in a care home & your assets run out then the Local Authority have the power to sell your home to pay for your care.
If you think you'll last seven years and have enough available now, you could give some to your kids and potentially reduce the IHT impact that way
That’s is being thought about, but something that we need to get clarified is the effect of donating lumps of money to the kids, if we should need care in later life, we are both in our early 70’s so that care problem could well fall into the 7 year period. But all this will be investigated once the final rules are in place (another thing we are thinking of is giving the house to kids, and then paying them the going rate, but neither of us are really keen to do that, as we both think the care problem could raise its ugly head).
There is no "7 year rule" when it comes to funding care. Local authorities can go back further if they feel there is deprivation of assets.
So if I wanted to leave my house to a charity rather than it going to fund my care how would I do it?
You can't. You can leave your Estate to anyone you like in a Will, but still alive and in a care home & your assets run out then the Local Authority have the power to sell your home to pay for your care.
Can you lot on here do me a favour? Live your retirements for me. Apart from the house there's no pension pot for me, not much savings at the moment either. Hitting 50 this year I've gone a bit mad. I've always done a manual job and I'm starting to feel the aches and pains. Me and another mate are always joking about it down the pub. I'm determined to retire at 60 even if it means I've only got £25 a week to live on. I think most days to myself what physical state will I be in when I'm 65. My retirement won't be much, and it doesn't really bother me as i will get by. It brings a smile to me face though when I read about the retirement plans some of you have. Enjoy your retirements and if you've got the money try not to put off what you've always wanted to do. Otherwise that day may never come.
Again, remember you wont be getting your State Pension until you are 67...maybe 70 in 20 years time.
What have you got in "savings" that would fill the gap from age 60(ish) to.age 67 ? Even if you live frugally you'll probably need £1k pm at the very least.....probably more like £1500 pm. That would need a savings pot of at least £50k & probably nearer to £100k.
Rent the 3 bed house in West Wickham out. Currently would rent for £2500. Buy a caravan down the coast.
Taxable income. C£30k pa - lose c£3500 in tax gives you £2200 pm. Need a good buffer fund for void periods, repairs & replacements plus other general stuff tenants break or dont look after. Then there are court fees for non payment & eviction. Then when you do get your property back you have to spend thousands just getting it back up to scratch to rent out again.
Renting's a mugs game unless you own multiple properties & have deep pockets.
As mentioned above, Equity release could be a better option if you dont have dependants you want to leave your money to once you're gone.
Or use a pension.......the very thing that's out there designed to give you tax efficient income in retirement. Or an ISA. Or both.
Will the tax allowance not be going up in the next 10 years?
Can you lot on here do me a favour? Live your retirements for me. Apart from the house there's no pension pot for me, not much savings at the moment either. Hitting 50 this year I've gone a bit mad. I've always done a manual job and I'm starting to feel the aches and pains. Me and another mate are always joking about it down the pub. I'm determined to retire at 60 even if it means I've only got £25 a week to live on. I think most days to myself what physical state will I be in when I'm 65. My retirement won't be much, and it doesn't really bother me as i will get by. It brings a smile to me face though when I read about the retirement plans some of you have. Enjoy your retirements and if you've got the money try not to put off what you've always wanted to do. Otherwise that day may never come.
Again, remember you wont be getting your State Pension until you are 67...maybe 70 in 20 years time.
What have you got in "savings" that would fill the gap from age 60(ish) to.age 67 ? Even if you live frugally you'll probably need £1k pm at the very least.....probably more like £1500 pm. That would need a savings pot of at least £50k & probably nearer to £100k.
Rent the 3 bed house in West Wickham out. Currently would rent for £2500. Buy a caravan down the coast.
Taxable income. C£30k pa - lose c£3500 in tax gives you £2200 pm. Need a good buffer fund for void periods, repairs & replacements plus other general stuff tenants break or dont look after. Then there are court fees for non payment & eviction. Then when you do get your property back you have to spend thousands just getting it back up to scratch to rent out again.
Renting's a mugs game unless you own multiple properties & have deep pockets.
As mentioned above, Equity release could be a better option if you dont have dependants you want to leave your money to once you're gone.
Or use a pension.......the very thing that's out there designed to give you tax efficient income in retirement. Or an ISA. Or both.
Will the tax allowance not be going up in the next 10 years?
Can you lot on here do me a favour? Live your retirements for me. Apart from the house there's no pension pot for me, not much savings at the moment either. Hitting 50 this year I've gone a bit mad. I've always done a manual job and I'm starting to feel the aches and pains. Me and another mate are always joking about it down the pub. I'm determined to retire at 60 even if it means I've only got £25 a week to live on. I think most days to myself what physical state will I be in when I'm 65. My retirement won't be much, and it doesn't really bother me as i will get by. It brings a smile to me face though when I read about the retirement plans some of you have. Enjoy your retirements and if you've got the money try not to put off what you've always wanted to do. Otherwise that day may never come.
Again, remember you wont be getting your State Pension until you are 67...maybe 70 in 20 years time.
What have you got in "savings" that would fill the gap from age 60(ish) to.age 67 ? Even if you live frugally you'll probably need £1k pm at the very least.....probably more like £1500 pm. That would need a savings pot of at least £50k & probably nearer to £100k.
Rent the 3 bed house in West Wickham out. Currently would rent for £2500. Buy a caravan down the coast.
Do you still need a 3 bedroom house ?
If not, would you consider downsizing, invest the difference between the sale & a smaller property ( maybe that caravan ) ?
If you think you'll last seven years and have enough available now, you could give some to your kids and potentially reduce the IHT impact that way
That’s is being thought about, but something that we need to get clarified is the effect of donating lumps of money to the kids, if we should need care in later life, we are both in our early 70’s so that care problem could well fall into the 7 year period. But all this will be investigated once the final rules are in place (another thing we are thinking of is giving the house to kids, and then paying them the going rate, but neither of us are really keen to do that, as we both think the care problem could raise its ugly head).
There is no "7 year rule" when it comes to funding care. Local authorities can go back further if they feel there is deprivation of assets.
So if I wanted to leave my house to a charity rather than it going to fund my care how would I do it?
You can't. You can leave your Estate to anyone you like in a Will, but still alive and in a care home & your assets run out then the Local Authority have the power to sell your home to pay for your care.
Blimey. How often do they do this?
All the time. Our friend has just lost her Dad. Her Mum has been in a care home for about nine years. Luckily she persuaded her parents to put their flat as tenants in common or some such. When sold half will go to the council to pay for her Mums care (about 150k) and the other half into her father’s estate. Her Dad was just about to join his wife in the care home too and if he had and lived say five years the whole 300k would have gone to the council for their joint care.
Comments
If you haven't already, also think about 'tenants in common' rather than 'joint tenants'.
Live your retirements for me.
Apart from the house there's no pension pot for me, not much savings at the moment either.
Hitting 50 this year I've gone a bit mad.
I've always done a manual job and I'm starting to feel the aches and pains.
Me and another mate are always joking about it down the pub.
I'm determined to retire at 60 even if it means I've only got £25 a week to live on.
I think most days to myself what physical state will I be in when I'm 65.
My retirement won't be much, and it doesn't really bother me as i will get by.
It brings a smile to me face though when I read about the retirement plans some of you have.
Enjoy your retirements and if you've got the money try not to put off what you've always wanted to do.
Otherwise that day may never come.
During a recent trip to Hawaii, Bill Gates saw a fisherman lying beside his boat, smoking his pipe.
Bill Gates: "Why aren't you fishing?"
Fisherman: "Because I have caught enough fish for the day."
Bill Gates: "Why don't you catch some more?"
Fisherman: "What could I do with them?"
Bill Gates: "Earn more money. Then you could have a motor fixed to your boat and go into deeper waters and catch more fish. That would bring you more money. Soon you would have enough to buy nylon nets, so more fish, more money. Soon you would have enough to buy two boats, maybe even a fleet of boats. Then you would go rich like me."
Fisherman: "What would I do then?"
Bill Gates: "Then you could sit back and enjoy life."
Fisherman: "What do you think I am doing now?"
What have you got in "savings" that would fill the gap from age 60(ish) to.age 67 ? Even if you live frugally you'll probably need £1k pm at the very least.....probably more like £1500 pm. That would need a savings pot of at least £50k & probably nearer to £100k.
Buy a caravan down the coast.
Renting's a mugs game unless you own multiple properties & have deep pockets.
As mentioned above, Equity release could be a better option if you dont have dependants you want to leave your money to once you're gone.
Or use a pension.......the very thing that's out there designed to give you tax efficient income in retirement. Or an ISA. Or both.
If not, would you consider downsizing, invest the difference between the sale & a smaller property ( maybe that caravan ) ?