old age

[J Sid]

who has made provisions for there old age?
people pay into a pension?

I have a few small pensions, but aren't going to keep me in beers so I work hard now while I am fit enough to pay of mortgage and try to build a nest egg.

 

[WetSaw]

I can't afford to pay into a private pension so I'll just have to work until I drop!!
Most of my work is for people who are retired, most of whom are younger than me and considerably wealthier than I'll ever be.

 

[Aston]

I think the easiest thing to do if you are in your fifties (i'm not) is to buy another house on the strength of your home and rent it out now. get it paid off over 15 years and then you will have an income and a another something else to leave your kids or grand kids

failing that, keep fit, eat healthy and do geometric jobs until you drop lol...seriously, 2 days a weeks could pull you in £500 a week so it might not be as funny as you first thought..i've often spoke to Phil Hobson about this and if he wouldn't have had his health issues, he would have happily worked until he dropped...Phil used to get really good money doing geo work!!

 

[Ajax123]

I have paid into various works pensions since I was in my twenties. They all add up to four fifths of b all though so not many beers in my dotage. Fortunately i moved house this year and the mortgage is paid off and we've got a bit of land so can always sell some to build on later.

 

[Rizzle from the Portizzle]

well my accountant told me you need a pension i told him no way not one person i now who has paid into
a pension does not feel ripped off a complete waste of money so i bought a house and rented it out instead
well my thinking was no work coming in at least i would have an income long story 20 years later my accountant says he should have listened to me . the only way a pension plan will work is if you start at 16 paying
in 5% of your income every 5 years increase that by 1% untill you retire not in to a pension fund jut a high savings account with interest added over the years . you should come out with your end wage to live on .
or keep every car or toy you have ever owed and keep them in storage until you retire.

 

[Stef]

Never will I pay a private pension.
I've 2 rentals with one up for sale, if it sells we will buy a cheaper rental & that's me.
Push comes to shove I will be the oldest drug dealer & she will be the oldest street walker in town when we retire.

 

[Italy]

I retire in 2030 with € 1,400 per month. (Letter state pension, contributions paid by me). otherwise 2035 with € 1,800.
I had a pension fund, with € 15,000 deposited, they sent the letter, that at 65, I will receive € 180 per month. I took it all, (it is extremely difficult, wish to withdraw a pension fund). many problems here, to withdraw the bottom, you have to give evidence, of healthcare expenses, or to buy a home, or die).
in 2006 I bought an apartment, and I rented. (However, the annuity is little).
But the problem is another, how do I work, until 2030 ?, I always wonder, able yet?
I could work less, when I'm old, but here is not easy, young or old, taxes payable, they are the same. I can not say, less work = less taxes.
is a dilemma that will solve later.

 

[Andy Allen]

I've paid into pensions since I was 18
When you reach 55 you can take 25% out of your pension tax free .....so finally I'll be able to work a little less !!! 🙂

 

[hmtiling]

No pension here either. We have a our house and one that we rent out. When the knees and back finally give up we should be able to downsize and still keep the other place for the kids. The 2 day geo week sounds good though. I might even be good enough at it by then😉

 

[White Room]

Never will I pay a private pension.
I've 2 rentals with one up for sale, if it sells we will buy a cheaper rental & that's me.
Push comes to shove I will be the oldest drug dealer & she will be the oldest street walker in town when we retire.

If you have more than 2 property's and then sell one don't you have capital gains taxes to pay ?

 

[One Day]

When I was a kid I remember asking my dad what a pension was.
He said something like: "you pay in a percentage of your earnings to a pension account and that gets invested in the stock market. Over time you pay in tens of thousands but you'll get it all back and a lot more besides." 😱

Even at a yound age I said it doesn't make any sense. It looked like gambling to me.
My dad had an endowment mortgage too by the way. Now his "gold-plated" pensions are a dusty memory and he is still paying a mortgage.

By my early teens I had worked out that the whole financial system is basically legalised robbery.
Either save what you have and squirrel it away - or buy tangible things which at least hold value.
(Or try your luck in the investment casino)

 

[One Day]

If you have more than 2 property's and then sell one don't you have capital gains taxes to pay ?

Only poor people pay taxes!

 

[Rizzle from the Portizzle]

Only poor people pay taxes!

no the poor simple dont work and claim benefits the rest working hard to get away from that pay the most
tax the richer you get the less tax you pay but the more you employ the more tax and ni you pay on there
behalf the ni you pay part of .

 

[Rizzle from the Portizzle]

If you have more than 2 property's and then sell one don't you have capital gains taxes to pay ?

you dont sell give to the the kids live seven years they dont pay tax they pay you an income

 

[widler]

No pension, We have 3 house rentals and a building which the wifes business is in , we also rent out some offices and garages in and on the buildings land , im going to buy another house or two in the future.
My own house and wifes building mortgages are paid off in 5 years.
Hopefully we can sell the wifes business then building , rent our house out, rent a place abroad and live off our rental income .
maybe in about 8 years ish, thats the plan, wether we do it i don't know 😵

 

[Doggit]

you dont sell give to the the kids live seven years they dont pay tax they pay you an income

The taxman closed this loophole. You'll pay CGT at the point you give it to the kids, but it'll reduce you're Inheritance tax bill, so you're taking the hit (and paying the tax now) so the kids get to keep more when you're gone. They'd get taxed on the rental income they receive, and they'd then give you the balance, but the taxman would then try and tax you on it as well (assuming they find out of course), because they'd view it as a way of avoiding some sort of tax.

This is where trust advice is needed. You can put the property into a trust for the kids, and still receive the income from the property, but they're complicated, and you need someone with specialsed knowledge to set it up.

Osborne buggered up the buy to rent sector (also known as the self employeds pension plans) by adding 3% to any 2nd house purchase, so on a £250K property, you now need to find £20K for stamp duty.

 

[hmtiling]

The taxman closed this loophole. You'll pay CGT at the point you give it to the kids, but it'll reduce you're Inheritance tax bill, so you're taking the hit (and paying the tax now) so the kids get to keep more when you're gone. They'd get taxed on the rental income they receive, and they'd then give you the balance, but the taxman would then try and tax you on it as well (assuming they find out of course), because they'd view it as a way of avoiding some sort of tax.

This is where trust advice is needed. You can put the property into a trust for the kids, and still receive the income from the property, but they're complicated, and you need someone with specialsed knowledge to set it up.

Osborne buggered up the buy to rent sector (also known as the self employeds pension plans) by adding 3% to any 2nd house purchase, so on a £250K property, you now need to find £20K for stamp duty.

I got stung with the higher rate stamp duty 2 weeks after it came into force. 🙁

 

[widler]

Taxman = tosser
We get taxed on everything , everything bloody everything .
We are going to get stung again now us with rentals, upping the tax on any profit we make on rents.
So cos i saved big deposit, bought a wrecker, spent a lot on it , rent out and make more on the rent after ive paid , mortgage and ins, im gonna get stung more.
Taxman=tosser

 

[widler]

Have i mentioned my brother inlaw is a taxman

 

[Andy Allen]

The reason your getting stung on rentals is because everyone is jumping on the bandwagon. With savings at an all time low people are looking elsewhere to invest there money this in turn is hiking up the price of houses, supply and demand, which in turn means people have to spend more for a roof over there heads and have less money in there pockets to spend, this effects the economy and forces the government to up the tax system on rentals to try and brake the cycle, kick start the economy and stop us falling into recession.
So in a nutshell if we go into recession it's Graigs fault...🙂

 

[widler]

true, its all my fault

 

[Wishiwasatoptiler]

I got a pension statement through the post this week from a job years ago. Probably stuck it for six months. It's worth £4 a year...! Cost them 63p to tell me that! Lol.

 

[Doggit]

Now don't go blaming Craig for our politicians stupidity. Blair let in loads of migrants, Cameron started the Help to Buy, and then Osborne let people get at their pensions to reinvest, and to spend them - which helpd expand the economy. But in the end, successive governments haven't increased housebuilding, so supply and demand has caused the real problem.

 

[John Benton]

I was asked at 18 if you want a lump sum when you retire at 65 of say £150k then get yourself a pension. Turn that on its head, someone gives you a wad of £150k and says go in the bookies and place a bet that you'll reach your 65th birthday, what would you have done? Exactly!!!

When I bought my first house a friend had bought one opposite only 1 year prior and I paid £10k more than he had, and mine only cost £26k. So, I thought long and hard back in the late 80's, bricks and mortar will, long term, be a winner.

So 27 years later I own 19 houses, still owing small mortgages on 3 of them. In 5 years time thats me done, all paid up and should be able to rake in between £80-90k a year in rent and not even have to tile a splash back again.

 

[widler]

Good man john, wish id of started earlier but i liked weeing it up against the wall to much in my younger years

 

[John Benton]

Good man john, wish id of started earlier but i liked weeing it up against the wall to much in my younger years

So do I Craig, but that's hindsight for you, I've actually got 1 rental but should've done it years ago and had a portfolio of properties that could have seen me retired this year. I bitterly regret not doing this as I had the chance not to have to sell my first house to buy my second, so it all went downhill from there.

A friend of mine did exactly that and he has 32 properties averaging £500 pcm and he got them on 10 year mortgages, so he's already raking in £190k a year on top of owning a profitable business that turns over £7m a year!!

 

[Rizzle from the Portizzle]

well depends were you live today in london forget it its to late for tilers to buy in but the likes of Dover gillanham graves end still good margins up the other end Bradford derby wigan still offer great returns
look out for hmo will double your return

 

[Flintstone]

I have been paying into a private pension for about 5 years. I'm 32. I don't pay a lot in at all really. Less than a days wage per month. I started it to get the ball rolling, not sure what to do for the best really. I wouldn't mind buy if another property but it's finding the deposit!