10-20-2021, 11:52 AM | #199 |
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I always think of The S Man as a combination of two of Harry Enfield's characters... Firstly there's the intefereing dad who comes out with the "Oh no, you don't want to be doing that" catchphrase and then there's the fellow who comes out with "excuse me, but I could not help but noticing that I appear to be considerably richer than you"....
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10-20-2021, 05:19 PM | #200 | |
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Well, I have recently crystallised on going at 55 (a couple of years away) with a similar income to that that I have now, but index linked into the future. It will mean taking a small lump sum (no retirement 911 for me ), but maximising my income which, given my hopefully extended retirement, seems to be the better idea. |
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JustChris17483.00 Blacktemplar3458.50 |
10-20-2021, 11:16 PM | #201 |
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Most of you seem to be missing the point here.
Like many of you I was initially interested in what Scoobyd had to say but after having spoken to an actual IFA in person as opposed to an 'Internet Persona' (which is what we all effectively are) he made it quite clear to me that it is absolute lunacy to accept or to give ANY financial advice on a forum in this manner. Now I am sure Scoobyd is a very good IFA but I am just not sure it is proper and correct to offer advice on this medium. I am obviously in the minority with this view so I will just let you guys carry on. As a side note, I have broad shoulders and can handle the 'Gang Mentality' that sometimes prevails on here..... some cant........ |
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10-21-2021, 02:00 AM | #202 | ||
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My car made front page of Bimmerpost
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10-21-2021, 02:16 AM | #203 | |
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Drives - 2020 LR Discovery HSE-L Previous - 2019 LR Discovery HSE-L // 2016 F36 440i // 2009 E90 320D SE |
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10-21-2021, 02:42 AM | #204 |
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10-21-2021, 02:51 AM | #205 | |
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Drives - 2020 LR Discovery HSE-L Previous - 2019 LR Discovery HSE-L // 2016 F36 440i // 2009 E90 320D SE |
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10-21-2021, 03:00 AM | #206 | |
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At 52x though I would have been in trouble with the LTA! |
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10-21-2021, 04:03 AM | #207 | |
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I'm in a similar position, I'm intending to retire next year at just shy of 60, and between the two DB schemes & a DC scheme I have I can live until I'm 85 on pretty much the same income as I have now, but without a mortgage which will be paid off out of the tax-free lump sums. I guess I could (just) squeeze myself into a modestly-specced base Carrera and still have a decent enough lifestyle, but (a) I don't want one and (b) you can't get a dog, 2 grandkids and 4 suitcases in the back of a 911... Besides, I have other things I'd rather do with my cash. As others have said, CETV's are crazy at the moment. The larger of my 2 DB's is coming in at the equivalent of 50 x annual pension, even taking a tax-free lump sum and a reduced annual amount (including spouse pension if I croak first) from 59 into account. I'm running through the Abridged Advice process just now with a view to getting at least the smaller of the 2 DB schemes transferred. I have to say it feels a tad grubby & intrusive, and the fee structure if you go to Full Advice - which may still prevent you from transferring - is hideous. If I'm not permitted free access to my own money (don't get me started) I'll be better off when I'm a drooling crusty than I am now. Madness. In the end though, if I can free up some of my pot now it means I can set some aside to go to the kids, and still have at least as good an income as I have now, but without the same outgoings. Still not buying a 911 mind... |
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10-21-2021, 04:35 AM | #208 | |
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10-21-2021, 04:51 AM | #209 | |
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So the question becomes, are you prepared to take a CETV that is 30x higher than the govt assumption and risk it in S&S not cash or bonds afterwards? I would - in my own case for one DB scheme the difference between 20x and 50x is about half a million! That's a lot of inflation..... |
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10-21-2021, 05:50 AM | #210 | |
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Another big factor is the mortality risk which in the DB scheme is shared but after transfer, the individual bears his own until if ever an annuity is bought. Also it is very easy for individuals to under estimate how inflation grows when compounded as those of us who started work in the 70's know |
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10-21-2021, 05:54 AM | #211 | |
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or does the Macan signify a very generous DB scheme |
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10-21-2021, 06:40 AM | #212 | |
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I bought a small index-linked pension annuity (it is 4% of my db pension) with some AVC monies. In addition, I have a SIPP from transfers from 2 years of self-employed policies as a partner in my firm before it was incorporated. I have not drawn any money from the SIPP or my ISA's. I take the Dividends from equities held outside the ISA and they amount to about half the DB pension. Non of the DB pension is fully RPI/CPI indexed with part capped at 3% per year and the other at 5%. As an illustration of the risk involved in direct investment, I had on retirement in 2007 a target dividend income to support my lifestyle. Over the years since then, which have covered the 2008 and 2009 financial crash and the Covid shock last year, dividends received have varied between 70% and 200% of that original target. Last year they were 80% and this year they look likely to recover to 150% of the original target. Variation has been covered by holding a cash fund of about 18 months usual expenditure The Macan reflects both a successful investment policy and years of spending restraint and living well within income i.e keeping an ex-company car 528i for 10 years and running two 320D's over a ten year period when I could have run 335i or 340i's or equivalent 5 series if they had not grown so much in size. Last edited by pmgreenwood; 10-21-2021 at 07:04 AM.. |
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10-21-2021, 10:44 AM | #213 | |
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Firstly, given that some forum members have become clients of mine and several others have spoken to me off forum, know who I am in the 'real world' and the details of my company, then I think that's more than proof enough for most that I am who and what I say and am more than just an internet persona. Secondly, I have never given anyone individual advice specific to their circumstances on here. As yes, that would be lunacy. You can't give anyone individual advice without fully knowing their situation. What I have done, and will continue to do, is share my knowledge to help others where I can. Just as I did with yourself in the posts that Rob shared above. I gave you generic information for which you were seemingly grateful. I gave you no advice. I offered you the opportunity to speak further should you wish and left it there. Why you choose to keep dumbing down on this position I don't know |
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