fine-n-dandy Posted July 3, 2022 Share Posted July 3, 2022 Been reading up on options that you can do with your pension. Some conflicting info on this online but ‘apparently’ you can withdraw your pension anytime you like & invest it in rental properties. That part is not conflicted but some things I read where the money is tax free & zero capital gains tax on it either. Only clause of note really, is you cannot use the property yourself & cannot let it out to family etc. has to be public let. Anyone done this or know of the rules surrounding it? I’m considering it. Very much doubt I will see much of my pension the way I live ? You can withdraw 25% tax free when you turn 55 fair enough but I would rather bang in all or majority of pension in property. Earns more that way plus you have an equity asset on top. Link to comment
Beachend Bootboy Posted July 3, 2022 Share Posted July 3, 2022 All beyond my knowledge. Money = spend the cunt. Nae help I ken. Link to comment
Joe pike Posted July 3, 2022 Share Posted July 3, 2022 12 minutes ago, fine-n-dandy said: Been reading up on options that you can do with your pension. Some conflicting info on this online but ‘apparently’ you can withdraw your pension anytime you like & invest it in rental properties. That part is not conflicted but some things I read where the money is tax free & zero capital gains tax on it either. Only clause of note really, is you cannot use the property yourself & cannot let it out to family etc. has to be public let. Anyone done this or know of the rules surrounding it? I’m considering it. Very much doubt I will see much of my pension the way I live ? You can withdraw 25% tax free when you turn 55 fair enough but I would rather bang in all or majority of pension in property. Earns more that way plus you have an equity asset on top. You could buy a Motorhome. Link to comment
Beachend Bootboy Posted July 3, 2022 Share Posted July 3, 2022 5 minutes ago, Joe pike said: You could buy a Motorhome. I did. Loungin' aboot on the fucker right now as it happens. Magic. Link to comment
CCB III Posted July 3, 2022 Share Posted July 3, 2022 Won't get a pension. Probs won't be able to retire. Unless there's drastic changes in how the world is going. Link to comment
fine-n-dandy Posted July 3, 2022 Author Share Posted July 3, 2022 29 minutes ago, Sooper-hanz said: Been looking at the old pension pot recently and deciding what to do. It is bloody complicated .Are you near the age of 55 FnD? Nah only 46 min. Link to comment
Beachend Bootboy Posted July 3, 2022 Share Posted July 3, 2022 2 minutes ago, CCB III said: Won't get a pension. Probs won't be able to retire. Unless there's drastic changes in how the world is going. You'll have fuck all and be happy. There's a lot to be said for bein' an auld cunt. I fear for your generations future boy. Link to comment
fine-n-dandy Posted July 3, 2022 Author Share Posted July 3, 2022 27 minutes ago, Sooper-hanz said: Think you have to pay a load of tax as well to take the whole lot out. That’s the thing though. As a say ‘conflicting info’ when reading up on it. Yeah you pay big tax on it if you withdraw it all early but seems a way around this is just invest it in a LC rental & that then is still basically your ‘pension’ Need to do a lil more research but fkd if I’m leaving it all in until I’m 65 Link to comment
Guest Grays Babylon 1875 Posted July 3, 2022 Share Posted July 3, 2022 Cash it out and buy a bunch of hookers and cocaine. Link to comment
Bluto10 Posted July 3, 2022 Share Posted July 3, 2022 pension plans? yeah, if you wanna work 40 hours a week. LOL Link to comment
fine-n-dandy Posted July 3, 2022 Author Share Posted July 3, 2022 51 minutes ago, Joe pike said: You could buy a Motorhome. Got a mid sized stereo typical American school bus (aye a yella bus?) to convert into a camper ? 2010 good runner only $1500. Bought for extra storage space during house/room renovations with intention of conversion to camper later ? Link to comment
fine-n-dandy Posted July 3, 2022 Author Share Posted July 3, 2022 4 minutes ago, Bluto10 said: pension plans? yeah, if you wanna work 40 hours a week. LOL My retirement plan is in next 5-7 years & on course for that. I ain’t working longer than have to. I want to enjoy my latter years ? Link to comment
fine-n-dandy Posted July 3, 2022 Author Share Posted July 3, 2022 1 minute ago, CCB III said: You're an older man? Seriously, you're in your late 50's? Michty me. Nope. Plan to retire by 52 at latest. Link to comment
CCB III Posted July 3, 2022 Share Posted July 3, 2022 9 minutes ago, fine-n-dandy said: My retirement plan is in next 5-7 years & on course for that. I ain’t working longer than have to. I want to enjoy my latter years ? You're an older man? Seriously, you're in your late 50's? Michty me. Link to comment
Beachend Bootboy Posted July 3, 2022 Share Posted July 3, 2022 12 minutes ago, fine-n-dandy said: Got a mid sized stereo typical American school bus (aye a yella bus?) to convert into a camper ? 2010 good runner only $1500. Bought for extra storage space during house/room renovations with intention of conversion to camper later ? Picture or it didn't happen. Link to comment
fine-n-dandy Posted July 3, 2022 Author Share Posted July 3, 2022 1 minute ago, Beachend Bootboy said: Picture or it didn't happen. Don’t care. Also don’t know how to post pics on here even if I wanted to. It is very visible on Google maps but fkd if I’m posting my US address on here ? Why the fk would I lie about a cheap auld $1500 bus? ? Link to comment
Beachend Bootboy Posted July 3, 2022 Share Posted July 3, 2022 Just now, fine-n-dandy said: Don’t care. Also don’t know how to post pics on here even if I wanted to. It is very visible on Google maps but fkd if I’m posting my US address on here ? Why the fk would I lie about a cheap auld $1500 bus? ? Dunno. Just found it an interesting concept in a good way like. Didn't realize you were across the pond min. Link to comment
For Fecks Sake Posted July 3, 2022 Share Posted July 3, 2022 7 hours ago, fine-n-dandy said: Been reading up on options that you can do with your pension. Some conflicting info on this online but ‘apparently’ you can withdraw your pension anytime you like & invest it in rental properties. That part is not conflicted but some things I read where the money is tax free & zero capital gains tax on it either. Only clause of note really, is you cannot use the property yourself & cannot let it out to family etc. has to be public let. Anyone done this or know of the rules surrounding it? I’m considering it. Very much doubt I will see much of my pension the way I live ? You can withdraw 25% tax free when you turn 55 fair enough but I would rather bang in all or majority of pension in property. Earns more that way plus you have an equity asset on top. As with most things in life that involves large financial decisions, speak to a professional for advice! Not heard of this pension rental properties option, the 25% withdrawal @55 aye, but not this. Link to comment
Zeus Posted July 3, 2022 Share Posted July 3, 2022 7 hours ago, Beachend Bootboy said: All beyond my knowledge. Money = spend the cunt. Nae help I ken. Pretty much the way I look at it. Nae idea about retirement plans etc either. Will leave the house to the bairns Link to comment
Poodler Posted July 4, 2022 Share Posted July 4, 2022 Absolutely no way. Pension age will be well into the 70’s by the time we get there, zero point contributing, will be dead before then. remember when those folk lost private pensions during the banking collapse then their tax money was used to bail out the banks. Double whammy, no thanks. Link to comment
shut up meg Posted July 4, 2022 Share Posted July 4, 2022 14 hours ago, fine-n-dandy said: Been reading up on options that you can do with your pension. Some conflicting info on this online but ‘apparently’ you can withdraw your pension anytime you like & invest it in rental properties. That part is not conflicted but some things I read where the money is tax free & zero capital gains tax on it either. Only clause of note really, is you cannot use the property yourself & cannot let it out to family etc. has to be public let. Anyone done this or know of the rules surrounding it? I’m considering it. Very much doubt I will see much of my pension the way I live ? You can withdraw 25% tax free when you turn 55 fair enough but I would rather bang in all or majority of pension in property. Earns more that way plus you have an equity asset on top. I was told by a financial advisor that yes you can withdraw 25% at 55 tax free however anything after that is fully taxed. Link to comment
fine-n-dandy Posted July 4, 2022 Author Share Posted July 4, 2022 42 minutes ago, shut up meg said: I was told by a financial advisor that yes you can withdraw 25% at 55 tax free however anything after that is fully taxed. Yeah. Need to look into it some more. Just been seeing it online rgds pulling full pension & buying rentals. Will definitely speak so someone about it if it’s an option because fkr knows if we’ll ever see pension age. Link to comment
fine-n-dandy Posted July 4, 2022 Author Share Posted July 4, 2022 You can only do it with a commercial property & then if you ever sell it (later) you pay no CGT on it. I think you can also do it via limited company to buy residential let (still technically commercial) but cannot let it to family etc. there was a new law passed in 2015 freeing up pensions & your options. Pensions are a huge scam though in general. License for pension companies to steal your money Link to comment
fine-n-dandy Posted July 4, 2022 Author Share Posted July 4, 2022 A pub counts as ‘commercial’ ?? Link to comment
euan2020 Posted July 4, 2022 Share Posted July 4, 2022 what pension are you discussing US or UK given you are discussing US $ UK access is 55, USA is 59 - otherwise you are paying taxes, and penalties in USA USA allows you to borrow money on it and pay interest back to your own pension - US permits penalty free access if extenuating issues like covid Pensions don't typically allow you to load up on property, so please reference what you are looking at My pensions are down 25% since January due to being all into Equity, but that is equalised out by 100% growth prior 5 years I consider pension as life pension so all into Equity into 70's not going conservative which is what traditionally occurs with traditional pension advice at 50-55 with property you need to be working out if the rental income is going to cove your outgoing's - I think typically rule of thumb on rentals is 8% of value as thumb suck - if aberdeen then not sure you can guarantee income - im surprsied now how low the hotel prices are compared to back in the day due to availability Link to comment
BrianFaePerth Posted July 4, 2022 Share Posted July 4, 2022 34 minutes ago, Sooper-hanz said: 55 I plan to retire at. Aye ok Yoda. Link to comment
manboobs109 Posted July 4, 2022 Share Posted July 4, 2022 17 hours ago, CCB III said: Won't get a pension. Probs won't be able to retire. Unless there's drastic changes in how the world is going. I've said this to you before and it's good advice. Get yourself a cushy number in the council. It'd suit you down to the ground, decent pension, unionised. Take a hit moneywise and get in there and scan the internal vacancies every day. Link to comment
BrianFaePerth Posted July 4, 2022 Share Posted July 4, 2022 Plenty of diversity and inclusivity. He could lead their pride marches and make a stand against racialism amongst the bin men Link to comment
manboobs109 Posted July 4, 2022 Share Posted July 4, 2022 1 hour ago, BrianFaePerth said: Plenty of diversity and inclusivity. He could lead their pride marches and make a stand against racialism amongst the bin men Just had a look at ACC jobs. Resettlement Officer helping migrants. £26k a year. Consi would be a shoo in. Link to comment
The Boofon Posted July 4, 2022 Share Posted July 4, 2022 Pretty much unsackable working for council too. Link to comment
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