Thanks for watching!! 🙏🙏

@jamesc328

2 жыл бұрын

Thank you really good video, showing the scenarios. I currently have roughly the same amount in my ISA and SIPP., and looks like I can retire using my ISA income, until I get to 57 What is the software/website you used for forecasting, as I would like to try different scenarios for retirement ?

@user-fv1576

7 ай бұрын

What software app is this ? What’s the best app available to the public ?

My generation is so lucky to have all this useful info, thank you!

@Mrianmarshall

Ай бұрын

Edmond is brilliant at giving us all this brilliant info. But the one thing our generation doesn’t have much of is end of salary pensions anymore

Excellent. Love hard numbers with the visuals. Helps to illustrate the points.

Another great explanation again thanks Edmund. Along with Ramin from Pensioncraft you 2 are my favourite UK KZread finance guys. Much appreciated.

@EdmundBaileyUK

2 жыл бұрын

Thanks Simon that's really kind of you to say.

Super informative video Ed, thanks for producing

Edmund. im a great fan of your channel and appreciate the way you explain the content....no nonsense clear and detailed...thank you

@EdmundBaileyUK

2 жыл бұрын

Thanks Will, I really appreciate that!

Just come across your video. Great explanation and thank you very much for sharing

Another great video. You manage to put things across in a clear understandable way. I am feeling more positive about planning for retirement (and possibly earlier than I would have thought possible). Keep up the good work!

@EdmundBaileyUK

2 жыл бұрын

Thanks Davo!

Hi Edmund, I have stumbled into your channel here on KZread. Great to see such clear explanations using realistic sums of money and also based around the UK systems, state pensions etc. I retired at 60 using my SIPP and an ISA and I am just coming up to my state pension 🎉🎈so can relate to some of your videos.

@EdmundBaileyUK

2 жыл бұрын

Thank you so much Peter and for the very kinds words. I hope that you are enjoying your retirement and lovely to be getting close to begin to get some of your money back from all of those years paying NI!

Perfect for my time of life. My exact situation and you have really helped my understanding and my way forward. Thank you.

@EdmundBaileyUK

2 ай бұрын

Thanks so much! 👍

Very authoritative. The options of drawdown are indeed complicated!

Thanks Ed..always useful vids/ info. Hope your channel grows quickly.

@EdmundBaileyUK

2 жыл бұрын

Thanks Steve, that's very kind of you to say.

Two other factors to consider are BCE5A and IHT. BCE5A incentivises you to consume the drawdown. IHT incentivises you to leave more in the drawdown (if total assets are so high that IHT becomes a factor).

Good video. I’m planning on doing this but from a much earlier age (early 50s) so need utilise the ISA to cover the early years up to when withdrawals from the pension is allowed (most likely age 58)

Thanks Edd, very useful as I've 50% ISA 50% SIPP & it's reinforced my own thoughts on how I'm going to approach income very soon! Keep up the good work 😎😉👍

@EdmundBaileyUK

2 жыл бұрын

Thanks Phil!!! Always appreciate the kind words! 👍👍

Thanks for your videos. Very interesting subject matter and clearly explained. Best I have seen. Thanks again Stephan

@EdmundBaileyUK

2 жыл бұрын

Thanks Stephen! Really appreciate that! 🙏

Thanks for info. Would really like to see a video about options for those of us who have short working lives (like myself who was a carer for a family member & have only been working for the last 8 years for an LA) & are not home owners. Thanks

Superb, clear and nicely delivered explanation, thank you so much.

@EdmundBaileyUK

2 жыл бұрын

Thanks Simon!! 👍

This is interesting because I have set my daughter up like this. She will have a DB pension after qualifying as a Paramedic and She has ISA's to give her the flexibility when she is older. With a GIA to help fund lager purchases throughout her working life.

Very informative, once again thanks Edmund

@EdmundBaileyUK

2 жыл бұрын

Thanks so much Stephen!

Many thanks Edmund.

Really appreciate this insight. Well explained and concise.

@EdmundBaileyUK

2 жыл бұрын

Thanks! 🙏

Very clear explanation. Thanks for posting.

@EdmundBaileyUK

2 жыл бұрын

Thanks again David! 👍

Great video Edmund, opened my eyes to how look at retirement planning in a tax efficient way. What software is that that gives the pension planning model? Would like try my pension savings see what it might look like, thanks

Vert helpful. Thanks.

This was really interesting, I was of the view to just use my ISA until it ran out and then drawdown on the pension. It's given me food for thought...

@EdmundBaileyUK

2 жыл бұрын

Thanks for the comment!!

simple way to do this Good Video thank you

Thanks for this great video. I’d be interested to see one mentioning strategies for people nearing LTA, such as discussing pros & cons of crystallising whole pot early so growth is outside such considerations (assuming that growth is withdrawn by 75 anyway). Would be good to hear if that’s a good idea, and if it is, how best to invest the big tax fee lump sum!

@EdmundBaileyUK

2 жыл бұрын

Thanks Richard, great suggestion, I'll see if I can put something together on that!

In addition to my workplace pension (opt-in) I'm also investing in an index fund provided by Vanguard. It's in an ISA account too. I just want to be safe on case something happens to my personal pension.

I would be interested to see what happens if you took your 25% and fed it into ISAs taking a small % from the ISA each year to top up your annual tax free allowance that is being drawn from your pension.

Great video Ed

Really useful content with some new to me thoughts for consideration, as I contemplate doing a Mr Pickles here. Here's one for you, maybe: I'm 58, thinking of retiring at 60 and have 3 separate pension pots; each has a target retirement age which I understand simply influences where these pensions are invested. Is there a benefit in setting different retirement target dates across these 3 pensions, assuming I will be accessing these pots at different dates?

Great video - I've been puzzling over what is the most tax efficient way to take income, you've answered that 👍 what is the software you use for modelling and is it available to the public?

That was an excellent and really useful video, thank you. The usual advice is to use the ISA first and keep the pension for the inheritance benefits, however, if you don't have any dependants, seeing a different approach is really helpful. Would there be any benefit to using your pension money, tax free or otherwise, to add to the ISA?

Great knowledge sharing

Great video, thanks. I'm trying to work this out just now. I've 23 years to age 60 and DO have a defined benefits pension. Taking it at 60 means I'd get 15k a year and 100k lump sum. Thinking I'd add the 100k to my then (hopefully) 300k isa, then draw down 4% (16k) as a top up each year. State pension would just be a bonus at 68.

Great information .. Thanks

Wish my financial advisor spoke as simply as you.

I did not think you could have a £20k a year income off £300K of investments. This makes me breathe easier as I had a ISA target of £500k to get a £20k income given the 4% rule. If I can get £30k a year off £300K then retirement may well happen sooner :)

Great video - thank you! I wonder whether taking into account state pension (which is about £10000 taxable income) will change the picture and make the whole thing less tax efficient.

If the Life Time Allowance becomes an issue then I will primarily be drawing on the pensions to minimise the LTA tax, whilst also staying in the 20% income tax bracket. After 75 switch to ISA first to maintain inheritance tax benefits of the pension, but balancing the forecast future income tax at all times to stay in 20% bracket. Hopefully that makes sense?

Not sure if you have covered this elsewhere, but by crystalising small parts of the pension fund over time will effectively allow you to take a larger amounts of tax free lump sums(or as income) than moving large portions of the fund into crystallisation.( Assuming some form of general growth) So say moving two or four sums a year rather than just one. Is there a limit on how often you can move money into crystalisation?

Thank you. As mentioned by others below and idea of retirement at 55yrs old would be interesting. Say, someone (Pickles) had pension pot of £300k and ISA of £200k at age 47 at which they stopped any further contributions. What would the cashflow if both look like from 47 to 90yrs old with full state pension entitlement. Perhaps Mr Pickles has a preference, rightly or wrongly, to initially use ISA as pension up to age 67yrs and after 67yrs using personal and state pension. Mr Pickles hope to have pension income in region of £25k to £30k. He wants to maximize opportunity to pass on personal pension as part of estate closure. Many thanks.

@EdmundBaileyUK

2 жыл бұрын

Thanks Jowan, sounds great. I'll see what i can do.

Another brilliant informative video, thanks Edmund, I've found out so much from your content 👍👍. I suppose you would have to give up work from the beginning of the tax year, so to stay within your personal allowance and not pay any tax.

@EdmundBaileyUK

2 жыл бұрын

Thanks Colin, yes spot on or you'd have to compensate for that in your calculations.

@colinormrod7757

2 жыл бұрын

Just found out about marriage tax allowance Edmund, how about a video on that, I'll bet a lot of people are missing out and it's back datable 👍🏻👍🏻👍🏻

This is great. It could be interesting to see how much is needed to enable much earlier retirement, say 50 or 55, and whether that means a greater ISA contribution is required.

@EdmundBaileyUK

2 жыл бұрын

Thanks Ben, sounds like a good idea.

@mwscuba

2 жыл бұрын

Well I’m looking at retirement or at least working far less at 55. Currently 51 with a pot of 780k. So hopefully that will be possible 😃

@gingersergio8046

2 жыл бұрын

Good content thanks, have just left a public sector job with 22 years in pension. Just started own business so loading Isa currently and property investing slowly. Feel loading isa gives me bit more flexibility at 49 years old to potentially retire at 55. Information like yours is excellent cheers 🍻

Can I ask you to do a SIPP presentaion on useing SIPP for IHT planning I have self employed income and a large BTL bussiness and I will always be a 40% Tax payer so what I have done is set up a SIPP which i pay into every month and it allows me to claim 40% Tax I am 63 at 65 i willl have a good sipp fund and at that point I will only take tax free cash and leave the rest to grow Because I am only takeing Tax free cash I can then still push cash into my pension when i get to 70 I wiil then again take only tax free cash and carry on funding the SIPP to age 75 (if I live that long) at that point i will draw taxable pennsion but the fund I should have will be around 500k which is outside of my estate for IHT I think its a great benifit but i have not seen a video on useing SIPP for the intention of IHT planning and a stream of Tax Free money as the SIPP is growing

Hi Edmund, great content, great channel, I'm binge watching! Would love to know some of the websites you're using especially the retirement calculator in this video? Can you recomend a free one if this is subscription based? Cheers.

@EdmundBaileyUK

2 жыл бұрын

Thanks for the incredibly kind words!! 🙏 Unfortunately the cash flow planning tool is adviser use only, but I’m hopeful that it will be made available for the whole of market and that the price comes down! 👍

@MrFrobbo

2 жыл бұрын

@@EdmundBaileyUK I've had my financial report, cost ££££s but would be useful to actively tinker with the figures as time marches and investiment markets change. I'll have a search, see if there's anything out there. Keep up the exceptionally useful work and thanks.

age 54 £180K SIPP , £40K former employer DC pension pot , £10K Church Worker pension pot (workings of it are a bit weird as the Cof E works in mysterious ways), £40K ISA and a small deferred civil service pension of £3.3K per annum from 65 - want to retire at 60 so sort of on course I think as it all roughly translates to the £300K mr pickles has at 60

The chart would be clearer if only one colour was used for each income type across the whole chart.

In the scenario where Mr Pickles has breached the LTA age 67, would the process be the same or would it be worth exhausting the ISA first to avoid the pension pot being reduced by a Tax event before 75 when it would happen anyway? Is the growth of the LTA taxable part more valuable than using up the personal allowance? I assume this will depend on longevity but it would be interesting to see the result and how much it depends on how long he lives.

I am inheriting a SIPP. I have the option to drawdown or buy an annuity. I am 8 years away from state pension age and this will be my main income apart from a small amount of savings. I’m thinking of short term fixed annuity’s. Drawdown seems complicated & risky to me.

@EdmundBaileyUK

2 жыл бұрын

Thanks Erica, that really does come down to what your objectives are and what you are comfortable with. Its excellent to be thinking it all through as there are pros and cons to each.

Why does no FI talk about variable income. I will not need the same amount of money when I'm 85 as I do at 65. I will be looking to front end my expenditure, and spend the majority of my money in the first 10 years. Viper green Lamborghini comes to mind :)

my friend into pension time pays so much fees on his pension so he is prepared to take lump sums and put them on isa. He can do 2 years of £20k as tax allowances on isa. However when he will get (if he gets) dividends from stocks, do these dividends count against the tax allowance £20k? Let's figure out that he puts straight away £20k, then maybe he will get £2k as dividend for the same tax year (that is before 5 April 2023) or even perhaps capital return such as what Aviva did this year. In these cases how can he calculate and what will happen if he does not take the money to his nominated current bank account? Does it mean that the £2k dividend he will receive from his stocks this year will be deducted from the £20k he wants to put into the S&S Isa next year? Otherwise he's got to put less money into the S&S isa but it is soooo difficult to figure out in advance how much dividend he is likely to receive ultimately? Your guidance would be useful. Many thanks in advance.

Does the pension provider get more income if you keep the pension pot high in terms of % charges, so my question is, it makes more sense from an FA to pull money from cash and not the pension pot as they earn well from it ?

If I defer my work pension till age seventy and live on state pension , rental income and ISA money ; are the continued payments to work pension tax allowable ? I believe my income will exceed my allowances and would like to offset the difference by continuing to improve my work pension but this only works if it is tax allowable ?

Fantastic video , What happens if someone's contribute only in SIPP , and make sure it doesn't exceed LTA .

@EdmundBaileyUK

2 жыл бұрын

Thanks for the kind words!! I’ll test it out! 👍

Great video, thanks, This has helped me see how an ISA can work nicely inline with a pension drawdown. As a 40% taxpayer, I'm at logger heads over if I should maximize my tax saving by putting everything in my pension pot. Or balancing between a S&S ISA and a Pension. Currently, I put about 17% of my Net salary into a pension and 4% into my ISA. I'm not sure if this is a good balance or not ?

@1carusjohn32

2 жыл бұрын

Stuart, I would think of it this way. 40 years away from retirement the 40% allowance, ignoring compound interest, is amortised over 40 years, 1% per year. 4 years away from retirement and that 40% is effectievly yielding 10% per year,. 2 years -- 20% per year and in the last year 40% per year. It would have to be some ISA to beat those numbers!!

@stuartb3690

2 жыл бұрын

@@1carusjohn32 agreed, I can see the reason for putting everything in the pension. But I like the idea of temporary retirement at 60 and using the ISA to subsidise a 3/4 day week. Leaving the pension to mature untouched for 5 more years . Also the freedom of access the isa brings. I’m 16 years away from 60. Should I still maximise my pension first ? , thanks in advance 😁

@1carusjohn32

2 жыл бұрын

@@stuartb3690 I am no advisor, but ramping pension cotributions in the last 5 years for reasons stated seems to make sense for me. As the vid explains, it seems to be a play off between what income you want, how much you want to pass on, and how much tax you can avoid paying. If you have a partner, both taking 12k pension and 12k isa.. that would be 48k tax free per year... the question is how much would you need in each to sustain it at say a 3pc return or have rundown rate that wont run out until your 90s, assuming you are not passing on any off it. I think everyone's case is individual depending on the goals. Close to a 50/50 split may not be a bad idea depending on pot size. . As that also affects the mix I guess.

Good video, I would like to see a video on someone retiring at 55 with a pension, stocks and shares ISA and stocks and shares general account, How to be tax efficient and drawdown from funds in a general account thats outside of tax wrappers. Many thanks

@EdmundBaileyUK

2 жыл бұрын

Thanks. Sounds good!

Edmund: If I take out a lump sum of say £10k out of my SIPP at 57 and have no other taxable income then I won't be taxed on that lump sum correct? But can I still pay my £240 a month (£300 with relief) into the SIPP or will that be seen as money recycling? Thanks.

Very interesting video again, I enjoy your content... My wife and I have investment accounts, ISAs and SIPPs and no mortgage. So plenty to retire on and we are looking to retire early (about 52) and also move to Australia, initially for 4-5 years while I get citizenship and then move between countries. We'd obviously look to spend the investment account first as you say, but your comments about the personal tax allowance may not be applicable when overseas. They have an equivalent but you must pay tax on global income. Do you know if other countries, like Australia, acknowledge ISAs are tax free or may they tax me on capital growth? I think if we are in Australia for more than 6 months you are considered a resident for tax purposes but I know there is a tax treaty to avoid double taxation.. I have a feeling our tax affairs will become more complex, so are there specialists in tax returns when living between two countries that can advise on what tax is due in each country?

@jb1397

2 жыл бұрын

If you become a tax resident in Australia your ISA monies will be subject to tax as with all overseas income.

Is it possible if you're lucky enough to have enough money in a stocks & shares isa, plus a pension account, to just draw out from the pension drawdown account up to the personal allowance . So I assume no tax to pay on that, and then top up your income with withdrawals from your isa tax free, at least under present rules. Am I correct in my assumptions

what's the difference between "ISA" and "ISA Withdrawal" in the chart?

Hi just have question if person came to UK and have only 7 years national insurance paid and now she is in pension age 65 could she work for another 3 years and pay national insurance contributions to get minimum pension after 10 years?

Question. On talking to the provider of my inherited SIPP, If I chose the drawdown route it becomes a Bereavement Drawdown, no tax. Can you explain, maybe in a video, how a bereavement drawdown works? Thank you.

@EdmundBaileyUK

2 жыл бұрын

Sounds like a great idea!! 👍

@roserodney8500

2 жыл бұрын

⁷

Great video, what calculator are you using?

@EdmundBaileyUK

8 ай бұрын

Thanks it’s Cashcalc. Unfortunately it’s advise use only currently and very expensive. But hopefully they’ll bring a retail version out.

Hi, thanks for this great information. I can't even get personal verification to access Gov Gateway as I don't have a valid passport or any credit cards, credit checks etc. Do you know if there are other ways to access my details? Thanks

Interesting. Age 63. £6 K NHS pension, paying now. State pension age 66. Aviva pension pot £160k Investments £150 K, but no ISA’s. How to be as Tax efficient (married) wife, 68, just state pension income now.

If Mr Pickles had a pot of cash equivalent to the isa value, would it be beneficial to drawn down on cash between ages 60 and 65?

@EdmundBaileyUK

2 жыл бұрын

Thanks Peter, potentially if her has used up his personal allowance utilising taxable income already.

Ignoring IHT would it be better or not to crystalise all your pension at state retirement age and put the 25% in a GIA where it will then, if it grows, use up future CGT allowances ?

@EdmundBaileyUK

2 жыл бұрын

Thanks for the comment Andrew. I don't think so as the pension benefits from no CGT. I guess there could be an argument that potentially a GIA might be of a lower cost when compared to a pension but I'd have to run the numbers on that one.

@AndrewDCDrummond

2 жыл бұрын

@@EdmundBaileyUK My comment was based on a plan that I put in another comment, so should have deleted this one. The plan used the personal allowance + 25% tax fee UFPLS from your DCP until state retirement age, but then the amount taken from the DCP would reduce because some of the personal allowance would be used up by the state pension. All the time you would also be using your CGT from you GIA and topping up with ISA.

The interest rate on instant access ISA’s are a Mickey take.

Great video and has made me question my idea. I hope to retire 65 (in 14 years) so 2 years no state pension. I have a reasonable pot in Aviva, have a smallish SIPP, am growing my DB pot right now, and want to get a 200k isa to bolster. Idea is to retire and blow the SIPP in first year along with DB pension. The reason for that was to leave isa and Aviva to grow another year. Then burn down isa over say 15 years and handover Aviva and DB pension to wife when I die (she's 19 years younger). Is that a reasonable approach?

@antmensah242

2 жыл бұрын

Excuse my ignorance but how do you grow a DB pension? Isn’t it a fixed amount determined by your employer

@peeps2442

2 жыл бұрын

@@antmensah242 that's right. I'm growing it by working there still and contributing AVCs.

If you sell funds in a general investment account, isn't that CGT liable? So you can't use it within your Personal Allowance. Same for dividends from a GIA - they're subject to Dividends Allowance which is also not covered in the Personal Allowance.

@EdmundBaileyUK

Ай бұрын

Correct on the cap gains, there is a £3k capital gains allowance and this is taxed differently to income. But dividends are treated as taxable income and would use up or fall into personal allowance depending on other taxable income sources.

@M8d9R

Ай бұрын

@@EdmundBaileyUK Thanks 😊

Although I agree that if one already has an ISA with a large holding and you are about to retire, that this example is a tax efficient method of withdrawal. Surely Mr Pickles would have been better off if he had put more into his Pension and less into his ISA during the accumulation stage. My rationale is that with tax relief on the way into the Pension (even better if a higher rate tax payer), according to my calculations, even accounting for tax paid on taking an income of £20,000 from the pension, one is still better off due to the tax relief on the way in. And the compounding growth of that tax relief also adds up to a bigger Pension pot. Or have I missed something?

@EdmundBaileyUK

2 жыл бұрын

No, you are absolutely correct! The impact of the pension tax relief upfront means that it will be the ISA even after 20% tax being taken on withdrawal. I do a side by side comparison of this in my video on the LTA showing that even accounting for the LTA charge someone will be better off contributing into pension. But the reality is I find most individuals come into retirement with a collection of assets including ISAs for all kinds of reasons and therefore the planning comes down to understanding the various tax implications only those assets on accessing them. Thanks for the comment! 🙏

@itmanager8129

2 жыл бұрын

@@EdmundBaileyUK Phew! Thanks for confirming that, seeing as I'm very close to retirement :) Looks to me like some others may need guidance on that judging by their comments below. I have been struggling to find good content on managing pension drawdown and recently came across your great channel. Most others seem to focus on accumulation. Thanks again for replying.

@EdmundBaileyUK

2 жыл бұрын

Thanks so much for the kind words!! Yes the accumulation bit is important but far simpler than the withdrawal stage due to the number of options and ways in which the money can be taken along with ensuring it’s sustainability, tax position, investments selected etc.

There is no income tax or capital gains tax for earnings with a S&S ISA, period. There is no applicable allowance within such a tax wrapper within the current rules. Did I misunderstand what you were saying with regard to exceeding the allowances for dividends from ISA holdings?

@EdmundBaileyUK

2 жыл бұрын

Thanks for the comment Justin. You have a dividend tax allowance of £2000 and a capital gains tax allowance of £12300. Meaning the ISA would only really be justified if the dividends or capital gains were to go over those levels. I guess a £100k share portfolio with circa 2% in dividends would be close to going over the available allowance.

@deanej1

2 жыл бұрын

@@EdmundBaileyUK Thanks. Understood. I thought that was what you probably meant. BTW, like the channel - you provide clear advice that I have recommended to several colleagues who were trying to get their head around finance and pensions in retirement in the UK.

This is based on £20,000 a year, if kept at this rate the 'Real' value would decrease dramatically the older he gets due to inflation. If he wanted his pension salary to still have the value of £20,00 in 30 years' time he would need to withdraw circa £37,000 per year. how would it be done if Mr. Pickle wanted £20,000 'Real' value each year?

@EdmundBaileyUK

2 жыл бұрын

Thanks Ethan. The £20k is adjusted for inflation and is increasing each year by 2.5%, hence why it’s a flat line, the same as the state pension. If the £20k wasn’t increasing at 2.5% each year then you would see it as a declining amount each year in the cash low plan, hopefully that makes sense.

@ethanmalschuk6337

2 жыл бұрын

@@EdmundBaileyUK thank you for clearing that up for me 😊

What planning tool is this, can you share a link?

@EdmundBaileyUK

2 жыл бұрын

Thanks Rod, its Cashcalc but currently only available to financial planning companies. Hopefully it'll be made available for retail use in future.

What software is being used here?

Would you consider doing an explanation of the rules governing any potential transfer of a state pension (or partial) to a surviving spouse? Existing info is very confusing.

@edmundbaileyuk what tool are you using for the financial modelling?

@EdmundBaileyUK

7 ай бұрын

Thanks Andy. It’s Cashcalc, which is now owned by FE. I think Voyant has a direct it consumer version.

Very informative, thanks. approaching 60. 40% tax payer, plan to jack in soon. I Have a final salary pension, SIPP & property income ; is there a benefit to taking all of your 25% in one go at end of tax year and putting £80k in ISA's for both me & Wife. Use tax allowance of Final salary/property & top up with ISA?

@EdmundBaileyUK

2 жыл бұрын

Thanks Gareth, sounds like you have a good mix of assets there. In answer, not really as you could draw the tax free cash out as an income to top up the FS and property income anyway as you needed it. And the tax shelter of the pension is superior to the ISA in that the pension is outside of the estate when it comes to IHT.

@Traumahawk007

2 жыл бұрын

Thank you

I've had my investment isa almost a year and it's lost me money so far. So not holding my breath with that. I've put in almost £10,400 and at the moment it's worth less than £10,200. Hope you are all doing better than me!!

@nearlyretired7005

2 жыл бұрын

Investment ISA's are long term investments,be patient,it may take between 5-10 years before your see the benefits. My wife and I put a substantial amount of money in a medium risk stock and shares ISA,and we have made a profit of over £100,000 but it has taken 10 years,and in the first few years the profits were respectable,but have improved,the returns were about 7%.It has underperformed ( covid and now Ukraine) but the stock markets are performing reasonably well still. We are now reaping the benefits now we are retired! A year is nothing,your time will come,just wait.

This is exactly the way I’m aiming to retire at age 60/61 Edmund but why is Mr Pickles only getting £9300 state pension not the full amount?

@EdmundBaileyUK

26 күн бұрын

Thanks Paul, that video needs an update!

@paulwilliams4990

26 күн бұрын

@@EdmundBaileyUK apologises Edmund I missed the 2 years old video my bad. Great video series.

what software is this?

Was he friend to me yes.

All good if you have money and have good wages but if you don't what happens then.?

@EdmundBaileyUK

2 жыл бұрын

That's in theory where the state steps in to provide a safety net.

Does this drawdown model increase the £20000 income with inflation?

@EdmundBaileyUK

9 ай бұрын

Thanks for the question and yes it does.

Why is it when I speak to real life financial advisors they don’t give any real information. All they do is sell you an ISA ( stocks and shares) where they get commission every month ? They are not interested in your overall situation only what gives them the best commission. If they have a deal with Aviva that is where your money will go.

I just sold a property in Portland and I'm thinking to put the cash in stocks, I know everyone is saying its ripe enough, but Is this a good time to buy stocks? How long until a full recovery? How are other people in the same market raking in over $450k gains with months, I'm really just confused at this point...........

@brownwellson54

8 ай бұрын

Yes, a good number of folks are raking in huge 6 figure gains in this downtrend, but such strategies are mostly successfully executed by folks with in depth market knowledge/professional.......

What software do you use? Is it publicly available?

@EdmundBaileyUK

13 күн бұрын

This is FE Cashcalc and unfortunately it isn’t, there is a version by Voyant that is available publicly.

Greedy governments only 100k allowed without tax in ISAs now is that right? I was planning on drawing the tax free element of my pension and making the rest up with ISAs but if I can only have 100k tax free …

@EdmundBaileyUK

9 ай бұрын

Not that I have seen!! So hopefully no! That would be awful!

Is it possible to buy individual stock with my pension money?

@EdmundBaileyUK

7 ай бұрын

Yes it is. Depending on your provider.

@Poetrap1

7 ай бұрын

@@EdmundBaileyUK what provides do individual stock like TSLA for example.

@EdmundBaileyUK

7 ай бұрын

@Poetrap1 Hargreaves Lansdown and Interactive Investor are the two big ones.

Would this still work with cash ISAs

@EdmundBaileyUK

2 жыл бұрын

Thanks Rick, yes it would as anything taken from the cash ISA would not be treated as taxable income. Although the likely returns will be significantly lower in cash than other asset classes.

For the case of DCP, GIA and ISA, and ignoring IHT, would it not be beneficial to withdraw your personal allowance + 25% from your DCP via UFPLS, supplement with your CGT/dividend/interest allowances from your GIA, and top up from your ISA ? Then at state retirement age maybe switch to drawdown and put the 25% of the DCP into the GIA to utilise CGT/Dividen/Interest allowances on it?

My pension goes on my private rental 800 pounds

What really happened my computer wrecked. My sister got covid 19. She a nurse but she will recover it painful 10 days she 64. She vote Liberal Democrats politically in Britain. UK need full P,R voting system like STV for British general election in the future.

At about 9:25 you mention the possibility of delaying taking pension for IHT purposes. I thought that IHT would not impact any portion of pension that hadn’t been drawn yet, so taking some pension via drawdown would mean the balance is still free of IHT. Which is correct?

Complicated

@EdmundBaileyUK

2 жыл бұрын

It can be.

Edward Dutton he a Tory is super rich yes. He millionaire Thomas. Is he better person politically yes

Art Bezrukavenko help defeat Tory party in 2024 uk general election. Liberal government should reform it in 1910. We could Thomas. The nearest you get to it is Michael Collins Irish free State, Italy Republic referendum in 1946.

lol bro you just copied chris bourne UFPLS 16k tax free income method. do you watch his videos too?

@EdmundBaileyUK

2 жыл бұрын

Thanks for the comment Preccocious Deathdealer, and no I don't really watch other finance YT videos, I used to. I don't think using the personal allowance and tax free cash either as DD or UFPLS is a huge secret!

@precociousdeathdealer202

2 жыл бұрын

@@EdmundBaileyUK it is common knowledge for people live you and his but it was a revelation for me and million other pensioners who still don't know most tax efficient way to pull out you own money. BTW I asked you about pension top up for my father in you other video. still waiting for your answer.

@EdmundBaileyUK

2 жыл бұрын

@@precociousdeathdealer202 thanks. Perhaps if you post it here I’ll take a look as it’s often hard to see where I have or haven’t answered questions.