RE: Retirement!22 Feb 2024 10:13
I love all the good news stories on here, "love" :-)
You really need to plan early as possible, I said I will start at 40, i waited till I was 45 and will pay a lot more tax than I wanted for a few more years.
Now days you need to invest as the gov kill you , as some one else stated £750k to be ok and be able to fund the gap from early retirement to state age also which is the tricky bit as every bit helps.
TAX free savings are key to being ok in life later on, that does take a lot of planning. my SIPP pension pot is small i use it to cover the gap from now till 67 state payout. other wise you pay TAX on the way out !! i only did a sipp to fund £12k a year for 12 years plus taking 25% tax free out so cicra £180k sipp is enough imo. people put too much in Sipps imo and they pay TAX for life !
ISA are key to being well off later in life, getting £50k net is better than £50k gross and paying TAX on it !!
Just don't ever have debt !!! buy what you can afford inc cars. The ave house is £51k in debt !!!
My other half is a mortagae broker, EVERY client is in debt !!! so they keep up with the street !!! is sad to see the UK is full of debt inc the GOV !!!