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Hammond to put house-building before deficit reduction


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HOLA441
17 hours ago, Crumbless said:

Anyway i will be doing my bit to keep productivity low by working just enough to earn tax threshold and possibly a little more to put in a pension. As there is no gain from working and ii just cannot be fooked.

My top designer has just announced his early retirement (under 55).  He has enough investments to provide an income at the tax-free threshold, mortgage-free and no dependants so doesn't need to earn any more.

My manager did the same thing earlier in the year (age 57). Him and his spouse both get the tax-free threshold, no point working for any more.

I'm maxing out SIPPs to do the same at 55.  Avoid 40% income tax and 14% NI on the way in, keep the child benefit (paid net), withdraw 25% of SIPP tax-free, the rest at 20% tax and NI-free. Work a couple of days a week as a top-up if I feel like it.

The key seems to be keeping your costs down so you simply don't need the highly taxed marginal income.  The next generation with massive mortgage and student debt will be stuffed.

I met up with a well-off Aunt last weekend. It turns out her side of the family are all part-time or non-workers now. They play the system to maximise credits/benefits. They were all the posh-side and we were the rough lot.
 

 

 

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