Gold Monitoring Thread £ GBP only

[MancunianStacker]

3 minutes ago, Bigmarc said:

What about a private pension? Most have over 80k.

That’s not cash, it should be invested in Bonds and Equities etc. 

[CazLikesCoins]

58 minutes ago, QuantumStacker said:

Bank Bail ins is where I think we could go like Cyprus in 2013. Have no debt, hold physical gold and physical cash. That’s me for now. You don’t hold it you don’t own it. Any money in an account is a bank asset. You don’t own your account. 

Reminds me of a gift card we received one Christmas with a healthy amount of credit on it and was put away in a drawer and forgotten about. A few years later we tried to spend it. £12.50 left. Never used. What happened? The company running the gift cards scheme deducted a fee from the remaining amount every month/year it wasn't used after the first 12 months. If we'd waited any longer we'd probably have gotten a county court summons for dept accrued. 😆

 

[CazLikesCoins]

22 minutes ago, NGMD said:

Never a truer word posted.

Physical assets. Period.

True but there's a lot to be said for waving a contactless around for a creamy double latte and a blueberry pie. I'll never go back accepting other peoples grubby change when I can swan around in a germ free non contact bubble. There's still life in the archaic bank account, otherwise it's back to pocket change and pictures of Charles getting in the way of me not wanting to accept change from the person in front of me who'd probably wiped the bogey they pulled out their nose on the 50p they just handed over.

[GrahamDiamond]

They ?? The 1% Filthy Rich , Will Reset the System and we may get some crumbs ?? Be Prepared for ANYTHING !!!!!!!

 

[EdwardTeach]

1 hour ago, Bigmarc said:

What about a private pension? Most have over 80k.

If there’s a major widespread banking collapse I expect most pensions will be toast. If I had money trapped in a pension I’d contact my financial advisor or pension provider immediately and order them to move my pension funds ASAP. I would have them reallocated into roughly 33% energy commodities like oil, gas and plutonium, 33% into food commodities like wheat and grains and the last 33% into rare earth mineral and metal mining companies.

I sleep easy at night knowing that I don’t have a pension and have always opted out off workplace pensions immediately whenever I get automatically enrolled. I have a rule – whenever the government tells me I should so something I do the exact opposite and so far have never regretted it.

 

Edited March 11, 2023 by EdwardTeach

[Bigmarc]

9 minutes ago, EdwardTeach said:

If there’s a major widespread banking collapse I expect most pensions will be toast. If I had money trapped in a pension I’d contact my financial advisor or pension provider immediately and order them to move my pension funds ASAP. I would have them reallocated into roughly 33% energy commodities like oil, gas and plutonium, 33% into food commodities like wheat and grains and the last 33% into rare earth mineral and metal mining companies.

I sleep easy at night knowing that I don’t have a pension and have always opted out off workplace pensions immediately whenever I get automatically enrolled. I have a rule – whenever the government tells me I should so something I usually do the exact opposite and have never regretted it.

 

Where I work it's kind of worth it just for the death in service insurance. I am worth more to the missus dead than alive. My father opted out and my mum got nothing, she would have been set up for years.

[Midasfrog]

8 minutes ago, EdwardTeach said:

If there’s a major widespread banking collapse I expect most pensions will be toast. If I had money trapped in a pension I’d contact my financial advisor or pension provider immediately and order them to move my pension funds ASAP. I would have them reallocated into roughly 33% energy commodities like oil, gas and plutonium, 33% into food commodities like wheat and grains and the last 33% into rare earth mineral and metal mining companies.

I sleep easy at night knowing that I don’t have a pension and have always opted out off workplace pensions immediately whenever I get automatically enrolled. I have a rule – whenever the government tells me I should so something I do the exact opposite and so far have never regretted it.

 

Pensions are a long term sophisticated Government scam/trap at keeping you under control and poor throughout your working life with a worthless pot of Fiat at the end of it when your to old to blow it having a good time 😆

Oh nearly forgot to add Gold to the moon next week 😉

[Zeuk]

18 minutes ago, EdwardTeach said:

If there’s a major widespread banking collapse I expect most pensions will be toast. If I had money trapped in a pension I’d contact my financial advisor or pension provider immediately and order them to move my pension funds ASAP. I would have them reallocated into roughly 33% energy commodities like oil, gas and plutonium, 33% into food commodities like wheat and grains and the last 33% into rare earth mineral and metal mining companies.

I sleep easy at night knowing that I don’t have a pension and have always opted out off workplace pensions immediately whenever I get automatically enrolled. I have a rule – whenever the government tells me I should so something I do the exact opposite and so far have never regretted it.

 

Aren’t you missing out on some pretty big tax breaks by doing this.  Even if you don’t like your workplace pension you can still get the pre-tax benefit and then transfer to a Sipp to invest in most things? 

[EdwardTeach]

7 minutes ago, Bigmarc said:

Where I work it's kind of worth it just for the death in service insurance. I am worth more to the missus dead than alive. My father opted out and my mum got nothing, she would have been set up for years.

Fair enough. It makes sense if you're paying for the health and life insurance. Then again if there’s a big enough financial crash most of the insurance policies could end up being toast too but that would onlybe a problem if you needed to make a claim during the crash so not something to worry about really.

[EdwardTeach]

17 minutes ago, Zeuk said:

Aren’t you missing out on some pretty big tax breaks by doing this.  Even if you don’t like your workplace pension you can still get the pre-tax benefit and then transfer to a Sipp to invest in most things? 

Yes that's right. But I'd rather have my wealth where I can access it rather than it being locked away for years in a pension fund or similar investment.  

Besides my own investments (mostly property and gold) have probably outperformed pensions and any associated tax benefits they would have offered me so I'm still quids in by opting out. Also I want my money kept safely outside of the financial system in case there’s another 2008 style financial crash or worse.

[ArgentSmith]

21 minutes ago, Zeuk said:

Aren’t you missing out on some pretty big tax breaks by doing this.  Even if you don’t like your workplace pension you can still get the pre-tax benefit and then transfer to a Sipp to invest in most things? 

Worth noting you get the same tax breaks with a SIPP a 40k per annum tax exemption which can be backdated 3 years if unused.

[MancunianStacker]

48 minutes ago, EdwardTeach said:

If there’s a major widespread banking collapse I expect most pensions will be toast. If I had money trapped in a pension I’d contact my financial advisor or pension provider immediately and order them to move my pension funds ASAP. I would have them reallocated into roughly 33% energy commodities like oil, gas and plutonium, 33% into food commodities like wheat and grains and the last 33% into rare earth mineral and metal mining companies.

I sleep easy at night knowing that I don’t have a pension and have always opted out off workplace pensions immediately whenever I get automatically enrolled. I have a rule – whenever the government tells me I should so something I do the exact opposite and so far have never regretted it.

 

I’ve never paid into a pension unless my employer matched it £ for £. Wasn’t in those employments long so mines all in Property and Gold. I sleep fine too 😉 

[Zeuk]

1 hour ago, EdwardTeach said:

Yes that's right. But I'd rather have my wealth where I can access it rather than it being locked away for years in a pension fund or similar investment.  

Besides my own investments (mostly property and gold) have probably outperformed pensions and any associated tax benefits they would have offered me so I'm still quids in by opting out. Also I want my money kept safely outside of the financial system in case there’s another 2008 style financial crash or worse.

fwiw my pension is the difference between getting £1.00 - £3.00 for every £1.00 of effort i put in or 55 - 65p for the same amount through the pay packet, what i contribute is amplified by my employer up to a given % and i pay no tax and am able to keep myself under thresholds by adjusting the contribution.  I can choose what I invest it in from pretty much the entire world of investments.  At 55 I can take out 25% of that investment tax free and then decide the level i take out there after and be tax effecient with that process based on what i'm earning at the time.  Decent financial planning now over a 20 year horizon is the difference between retiring with a million pound portfolio or wasting a huge opportunity over time.

Back of fag packet maths:

Assuming you starting saving at 35 and over 20 years you manage to save 600k, you could then take out 150k tax free at 55

To achieve the same 600k through PAYE outside of a pension you would need to work maybe an additional 15 years, so 35 years, but our employer has also doubled the contribution so we need to add on another 20 years ontop of that, so now we're up to 55 years, so you'll be 90 before you could have had the wealth you would get when your 55.  And thats not factoring in compound interest.

Edit (sorry its 90 not 75)

 

Edited March 11, 2023 by Zeuk

[Zeuk]

4 minutes ago, ArgentSmith said:

Worth noting you get the same tax breaks with a SIPP a 40k per annum tax exemption which can be backdated 3 years if unused.

Yep, i use a SIPP and a workplace pension - ours seems to be a pretty decent scheme so i maximise the contribution to get the most free money from the employer.  leave some in and then transfer across when i have something i want to invest in through the SIPP.  Also keep in mind gross income + bonus and the 40k threshold to try and avoid hitting tax thresholds.

[MancunianStacker]

2 minutes ago, ArgentSmith said:

Worth noting you get the same tax breaks with a SIPP a 40k per annum tax exemption which can be backdated 3 years if unused.

Yes invest £120k on your 52nd birthday, don’t invest it, keep it in cash, then take out 25% (of the new larger fund - post Govt contribution) tax free cash at age 55.

The Govt pays in a nice wedge for you. If you have the cash to put in that is. Then set up a drawdown and take all the cash out over the years as an income. Don’t even need to be invested in equities or bonds whilst it’s in there. My brothers doing similar and waiting for a crash before investing his pot. 

[Zeuk]

6 minutes ago, MancunianStacker said:

Yes invest £120k on your 52nd birthday, don’t invest it, keep it in cash, then take out 25% (of the new larger fund - post Govt contribution) tax free cash at age 55.

The Govt pays in a nice wedge for you. If you have the cash to put in that is. Then set up a drawdown and take all the cash out over the years as an income. Don’t even need to be invested in equities or bonds whilst it’s in there. My brothers doing similar and waiting for a crash before investing his pot. 

Thats the beauty of a SIPP, up until the last couple of years i'd been really pro-active with mine and hoping in and out of equities to cash, decided to slow down on that a year back and buy and hold ... oops 😄

Edited March 11, 2023 by Zeuk

[272]

Got a final salary pension with good death in service insurance and survivors pension benefits so effectively locked into to that. 

Topping it off with ISAs, metals and whisky,  Will steer clear of additional property at the moment unless I have enough cash to only have a small or no mortgage. 

Edited March 12, 2023 by 272

[Earthmetal]

16 minutes ago, MancunianStacker said:

Yes invest £120k on your 52nd birthday, don’t invest it, keep it in cash, then take out 25% (of the new larger fund - post Govt contribution) tax free cash at age 55.

The Govt pays in a nice wedge for you. If you have the cash to put in that is. Then set up a drawdown and take all the cash out over the years as an income. Don’t even need to be invested in equities or bonds whilst it’s in there. My brothers doing similar and waiting for a crash before investing his pot. 

That's really interesting (I am of that age), the only slight issue, for me, is... I have no idea what you're talking about. If you could find the time to explain, simpleton style, either here or by private message, I'd be very grateful.

[Zeuk]

1 minute ago, 272 said:

Got a final salary pension with good death in service insurance and survivors pension benefits so effectively locked into to that. 

Topping it off with ISAs, metals and whisky,  Will still clear of additional property at the moment unless I have enough cash to only have a small or no mortgage. 

Pretty much the same less the whisky, I just drink that  

[272]

Just now, Zeuk said:

Pretty much the same less the whisky, I just drink that  

Well the bonus is even if it drops in value I still have a merry retirement!

[Zeuk]

5 minutes ago, Earthmetal said:

That's really interesting (I am of that age), the only slight issue, for me, is... I have no idea what you're talking about. If you could find the time to explain, simpleton style, either here or by private message, I'd be very grateful.

This is a useful place to start https://www.ajbell.co.uk/pensions-and-retirement

[Zeuk]

Also, whislt we're surviving being off topic - snap up decent share schemes if your employer does them, generally more free money both from a tax and an options price perspective

[CaptCaveMan]

35 minutes ago, 272 said:

Got a final salary pension with good death in service insurance and survivors pension benefits so effectively locked into to that.

Yep, pretty much the same here.

Over 30 years banked so far in a db pension, waiting on retirement or redundancy which ever comes first 😂

With so much tied up in the house I’m attempting to diversify into other assets.

Edited March 11, 2023 by CaptCaveMan

[EdwardTeach]

I sincerely hope it doesn’t happen, but do you guys have a backup plan if there’s another 1930’s style mega-crash causing your pensions and other stock and shares linked investments to become virtually worthless?

Would your gold and silver be enough to retire on?

[Darr3nG]

5 minutes ago, EdwardTeach said:

Would your gold and silver be enough to retire on?

Relative to everyone else without metals, we'll probably be OK.