When to sell PM/exit stratergy

[Augustus1]

So i retired this year @64, what is the forum feeling /opinions when to " cash in" obviously a lot of members are in it for the long haul , but i dont feel i have a long haul left! so what is your exit stratergy ? and when ? more important when you come to retire ,  call it a day! ,

will you sell up lot stock and barrel or keep in reserve or to pass on to family?

i have a good pension so dont really need a pile of pm 😀,so i am starting to sell , starting with my silver then onto gold , might keep the Numismatics.

dean.m

[Paul]

i have visions of liquidating 5-10oz of silver on ebay a week to help pass the time, to add to my pension 

5-10oz doesn't seem like proper work while retired

 

[Stu]

I’m hoping to retire within the next 10 years but my pension is not great. Started saving/investing via a SIPP recently and will probably sell some PM,s to bolster this. I’m quite heavily PM biased and will bring it nearer to 10% of wealth. Will probably do this gradually as fearful of a big downturn soon. I have been like this since the last crash however so the band might just keep on playing forever?

Enjoy your retirement mate. 

[Paul]

Speaking of retiring.  I happen to love my work (self employed), one of my favourite hobby is making money

I cant see much changing for me in retirement, just on a slimmed down version doing less

i would just have more time on my hands to do it !

Get yourself a skill set which wont disadvantage you with age, you can easily work from home, work for others remotely or via the internet/email/home

Skills that are based on your brain as opposed to your physical traits.

ie if you can still do affiliate marking or web site design, if you are 18 or 80 

but you can be an 80 year old roofer or brickie on the tools 

[Augustus1]

1 hour ago, Paul said:

Speaking of retiring.  I happen to love my work (self employed), one of my favourite hobby is making money

I cant see much changing for me in retirement, just on a slimmed down version doing less

i would just have more time on my hands to do it !

Get yourself a skill set which wont disadvantage you with age, you can easily work from home, work for others remotely or via the internet/email/home

Skills that are based on your brain as opposed to your physical traits.

ie if you can still do affiliate marking or web site design, if you are 18 or 80 

but you can be an 80 year old roofer or brickie on the tools 

hi paul i gave up hard labour 30 years ago😄, and retired from a desk job using a computer using qualifications/ skill gained in that time ,BUT  stress can be just as wearing/tiring as physical work and dealing with the public & their possible 2 nd biggest purchase in their life  is stressfull !!, i had no interest ingoing on even though i could for another couple of years, i like to think i have made my money and now is the time to enjoy it and not work at anything other than spending it😀

dean.m

[HighlandTiger]

15 hours ago, Augustus1 said:

So i retired this year @64, what is the forum feeling /opinions when to " cash in" obviously a lot of members are in it for the long haul , but i dont feel i have a long haul left! so what is your exit stratergy ? and when ? more important when you come to retire ,  call it a day! ,

will you sell up lot stock and barrel or keep in reserve or to pass on to family?

i have a good pension so dont really need a pile of pm 😀,so i am starting to sell , starting with my silver then onto gold , might keep the Numismatics.

dean.m

Congrats on the retirement. I've only just hit 55 which has put my future retirement firmly at the fore of my mind. My plan is to retire at 63. Buy a nice little cottage, probably in Scotland, (although if the SNP get independence in the next 8 years, I'll be staying here in the SW of England)

My exit strategy is keep investing whatever I've accumulated, live off my pensions, and just take out no more 1/30th per year of my investments. (I'm aiming to live into my 90's) . Whatever is left after I pop my clogs, my kids can fight over.   

[HighlandTiger]

15 hours ago, Stu said:

I’m hoping to retire within the next 10 years but my pension is not great. Started saving/investing via a SIPP recently and will probably sell some PM,s to bolster this. I’m quite heavily PM biased and will bring it nearer to 10% of wealth. Will probably do this gradually as fearful of a big downturn soon. I have been like this since the last crash however so the band might just keep on playing forever?

Enjoy your retirement mate. 

I'm doing something very similar. 

[HighlandTiger]

15 hours ago, Paul said:

Speaking of retiring.  I happen to love my work (self employed), one of my favourite hobby is making money

I cant see much changing for me in retirement, just on a slimmed down version doing less

i would just have more time on my hands to do it !

Get yourself a skill set which wont disadvantage you with age, you can easily work from home, work for others remotely or via the internet/email/home

Skills that are based on your brain as opposed to your physical traits.

ie if you can still do affiliate marking or web site design, if you are 18 or 80 

but you can be an 80 year old roofer or brickie on the tools 

My Dad (a brickie by trade) is 79 next month, had a kidney op in the summer, and did a homer, (building a small wall for a neighbour) last month.  Trying to get him to slow down is impossible

[Augustus1]

2 hours ago, HighlandTiger said:

My Dad (a brickie by trade) is 79 next month, had a kidney op in the summer, and did a homer, (building a small wall for a neighbour) last month.  Trying to get him to slow down is impossible

yes you would think slowing down would be a good thing, but may be not ,after a life time of hard graft ,thing as you get older you need to keep going physically , after 30 odd years odd sitting behind a desk suddenly doing physical jobs 7 dAYS 8 HRS A DAYS ( dispite being  always active on a weekend) i have managed to tear my rotor cuffs in my shoulders and its bloody painfull 😀.

dean.m

[Derv]

15 minutes ago, Augustus1 said:

yes you would think slowing down would be a good thing, but may be not ,after a life time of hard graft ,thing as you get older you need to keep going physically , after 30 odd years odd sitting behind a desk suddenly doing physical jobs 7 dAYS 8 HRS A DAYS ( dispite being  always active on a weekend) i have managed to tear my rotor cuffs in my shoulders and its bloody painfull 😀.

dean.m

Ease yourself into it. Warming up is crucial to staying supple. I'm the opposite , done hard graft all my days , looking for the easy option now from the neck up. 

[Pete]

18 hours ago, Augustus1 said:

So i retired this year @64, what is the forum feeling /opinions when to " cash in" obviously a lot of members are in it for the long haul , but i dont feel i have a long haul left! so what is your exit stratergy ? and when ? more important when you come to retire ,  call it a day! ,

will you sell up lot stock and barrel or keep in reserve or to pass on to family?

i have a good pension so dont really need a pile of pm 😀,so i am starting to sell , starting with my silver then onto gold , might keep the Numismatics.

dean.m

You need to ask yourself the basic questions -

1. Why did I start my PM collection - a hobby that took over or as a financial diversification ?
2. Do I really need to sell my PMs and if I did what would I do with the cash ?
3. Would I be making a decent gain if I sold, if not then hold hoping for better days ( or if gold maybe think as we are at some sort of peak maybe sell now )
4. Do I have other savings, ISAs, premium bonds etc that I can use rather than sell my PMs ?
5. When I die what will happen to my estate and if I have family then they will inherit what was mine.
6. Will I fall into Inheritance tax so is my PM stack documented meaning it will become valued and taxed or is it less obvious ?
7. Depends on the value of your stack - if it is £10k then you could easily spend this amount on a cruise, if it is £50k could it be gifted to the family, if it is £100k+ then you will need to start serious thinking. All sales transactions will be recorded on bank records so dumping a lot will be noticed on the radar and accessible for a decade or longer.

[Augustus1]

2 hours ago, Pete said:

You need to ask yourself the basic questions -

1. Why did I start my PM collection - a hobby that took over or as a financial diversification ?
2. Do I really need to sell my PMs and if I did what would I do with the cash ?
3. Would I be making a decent gain if I sold, if not then hold hoping for better days ( or if gold maybe think as we are at some sort of peak maybe sell now )
4. Do I have other savings, ISAs, premium bonds etc that I can use rather than sell my PMs ?
5. When I die what will happen to my estate and if I have family then they will inherit what was mine.
6. Will I fall into Inheritance tax so is my PM stack documented meaning it will become valued and taxed or is it less obvious ?
7. Depends on the value of your stack - if it is £10k then you could easily spend this amount on a cruise, if it is £50k could it be gifted to the family, if it is £100k+ then you will need to start serious thinking. All sales transactions will be recorded on bank records so dumping a lot will be noticed on the radar and accessible for a decade or longer.

hi pete , good questions, and having consided my answers

1- both started as financial diversification, turned into a hobby collecting special years , queens beasts

2-no defo dont need to sell , what would i do with the proceeds, spend it your only here once LOL, new car already bought .

3-decent gain ? i would not lose but wont make a fortune either

4- yep have s&S isa full, premium bonds check,i have already started to use theses,

5&6 - big influence , i have two boys ,all my PM is shall we say incogneto so would be able to be passed on in a tax efficent manor ! stuff i have sold so far is small & cash , every chance i will be leaving enough for my lads ( in will 50/50) to hopefully have nest egg of their own, but this will also depend how long me and their mother live, i am not ancipating reaching even 80 but you never know !( also with prostate thing) and own my own house as well as a couple of rentals.

7 - more than 10 less than 50,  i have enough to buy what i want now , get sea sick so no cruise 😄from my pension tax free cash/ savings  etc

have thought i think i will drip sell , silver first , then gold non special sovs, bars etc , think i will pass on the specials, graded,& collection 👍

its a question i am sure others will ponder too .

cheers dean.m

 

[Spence098]

Enjoy life and what ever you have to the absolute maximum gentlemen and enjoy your retirement. You've worked your entier life to ge where you are today. Count your selves lucky im 29 I still have another 35 years minimum of walking down the railway tracks before I retire 😂

[Minimalist]

On 09/12/2020 at 17:24, Augustus1 said:

So i retired this year @64, what is the forum feeling /opinions when to " cash in" obviously a lot of members are in it for the long haul , but i dont feel i have a long haul left! so what is your exit stratergy ? and when ? more important when you come to retire ,  call it a day!

Im assuming you still have metals? If so, here would be my three options if I was you;

1) Get the best health check you can find in the country; full MRI scan, bloods, arterys etc you name it. If the feedbacks really good hold for another 10 years and exit.

2) Again, all health checks and if you get okay feedback but dont want to chance holding I would exit in a few years (5 max).

3) Exit within a year or two, enjoy that retirement.

Be under no illusions, your health is your time on earth - use the assets as a tool.

Minimalist

[Minimalist]

11 hours ago, Spence098 said:

im 29 I still have another 35 years minimum of walking down the railway tracks before I retire 😂

Im in the same boat. Gold can get us to that early retirement.

[Augustus1]

1 hour ago, Minimalist said:

Im assuming you still have metals? If so, here would be my three options if I was you;

1) Get the best health check you can find in the country; full MRI scan, bloods, arterys etc you name it. If the feedbacks really good hold for another 10 years and exit.

2) Again, all health checks and if you get okay feedback but dont want to chance holding I would exit in a few years (5 max).

3) Exit within a year or two, enjoy that retirement.

Be under no illusions, your health is your time on earth - use the assets as a tool.

Minimalist

you are quite right & spot on sir, I was diagnosed with low grade/low risk prostate C in November, no panic as its a surveillance job, most men have PC in older age as the prostate enlarges with age nothing you can do about it as its natural, just because you have it does not mean its a death sentence unlike some other cancers !, I have every intention of being around another 10 years + 😄 so on this basis, I have

1- sold all my silver holdings,

2- selling my small and odd bits of gold you aquire along the way

i will be keeping my sovs, collections and specials , for the long term /emergency fund or at worst case senario to pass on( in a tax efficent way!) ,i am fortunate not to need the money in my gold stack for the forseable future and still have a good retirement lifestyle .

"Be under no illusions, your health is your time on earth - use the assets as a tool."

thats the plan now 👍

dean.m