Note: my headline, obviously. From the actual headline, you'd think this article is about home market bias or something
ALAS no, Mr. Kirk is unleashing his inner badass:
Here in the UK, we can withdraw a quarter of our pension tax-free upon turning 55. That age is rising to 57 soon, though, and it turns out I had the wrong date. I’m actually on the right side of the line and can plunder my pension in August next year. Everyone should if they can, otherwise the money will vanish in inheritance taxes or some other ruse that Britain’s skint government devises. Pensions may be tax-efficient for savers the world over, but they are, by definition, long-run vehicles and frankly, anything can happen.
Friend of mine used to say, by saving in a captured retirement account you're trusting the next ten finance ministers to not fuck you over. Tall risk.
I doubt whether most voters have a clue that soon a portion of their savings will be coerced into ropey private assets or used to finance net zero targets. Of course, it’s financial repression. But then again so are taxes, regulation, quantitative easing, inflation and a whole host of other tricks governments use to fleece us. To be honest, I’m amazed our gigantic pension pots have been left alone for so long.
Based, the kids would say
Also, nobody respects this whimpy portfolio:
archive: https://archive.md/8CF5r
This always gives me pause when considering putting any funds in tax sheltered retirement things. It's a ways away. Evidence is that they keep moving up the ages. How do I know they aren't gonna rug me?
you don't...
I'm a sucker, tho, so often falling prey to the Siren song of "oh, tax discount if you pay in a bit more??"
Maybe you will catch a lapse in withdrawal taxes. Who knows what the future holds?
the entrepreneurial tax dodger! gotta backward-induct gamble when and where the state will rug you
Seems like financial advice
SUE HIM!
Americans may want to look into an SSEPP (Series of Substantially Equal Payments Plan).
It lets you withdraw early, under very strict conditions, without any penalty.