Royal Mail pension news and discussion.Please note the advise given in this forum is unofficial, please use the links we have for a more detailed response or see an independent financial adviser.
There's absolutely nothing wrong with investing in gold – it's no different to any other investment such as equities, property, bitcoin etc.
If you buy and sell at the right time you can make money. If you don't, you can lose it.
The statistics say that equities have performed better than gold over long periods of time, but gold is better as a shorter term home. So personal choice, circumstances and goals will obviously come into it.
Plus the old adage of past performance is no guarantee of future returns, applies to whatever you're investing in.
In practice nobody knows what's around the next corner, and everyone makes up their own mind about where to put their own money.
The same goes for taking your pension.
Generally speaking it's best to wait until NRA, but taking it early can still be a good move for some people if it fits their circumstances.
Ultimately, who cares what anyone else does with their own money?
Gold, equities, Premium Bonds, ISA's?
Save, spend?
Pension before NRA?
It's personal choice!
If you're in any doubt on anything financial, an IFA will provide better advice than you'll find on an anonymous internet forum.
In the words of JP Morgan "Gold is money. Everything else is credit."
Unlike equities, government bonds or fiat currency, Gold can never go to zero.
It is an insurance policy against Western governments, which continue to debauch their currencies.
Royal Mint gold coins are capital gains tax free. The beauty of them compared to other investments is they are outside of the system , ie the Government , who like their share of everything you own. I wouldn't recommend people cash in their pensions early and buy gold ( or bitcoin) tough.
What i was wondering is on this pension i know its taxed but do you get a personal tax allowance
Pensions are taxed in the same way as wages.
Any income you have under the Personal Tax Allowance(currently £12,570) is tax free and anything over is taxed accordingly.
*The Personal Tax Allowance can vary up or down with the individual, due to personal tax circumstances.
*RM employees should be getting the uniform cleaning allowance which increases it slightly.
Changes to the standard rate will be reflected in your tax code.
What i was wondering is on this pension i know its taxed but do you get a personal tax allowance
Pensions are taxed in the same way as wages.
Any income you have under the Personal Tax Allowance(currently £12,570) is tax free and anything over is taxed accordingly.
*The Personal Tax Allowance can vary up or down with the individual, due to personal tax circumstances.
*RM employees should be getting the uniform cleaning allowance which increases it slightly.
Changes to the standard rate will be reflected in your tax code.
Royal Mint gold coins are capital gains tax free. The beauty of them compared to other investments is they are outside of the system , ie the Government , who like their share of everything you own. I wouldn't recommend people cash in their pensions early and buy gold ( or bitcoin) tough.
.
Back in the 90s there was a postie at our place who used to buy 1 gold coin every month with his cash. He was a docket king, a bit tight but a nice bloke.
At the time I thought that’s a bit strange, why is he doing that….anyway he’s probably retired now and sitting on a beach earning 20%! Good luck to him.
Royal Mint gold coins are capital gains tax free. The beauty of them compared to other investments is they are outside of the system , ie the Government , who like their share of everything you own. I wouldn't recommend people cash in their pensions early and buy gold ( or bitcoin) tough.
.
Back in the 90s there was a postie at our place who used to buy 1 gold coin every month with his cash. He was a docket king, a bit tight but a nice bloke.
At the time I thought that’s a bit strange, why is he doing that….anyway he’s probably retired now and sitting on a beach earning 20%! Good luck to him.
Without doubt one of the best things anyone could have done. But hindsight is a wonderful thing.
If you have the NRA60 and / or NRA65, it is important to remember an important fact. The figures stated on your pension statement are a valuation. NOT the amount you have paid in to the scheme. I say this because it seems people are basing the descision to take their pension early, on this figure. Take your weekly contribution and multiply by 52, then by your total number of years of service and round this up to the nearest whole year, you will find your contributions are well below the valuation figure. Remember also, that you were paying much less in to your pension when you first stated. It only takes about 5 / 6 years to get all of your contributions back. My point is, think carefully. A reduced pension is for life. It could prove to be a costly mistake which might result in people having to continue working for longer. Or even having to return to work, if they find they can't manage.
If you get used having your wages and your pension together, its going to be an even bigger drop to retire with a reduced pension, it could reduce your options on when you leave.
I always thought a full pension would be useful if I became unable to work, every penny of income would help more then than now.
