Another Start A Pension Question – But At 57

Discussion in 'Pensions' started by twofor1, Dec 21, 2016.

  1. Merowig

    Merowig Frequent Poster

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    Why is it madness to put money in an investment vehicle where you get tax back from your contributions, and where the investment growth is not taxed either? The disadvantage with the age is only that the timeframe for compounding is small.
     
  2. Bronte

    Bronte Frequent Poster

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    AAM doesn't like property. They like shares and bonds and stuff. There is also an Irish bias against landlords.

    I know little of shares and bonds. But I do know property, albeit in a small way. And I can tell you this, I'm very glad to say this is the first year I didn't have to use our own money to pay the rental tax. And next year we will finally start getting the money from the rents. I was over the moon this year to take out 1K and now my OH is in early retirement it is heartening to know we will have a source of income that we can't get elsewhere. I wouldn't like to live on the state pension solely.
     
  3. Bronte

    Bronte Frequent Poster

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    You're wrong. As long as it is connected, that's rent a room. But if you convert your separated chalet, it is not.
     
  4. Bronte

    Bronte Frequent Poster

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    I missed this post.

    You should bear in mind that the horror stories, while they are real, they are not the true story. That is because we don't have posters telling the reality. That is because this website is about problems. So you're going to buy hear bad news.

    It is a no brainier to me to convert, live in one half and spend retirement in luxury. You would have to pay tax on the 20k income of 50%. So you might as well go for just the 12k rent, and if you're not a landlord, ie you are rent a room, then you have stronger property rights.
     
  5. moneybox

    moneybox Frequent Poster

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    At least property is a tangible asset unlike stocks and shares that could well flop over night. Good on you Bronte, here is to a prosperous new year ;)
     
  6. Bronte

    Bronte Frequent Poster

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    Last edited: Dec 24, 2016
    I'm with you moneybox. I like bricks and mortar. I'm thinking of doing renovations on the rentals with the extra money. I'd like to put in an extra toilet in one house as the family there now are about to have a fourth child. It's my old home. It has a granny flat (garage I converted) but needs mega work. I had the builder nephew in it last year, rent free as I consider it in an unliveable state, but he and the girlfriend were desperate, he fixed it up, but the damp is too bad now so they moved out, and now I found out the tenant in the house has his brother living with him too, and he wants it. But I'm not letting him in there because of the state of it.

    If the government incentivised me I'd knock the garage and build a lovely two bed unit. (I has planning, but wasn't going to tell the corporation it would be a separate unit) And I'd also build a chalet in the large garden. But the cost is high, it won't increase house value so there it rots. so I could easily house four people. Simon Coveney are you listening.
     
    Last edited: Dec 24, 2016
    moneybox likes this.
  7. Gordon Gekko

    Gordon Gekko Frequent Poster

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    That's not the case.
     
  8. Sarenco

    Sarenco Frequent Poster

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    Sorry, I stand corrected - you're quite right.:oops:
     
  9. moneybox

    moneybox Frequent Poster

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