Personal Finance & Money Stack Exchange
Personal Finance & Money Stack Exchange

Questions tagged [pension]

For questions related to pension, which are usually contracts to pay an individual a fixed sum after retirement from an organization or service.

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Why would someone who thought they will work until they die contribute to a pension plan?

One of the shocking graphs going round at the moment is from many millennials expect to work until they die: Now I'm a UK millennial who wants to retire early, however if I did think I were going to work until I die, why do I have to contribute* to…
Bad_Bishop
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Can a person work after "retiring" and receiving a pension?

Can a person work after "retiring" and receiving a pension? For example, in Illinois public workers are eligible to "retire" at age 59 and receive 75% of their salary at the time. So, for example, a school superintendent making $268,000 a year, can…
Five Bagger
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Pensions, why bother?

Ok this question is going to show my age, but its something I've been thinking about for a while and can't quite figure it out Why bother with a pension? I don't understand, why should I put away £1000 per year for a pension now. I'm thinking of it…
James
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Is it worth having a pension?

I know this could be a duplicate of other questions here, but I think I have a different take on it which may be of interest to others in a similar frame of mind. Some background I'm self-employed and based in the UK, and every time I've looked at a…
Gary
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How to take care of pension funds if career is spread over many different countries?

I am a young academic from The Netherlands presently working in Sweden. Due to the nature of modern Academia, I expect that within the next 40+ years, I will be working in many different countries around the world. I would like to not worry about my…
gerrit
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Will the Windfall Elimination Provision reduce my Social Security?

I have recently changed careers after working for 20+ years outside of education, and now I'm being told I will never be able to access any of the SS dollars I have contributed because now my contributions go to the Teacher Retirement System of…
A. Chat
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Do inbound gifted monies require a credit unlock?

My credit has been frozen for the last 20 years and I unfreeze when necessary. I am being told that I need to unfreeze my credit in order to receive these funds. Why would my credit need to be unfrozen to receive funds from someone's pension?
Matthew Long
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Pension or Property: Should I invest in more properties, or in a pension?

I do not have a pension but have a rental property (which breaks even). Question is, do I invest in more properties or take out a pension ? I am worried if I go down the pension route I would lose all if there is another down turn.
Ferdeen
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Pros & cons in Hungary of investing retirement savings exclusively in silver? What better alternatives, given my concerns?

For my retirement savings, my strategy is to buy a decent amount of silver (8% of my salary, roughly 1 month) every year to put away in coin form. I am currently investing in nothing else for the long term. In the short term, I have money in the…
CsBalazsHungary
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Housewife pension options

We live in the UK. I have a job and pay into a company provided pension (with the company then paying in some extra). My wife left her job a couple of years ago and is now a 'house wife' aka stay-at-home-mum and will be for a while. She has a…
Kate
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Are UK pensions taxed twice?

I, like many, have a workplace pension. I pay taxes through PAYE and file a self assessment covering all other income. My understanding is that your personal pension pot is 25% tax free then you pay income tax on the remaining 75% (please correct if…
ggdx
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How to reduce UK tax liability after cashing in pension pot

I just cashed in my pension plan of £304,000.00 and was told that I will be taxed at source using emergency tax. My tax deduction for that is ~£102,000.00. I am a director of a company and I pay myself £12,570.00 a year. With the extra income this…
Gdecor
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As a contractor, should I overpay my mortgage or contribute to a pension?

My specific situation is:- Early 30s Software contractor via a ltd company Resident in Scotland Higher-rate taxpayer Mortgage at ~5% (variable 4.5% above BoE), LTV about 75%. I'm allowed to overpay my mortgage by up to 10% in a calendar year I'm…
Iain Galloway
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If I have a pension with my employer and then leave, is the pension mine to take with me?

Is the answer to this different if I choose to leave, versus if my employment is terminated? Are the funds my employer contributes towards my pension fund treated differently than the ones I contributed myself?
Nat_Rea
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What happens to pension schemes when they run out of beneficiaries?

At a very crude level: Beneficiaries put money into pension schemes (actually, their employers pay into the schemes on their behalf, but w/e, money goes in). The pension schemes pay money back to beneficiaries on some agreed schedule. The rules…
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