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Old 11th Oct 2017, 14:08   #41 (permalink)
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I think it is true to say that 4% is the maximum withdrawal allowed under US individual state Unitrust regulations. In the US, provided that you schedule the investments with an eye on the future, you can mix that drawdown between capital gains and income, with relatively benign tax consequences, perhaps working on an equivalent flat rate of 18%. In the UK however, where tax rates (63% top marginal now) are punitive now and planned, under the incoming Marxists, to be confiscatory, you are allowed far less leeway as between capital gain and income. This means that you could be in a position where you are depleting your resources at a totally unrealistic rate in order to provide a very small cash in pocket benefit after tax.
The best bet for any retiree with £2 million in liquid assets in the UK, which places you in the HNW league, is to plan to leave. In doing so, do have an eye to the tail on IHT an consider setting up an excluded trust for the benefit of any grand children or other noteworthies on your list of desired beneficiaries.
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Old 11th Oct 2017, 14:32   #42 (permalink)
 
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Money is wasted on the rich.
Yes, so true.

A portion of fish and chips for a few quid to feast the poor and a rotting stuffed shark at £12 million for the rich.
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Old 11th Oct 2017, 14:38   #43 (permalink)
 
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At present i am in good health. That is the greatest asset one can have. Can't be bought.
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Old 11th Oct 2017, 14:52   #44 (permalink)
 
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You better enjoy it while you can Muuuuhahahahahaaaaaa


The Death Clock - When Am I Going To Die?
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Old 11th Oct 2017, 15:51   #45 (permalink)
 
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No wonder everybody ignores me. I died three years ago.

However, as I have now labelled myself as an optimist I still have fifteen years to go.

Last edited by Fareastdriver; 11th Oct 2017 at 19:38.
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Old 12th Oct 2017, 01:47   #46 (permalink)
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One had hoped that turning into a sadist and eating the slowly excised livers of the living would improve one's chances of longevity. Such was not to be the case. One now has to choose between an enormously long life as a disgusting optimist of a remarkably blessed one as a relatively realistic pessimist. On cannot decide which sort of super hero to be.
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Old 12th Oct 2017, 03:42   #47 (permalink)
 
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Believe me, in your mid 80's all you want is food, sleep and an 18 year old!!!

You only have to go to Pattaya for that. Cheap as chips too.
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Old 12th Oct 2017, 12:01   #48 (permalink)
 
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All
I was told by a some what richer man than I, while on business in the Congo, which was under the late great thief at the time, that we had both won the lottery of life. This was because we had both been lucky to be born in Western Europe. His view was that if you were born in Western Europe / North America / Japan/ Australia / New Zealand you had won the lottery of life, or at leasst been given a very good start. Given the view we were looking at from the hotel at a world bank function, and then looking at the city outside it was hard not to disagree.
It is just a pity that in the UK (and maybe elsewhere) some of the less fortunate do not also realise (though they may not think so) how lucky they really are to be living here.


Regards
Mr Mac - who always counts him self as lucky, no matter what the world economy has done to him over the years !
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Old 12th Oct 2017, 12:32   #49 (permalink)
 
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Mr Mac - watch it you will get banned by the historical revisionists. Cecil Rhodes is persona non grata nowdays..


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Old 12th Oct 2017, 12:46   #50 (permalink)
 
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How rich am I?

Listen, there are church mice much richer than me!
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Old 12th Oct 2017, 13:02   #51 (permalink)
 
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I thought I was rich when I sold my business and bank interest rates were over 6% - set up for life I was.

Then everything happened and, with only the OAP to live on, I have been forced to use a wad of the capital every month. It's frightening how quickly it is disappearing.

I know the exact date it will run out and it all depends if I live that long, it's a sort of race.

In the meanwhile I continue to live well, buying what we want and living the good life.

And, of course, occasionally posting on here.

FF
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Old 12th Oct 2017, 13:07   #52 (permalink)
 
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Originally Posted by cavortingcheetah View Post
The best bet for any retiree with £2 million in liquid assets in the UK, which places you in the HNW league, is to plan to leave.
Which, whilst still possible, is made rather more of a hassle by this #brexit nonsense. Leaving, of course, means leaving the NHS, so you'd need that much more money to start with if you wanted to emigrate.
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Old 12th Oct 2017, 13:08   #53 (permalink)
 
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Believe me, in your mid 80's all you want is food, sleep and an 18 year old!!!

You only have to go to Pattaya for that. Cheap as chips too.

Lantern10
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Smartraveller.gov.au - Child sex offences

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Australians who commit child sex offences while overseas can be investigated and prosecuted under Australian law.
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Old 12th Oct 2017, 13:21   #54 (permalink)
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leaving the NHS?

I suspect that most people in the UK with >£2 million in liquid assets have private medical insurance of some sort and use either that or the NHS as a co pay equivalent. Medical insurance premiums in Britain are expensive and highly restricted in terms of cover for previous conditions. Terms such as Aviva, BUPA and AXA( in particular) offer in the UK would be illegal in the USA and Germany.
Paying a premium for better private cover overseas is no problem at all. Indeed any extra premium required for an American Platinum cover is more than compensated for by the merest suggestion of the tax rises that the Marxists in waiting have for the wealthy.
It's probably worth mention too that once they get in and remove the favourable VAT rate on private medical insurance premiums and raise taxes, the first thing that the wealthy will do is to drop their UK private medical insurance premiums and rely entirely on the NHS. They will thus pay for the initial tax rises by using the NHS more. A brilliant piece of forward thinking on the part of the sclerotic John McDonnell.
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Old 12th Oct 2017, 14:44   #55 (permalink)
 
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I read that some rich guy just paid $100m for a Canaletto...

Well I just paid 99c for a Can o' Lager.

Who's the C**t???
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Old 12th Oct 2017, 15:18   #56 (permalink)
 
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Originally Posted by er340790 View Post
I read that some rich guy just paid $100m for a Canaletto...

Well I just paid 99c for a Can o' Lager.

Who's the C**t???
You, for spoiling an otherwise funny line with an unnecessary implied offensive term.
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Old 12th Oct 2017, 17:15   #57 (permalink)
 
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Originally Posted by cavortingcheetah View Post
I suspect that most people in the UK with >£2 million in liquid assets have private medical insurance of some sort ...
With many it's via their employment and stops when you retire.
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Old 12th Oct 2017, 17:21   #58 (permalink)
 
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... and the rich guy didn't pay, as such, he invested. (I.e. Unlike a consumable, such as a can of beer, the Canaletto is a (usually) appreciating asset.)
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Old 12th Oct 2017, 17:43   #59 (permalink)
 
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... and the rich guy didn't pay, as such, he invested. (I.e. Unlike a consumable, such as a can of beer, the Canaletto is a (usually) appreciating asset.)
Still, it's a lot to pay for pasta!

CG
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Old 12th Oct 2017, 17:47   #60 (permalink)
 
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If i win the US millions jackpot, tomorrow night i will be £401 mil better off.
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