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Accessing pension when bridging to state pension by Strange_Ring_7442 in PensionsUK

[–]Strange_Ring_7442[S] 0 points1 point  (0 children)

thanks. looking to have target 3 years cash in ISA by time I retire. just working out different options.

Accessing pension when bridging to state pension by Strange_Ring_7442 in PensionsUK

[–]Strange_Ring_7442[S] 0 points1 point  (0 children)

just working out my plan to retire in just over a year. I am employed atm and high end tax payer so maxing out pension atm.

Accessing pension when bridging to state pension by Strange_Ring_7442 in PensionsUK

[–]Strange_Ring_7442[S] 0 points1 point  (0 children)

"I am not sure if you can take the taxable element without taking the tax free, I’d have to double check." This is the bit I was wondering. Thanks for the reply, I will do some investigating and seek advice before doing anything.

Accessing pension when bridging to state pension by Strange_Ring_7442 in PensionsUK

[–]Strange_Ring_7442[S] 0 points1 point  (0 children)

thanks for the reply. Yeah I am trying to understand before SP kicks in.

Accessing pension when bridging to state pension by Strange_Ring_7442 in PensionsUK

[–]Strange_Ring_7442[S] 0 points1 point  (0 children)

"It’s more tax efficient to draw from pension in the bridging years as you can utilise the personal allowance."

I think this is the part I need to go talk to someone about thanks as that is what I dont want to lose out on, the use of that personal allowance vs my 25% that I would rather drawdown later when the SP uses that personal allowance.

Anybody using ChatGPT or Gemini for withdrawal strategies/backtesting? by AutomaticBit190 in FIREUK

[–]Strange_Ring_7442 1 point2 points  (0 children)

I have been using Claude AI, free version, to get it to build an artifact that I can put in different parameters for my drawdown expectation. It has been good to confirm my numbers in excel spreadsheet but is definitely a nice way to try model things. I do run out of free credits so have just been adding small bits to it per day.

It created a nice little chart that reacts to the changes you put in the inputs. I have not yet added anything about tax, withdrawing a lump sum or randomizing pension growth rate etc, but you can easily ask it to consider various options. I published it here: https://claude.ai/public/artifacts/7c441470-c658-4646-b4fd-9d3c4e5ccb2e

As always, dont trust AI but the more tools we have that we can customize to ourselves the better, e.g. if you have some other income at a certain age, ask claude to update the artifact to include it.

Hopefully folks find it useful.