Retirement

[Scubaregs]

By my calculations I will be able to retire about 3pm on the day of my funeral.

[Pondrew]

By my calculations I will be able to retire about 3pm on the day of my funeral.

Or a bit later, as funeral's aren't cheap anymore either.

[Pondrew]

The difficulty with a discussion like this, is that everybody has unique circumstances; earnings, pension pots, lifestyles, debts, etc.

I, for one, am from landed gentry, so my retirement plan consists mainly of selling a couple of farms off, some 30,000 acres and a village or two.

[Scubaregs]

Are you keeping the serfs?

[Beatman]

Very interested in your comments and thought on this matter. Like most of you, I’m in the window where retirement crosses the mind (58). My pension won’t be a massive one, but as a Chippie has mentioned, I wouldn’t want to give up my holidays, days out etc just so I can retire. But again, I don’t want to keep going until I drop.

[TitanTim]

By my calculations I will be able to retire about 3pm on the day of my funeral.

Sorry, you'll just have to postpone that as your funeral will be taxed

Tim.

[TitanTim]

Very interested in your comments and thought on this matter. Like most of you, I’m in the window where retirement crosses the mind (58). My pension won’t be a massive one, but as a Chippie has mentioned, I wouldn’t want to give up my holidays, days out etc just so I can retire. But again, I don’t want to keep going until I drop.

I've not had a proper holiday abroad since 1994 so not sure I would miss one now

Another incentive to retire is my old man always said save every penny you can, he passed away at 62 and never saw retirement which I always thought was kinda sad so in some ways if I can retire whilst I still have my health it's as good incentive as any.

Tim.

[Pondrew]

Are you keeping the serfs?

No idea TBH mate. I don't get involved in the buying of washing powder, that's a 'pink' job. I only do 'blue' jobs; like installing the washing machine, servicing it, mending the washing line, etc. You know, the 'easy' jobs!

[Pondrew]

Another incentive to retire is my old man always said save every penny you can, he passed away at 62 and never saw retirement which I always thought was kinda sad so in some ways if I can retire whilst I still have my health it's as good incentive as any.

I was looking into pensions for kids recently as a way of putting my daughter's money away for her future. Someone commented that 1/3 of the population, even nowadays, won't reach retirement age. That's a sobering thought.

[Mr Tidy]

I took two defined benefits workplace pensions early just before I was 51 - just before Gordon Brown changed the minimum age from 50 to 55!

Took 25% lump sum and cleared the mortgage but needed something part-time and ended up doing online deliveries for Sainsburys - I really wouldn't recommend it! The Say-Navs in their vans only found the postcode, not the house number which in winter evenings was a challenge, especially when houses only had names, not numbers. Sometimes you had to drive flat-out to get the deliveries in the time slots ordered and they only allowed 3 minutes "doorstep" time which was impossible in flats without lifts or on housing estates where the houses are only served by paths away from the roads. They took orders for new postcodes before updating the Sat-Navs in the vans. The passenger seats were removed from the cabs so they could load more weight in the van. No useful driving aids - parking sensors would have been handy. There's probably more but those are the issues that spring to mind.

After about 18 months I got a better paid job in a family-run self-storage warehouse which was great, until my boss retired to Brazil with his wife and we got a new manager - so I left!

Luckily by then I had been able to take my third workplace pension at 55 and another lump sum helped fund my 1st Z4.

I wasn't sure pensions alone would keep me solvent but with no mortgage and a bit of restraint it hasn't been a problem, and I'm so glad I did it as soon as I could. Possibly remembering my late Dad being offered early retirement at 60 but carrying on working was a factor as he had a cerebral Haemorrhage at 61 that put him in a coma for a week and he completely lost the use of his left arm and leg.

But everyone has different aspirations and expectations so it's all down to personal circumstances at the end of the day.

[Nanu]

I can recommend retirement, I have done it 3 times now. Hopefully the next time will be my last

The advice already given on pension is spot on. All taxable once your allowance is taken off. Commute as much as you can as a tax free lump sum and enjoy it. Life is too short. One day I will take my advice, hopefully.

[Beatman]

Very interested in your comments and thought on this matter. Like most of you, I’m in the window where retirement crosses the mind (58). My pension won’t be a massive one, but as a Chippie has mentioned, I wouldn’t want to give up my holidays, days out etc just so I can retire. But again, I don’t want to keep going until I drop.

I've not had a proper holiday abroad since 1994 so not sure I would miss one now

Another incentive to retire is my old man always said save every penny you can, he passed away at 62 and never saw retirement which I always thought was kinda sad so in some ways if I can retire whilst I still have my health it's as good incentive as any.

Tim.

My Dad is now 86 and thankfully still going strong, he retired at 61. And I would love to get in the same 25years plus in retirement. But as others have mentioned things do seem to be a lot tighter with regards to what you get once you call time on your working career?
Fingers crossed the financial guru’s can do some magic, without skinning me alive, when I finally call time on my working life.

[Mr Tidy]

Commute as much as you can as a tax free lump sum and enjoy it.

Great advice there.

Between AVCs and 25% cash lump sums I got about £70K tax-free.

Whereas taking a bit more income it's all taxable, and you'll only be ahead if you live a pretty long time!

[inkey$]

I retired in 2018 when i just turned 53, I’ve never regretted it for a moment & would recommend you go as soon as it’s possible if the sums work out for you Tim
Rob

53?! Crikey, I’m 50 next year and hadn't even considered retirement. I wonder if the maths work out for me.

[john-e89]

I guess if you can afford it then go for it if you're fed up with work Tim, however are you going to be bored rigid..? Far beit for me to offer anyone advice but I'd be having a long think about what you're going to do with that spare time, unless of course you already have.... Im 55 and couldn't even think of retirement both financially and mentally, I'd go insane with boredom. Admittedly I'm now doing something that is a hobby as well as work so it's probably a different scenario, but boredom is a slippery slope downhill, until now I haven't worked for 6yrs because of health issues and I seriously nearly went mad with boredom, starting again despite the worries is epic. Anyway I wish you well with it all.