Budget ....

[TitanTim]

Regardless of any budget retire and spend your savings as soon as you can, tomorrow may never come.

Tim.

Here, here! Retired last year just before my 59th birthday.
Best decision I ever made.
Lost too many friends and family at a young age who never got the chance to really enjoy life.
Decided that wasn't going to be me!

We must be the same age, 60 in January. My dad passed away at 62 and never saw retirement. He always said to me in my teens "save your money son, you'll need it one day" Wise words at the time. But when he passed away I was only 25 and I said then, no way I'm working past 60. Like yourself, you realise how quickly life can be snuffed out No amount of savings and investments will help you.

Tim.

 

[enuff_zed]

Regardless of any budget retire and spend your savings as soon as you can, tomorrow may never come.

Tim.

Here, here! Retired last year just before my 59th birthday.
Best decision I ever made.
Lost too many friends and family at a young age who never got the chance to really enjoy life.
Decided that wasn't going to be me!

We must be the same age, 60 in January. My dad passed away at 62 and never saw retirement. He always said to me in my teens "save your money son, you'll need it one day" Wise words at the time. But when he passed away I was only 25 and I said then, no way I'm working past 60. Like yourself, you realise how quickly life can be snuffed out No amount of savings and investments will help you.

Tim.

Yup, my mum went at 67 from MS. First wife at 45 from adrenal cancer. Big wake up call. Sod the expense, life isn't a rehearsal!

 

[TitanTim]

Here, here! Retired last year just before my 59th birthday.
Best decision I ever made.
Lost too many friends and family at a young age who never got the chance to really enjoy life.
Decided that wasn't going to be me!

We must be the same age, 60 in January. My dad passed away at 62 and never saw retirement. He always said to me in my teens "save your money son, you'll need it one day" Wise words at the time. But when he passed away I was only 25 and I said then, no way I'm working past 60. Like yourself, you realise how quickly life can be snuffed out No amount of savings and investments will help you.

Tim.

Yup, my mum went at 67 from MS. First wife at 45 from adrenal cancer. Big wake up call. Sod the expense, life isn't a rehearsal!

Sorry to hear that

Tim.

 

[DevonPaul]

Regardless of any budget retire and spend your savings as soon as you can, tomorrow may never come.

Tim.

Yup - I stopped working just before my 53rd birthday, intending to sort the house so we could move nearer my ageing mum then perhaps look for something in Shrewsbury. We've always lived pretty frugally compared to our income, no children, short cheap holidays, and the realisation came Xmas 2018 when I found myself walking around the shops and realised I was looking the spend money I didnt really need on something I didn't really want earnt from doing something I didn't like doing. Then Covid got in the way, Ann retired (twice, I think, could be 3 times) but kept going back part time and finally retires this December, or possibly end of Jan, so let's call it March, unless she stays until the end of April to settle the new budgets in.

There are a couple of things to be aware of...
1) Moving from "saving" to "spending" takes a lot of getting used to.
2) You really need something to filll the time. We bought a slightly neglected 200+ year old place with an acre of 'garden' and I'm involved in the new village quite a bit. Still spend far too long on internet forums though

Paul

 

[Nanu]

I've got no dependents, so I'm going out of this world with as much as I came into it with

Same here, hopefully will be moving house early next year and then equity release and spend the lot. The only thing I want to leave is debt.

 

[TitanTim]

Regardless of any budget retire and spend your savings as soon as you can, tomorrow may never come.

Tim.

Yup - I stopped working just before my 53rd birthday, intending to sort the house so we could move nearer my ageing mum then perhaps look for something in Shrewsbury. We've always lived pretty frugally compared to our income, no children, short cheap holidays, and the realisation came Xmas 2018 when I found myself walking around the shops and realised I was looking the spend money I didnt really need on something I didn't really want earnt from doing something I didn't like doing. Then Covid got in the way, Ann retired (twice, I think, could be 3 times) but kept going back part time and finally retires this December, or possibly end of Jan, so let's call it March, unless she stays until the end of April to settle the new budgets in.

There are a couple of things to be aware of...
1) Moving from "saving" to "spending" takes a lot of getting used to.
2) You really need something to filll the time. We bought a slightly neglected 200+ year old place with an acre of 'garden' and I'm involved in the new village quite a bit. Still spend far too long on internet forums though

Paul

53 is good going

The only thing that worried me slightly was going from a working day to nothing but soon discovered time in retirement races by and completely get when retirees say they don't know how they found the time to work Think this is down to not clock watching anymore as I was in work, willing the end of the day to come as fast as possible :lol:

Tim.

 

[Mr Tidy]

My Dad could have retired at 60 but decided to keep working for a better pension, then had a cerebral haemorrhage at 61 that put him in a coma for nearly a week and he was never able to even stand up after that until he died at 73 so he never got to enjoy retirement. His slightly enhanced pension just got spent on care home fees.

As a result I always planned to retire as soon as I could. I took 2 workplace pensions early in 2010 when I was 51 before Gordon Brown changed the rules to 55, but one scheme didn't allow retirement before 55.

So I did a couple of part-time jobs until I got that last one and stopped working at 56 - best thing I ever did.

I was slightly worried that the focus on "working people" might affect my State pension, but thankfully it looks like I'll get that in full next April!

Happy days, I'll have a bit more to fund my Z4 habit. :lol:

 

[TitanTim]

My Dad could have retired at 60 but decided to keep working for a better pension, then had a cerebral haemorrhage at 61 that put him in a coma for nearly a week and he was never able to even stand up after that until he died at 73 so he never got to enjoy retirement. His slightly enhanced pension just got spent on care home fees.

As a result I always planned to retire as soon as I could. I took 2 workplace pensions early in 2010 when I was 51 before Gordon Brown changed the rules to 55, but one scheme didn't allow retirement before 55.

So I did a couple of part-time jobs until I got that last one and stopped working at 56 - best thing I ever did.

I was slightly worried that the focus on "working people" might affect my State pension, but thankfully it looks like I'll get that in full next April!

Happy days, I'll have a bit more to fund my Z4 habit. :lol:

Sorry to hear about your dad Iain.

Never thought about my own mortality until my dad passed and then brought it all home and to retire as early as possible. Still another 7 years until the State Pension, luckily had maxed all my NI contributions a few years back but think what form or shape the State Pension will be in 2032 :?

Tim.

 

[pvr]

You will be fine with a pension for civil servants as they have not been attacked. Only the private sector pensions have just been hammered, but to be expected from a semi communist party.

 

[DevonPaul]

You will be fine with a pension for civil servants as they have not been attacked. Only the private sector pensions have just been hammered, but to be expected from a semi communist party.

How odd - none of my SIPPs or Private sector pensions have been touched. Have I been lucky?

 

[Fred Smith]

First thing I am going to say... I did economics at university, and I reckon I am 10x more of an opinionated arsehole when it comes to economics and politics than anyone else on this forum. I know it's bad form to ask for thanks, but I reckon you lot owe me big-tome for not going on a massive rant on this thread.

Secondly... I (born in 1974) come at retirement from a very different perspective to many on here I think.

I'm not sure how and why, but in my early 20s I worked out that people tended to spend a third of their salary on housing costs when younger, and that as a result, of you owned three similar houses mortgage free then you should be able to live a reasonable lifestyle for the sort of person who lives in a house like that. Since working that out I worked in a bank, bought a house to rent out, quit the bank at 26 and again at 27, took six months off to do a 3 hour per week photography course, set up a small and very unsuccessful business, took a year out to do a masters, re-trained, worked for a year and then set up my now-current business, moved house and kept the old one. I have found a niche I enjoy - nice combination of straightforward "churn it out" work, and some real meaty stuff to get my brain going.

I have no desire to ever retire, but I look forward to continuing the transition which started in about 1997... the transition from a young person who needs to work full time, to an older person who has his own business, and can live comfortably working as much or little as he wants. We are just about in a position where we could both say "we will never work again", but not quite, and I don't want to. I might hate when I HAVE to work, but I do not hate that I do work, if that makes sense.

 

[pvr]

You will be fine with a pension for civil servants as they have not been attacked. Only the private sector pensions have just been hammered, but to be expected from a semi communist party.

How odd - none of my SIPPs or Private sector pensions have been touched. Have I been lucky?

You said you had no children so no, not for you. But for me as I have used it for inheritance planning, I have lost 40% of it

 

[DevonPaul]

How odd - none of my SIPPs or Private sector pensions have been touched. Have I been lucky?

You said you had no children so no, not for you. But for me as I have used it for inheritance planning, I have lost 40% of it

The relationship of the recipient is irrelevant for Pension inheritance, in fact childless people would be more likely to use it as they do not benefit from the Residential NRB. We have done the same as you, but TBH we did not expect the situation to remain static for decades.

You have lost nothing, your pension is still worth what is was should you choose to access it. Your beneficiaries might lose out should you live another 3.5 years, but your pension is unaffected. And remember it is a "Pension", not an "IHT reduction scheme". You (and us) chose to use a 2015 tax break intended to encourage Pension savings for retirement in order to mitigate a potential future tax. Now we need to work out a different route, eg take the 25% PCLS and gift it under the 7 year rule, then buy an annuity and gift it as surplus income.

Or wait until the rules change back in 4 or 5 years.

 

[pvr]

How odd - none of my SIPPs or Private sector pensions have been touched. Have I been lucky?

You said you had no children so no, not for you. But for me as I have used it for inheritance planning, I have lost 40% of it

The relationship of the recipient is irrelevant for Pension inheritance, in fact childless people would be more likely to use it as they do not benefit from the Residential NRB. We have done the same as you, but TBH we did not expect the situation to remain static for decades.

You have lost nothing, your pension is still worth what is was should you choose to access it. Your beneficiaries might lose out should you live another 3.5 years, but your pension is unaffected. And remember it is a "Pension", not an "IHT reduction scheme". You (and us) chose to use a 2015 tax break intended to encourage Pension savings for retirement in order to mitigate a potential future tax. Now we need to work out a different route, eg take the 25% PCLS and gift it under the 7 year rule, then buy an annuity and gift it as surplus income.

Or wait until the rules change back in 4 or 5 years.

In that case, the farmers have not lost anything either then

 

[buzyg]

Regardless of any budget retire and spend your savings as soon as you can, tomorrow may never come.

Tim.

Yup - I stopped working just before my 53rd birthday, intending to sort the house so we could move nearer my ageing mum then perhaps look for something in Shrewsbury. We've always lived pretty frugally compared to our income, no children, short cheap holidays, and the realisation came Xmas 2018 when I found myself walking around the shops and realised I was looking the spend money I didnt really need on something I didn't really want earnt from doing something I didn't like doing. Then Covid got in the way, Ann retired (twice, I think, could be 3 times) but kept going back part time and finally retires this December, or possibly end of Jan, so let's call it March, unless she stays until the end of April to settle the new budgets in.

There are a couple of things to be aware of...
1) Moving from "saving" to "spending" takes a lot of getting used to.
2) You really need something to fill the time. We bought a slightly neglected 200+ year old place with an acre of 'garden' and I'm involved in the new village quite a bit. Still spend far too long on internet forums though

Paul

53 is good going

The only thing that worried me slightly was going from a working day to nothing but soon discovered time in retirement races by and completely get when retirees say they don't know how they found the time to work Think this is down to not clock watching anymore as I was in work, willing the end of the day to come as fast as possible :lol:

Tim.

I completely agree retire early, if you can afford to.

Have to disagree on the spend your money as soon as you retire early plan, unless for medical reasons.

Fair enough enjoy your retirement, but always make sure you have enough to still enjoy some fun when your 80. I know plenty of fit healthy folk in their mid 70s, who retired early and wish they hadn't spent all their savings in their 50s and 60s. Some who had to return to part time work as a result. Fair enough. If you make it to 80 then get spending. No one lives forever.

 

[Nanu]

I am of the retire as soon as you can that allows you a standard of living that you are happy with. Spend while you can as you never know what is around the corner. Easier said when you have no dependants though.

As evidence of following this philosophy, retired and just before the budget, paid £12K for a couple of weeks in a Hillside Pool Villa at the Pimali hotel on Koh Lanta, Business class flights of course. Is it a wise decision? I will let you know in a couple of years time 8)

 

[Mr Tidy]

I completely agree retire early, if you can afford to.

Have to disagree on the spend your money as soon as you retire early plan, unless for medical reasons.

Fair enough enjoy your retirement, but always make sure you have enough to still enjoy some fun when your 80. I know plenty of fit healthy folk in their mid 70s, who retired early and wish they hadn't spent all their savings in their 50s and 60s. Some who had to return to part time work as a result. Fair enough. If you make it to 80 then get spending. No one lives forever.

Given what happened to my Dad I'm much more inclined to spend it now while I can still enjoy it!

No point saving it for my 80s if I don't get there.

 

[Pondrew]

Given what happened to my Dad I'm much more inclined to spend it now while I can still enjoy it!

No point saving it for my 80s if I don't get there.

I sort of agree, but there is a problem with this.
If everybody spends every penny they have while still able to, who is going to pay (potentially) for the social care if they need it?
Answer is the tax payer. The 'social care' costs of Government are going through the roof because of this attitude IMO.
I have friends and family (and to a degree my wife) who have seen friends and family members die early and are doing their best to spend every last penny 'just in case'. IF they all live to be 100, they will be bankrupt, and the Gov (or the taxpayer) WILL pick up the bill.

It's a new phenomenon which isn't necessarily good from a national economic POV.
I am a saver, it was drummed into me from an early age. Why should I be taxed more on my savings so that many people can piss their money away and have nothing in their old age?

 

[buzyg]

I completely agree retire early, if you can afford to.

Have to disagree on the spend your money as soon as you retire early plan, unless for medical reasons.

Fair enough enjoy your retirement, but always make sure you have enough to still enjoy some fun when your 80. I know plenty of fit healthy folk in their mid 70s, who retired early and wish they hadn't spent all their savings in their 50s and 60s. Some who had to return to part time work as a result. Fair enough. If you make it to 80 then get spending. No one lives forever.

Given what happened to my Dad I'm much more inclined to spend it now while I can still enjoy it!

No point saving it for my 80s if I don't get there.

My dad, my dad in law and my mother in law, were all dead before my age now. Doesn't mean I am. :wink:

 

[TitanTim]

I completely agree retire early, if you can afford to.

Have to disagree on the spend your money as soon as you retire early plan, unless for medical reasons.

Fair enough enjoy your retirement, but always make sure you have enough to still enjoy some fun when your 80. I know plenty of fit healthy folk in their mid 70s, who retired early and wish they hadn't spent all their savings in their 50s and 60s. Some who had to return to part time work as a result. Fair enough. If you make it to 80 then get spending. No one lives forever.

Given what happened to my Dad I'm much more inclined to spend it now while I can still enjoy it!

No point saving it for my 80s if I don't get there.

My dad, my dad in law and my mother in law, were all dead before my age now. Doesn't mean I am. :wink:

Used to joke about this with my mum, whether she would beat her mums age of 84. She passed away the same age.

Difficult one as you need a mortality crystal ball. The thought of sitting on life savings just to fund vegetating in a care home isn't something I relish

Tim.