Retirement
- Thread starter TitanTim
- Start date
Beatman said:
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.
At the summit of the picturesque fens
North West Surrey
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.
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.
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.
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.
TitanTim said:
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.
53?! Crikey, I’m 50 next year and hadn't even considered retirement. I wonder if the maths work out for me.Smartbear said: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
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.... 
:lol: 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.
:lol: 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. john-e89 said: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....
Thanks John, very good advice on the boredom front
It will for me be a big change, I normally get up at 5.30am and working by 6.15am or so, have done that for years and when on holiday its difficult to break that pattern. I was on a "Planning for Retirement" workshop through work last week and it went through all of the have a Retirement Plan and think about what you want to do, in affect going from a work filled day to suddenly having alot of spare time. Like you say everyone is different, mainly for me its less stress, slower pace and doing what I want to do rather than the daily grind which is the incentive to pack work in. I can't wait to be honest. Its rare I get bored, I'm already looking at voluntary work at a local historic house, new hobbies etc so I don't think the boredom will creep in really. Think I will enjoy not working as much as anything 
Tim.
To add to all the good advice given so far I'd add to pay attention to inflation. It seems likely to be running quite hot for a few years and that can seriously erode the value of your personal pensions and savings. I retired at 55 and luckily have 2 government pensions that are fully index linked to inflation (well the CPI in September anyway) but I have friends who are not so lucky - some are limited to a maximum of 5% which isn't great when inflation is heading over 10%! Mostly, if you want your savings to more closely track inflation, you'll have to adopt a higher attitude to risk when investing for income or a lower starting pension from an annuity.
inkey$ said:Smartbear said: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.
same boat for me..I'm 53 and couldn't imagine not working, maybe I'm a bit of a sad twat but I love my job, maybe I'll feel a bit different in my sixties, if i did retire early I'll be one of those that do the Tesco vans too I'll bet
Smartbear said:
D
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Pondrew said:
Have a look into a junior SIPP.
I would certainly be looking at that if I had kids.
Currently in the process of sorting out pensions at the age of 38 (better late than never).
Currently have a LISA running tracking the S&P and going to be setting up a SIPP shortly and transferring some old pensions into it and use it for bringing the tax bill down in the business.
D
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mr.tourette said:inkey$ said:Smartbear said: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.
same boat for me..I'm 53 and couldn't imagine not working, maybe I'm a bit of a sad t**t but I love my job, maybe I'll feel a bit different in my sixties, if i did retire early I'll be one of those that do the Tesco vans too I'll bet
I don't think I will ever retire. Perhaps work a little less but perhaps I will feel a bit different about it when I am old and gray.