Retirement

Nanu said:
Smartbear said:
Mr Tidy said:
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!

That’s odd, I’m sure i retired after you yet i started drawing my pension at 53?
Rob
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You can retire sooner than 55 but you will either get a very much reduced pension or no pension and have to wait till your 55. Depends on the T&Cs of your particular pension scheme. Basically tho, you loose so much retiring before 55 its just not worth it
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That’s not what Lain said though, he said Gordon Brown changed the minimum age to 55 from the previous 50 limit.
I know you can retire before 55 as i did it (and it was worth it) :thumbsup:
Rob
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In the section headed "Normal minimum retirement age increased (6 April 2010)" this pretty much sums up what my employer told me at the time:- https://www.phoenixlife.co.uk/retirement-centre/accessing-my-pension-savings-getting-started/historical-changes-to-pension-rules

Which is why I took the ones I could on 5 April 2010!

To be honest I wondered at the time how you managed to get yours when you did, but maybe you had a "protected pension age under transitional protection"?

The other downside to taking my main one early was that they took off 3.5% for every year I took it before 62 - but I'm still glad I did it. :)
 
I know one of my pensions changed because of age discrimination legislation as did a compulsory retirement age. I don’t think they can stop you retirement but they make financially discouraging.
 
Retired on my 60th birthday - my only regret is hadn’t done it earlier!

Do i miss the work? No ! Some of the people and the non pc banter - but that’s provably been stopped by now :rofl:

Boredom - I have less spare time than when at work. Time flies!
 
Retired 10 years ago at 65. I don’t regret it at all,I did some consultancy work part time for a few years, very lucrative but figuring out the income tax was a nightmare.
:)
One thing to get your head around Tim, when you eventually get the state pension you will find that no tax is deducted from it, HMRC cannot deduct tax. Instead, your tax code is adjusted on your occupational pension to extract the amount owing. Seems a bit bonkers but it all works out in the end :)
 
Nanu said:
True but you need hard cash to enjoy it, or so the wife tells me
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Thats so true - but as Mr Micawber said 'Annual income 20 pounds, annual expenditure 19 pounds 19 shillings and six pence, result happiness. Annual income 20 pounds, annual expenditure 20 pounds ought and six, result misery. '
 
dr_john said:
Retired 10 years ago at 65. I don’t regret it at all,I did some consultancy work part time for a few years, very lucrative but figuring out the income tax was a nightmare.
:)
One thing to get your head around Tim, when you eventually get the state pension you will find that no tax is deducted from it, HMRC cannot deduct tax. Instead, your tax code is adjusted on your occupational pension to extract the amount owing. Seems a bit bonkers but it all works out in the end :)
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Thanks John, by the time I get there they will have moved the goal posts to 70 :cry:

Tim.
 
ronk said:
Nanu said:
True but you need hard cash to enjoy it, or so the wife tells me
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Thats so true - but as Mr Micawber said 'Annual income 20 pounds, annual expenditure 19 pounds 19 shillings and six pence, result happiness. Annual income 20 pounds, annual expenditure 20 pounds ought and six, result misery. '
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How true, the wife wants happiness so work it is :(
 
TitanTim said:
Thanks John, by the time I get there they will have moved the goal posts to 70
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Many a true word as they say!

McCarthy & Stone are building a new block of flats a couple of miles from me and the minimum age is 70. :o
 
Mr Tidy said:
McCarthy & Stone are building a new block of flats a couple of miles from me and the minimum age is 70. :o
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I qualify for that but is there somewhere to put the zed? And the wife’s Audi?
 
I think new builds must adhere to a code of practice that dictates parking to accommodation size?
 
Have to say I wouldnt want to retire now, getting this new business up and running is pretty much perfect. First time in my working life I'm really happy.

Bloody drop dead tomorrow now..... :roll: :lol:
 
dr_john said:
Mr Tidy wrote: ↑Wed Jul 13, 2022 10:03 pm

McCarthy & Stone are building a new block of flats a couple of miles from me and the minimum age is 70.
I qualify for that but is there somewhere to put the zed? And the wife’s Audi?
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Looking at the footprint of the building and the size of the plot I think you'd be lucky to get 1 space!
 
john-e89 said:
Have to say I wouldnt want to retire now, getting this new business up and running is pretty much perfect. First time in my working life I'm really happy.

Bloody drop dead tomorrow now..... :roll: :lol:
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Retirement is too dangerous for you, the damage you do when you are working is bad enough. :poke:
 
pvr said:
john-e89 said:
Have to say I wouldnt want to retire now, getting this new business up and running is pretty much perfect. First time in my working life I'm really happy.

Bloody drop dead tomorrow now..... :roll: :lol:
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Retirement is too dangerous for you, the damage you do when you are working is bad enough. :poke:
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Listen here Van Helsing.....you just concentrate on getting your hand in your pocket to pay a proper welder for your mansion gates....one of those on your head an it's curtains..... :poke:

Actually, thinking about it.....carry on..... :evil: :evil:
 
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