Retirement

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Dont plan on living long enough to collect mine. The day I'm a nuisance in the shopping aisle and walking slow is the day i will throw myself off a cliff.

Using my employer pension as a unoffical savings account for my newborn daughter.
 


Under the current law, the State Pension age is due to increase to 68 between 2044 and 2046.

Following a recent review, the government has announced plans to bring this timetable forward. The State Pension age would therefore increase to 68 between 2037 and 2039.

I’m working on the assumption that 68 will be my state pension age and I’d be able to access private pension by 58. If I want to retire earlier than that I’ll have to finance it by other means, sale of business or property.
 
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Joe Public said:
Under the current law, the State Pension age is due to increase to 68 between 2044 and 2046.

Following a recent review, the government has announced plans to bring this timetable forward. The State Pension age would therefore increase to 68 between 2037 and 2039.

I’m working on the assumption that 68 will be my state pension age and I’d be able to access private pension by 58. If I want to retire earlier than that I’ll have to finance it by other means, sale of business or property.
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I hate this world
 
I’m so lucky that I retired last year aged 48.

Mortgage paid off and good pension. Wife still working which gives me room to manoeuvre.

Well that’s what I thought, If you had seen the list of jobs she left me one morning you’d of gone back to work as well.
I lasted 3 weeks and when the phone went asking if I was available, I was off back to work. She’s still moaning.
 
Mancini said:
I’m so lucky that I retired last year aged 48.

Mortgage paid off and good pension. Wife still working which gives me room to manoeuvre.

Well that’s what I thought, If you had seen the list of jobs she left me one morning you’d of gone back to work as well.
I lasted 3 weeks and when the phone went asking if I was available, I was off back to work. She’s still moaning.
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I’ve posted the before; I worked with a bloke who was remarkable at his job. Very innovative and acclaimed for his work. He was in a senior position and earned good money and as a result, his wife didn’t need to work.

Fast forward a good few years and he retired.

Within a few weeks his wife had taken on a part time job to get some peace.
 
I retire in March next year with a final salary pension, so I’m very lucky.
Need to get financial advice as I ain’t sure what my best options are.
Still fancy a part time job, to keep me sane.
 
DaftGet said:
Dont plan on living long enough to collect mine. The day I'm a nuisance in the shopping aisle and walking slow is the day i will throw myself off a cliff.

Using my employer pension as a unoffical savings account for my newborn daughter.
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Being a nuisance in the shopping aisle is part of the fun of being retired! Especially Friday evenings or Saturday when it's busy!
 
Anyone recommend a Shares ISA, easy to use with guidance for investing. Do any have a drip down isa to take money out?
 
Marty Moose said:
Wish i could do it now. The thought of grinding out another 35 years or whatever i have left fills me with absolute dread. Having said that, by the time i get anywhere near retirement age no doubt we will have been fucked over multiple times by an unsustainable aged populace to support and pensions won't be worth piss all. You'll get people grafting till they drop, one day jeff doesn't come into the office because he's gone in the night etc
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f***ing hell, sounds shit. Hopefully the country won't be bankrupt by then
 
Slippery Jim said:
11 months and counting for me to take my pension early at 55.

Then I'm off to live abroad until I die of cirrhosis.
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Off to Portugal? They’ll let you take your private pension tax free for 10 year; as a sweetener to attract folk in.

Me and the Mrs have an offset mortgage and are fortunate enough to be earning decent money to be saving quite aggressively.

We could probably make more investing it but the idea of being mortgage free is appealing - we are trying to get mortgage free within 3 years (I’ll be 40).

We’ll then have a decade to maximise our savings - via the savings in outgoings and hopefully continuing to deliver work wise. I’ve always been of the view that the state pension will not exist in its present form and it will end up means tested, by the time we get there - so we need to provide for ourselves.

If we can do that at 50 should be able to either slow down or do less; the kids will have a nice lumper in their ISAs to get them started and we can downsize and either access the capital (fund us to 57 when we can get at our pensions) or split time between the U.K. and somewhere warmer.

Plenty of golf, learn a language, travel. Happy days.
 
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Stepover said:
Off to Portugal? They’ll let you take your private pension tax free for 10 year; as a sweetener to attract folk in.

Me and the Mrs have an offset mortgage and are fortunate enough to be earning decent money to be saving quite aggressively.

We could probably make more investing it but the idea of being mortgage free is appealing - we are trying to get mortgage free within 3 years (I’ll be 40).

We’ll then have a decade to maximise our savings - via the savings in outgoings and hopefully continuing to deliver work wise. I’ve always been of the view that the state pension will not exist in its present form and it will end up means tested, by the time we get there - so we need to provide for ourselves.

If we can do that at 50 should be able to either slow down or do less; the kids will have a nice lumper in their ISAs to get them started and we can downsize and either access the capital (fund us to 57 when we can get at our pensions) or split time between the U.K. and somewhere warmer.

Plenty of golf, learn a language, travel. Happy days.
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No, not Portugal, Montenegro. The reason being that property prices are much lower and the net average wage is much lower too so even taking into account tax (flat 9% in Montenegro) the relative standard of living will be better.

List of European countries by average wage - Wikipedia

I have a fairly decent pension so even after tax, a 24% reduction for taking it early and taking 25% as a tax free lump sum I'm looking at 3x the national average Montenegrin wage.

10 months, twelve days and counting until I can claim it. :cool:
 
Slippery Jim said:
No, not Portugal, Montenegro. The reason being that property prices are much lower and the net average wage is much lower too so even taking into account tax (flat 9% in Montenegro) the relative standard of living will be better.

List of European countries by average wage - Wikipedia

I have a fairly decent pension so even after tax, a 24% reduction for taking it early and taking 25% as a tax free lump sum I'm looking at 3x the national average Montenegrin wage.

10 months, twelve days and counting until I can claim it. :cool:
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Nice!!!
 
Stepover said:
Off to Portugal? They’ll let you take your private pension tax free for 10 year; as a sweetener to attract folk in.

Me and the Mrs have an offset mortgage and are fortunate enough to be earning decent money to be saving quite aggressively.

We could probably make more investing it but the idea of being mortgage free is appealing - we are trying to get mortgage free within 3 years (I’ll be 40).

We’ll then have a decade to maximise our savings - via the savings in outgoings and hopefully continuing to deliver work wise. I’ve always been of the view that the state pension will not exist in its present form and it will end up means tested, by the time we get there - so we need to provide for ourselves.

If we can do that at 50 should be able to either slow down or do less; the kids will have a nice lumper in their ISAs to get them started and we can downsize and either access the capital (fund us to 57 when we can get at our pensions) or split time between the U.K. and somewhere warmer.

Plenty of golf, learn a language, travel. Happy days.
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Just back from Albufeira and had a look at the prices of some houses, For the price of out house we could get a 5 bedroom town house with a pool the set up is ideal for someone staying in part of the house. So not only a better way of life but income to boot.
 
Likely to get the boot in a global reorganization soon. Ideally I will get about another year working and then a years gardening leave. After that it is 18 months on contribution based unemployment benefit. That gets me to about 51 and the youngest 2/3 through university. Will need to move pension pot around to reduce tax and then can access it all once I leave Switzerland. With other bits and bobs should have about twice national average salary without tax for 25 years. A couple of pensions to kick in at 68 which should be about 2k a month. Job done I reckon. Only thing that can go wrong is they don’t get rid of my position- the bastards!
 
Dark Traveller said:
I’ve been doing that since I was 26, when I managed to secure my first proper job. It was a little bit at a time, but gradually a bit more as salary increased. Managed to put away about £60k in 20 years, hopefully can keep doing the same for the next 14-18 years. I’d probably have a bit more, but dip every now and again to pay for whatever needs doing that’s gone pear-shaped in the house (roof, windows, heating, etc).

So hopefully will have some savings to go with my work pension and state pension.
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Do you invest this or put it in a standard savings account?

If all goes to plan I should be comfortably retired by 45 currently 34. We invest about 1200 a month, the mortgage should be paid off in 4 years then we can increase our investment to 2k+. With a decent return on my stock and shares ISA of 5% over the next 11 we should have enough to return us about
The Butcher said:
Anyone recommend a Shares ISA, easy to use with guidance for investing. Do any have a drip down isa to take money out?
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Vanguard lifestyle fund is what I use, you invest under your ISA wrapper up to 20k a year so no tax either.
 
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Will be applying for a new mortgage shortly. 25 years will take me to 68.

Got a bit of a pot but not enough and need to start investing it but have to get this next house purchase out of the way.
 
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