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Retirement


I’m 57 in a few months. Thinking about leaving work and my final salary pension projection is £1400 a month. The missus draws down £1000 a month from her pot, so I’m hoping that’s enough to do what I want to do. It’s difficult to make the decision to retire when you’re on a decent wage, but with a couple of friends with cancer life is too short to be stressed at work. Your health is the key to a happy future…no doubt.
 
Super K said:
I’m 57 in a few months. Thinking about leaving work and my final salary pension projection is £1400 a month. The missus draws down £1000 a month from her pot, so I’m hoping that’s enough to do what I want to do. It’s difficult to make the decision to retire when you’re on a decent wage, but with a couple of friends with cancer life is too short to be stressed at work. Your health is the key to a happy future…no doubt.
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1400 gross or net ?
Think that’s problem for many , knowing how much you need and accepting you won’t have a full wage anymore, however as someone on here once posted , once you reach a certain age you are running out of time rather than money and it becomes your call
 
i8playoffs said:
So basically at 55 is a £500k pot enough to call time with?
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I think I was told a couple years back that that’s about £25K a year draw down until state pension kicks in then you drop it to about £15k and the top up comes from state pension but I’m no expert. I’m sure someone will have better insight.
 
safccfas said:
I think I was told a couple years back that that’s about £25K a year draw down until state pension kicks in then you drop it to about £15k and the top up comes from state pension but I’m no expert. I’m sure someone will have better insight.
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My idea was to take £12750 TF income and then splice some of the TF cash element (£12250pa) for 5 years to 60 (another Final salary scheme kicks in then). £25k Tax Free. Should cover most things for 5 years hopefully!!
 
In talks atm with work about dropping down to 2 days per week in a lesser role, mainly to keep myself busy but obviously the money will help. That together with my British Coal pension should keep me going without touching my main pension for a while.
I'm just turned 61 so planning on 2-3yrs in the part-time role before jacking it in altogether.
 
wackyjacky said:
In talks atm with work about dropping down to 2 days per week in a lesser role, mainly to keep myself busy but obviously the money will help. That together with my British Coal pension should keep me going without touching my main pension for a while.
I'm just turned 61 so planning on 2-3yrs in the part-time role before jacking it in altogether.
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Ganna drop one day per week next month, with 5 and a bit years to go, maybe sooner. Not sure when I'll jack it all in, but who knows.
 
gizmoganzee said:
Ganna drop one day per week next month, with 5 and a bit years to go, maybe sooner. Not sure when I'll jack it all in, but who knows.
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I was going to jack in altogether but having been fortunate enough to have worked for 45yrs, I don't think it would be healthy to go from that to nothing basically overnight. The missus still wants to work on so think it best I still get out and about and mix with people.
 
wackyjacky said:
I was going to jack in altogether but having been fortunate enough to have worked for 45yrs, I don't think it would be healthy to go from that to nothing basically overnight. The missus still wants to work on so think it best I still get out and about and mix with people.
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It's not the case with me, I haven't had loads of pensionable years or at least not paying into. My lass retires this year so I have to catch up.

One day extra means I can join the gym again and get a bit fitter I still can and maybe play squash. In the meantime build up my current work pension.
 
Wife and I are both retired on £31k a year combined with an untouched and as yet unneeded pension pot of £72k invested for future problems. State Pension will start in less than 12 months as well.
At 65yo we do not blow money as we did 25 years ago (kids, mortgages and decent cars are a thing of the past) so I think we are comfortably off.
It’s not what you earn it’s what you owe.
 
gizmoganzee said:
It's not the case with me, I haven't had loads of pensionable years or at least not paying into. My lass retires this year so I have to catch up.

One day extra means I can join the gym again and get a bit fitter I still can and maybe play squash. In the meantime build up my current work pension.
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Hope it goes well for you marra 👍
 
HettonSAFC said:
Yeah me too. I’m 57 and Looking to drop a day or even two with a finish at 62. No way I’m getting up to 67. That’s a fecking disgrace tbh.
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It really is and just more evidence that Governments really don't see people as anything more than worker bees and cunsumerists.
 
I’m going to be working till I drop.

I’m going to suggest they have a coffin ready in work to ship me out in.

Might see if DHL can have the shipping label ready to slap on the coffin
 
i8playoffs said:
So basically at 55 is a £500k pot enough to call time with?
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I’ve come across some 4% rule if want pension to last , so on £500k that be £20k pa rising with inflation (hopefully) each year .
Other posters will know better than me mind
 
Super K said:
I’m 57 in a few months. Thinking about leaving work and my final salary pension projection is £1400 a month. The missus draws down £1000 a month from her pot, so I’m hoping that’s enough to do what I want to do. It’s difficult to make the decision to retire when you’re on a decent wage, but with a couple of friends with cancer life is too short to be stressed at work. Your health is the key to a happy future…no doubt.
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This. My pay varied a lot and this seemed true. When i had plenty of work and was making good money, i was reluctant to retire.
But when it came to the time when i was keen to finish, i was on poor money and not much work, so decision was easy.
 
Can I ask a really daft question but at 55 can you draw down 20% tax free ? It’s just a one off though ? Like I couldnt draw down 20% of remaining balance at 56,57,58 etc ?

I need to sort my pensions out , with civil service til retirement now but have about 6 other pensions that I could do with consolidating - any recommendations on pension advisors ?
 
Nookie Bear said:
Can I ask a really daft question but at 55 can you draw down 20% tax free ? It’s just a one off though ? Like I couldnt draw down 20% of remaining balance at 56,57,58 etc ?

I need to sort my pensions out , with civil service til retirement now but have about 6 other pensions that I could do with consolidating - any recommendations on pension advisors ?
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I believe you can take up to 25% tax free from all pensions - lump sum then the remaining 75% gets locked until the pension kicks in - this will be determined on the policy.
You can execute all of your pension, full 100% at 55 however that would be taxable.

You can get a free initial call from the Government pension line, they will put you in touch with a pension advisor.
Only my opinion makes sense for one reasonably local to engage on a 1to1.
 
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