Retirement

[Joebaker1]

Speaking as someone who is now coming into my mid 60s and retired just before I was 60 my advice would be to do it (retire) if you can. I had a good career and enjoyed most of my working life but gave never looked back since I finished work
Your 60s may be your last good decade, if your lucky you will also be healthy into your 70s.
Some of us live too long, others not long enough.
We downsized, paid off the mortgage, sorted the kids out with deposits, bought a little place in Spain and I started to play golf.
TBH if I only got another five years before I croak I wouldn't feel cheated.

 

[Swindon On Tour]

Speaking as someone who is now coming into my mid 60s and retired just before I was 60 my advice would be to do it (retire) if you can. I had a good career and enjoyed most of my working life but gave never looked back since I finished work
Your 60s may be your last good decade, if your lucky you will also be healthy into your 70s.
Some of us live too long, others not long enough.
We downsized, paid off the mortgage, sorted the kids out with deposits, bought a little place in Spain and I started to play golf.
TBH if I only got another five years before I croak I wouldn't feel cheated.

Cracking post Mate.
I am 60 in December. No Mortgage, house could easily be sold if we needed to.
Job is stressful, currently assessing my pension pots (with an advisor), 6 in total and have been contributing since 16.
I also have savings. Touch wood inheritance in the future.
One lad going to uni, the other 6th form. Mrs has a job, not that well paid and doesn’t have a great pension.

I want out but just don’t know when to pull that trigger as “what is enough.”
Stuck with a lease car, 2 more years which I can’t get out of without paying 50% outstanding costs, that almost is a excuse as I need a car. Will buy a cheap one at th3 time.

Hopefully in coming weeks I will have a few scenarios to review.
Not ruling out doing another easier job if I have to but no idea what that is. Just want something to jump out and give me that, “yes, this is the one.”

I guess scared Mate, want out, really do but just need to jump.
Worked my bollocks off all my life, stressful jobs and ready. Lost a few mates recently and others with serious illness. This makes you stand up.

Keep thinking 2 more years but that currently is filling me with dread. End of this year is appealing.

Appreciate posts like yours

 

[Select coaches]

Cracking post Mate.
I am 60 in December. No Mortgage, house could easily be sold if we needed to.
Job is stressful, currently assessing my pension pots (with an advisor), 6 in total and have been contributing since 16.
I also have savings. Touch wood inheritance in the future.
One lad going to uni, the other 6th form. Mrs has a job, not that well paid and doesn’t have a great pension.

I want out but just don’t know when to pull that trigger as “what is enough.”
Stuck with a lease car, 2 more years which I can’t get out of without paying 50% outstanding costs, that almost is a excuse as I need a car. Will buy a cheap one at th3 time.

Hopefully in coming weeks I will have a few scenarios to review.
Not ruling out doing another easier job if I have to but no idea what that is. Just want something to jump out and give me that, “yes, this is the one.”

I guess scared Mate, want out, really do but just need to jump.
Worked my bollocks off all my life, stressful jobs and ready. Lost a few mates recently and others with serious illness. This makes you stand up.

Keep thinking 2 more years but that currently is filling me with dread. End of this year is appealing.

Appreciate posts like yours

I’m in similar situation 2 kids at uni, 3 years left for them both. I’m a bit younger but seriously considering packing in and maybe doing supermarket deliveries or postman or parcel delivery. Just need the missus to stop buying stuff and I’ll be alright.

 

[Joebaker1]

Cracking post Mate.
I am 60 in December. No Mortgage, house could easily be sold if we needed to.
Job is stressful, currently assessing my pension pots (with an advisor), 6 in total and have been contributing since 16.
I also have savings. Touch wood inheritance in the future.
One lad going to uni, the other 6th form. Mrs has a job, not that well paid and doesn’t have a great pension.

I want out but just don’t know when to pull that trigger as “what is enough.”
Stuck with a lease car, 2 more years which I can’t get out of without paying 50% outstanding costs, that almost is a excuse as I need a car. Will buy a cheap one at th3 time.

Hopefully in coming weeks I will have a few scenarios to review.
Not ruling out doing another easier job if I have to but no idea what that is. Just want something to jump out and give me that, “yes, this is the one.”

I guess scared Mate, want out, really do but just need to jump.
Worked my bollocks off all my life, stressful jobs and ready. Lost a few mates recently and others with serious illness. This makes you stand up.

Keep thinking 2 more years but that currently is filling me with dread. End of this year is appealing.

Appreciate posts like yours

It's all about the finances.
I had a pension Id chucked into for 38 years and the other half has a couple of smaller ones.
Game changer for us was selling the family home and buying a small place in the UK and a small place abroad. We now just split our time between the two.
OP asked about how much is needed to retire but there is no definitive answer to that as we are all different.
Reaching 60 is a bit of a landmark in life I think.
You are deep into the second half, ready to make a change in mid field and probably change the shape.
Good luck with whatever you decide mate

 

[Swindon On Tour]

I’m in similar situation 2 kids at uni, 3 years left for them both. I’m a bit younger but seriously considering packing in and maybe doing supermarket deliveries or postman or parcel delivery. Just need the missus to stop buying stuff and I’ll be alright.

If it helps so many now looking at the easier option. I know we are older but Ffs the work culture and expectation worse than before, that not helping that I am not interested and playing the game.
My Mates keep telling me that we didn’t get a hand when we were younger, had no options than to get out and get a job.
My eldest will accumulate a debt, they all do at university now. Maybe we are too soft. Supported them all my life, gave them Swindon home and away
Now it’s our turn Mate.

It's all about the finances.
I had a pension Id chucked into for 38 years and the other half has a couple of smaller ones.
Game changer for us was selling the family home and buying a small place in the UK and a small place abroad. We now just split our time between the two.
OP asked about how much is needed to retire but there is no definitive answer to that as we are all different.
Reaching 60 is a bit of a landmark in life I think.
You are deep into the second half, ready to make a change in mid field and probably change the shape.
Good luck with whatever you decide mate

Nice one and appreciated.
Did you stay in the same area when selling family home?
Or move to a cheaper area?

Love the footy scenario. The legs have gone, have to drop another level ️

 

[Joebaker1]

If it helps so many now looking at the easier option. I know we are older but Ffs the work culture and expectation worse than before, that not helping that I am not interested and playing the game.
My Mates keep telling me that we didn’t get a hand when we were younger, had no options than to get out and get a job.
My eldest will accumulate a debt, they all do at university now. Maybe we are too soft. Supported them all my life, gave them Swindon home and away
Now it’s our turn Mate.


Nice one and appreciated.
Did you stay in the same area when selling family home?
Or move to a cheaper area?

Love the footy scenario. The legs have gone, have to drop another level ️

Moved about 8 miles.
But out of the city and into the countryside.
Real change for us but great views and nice neighbours.
We still think we have one more move in us though.
Maybe Spain full time at some point.

 

[Blame Me]

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 ?

No daft questions, just questions you don't know the answer too.

I'm no expert, but we are going through something similar.

As far as I am aware you can only take that % out of your pension once and at start. The rest of that pension would be in a draw down or an annuity. As you say, you have 6 pensions and could take a % of one at 55, then again at 56 from one of the other pensions, than again at 57 with another pension etc.

If any of your pensions are under 10k, the tax rules also change, you can take all of it as one lump sum 25% tax free and the rest is taxable.

If you consolidate to one big pension pot then you are back to only able to take upto 25% of that full pot once. To consolidate and transfer you can do this without getting advice (though the place where you consolidate too may require you to have taken some advice before doing so) and you may pay some large fees/penalties, but that could depend on the size of the pensions being transferred.

We called the Pension Wise helpline and had an appointment and to be frank they were hopeless, we couldn't get an answer from them and we were basically more informed that those we spoke too.

Sorry I can't be any help with advisor recommendations.

 

[Select coaches]

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 ?

I’ve mentioned this before but I think it’s really useful. If you don’t take a lump sum you can draw down your pension with 25% of all withdrawals tax free, which means you can draw over £16.5k per year before you pay any tax.

 

[safccfas]

No daft questions, just questions you don't know the answer too.

I'm no expert, but we are going through something similar.

As far as I am aware you can only take that % out of your pension once and at start. The rest of that pension would be in a draw down or an annuity. As you say, you have 6 pensions and could take a % of one at 55, then again at 56 from one of the other pensions, than again at 57 with another pension etc.

If any of your pensions are under 10k, the tax rules also change, you can take all of it as one lump sum 25% tax free and the rest is taxable.

If you consolidate to one big pension pot then you are back to only able to take upto 25% of that full pot once. To consolidate and transfer you can do this without getting advice (though the place where you consolidate too may require you to have taken some advice before doing so) and you may pay some large fees/penalties, but that could depend on the size of the pensions being transferred.

We called the Pension Wise helpline and had an appointment and to be frank they were hopeless, we couldn't get an answer from them and we were basically more informed that those we spoke too.

Sorry I can't be any help with advisor recommendations.

So say I had 3 pension pots each with 100k in I could take 25k tax free from each pot each new tax year ? So 75k of the 300k would still be tax free but spread out over a number of years… never knew that

 

[Invictus]

Cracking post Mate.
I am 60 in December. No Mortgage, house could easily be sold if we needed to.
Job is stressful, currently assessing my pension pots (with an advisor), 6 in total and have been contributing since 16.
I also have savings. Touch wood inheritance in the future.
One lad going to uni, the other 6th form. Mrs has a job, not that well paid and doesn’t have a great pension.

I want out but just don’t know when to pull that trigger as “what is enough.”
Stuck with a lease car, 2 more years which I can’t get out of without paying 50% outstanding costs, that almost is a excuse as I need a car. Will buy a cheap one at th3 time.

Hopefully in coming weeks I will have a few scenarios to review.
Not ruling out doing another easier job if I have to but no idea what that is. Just want something to jump out and give me that, “yes, this is the one.”

I guess scared Mate, want out, really do but just need to jump.
Worked my bollocks off all my life, stressful jobs and ready. Lost a few mates recently and others with serious illness. This makes you stand up.

Keep thinking 2 more years but that currently is filling me with dread. End of this year is appealing.

Appreciate posts like yours

Don’t forget in 7 yrs time you will have your State Pension(obviously need to check how much that will be). So you can factor that in.
You might need to dig a bit deeper into your pension/ savings in the next 6-7 yrs but you have that guaranteed amount to supplement what you already have when you get to 67.

 

[Nookie Bear]

I’ve mentioned this before but I think it’s really useful. If you don’t take a lump sum you can draw down your pension with 25% of all withdrawals tax free, which means you can draw over £16.5k per year before you pay any tax.

This is really useful , is that from 55 ? I’m not going to have a huge pension income but health issues mean that I need to start planning on whether 55 is doable as obviously will have 12 years before state pension to fund

 

[Fletch]

25% of your pension can be taken as tax free income , either as a lump sum, or as most do as and when you draw some out (drawdown) 25% is tax free, the remaining 75% will be taxed but think I’m right in saying you would still have your £12,5k tax free personal allowance also .
Is that right ?

Also no NI deductions or employee pension payments helps also

 

[Select coaches]

This is really useful , is that from 55 ? I’m not going to have a huge pension income but health issues mean that I need to start planning on whether 55 is doable as obviously will have 12 years before state pension to fund

55 or 57 depending on age, did you say you were civil service? Might be worth speaking to them to confirm it applies to your scheme. Might look into it myself as the mrs is civil service and is itching to retire.

 

[Nookie Bear]

55 or 57 depending on age, did you say you were civil service? Might be worth speaking to them to confirm it applies to your scheme. Might look into it myself as the mrs is civil service and is itching to retire.

Aye I’ve only been with them 4 years and will be 8 at 55 , it’s really the other pensions I need to sort - missed the window to move them into the CS scheme and also after having to sort my dads estate when he passed away last year it would be much easier for loved ones if I sort out now

 

[Blame Me]

So say I had 3 pension pots each with 100k in I could take 25k tax free from each pot each new tax year ? So 75k of the 300k would still be tax free but spread out over a number of years… never knew that

That is my understanding.

The wife has just taken one of her pensions (1st of 5) and took a lumper (though not the full 25%), she'll do that for each of the pensions she has left for the next 4 years and then take the state pension as that gets her to state pension age.

 

[ChrisK]

Anyone recently moved a final salary into a drawdown ??
Wondering if pot is doing OK
Its probably been the worst few years with Covid, Truss and interest rates. So if its come thru ok seems a good deal.
Be an option for me next few months mind made up about 99% but good too hear if people would advise either way

 

[Swindon On Tour]

Anyone recently moved a final salary into a drawdown ??
Wondering if pot is doing OK
Its probably been the worst few years with Covid, Truss and interest rates. So if its come thru ok seems a good deal.
Be an option for me next few months mind made up about 99% but good too hear if people would advise either way

Could just be doing that Mate.
One other thing to consider is many final salary pension schemes want to buy you out.
Ask for a quote, you may be pleasantly Surprised.
Can transfer tax free to another pension, equally take 25% tax free out of the sum.

A fair few pension advisors don’t deal in final salary pensions thus are not listed to be in a position to give specific advice on these pension types. Best ask, most will also know one who can.

Moved about 8 miles.
But out of the city and into the countryside.
Real change for us but great views and nice neighbours.
We still think we have one more move in us though.
Maybe Spain full time at some point.

Nice one Mate, great it appears to be working out

 

[Ned Land]

Don’t forget in 7 yrs time you will have your State Pension(obviously need to check how much that will be). So you can factor that in.
You might need to dig a bit deeper into your pension/ savings in the next 6-7 yrs but you have that guaranteed amount to supplement what you already have when you get to 67.

My plan is to retire at 60 with a work pension.

Then until I’m 67 I will use money from a SIPP and/or ISA. Or even money from a lump sum.

I’ve always had a mindset of being careful with non essential spending, so I would feel uncomfortable being frivolous even if I could afford things.

 

[ontap]

Speaking as someone who is now coming into my mid 60s and retired just before I was 60 my advice would be to do it (retire) if you can. I had a good career and enjoyed most of my working life but gave never looked back since I finished work
Your 60s may be your last good decade, if your lucky you will also be healthy into your 70s.
Some of us live too long, others not long enough.
We downsized, paid off the mortgage, sorted the kids out with deposits, bought a little place in Spain and I started to play golf.
TBH if I only got another five years before I croak I wouldn't feel cheated.

Same here , was lucky enough to retire at 56, paid off mortgage , had a place in Spain but sold it when we discovered vegas haha. Best thing I ever did , have mates who worked until late 60's and their health is preventing them from doing all the things they planned on doing in retirement. Money a lot tighter now but we have a decent standard of living and had a great 14 yrs retirement so far.

 

[ChrisK]

Could just be doing that Mate.
One other thing to consider is many final salary pension schemes want to buy you out.
Ask for a quote, you may be pleasantly Surprised.
Can transfer tax free to another pension, equally take 25% tax free out of the sum.

A fair few pension advisors don’t deal in final salary pensions thus are not listed to be in a position to give specific advice on these pension types. Best ask, most will also know one who can.


Nice one Mate, great it appears to be working out

I had my CETV and your right was very happy basically can double what my company were offering plus when i die my pot goes to my family rather than back into the company pension pot it seems like a no brainer.
I also know a few who have done it and all say it's best thing they have done.
Have spoke with FA who has done a lot of transfers he with a well rated company there is a fee but rather play it safe and go with a decent outfit.