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Retirement

SPUFF said:
Fair play gilly. Clearly enjoy it more than I have of late.
Latest crisis looking better, thanks for your kind words.

Hope you can get a decent balance sorted as were a long time dead.
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I was thinking about you when you said your where under the cosh, it’s crap like when it’s like that.
I went through it the other month getting a nursing home handed over ready for a CQC inspection. The consequences of it not being done was going to go into the 100’s of thousands but more critically my biggest and most important client wouldn’t have been happy at all with me.

it was proper 11th Hr stuff:lol::(
 

I'm in my late 50s and plan to semi retire when I'm 60. I'm very lucky and have a very good company pension which I've been in for over 30 years (a rare moment of sense from me when I was young).

A nice part time job, lots of golf, gym, reading gardening, watching sport, PC gaming and plenty of holidays. I'll never be bored.

It helps that me and my missus have very different interests so we won't be together 24/7 😂
 
Gillythedilf said:
I was thinking about you when you said your where under the cosh, it’s crap like when it’s like that.
I went through it the other month getting a nursing home handed over ready for a CQC inspection. The consequences of it not being done was going to go into the 100’s of thousands but more critically my biggest and most important client wouldn’t have been happy at all with me.

it was proper 11th Hr stuff:lol::(
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Very similar situation mate.

Ive great friends and family but think its impossible to describe what youre going through when pressure ramps like that.

Ive vowed not to put myself through it again but ive said that before 😂 think im serious now like.
 
It’s amazing how many clients tell you they want to retire at 58 or 60 but only have £20k in a pension and no savings. Then the reality sets in that they’re stuck working until state pension age.

That’s why it’s very important to start young.
Auto enrolment has helped with this a little bit but just paying the minimum with the additional employer contributions at least gives you a start.
 
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Temple of Doom said:
It’s amazing how many clients tell you they want to retire at 58 or 60 but only have £20k in a pension and no savings. Then the reality sets in that they’re stuck working until state pension age.

That’s why it’s very important to start young.
Auto enrolment has helped with this a little bit but just paying the minimum with the additional employer contributions at least gives you a start.
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That is why I don’t see it as “wishing my life away”, by planning for the future.

I’ve been paying into a decent pension since I was 21, and I’ve encouraged my wife to look at hers - she let it slip since she went self employed.

Every time I get a pay rise, we look at our finances. Usually 50% of the rise goes into mortgage overpayments, the other half goes towards the general cost increase of life or fun.

A woman I worked with was all about the value of stuff. She had a BMW sports car, bought designer this, expensive that and of course came to work telling us the price tag. Then she moaned that she wanted to retire and could not.

There is a balance between enjoying life now and being able to enjoy later and my plan is to make sure I hit that balance to achieve both.
 
Derbla said:
Great attitude. Have a like
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Sounds great. I plan to work til the mortgage is paid off then retire abroad. Leaving the forces in a few months after nearly 30 years but had a couple of potential job offers which if they come off the mortgage will be paid sooner then I'm going to enjoy the time. Move abroad, walk the dog, go diving, have the grandkids and family over. Sounds perfect so will probably never happen!
 
Matt Hopkins said:
100% agree with the bit I've put in bold.👍

Unless you already do start keeping a spreadsheet of what you actually spend, sounds a bit sad but it helps massively doesn't need to be anything complicated. Mine goes back 9 years and you can see where your money has gone it gives you confidence to go when you want. Good luck 👍
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Wife's been doing this 15 years and helped us make 3 or 4 big positive decisions, we probably wouldn't have
stan said:
Sounds great. I plan to work til the mortgage is paid off then retire abroad. Leaving the forces in a few months after nearly 30 years but had a couple of potential job offers which if they come off the mortgage will be paid sooner then I'm going to enjoy the time. Move abroad, walk the dog, go diving, have the grandkids and family over. Sounds perfect so will probably never happen!
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Just watch it with new EU rules. If you are non resident you can only spend 6 months in e.g. Spain
 
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42 said:
I think A lot of the ones working into old age are self employed
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Probably half of lads i grew up with are self employed and have done well on it, decent houses had the holidays and so on
But we all in our mid to late 50`s now and none of them have any chance of retiring all say they need to keep going as don't have any sort of pensions.
Also due to the type of work they have done mostly in construction type trades there bodies are knackered not a decent back or pair of knees between them all.
 
DaveH said:
That is why I don’t see it as “wishing my life away”, by planning for the future.

I’ve been paying into a decent pension since I was 21, and I’ve encouraged my wife to look at hers - she let it slip since she went self employed.

Every time I get a pay rise, we look at our finances. Usually 50% of the rise goes into mortgage overpayments, the other half goes towards the general cost increase of life or fun.

A woman I worked with was all about the value of stuff. She had a BMW sports car, bought designer this, expensive that and of course came to work telling us the price tag. Then she moaned that she wanted to retire and could not.

There is a balance between enjoying life now and being able to enjoy later and my plan is to make sure I hit that balance to achieve both.
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Agree Mate.
Always been good with money, paid into pensions continually since 16.
Have savings, Mortgage paid off and always the option of down sizing.
Yet still that doubt “do you have enough” rattling around in my head.
60 in December and feels like I’m looking over the edge thinking work a bit longer or jump. Trust me I want to jump, only I can make that call.
Starting to get closer to shouting, ‘fk it” and jumping. What is the worst that can happen, that really is a key defining question to most of us.
It‘s the norm to graft, work hard and struggle to suddenly see that income level reduce. Having kids later in life definitely a factor, mind you I had fk all thus they can do the same 😂
 
Derbla said:
Wife's been doing this 15 years and helped us make 3 or 4 big positive decisions, we probably wouldn't have

Just watch it with new EU rules. If you are non resident you can only spend 6 months in e.g. Spain
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Yeah, looked in to it all. Going to apply for residency and move lock stock.
 
Swindon On Tour said:
Agree Mate.
Always been good with money, paid into pensions continually since 16.
Have savings, Mortgage paid off and always the option of down sizing.
Yet still that doubt “do you have enough” rattling around in my head.
60 in December and feels like I’m looking over the edge thinking work a bit longer or jump. Trust me I want to jump, only I can make that call.
Starting to get closer to shouting, ‘fk it” and jumping. What is the worst that can happen, that really is a key defining question to most of us.
It‘s the norm to graft, work hard and struggle to suddenly see that income level reduce. Having kids later in life definitely a factor, mind you I had fk all thus they can do the same 😂
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Nice.

I'm not at that stage with the mortgage yet. Hope to have it paid off when I'm 50. What we pay on the mortgage is not small, so we are set to have a significant amount of extra disposable income in a few years time. We plan to invest at least 80% of that for 8-10 years and that will either give us savings we can live off or it could to towards a different private pension (we need to seek advice on this one). Assuming the state pension will still be there, we will still get it at 67 and it will be what it is now (about £11k, then account for inflation), we think what we save when the mortgage is gone and the private pension, will give us a pretty comfortable life and the state pension will kick in just as the savings are gone.
Darlo1973 said:
Interesting article

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Any idea how you know what the value of your pension pot is and how it relates to the figures in the article?

My pension is in two parts. Defined benefit where I will get a set lump sum and a set annual income. Defined contribution, which essentially is a big savings account locked away until I retire.

The DC part is easy, but I don't quite know where the pot size comes from in the DB part.
 
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DaveH said:
Nice.

I'm not at that stage with the mortgage yet. Hope to have it paid off when I'm 50. What we pay on the mortgage is not small, so we are set to have a significant amount of extra disposable income in a few years time. We plan to invest at least 80% of that for 8-10 years and that will either give us savings we can live off or it could to towards a different private pension (we need to seek advice on this one). Assuming the state pension will still be there, we will still get it at 67 and it will be what it is now (about £11k, then account for inflation), we think what we save when the mortgage is gone and the private pension, will give us a pretty comfortable life and the state pension will kick in just as the savings are gone.

Any idea how you know what the value of your pension pot is and how it relates to the figures in the article?

My pension is in two parts. Defined benefit where I will get a set lump sum and a set annual income. Defined contribution, which essentially is a big savings account locked away until I retire.

The DC part is easy, but I don't quite know where the pot size comes from in the DB part.
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The DB part does not have a “pot size” as such.

It provides a “defined benefit” which is income or an optional lump sum plus a reduced level of income therefore the BENEFIT - in this case the income you receive from the plan - is defined.

You can get a cash equivalent transfer value but that is only the value if you transfer it. It’s not what the pot is worth.
 
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