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Retirement

TAD said:
I'm just about to start a sip with either. Vanguard or AJ bell probs to tide me over from 60-67-we'll be comfortable at retirement age.. Quick questions&
1. I think I'm right in saying if anything happens to me it will go to my civil partner.
2. I can take the cash out when I'm 60....can I do it bit by bit?
3. Lastly, how and when do I get my tax on it if it's not coming out my pay
Sorry if these are basic but I've always been in government final salary pensions.
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Not am expert but my thoughts

1. With my works pension I can nominate who gets stuff in the event of me dying. But I'd imagine it'd just form part of your estate if no wills made.

2. You can cash out earlier. Currently 55, rising to 57. Can take 25% out as a big tax free lumper, then you can take rest out in small bits as it's subject to usual income tax thresholds.

3. I believe the provider claims the tax from the government then adds it to your account. Dunno timescales, but have heard it can be a few weeks (guessing they'll probably claim it once a month or something)
 

42 said:
Not am expert but my thoughts

1. With my works pension I can nominate who gets stuff in the event of me dying. But I'd imagine it'd just form part of your estate if no wills made.

2. You can cash out earlier. Currently 55, rising to 57. Can take 25% out as a big tax free lumper, then you can take rest out in small bits as it's subject to usual income tax thresholds.

3. I believe the provider claims the tax from the government then adds it to your account. Dunno timescales, but have heard it can be a few weeks (guessing they'll probably claim it once a month or something)
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Iirc your pension pot is not included within your estate for inheritance tax purposes.
No expert so stand to be corrected
 
Matt Hopkins said:
1 Yes, you name a beneficiary
2 Yes
3 You pay into the SIPP then about 10 weeks ish later the tax relief part gets added automatically you don't need to do anything, that's if you're a basic rate tax payer, don't know how it works if you pay 40% I didn't earn that much 👍
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Thank you that's great. Yes I'm a lower rate tax payer.
 
JAZZMANB said:
Anyone just think f it and walk away for a year late in life ?
That's my mindset at the mo
Like a soft retirement.
Have a long time away after 45 years working non stop and then reassess
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I walked away from a job (at 60) when I got fed up and was mentally fecked. Went on a trip to S America for 2 months and came back feeling the best I had for years, both physically and mentally.
 
JAZZMANB said:
Anyone just think f it and walk away for a year late in life ?
That's my mindset at the mo
Like a soft retirement.
Have a long time away after 45 years working non stop and then reassess
Click to expand...
I really wish I had been able to do a 6 month break between jobs. My old place had a few rounds of redundancy and I'd been there 15 years, with the offer of pretty much a month of pay for every year of service. I asked a few questions if there would be other rounds and was told nothing on the horizon. Found a new job, resigned and then within a few weeks a new round of redundancies were announced and I didn't qualify.

I have so much on at the minute outside of work, I could easily fill 6 months. I'm building a garden office which involved pulling down a shed where two large sheds were badly joined together. That means building a new end onto the now open shed. I'm looking out the window heading to a dinner break thinking if I have a quick sandwich then I can get out and do half an hour, then fit in another hour after work before I'm off out. I'm knackered. When I'm not at my desk working, I'm doing other stuff and just need to get rid of work really.
 
OldNewtown said:
Iirc your pension pot is not included within your estate for inheritance tax purposes.
No expert so stand to be corrected
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Always check with the scheme but you are on the right lines. Pension benefits generally seen as discretionary hence the need to nominate/express wish regards to beneficiaries
 
Joe Baker said:
I walked away from a job (at 60) when I got fed up and was mentally fecked. Went on a trip to S America for 2 months and came back feeling the best I had for years, both physically and mentally.
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That's my mindset at the mo
Sick as a chip at work
I have a mate doing a lot of travelling in retirement, pilgrim trail type stuff , cycling walking trips . Just need to break the circle for a bit
 
Joe Baker said:
I walked away from a job (at 60) when I got fed up and was mentally fecked. Went on a trip to S America for 2 months and came back feeling the best I had for years, both physically and mentally.
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Sounds like you and me were at the same point.
At 60 I felt completely burnt out and walked out of a decent job. Not had a break in employment since 16 albeit 2 months of looking for a job after made redundant at 58.
That added stress.
Sounds cracking Mate what you did and well worth it.
DaveH said:
I really wish I had been able to do a 6 month break between jobs. My old place had a few rounds of redundancy and I'd been there 15 years, with the offer of pretty much a month of pay for every year of service. I asked a few questions if there would be other rounds and was told nothing on the horizon. Found a new job, resigned and then within a few weeks a new round of redundancies were announced and I didn't qualify.

I have so much on at the minute outside of work, I could easily fill 6 months. I'm building a garden office which involved pulling down a shed where two large sheds were badly joined together. That means building a new end onto the now open shed. I'm looking out the window heading to a dinner break thinking if I have a quick sandwich then I can get out and do half an hour, then fit in another hour after work before I'm off out. I'm knackered. When I'm not at my desk working, I'm doing other stuff and just need to get rid of work really.
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You are going to be one of those that when retired you will be saying where did I have the time to fit work in.
I’ve been on a painting project including sealing windows.
One more room to do and sick of it now 🤣
JAZZMANB said:
That's my mindset at the mo
Sick as a chip at work
I have a mate doing a lot of travelling in retirement, pilgrim trail type stuff , cycling walking trips . Just need to break the circle for a bit
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Can well understand and relate to it.
I guess all about if you can afford to. One of my ex bosses (decent) was always trying to convince me to do it but I never had the guts.
 
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JAZZMANB said:
Anyone just think f it and walk away for a year late in life ?
That's my mindset at the mo
Like a soft retirement.
Have a long time away after 45 years working non stop and then reassess
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I like the idea of a "grey gap year". Taking a year out to do all of the things you were too skint to do while younger or didn't have time to do while working.

58-60 feels like a good time to take a break from the corporate world so some fun stuff then find something less stressful to do for a few more years to keep you busy and earn some pocket money while drawing down the private pension until the state one kicks in.
 
Darlo1973 said:
I like the idea of a "grey gap year". Taking a year out to do all of the things you were too skint to do while younger or didn't have time to do while working.

58-60 feels like a good time to take a break from the corporate world so some fun stuff then find something less stressful to do for a few more years to keep you busy and earn some pocket money while drawing down the private pension until the state one kicks in.
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I think there are good healthy reasons for doing this in your 50s.

If you look back through this thread, a lot of people don't want to retire because they don't know what they will do with themselves once work was finished. It was heartbreaking for us as a family to watch my dad retire, and just sit watching any old daytime TV crap shows while eating biscuits. His health went rapidly downhill.

A gap year, a 4 days week, anything like that, or if there were support groups. It is not talked about much, but people (and it seems worse for blokes) end up suffering real mental health, then physical health issues when they end work. I do think there is a cause and effect side to it too. A couple of people in the last few pages have said about burn out. If you are constantly mentally and physically exhausted, then you have no scope to do anything outside of work. That means any hobbies or interests dry up and it is hard to start them again.

The more I look at it, the more I think 50-60 is quite a dangerous age. That seems to be a time when people burn out the most. For many their job as either the most experienced there, or if they have risen higher with promotions, adds to pressure which leads to burn out. Then it is the decade before retiring and when you don't want to lose hobbies and interests, but people do. Then bang, you are suddenly out of work, you can't remember what you used to do to fill your free time and you are naturally slower to learn new stuff (at 47, I'm seeing that with guitar, it just takes longer to sink in).
 
Darlo1973 said:
I like the idea of a "grey gap year". Taking a year out to do all of the things you were too skint to do while younger or didn't have time to do while working.

58-60 feels like a good time to take a break from the corporate world so some fun stuff then find something less stressful to do for a few more years to keep you busy and earn some pocket money while drawing down the private pension until the state one kicks in.
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Aye , who knows what condition you're in at 65,66,67
Yeah it's nice to keep going and build your pot but for what?
Been a gaffa 30 years and I'm ready to just walk away . If I like at is as a trial there's not as much pressure
 
Each to their own.
I'm 74 next, still employed by an Non Profit making organisation in the Marine sector of the global Merchant Navy, been involved in shipping since 1966 (my first ship to sea) and was Captain on Chemical /LPG tankers for 21 years.
Work from home and probably do about 40 flights a year to Asia/USA/Europe.
I have an occupational pension from the Merchant Navy, a State pension although I did defer this for 4 years, and current employment pension pot.
Obviously I am salaried in the job but as yet I do not think about standing down. Yes there are days when I could say sod it and walk away but those days, thankfully, are through frustration rather than ill health.

My wife of 51 years is 75 in October and in fulltime employment as a Physiologist as a special needs school in North Yorkshire for high functioning young lads between 11 and 18 y-o although they are not able to cope in mainstream school unfortunately.
She works school hours and obviously school holidays so 38 weeks or whatever a year so my vacations are woven into these dates also

With 4 kids, 8 grandkids and 2 great grand daughters we are delighted to see them but as per arrangements and not by obligation.

Our weekends are for us as from 5pm on Friday till 08:00 Mondays whereby we are fortunate to fulfil every minute together and are blessed we are fit enough and sound of mind to do so.

Each to their Own.
:confused::)
 
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JAZZMANB said:
Aye , who knows what condition you're in at 65,66,67
Yeah it's nice to keep going and build your pot but for what?
Been a gaffa 30 years and I'm ready to just walk away . If I like at is as a trial there's not as much pressure
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Managing and responsibility for others takes its toll Mate.
From 27 to 60 for me.
Once I get the house projects done considering a 3 day a week non stressful job.
Only problem I have no idea as to what that will be.

I fully understand where you are. 🤞
 
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