Retirement

[trustnoone]

Impossible to say from that. You need to compare the fees you are paying on the old pots with what you are paying on the current work pension. Likely the current pension will be lower if it is an auto enrollment compliant scheme and the others are not.

However on the flip side you need to see if there are any rights or benefits in the old scheme you would be losing.

current pension is a dc plan salary sacrifice

 

[I'm Spartacus]

I'm not counting my 203 either

Gerrin I’m planning on saving my leave entitlement so I get nearly 3 weeks practice before I go for good. I’ll need to pop back in for a day or two to hand my kit in and stuff but no real work as such. I’ll chip in and help like but I’ll be as good as gone that last day or two I’ve paid my strike days off, asked for my final forecast and I’m thinking of ways to blow my lumper.

I cant wait, 30 years working for one employer is more than enough. Especially in the public sector

 

[houghton cut head]

Gerrin I’m planning on saving my leave entitlement so I get nearly 3 weeks practice before I go for good. I’ll need to pop back in for a day or two to hand my kit in and stuff but no real work as such. I’ll chip in and help like but I’ll be as good as gone that last day or two I’ve paid my strike days off, asked for my final forecast and I’m thinking of ways to blow my lumper.

I cant wait, 30 years working for one employer is more than enough. Especially in the public sector

Go on the pat and mick for 6 months mate before you retire, better still

 

[Keb]

Gerrin I’m planning on saving my leave entitlement so I get nearly 3 weeks practice before I go for good. I’ll need to pop back in for a day or two to hand my kit in and stuff but no real work as such. I’ll chip in and help like but I’ll be as good as gone that last day or two I’ve paid my strike days off, asked for my final forecast and I’m thinking of ways to blow my lumper.

I cant wait, 30 years working for one employer is more than enough. Especially in the public sector

I had 7 months of furlough, I've done enough practice, I want the real thing now. I've told them I want to work from Spain for the whole of February too
I've just turned 60 and completed 25 years, they've had enough of my life.

 

[ir35]

Under 2 years to get through now, I’m really struggling with motivation.

 

[ftm1971]

I'll die at work with nee savings

 

[archiesdad]

Had a full on session with an FA tonight. Really interesting stuff, lots to think about but the good news is we can both go at 57 if we keep doing what we are now. 2 years for me and a month or two less for the Mrs. Worked hard the last 10 yrs but it's paid off. Awa the moon.

 

[Crook]

Had a full on session with an FA tonight. Really interesting stuff, lots to think about but the good news is we can both go at 57 if we keep doing what we are now. 2 years for me and a month or two less for the Mrs. Worked hard the last 10 yrs but it's paid off. Awa the moon.

Tell us more...

 

[archiesdad]

Tell us more...

Just a few tweaks really. We have too much cash as a %age of assets, pension pots have done well as we've both been putting additional mthly payments in. Mix of cash and ss ISA's and some savings bonds. He said it was a really good overall pot given we had nee real idea what we were doing. The building up the pot bit is almost done, we just need a plan for how we deplete it in a tax efficient way. Growth overall isnt that high but ive invested at pretty low risk, but I'm OK with it as it provides a little more protection.

 

[Pantomime Mackem]

57, packed in work 2 years ago, moved to a portfolio career with consulting, paid board roles and the like, one is pro bono. End up working about 25 hours a week. Done it for two years. For me the break even point is 35k a year (down south but no mortgage). OH is still working a proper FT job.

Update. Still at it and still more than breaking even. Definitely on the glide path down to full retirement now, ETA for that is about 4 years. Pitching for roles and gigs gets a bit wearing but apart from that I don't miss proper work. I turn away quite a bit but on the flip side don't get everything I pitch for (failed to get a beaut last week but that's life). All in all life is sweet. I am never rushed, never hurried, enjoy the work I do, have better mental health than I've had for years and enough time to do the stuff I want to do.

 

[joebolton]

I am really pleased for all the people looking forward to retirement. If I am being honest , I am dreading it.
Still trying to think of a hobby or pastime to fill in that 9-6 Monday to Friday.
Been at the same place 30 years and I love it.

Some ideas I have had
Get a dog
Learn guitar , then see if there’s a band to join.
Put a few extra long walks in during the week
Get pissed a few afternoons.
Visit some cities I haven’t been , wander about.

Need something with some purpose and achievement though , like I get from work. Any ideas welcome.

Income will be about £22000 work pension and what is it , £11000 state. So about £600 a week. ( that’s in todays money ) no mortgage by then.

 

[The Great Soprendo]

I am really pleased for all the people looking forward to retirement. If I am being honest , I am dreading it.
Still trying to think of a hobby or pastime to fill in that 9-6 Monday to Friday.
Been at the same place 30 years and I love it.

Some ideas I have had
Get a dog
Learn guitar , then see if there’s a band to join.
Put a few extra long walks in during the week
Get pissed a few afternoons.
Visit some cities I haven’t been , wander about.

Need something with some purpose and achievement though , like I get from work. Any ideas welcome.

Income will be about £22000 work pension and what is it , £11000 state. So about £600 a week. ( that’s in todays money ) no mortgage by then.

Can you adjust your hours downwards when the time comes rather than just stop abruptly? If not then maybe find something you'd enjoy doing in a volunteer role for a while to retain some of that structure in your week?

I'm not there yet but those are options I'd consider.

 

[HettonSAFC]

Similar.

It’s bloody hard work !

And you are “ encouraged “ to use one of their advisors. One mush wanted £5000 just to transfer funds to another provider .

I did a couple of hours research and did it myself.

He was quite miffed when I told him the robbing little shit

I know it’s your/out money but L & G refused to let me transfer a smallish pension into one of theirs without an advisor. Is it it even legal to be forced to use one? It’s what “I” want to do with “my” money and would surely be liable ……I’d rather go it alone for such an easy task instead of handing over £2k to an advisor..

 

[joebolton]

Can you adjust your hours downwards when the time comes rather than just stop abruptly? If not then maybe find something you'd enjoy doing in a volunteer role for a while to retain some of that structure in your week?

I'm not there yet but those are options I'd consider.

Yes that’s an option , drop down to 3 days at 67 , or earlier if I stop enjoying it as much.
It may be that there are grandkids about , and I could help out there a bit. Just that something that gives you a reason to get up on a morning , and keep your mind crackling with ideas and plans. Rather than just “ how will I fill the next 8 hours “.

I want to get my head around it all now (57) , as I have seen a lot of people go downhill quick at 67, mentally not physically.

 

[Fletch]

Gerrin I’m planning on saving my leave entitlement so I get nearly 3 weeks practice before I go for good. I’ll need to pop back in for a day or two to hand my kit in and stuff but no real work as such. I’ll chip in and help like but I’ll be as good as gone that last day or two I’ve paid my strike days off, asked for my final forecast and I’m thinking of ways to blow my lumper.

I cant wait, 30 years working for one employer is more than enough. Especially in the public sector

Good luck mate

 

[Swindon On Tour]

I am really pleased for all the people looking forward to retirement. If I am being honest , I am dreading it.
Still trying to think of a hobby or pastime to fill in that 9-6 Monday to Friday.
Been at the same place 30 years and I love it.

Some ideas I have had
Get a dog
Learn guitar , then see if there’s a band to join.
Put a few extra long walks in during the week
Get pissed a few afternoons.
Visit some cities I haven’t been , wander about.

Need something with some purpose and achievement though , like I get from work. Any ideas welcome.

Income will be about £22000 work pension and what is it , £11000 state. So about £600 a week. ( that’s in todays money ) no mortgage by then.

Definitely takes time to adjust.
Try not to over think it. You can always look at doing a part time job or volunteering.
If you love it at your work place then why retire?
Could they let you work 2 or 3 days a week for a while.

I know it’s your/out money but L & G refused to let me transfer a smallish pension into one of theirs without an advisor. Is it it even legal to be forced to use one? It’s what “I” want to do with “my” money and would surely be liable ……I’d rather go it alone for such an easy task instead of handing over £2k to an advisor..

I had this with a few of my pensions when wanting to transfer.
Just became a minefield without an advisor. All sorted now and amalgamated into one.
Make sure you give yourself time if this is in a plan - 9 months or so to be safe.
They are very slow and so much box ticking.

 

[Shack]

I am really pleased for all the people looking forward to retirement. If I am being honest , I am dreading it.
Still trying to think of a hobby or pastime to fill in that 9-6 Monday to Friday.
Been at the same place 30 years and I love it.

Some ideas I have had
Get a dog
Learn guitar , then see if there’s a band to join.
Put a few extra long walks in during the week
Get pissed a few afternoons.
Visit some cities I haven’t been , wander about.

Need something with some purpose and achievement though , like I get from work. Any ideas welcome.

Income will be about £22000 work pension and what is it , £11000 state. So about £600 a week. ( that’s in todays money ) no mortgage by then.

It's achieving financial independence to do what you want. That is a great feeling o
To have. You don't have to retire but knowing you can choose what you want to do rather than having to work is liberating especially if you don't like your job. You're right though, you still need some structure to your day otherwise it can lead to physical and/or mental decline. You may choose to downsize and move house, so plenty of work to do on a 'new' house could take up time. Volunteering is a great way of 'paying back' and building a social network if you maybe have a lot of friends who are actually work colleagues.

Remember to take into account paying tax on anything over the standard tax band. That is something to remember and think about, trying to get that money back out as efficiently as possible!

 

[DaveH]

Has anyone talked to a financial advisor at around 50 and did it make much of a difference?

By then I'll be 8-10 years out, the mortgage will be paid off so it feels about the right time to plan for the final run-in.

 

[elder]

a "surprise" restructure announced at graft today. for my team 4 of us have to 'fight' over 3 jobs... to be honest i'm happy to miss out as i'll get just over a years salary if i'm made redundant. the process will go on into early next year but i should know in early december if i'm out the door or not.

it would bring retirement a whole lot closer as long as i pick up something else for a year or so.

 

[Swindon On Tour]

It's achieving financial independence to do what you want. That is a great feeling o
To have. You don't have to retire but knowing you can choose what you want to do rather than having to work is liberating especially if you don't like your job. You're right though, you still need some structure to your day otherwise it can lead to physical and/or mental decline. You may choose to downsize and move house, so plenty of work to do on a 'new' house could take up time. Volunteering is a great way of 'paying back' and building a social network if you maybe have a lot of friends who are actually work colleagues.

Remember to take into account paying tax on anything over the standard tax band. That is something to remember and think about, trying to get that money back out as efficiently as possible!

I have been asked to become a fishing bailiff around a large reservoir.
4 days on and 4 days off.
Collect money, walk around, chat, get commission (cash in hand) and can take the dog.

Never thought I would become a jobsworth in my life
Ohh and free fishing.

Might as well give it a go.
Just never know what is around the corner but you are spot on.
Retirement gives you that choice, if you don’t like it you can walk away without thinking about the consequences.

a "surprise" restructure announced at graft today. for my team 4 of us have to 'fight' over 3 jobs... to be honest i'm happy to miss out as i'll get just over a years salary if i'm made redundant. the process will go on into early next year but i should know in early december if i'm out the door or not.

it would bring retirement a whole lot closer as long as i pick up something else for a year or so.

Happened to me. Redundancy then took a job for just over a year that I detested.
Got to 60 and it helped me think “jump” get the fook out of all this shite.

Good luck Mate.