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Retirement

gazza.1990 said:
Curious...

What did you do with the 25% tax free lumper may I ask?

Can only put 20k in an ISA, so if the rest is in savings you earn income via interest and if drawdown then you'll pay tax on that interest etc...
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Yes but remember if @JAZZMANB only takes £12570 from his SIPP or other pension and that is his only source of income he can earn up to £6000 in interest before he is taxed so at 4% he could have £150k in cash 👍
 
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Fletch said:
One for the retirees - did you take any advice on how to drawdown and how much etc .
The missus (no) is hoping to retire in March , was just gonna use the 4% rule but unsure if should get advice about how best drawdown how it works etc and amounts could probably take
I will then start looking at when I can probably go, there’s no chance I’m working until 60.
The one thing we’re all running out of is time and you only get so many years while still active and healthy
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Assuming you’re over 50 then if you haven’t already done so, make an appt. with pensionwise/money helper as they will explain the various options. This is a free service, but they do stress that it is in no way advice, but a service to explain your options. You and your missus could attend together, either in person or via online call. We used it, and I would recommend.

As others have stated, if you need further advice then find an IFA. You could probably find one who will give one off advice, if you don’t want to pay ongoing fees.
The IFA will also probably do what is called a Monte Carlo simulation based on your pot size and estimated outgoings to work out how long your money will last e.g. 90% chance of lasting even if you live to 100 etc.
 
cornish mackem said:
It’s the same with everything. That worry box’s contents just change but there’s always something in it. Take kids. The worry about every sniffle as a new born, move on to teeth and the sleeping, potty training, new schools, bullying, exams , off to work/ uni. Ideal I thought, now the bollox we are dealing with with her house move ! There’s always a worry it just changes. We have taken in a project at home and I’ve worked harder in the last year only to have another land on us that was simmering since before lockdown View attachment 21747new project from before lockdown
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Fantastic Mate. Once finished you could rebuild the County Ground.👍
 
Matt Hopkins said:
Yes but remember if @JAZZMANB only takes £12570 from his SIPP or other pension and that is his only source of income he can earn up to £6000 in interest before he is taxed so at 4% he could have £150k in cash 👍
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Thanks mate, having read your post here and then looked it up why youd said 6k, I had no idea about that £5k starting rate for savings interest! Explains it to me perfectly, cheers!
 
JAZZMANB said:
Its very liberating having the whole day free ,everyday. I had a do very little day yesterday. No big activities, just stuff . It was great . I went to a workmates birthday doo at the weekend . It sounds as bad as ever and it's history to me now
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By comparison, got up this morning, took the dog out, got back & fed him. After that, did a load of stretching exercises and went for a run, wanted a bit more cool down, could not have it and needed to have a very quick shower. Made and ate my breakfast quickly to make sure I was able to start work at 9.

I was straight into a catch up meeting that really could have been 2 minutes long rather than 30.

If I were retired, I could do the same thing except not have to rush a shower and breakfast and start doing other stuff half an hour later.
 
Keb said:
So it was my colleague and my retirement drinks do a few days back and they rolled out a few presents for us. Baseball caps, mugs, candles etc. And then a box of frosties. But hidden inside was this...
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I’d be very careful about opening boxes of cereals after a couple of photos on here a while back.

Looks like you were lucky.
 
DaveH said:
By comparison, got up this morning, took the dog out, got back & fed him. After that, did a load of stretching exercises and went for a run, wanted a bit more cool down, could not have it and needed to have a very quick shower. Made and ate my breakfast quickly to make sure I was able to start work at 9.

I was straight into a catch up meeting that really could have been 2 minutes long rather than 30.

If I were retired, I could do the same thing except not have to rush a shower and breakfast and start doing other stuff half an hour later.
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It is a bit weird having very little that HAS to happen but once it sinks in its great. Make plans ,change them etc . Plan a energetic day but feel a bit tired next day . Postpone . I had am appointment for my haircut at 1pm today . A rare deadline
 
I've just had 6 weeks off work touring around Europe on my motorbike. First I did the Black Cats of Italy party, from there headed up through Austria, Germany and Denmark where I caught the ferry to Iceland. After 15 days in Iceland I got the ferry back to Denmark and headed home. Next Monday I'll be going back to work but I'm beginning to get a liking for this retirement lark. I was planning on packing in work in March at the end of the tax year but presently sitting in my garden with a beer and a bbq on the go I'm not sure if I can make it to March. Looking at my finances I'll not be able to have the number of holidays I usually have but then again if I'm not grafting then a holiday becomes less important. Watch this space.
 
Tuono said:
I've just had 6 weeks off work touring around Europe on my motorbike. First I did the Black Cats of Italy party, from there headed up through Austria, Germany and Denmark where I caught the ferry to Iceland. After 15 days in Iceland I got the ferry back to Denmark and headed home. Next Monday I'll be going back to work but I'm beginning to get a liking for this retirement lark. I was planning on packing in work in March at the end of the tax year but presently sitting in my garden with a beer and a bbq on the go I'm not sure if I can make it to March. Looking at my finances I'll not be able to have the number of holidays I usually have but then again if I'm not grafting then a holiday becomes less important. Watch this space.
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JFDI…. You’ll have no regrets😊
 
Hair Flick said:
Denmark have announced a gradual raise of the retirement age from 67 at present to 70 by 2040.

You must be logged on to see external links

I can see many other Western nations following suit.
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It might be a tricky one politically. I don’t think Labour can afford such an unpopular move that will really annoy the 40+, where a lot of their core vote sit. And the gains of which are very long term. It would be a brave move for them.

But then Tory/Reform has a lot of their core in the 60+. If they were the ones to raise retirement age that is going to put off those reaching 69 from turning to them replacing those who are naturally lost.

Also a difficult one that going to you are 70 is going to be tough for manual workers.
 
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