Retirement

[cornish mackem]

Denmark have announced a gradual raise of the retirement age from 67 at present to 70 by 2040.

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I can see many other Western nations following suit.

The thing that allowed me to drop the hours was my nhs pension. I’ve taken it really early but I wanted out of it asap because I have a gut feeling there’s going to be another battle ahead about taking it early and the penalties. I’m 53 so god knows what the state pension age is going to be by the time I get there if I’m lucky enough to get there that is.
I have quite a simple life really , fishing, shooting, managing our land but it’s all paid for so having more time to do my things is what I want as opposed to the big holidays and time away. I don’t want for much really but I ask for more time to do it.

 

[Paddy O'Dors]

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.

In many cases (and I speak from a personal point of view here) they wouldn't be delaying a lot of people's retirement date, they'd be delaying paying them the state pension.

 

[Swindon On Tour]

The thing that allowed me to drop the hours was my nhs pension. I’ve taken it really early but I wanted out of it asap because I have a gut feeling there’s going to be another battle ahead about taking it early and the penalties. I’m 53 so god knows what the state pension age is going to be by the time I get there if I’m lucky enough to get there that is.
I have quite a simple life really , fishing, shooting, managing our land but it’s all paid for so having more time to do my things is what I want as opposed to the big holidays and time away. I don’t want for much really but I ask for more time to do it.

Was all about time for me.
Time is precious and body clock and miles can’t be stopped.

I was fishing last week and didn’t see a single sole and only trains rattling over the bridge I was sitting next to.
That quality time to reflect without the pressure or hindrance of work. Pulling out Bream one a chuck and shaded by stunning trees whilst reminiscing about fishing the exact spot some 40 or so years ago.

If a simple life is a quality and content life then count yourself lucky.
We can’t take possessions with us after all.

 

[The Great Soprendo]

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.

Feels inevitable to me though I agree it's difficult politically. In the UK we probably need to kill off the triple-lock (which was a ridiculous idea in the first place), or raise the retirement age, or both. I do think some kind of exception might need to be made for those in certain professions though - longer life expectancy is one thing but nobody can realistically be expected to do 50+ years of manual labour IMO.

 

[DaveH]

In many cases (and I speak from a personal point of view here) they wouldn't be delaying a lot of people's retirement date, they'd be delaying paying them the state pension.

From my point of view, my company pension scheme is linked to my retirement age, so everything would shift by 2-3 years, and that includes the claiming early penalties. If it changed now, I'd be tempted to keep going to 60, rather than the current target of 58. But then again, 2-3 years ago my target was 60 anyway so the shorter target has only changed recently.

But if you are right, then it faces opening a bigger gap between manual and office workers. A lot of people in manual trades are classed as self employed, have not paid into pensions or have poor pensions. Without that to fall back on, they face doing harder physical work for longer than many people can comfortably do, and stats show that manual workers tend to live shorter lives.

Meanwhile those in offices have generally been better paid, have paid into decent company pensions but have low physical impacts on them. So we could see those who can go on for a lot longer retire earlier while those where age is taking it's toll could are forced to go on for longer.

This might be a more suited comment for the politics board!

 

[cornish mackem]

Was all about time for me.
Time is precious and body clock and miles can’t be stopped.

I was fishing last week and didn’t see a single sole and only trains rattling over the bridge I was sitting next to.
That quality time to reflect without the pressure or hindrance of work. Pulling out Bream one a chuck and shaded by stunning trees whilst reminiscing about fishing the exact spot some 40 or so years ago.

If a simple life is a quality and content life then count yourself lucky.
We can’t take possessions with us after all.

Out in Brittany with friends at the mo who have put the time in but don’t seem to want to finish work even though they could very easily. My sister is another one. Horses for courses I suppose .
The couple we are away with have worked in very well paid jobs, very committed to them too, big house in SW London,no kids to leave anything too, mortgage free and both now 60. I just don’t get it but it’s their lives , not mine.

 

[DaveH]

Feels inevitable to me though I agree it's difficult politically. In the UK we probably need to kill off the triple-lock (which was a ridiculous idea in the first place), or raise the retirement age, or both. I do think some kind of exception might need to be made for those in certain professions though - longer life expectancy is one thing but nobody can realistically be expected to do 50+ years of manual labour IMO.

Certain professions gets a difficult one to put into policy. Could I hit 55, switch to doing manual work for a couple of years and then retire earlier than if I stuck it out doing office work for a couple of years?

As soon as you change the rules, some people will lose out because the rules didn't take into account their circumstances. But on the other side, those who figure out how to play the game just created, win.

When there was a push for private pensions in the late 80s, I think the intention always was to means test the state pension. That feels inevitable because as society lives longer and we have a low birth rate, it does not become sustainable.

The problem is, the income provided by most company pensions are designed to be a top up to the state pension, so a means test would throw many plans out the window. It would probably only be reasonable to do for anyone currently under 30, and that policy would take 37 years for the country to see the benefit.

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

My thing is, I'm a planner and a list maker.

I'll often sit at a weekend and write a list of all the jobs and other things I feel I need to do and that is always far too ambitious as to what can fit into a weekend. I'm the same when I have time off work and I'm not away on holiday. So if retired I think I would end up feeling like there is stuff I do have to do. But the difference will be that there will be no consequence if I don't get it done and it is all stuff of my decision, not at the whim of work.

 

[JAZZMANB]

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.

Trip sounds class . That was my thinking on stopping at 62 . My job funded nice things but I was happy to step back a bit on treats to make the jump

Certain professions gets a difficult one to put into policy. Could I hit 55, switch to doing manual work for a couple of years and then retire earlier than if I stuck it out doing office work for a couple of years?

As soon as you change the rules, some people will lose out because the rules didn't take into account their circumstances. But on the other side, those who figure out how to play the game just created, win.

When there was a push for private pensions in the late 80s, I think the intention always was to means test the state pension. That feels inevitable because as society lives longer and we have a low birth rate, it does not become sustainable.

The problem is, the income provided by most company pensions are designed to be a top up to the state pension, so a means test would throw many plans out the window. It would probably only be reasonable to do for anyone currently under 30, and that policy would take 37 years for the country to see the benefit.

My thing is, I'm a planner and a list maker.

I'll often sit at a weekend and write a list of all the jobs and other things I feel I need to do and that is always far too ambitious as to what can fit into a weekend. I'm the same when I have time off work and I'm not away on holiday. So if retired I think I would end up feeling like there is stuff I do have to do. But the difference will be that there will be no consequence if I don't get it done and it is all stuff of my decision, not at the whim of work.

You'd have to adjust . I have lazy days but don't beat myself up about it . Following day I'm out walking 10 mile or whatever. I've decided DIY indoor is winter work

 

[Canister]

Was all about time for me.
Time is precious and body clock and miles can’t be stopped.

I was fishing last week and didn’t see a single sole and only trains rattling over the bridge I was sitting next to.
That quality time to reflect without the pressure or hindrance of work. Pulling out Bream one a chuck and shaded by stunning trees whilst reminiscing about fishing the exact spot some 40 or so years ago.

If a simple life is a quality and content life then count yourself lucky.
We can’t take possessions with us after all.

I see what you did there

 

[Swindon On Tour]

I see what you did there

Stop being a lemon.

 

[Town End Farmer Giles]

Weeks like this reinforce my decision to go next year. Can't be arsed with doing another years accounts.

 

[Ralf81]

Im currently self assessment going to finish April next year has anyone been in same situation do you just contact Tax office and tell them you are retiring

 

[Will e]

Im currently self assessment going to finish April next year has anyone been in same situation do you just contact Tax office and tell them you are retiring

I did (phoned them), you are simply informing that you are no longer doing work under SA from a certain date, mainly so they stop sending you a self assessment notice etc.

 

[Tuono]

I did (phoned them), you are simply informing that you are no longer doing work under SA from a certain date, mainly so they stop sending you a self assessment notice etc.

I'll be drawing the state pension and have a small workplace pension which come to just over £8,000. Then I will be using drawdown from my private pension to hit the £12570 tax threshold, anything above this will be taken from my ISA's.
But what happens if say I didn't have an ISA and had to take drawdown from a private pension which took me above the £12,570 threshold, would I have to do tax return?

 

[Nookie Bear]

I had a very rare day in the office last week , first time in a year as while technically Leeds is my home office I work from home full time as an adjustment - made me realise I deffo want to go at 55 , utterly boring and hate shite like icebreakers now

 

[Stepover]

I'll be drawing the state pension and have a small workplace pension which come to just over £8,000. Then I will be using drawdown from my private pension to hit the £12570 tax threshold, anything above this will be taken from my ISA's.
But what happens if say I didn't have an ISA and had to take drawdown from a private pension which took me above the £12,570 threshold, would I have to do tax return?

Your pension provider would apply your tax code and income tax would be taken at source on the bit subject to income tax.

 

[faith brothers]

I had a very rare day in the office last week , first time in a year as while technically Leeds is my home office I work from home full time as an adjustment - made me realise I deffo want to go at 55 , utterly boring and hate shite like icebreakers now

Use the icebreaker one of lecturers tried when I went to university.
He asked if you were an animal what would you be and why?
He wasn't expecting my reply-
Jack Russell terrier because they are always scrapping and I could lick my own balls

 

[Will e]

I'll be drawing the state pension and have a small workplace pension which come to just over £8,000. Then I will be using drawdown from my private pension to hit the £12570 tax threshold, anything above this will be taken from my ISA's.
But what happens if say I didn't have an ISA and had to take drawdown from a private pension which took me above the £12,570 threshold, would I have to do tax return?

As one of the lads has said, tax is supposed to be taken at source so whoever pays your drawdown should be taxing you relative to your personal tax code at that time. no tax return.

 

[Feed the Monster]

Pretty sure I know the answer to this noddy question but as someone that is shit at sums I’ll ask the peeps on here that know more.

Currently match my employers max contribution into my pension - 9% each so that’s all good. Also pay £500 a month into a S&S ISA and top that up to the annual max from a savings pot.

Am I being daft in that I should just pay into the ISA from savings and sacrifice the extra 500 a month into my pension, stopping the monthly after tax deduction into the ISA. So I save the same but win the tax back.

I’ve just clicked this but like I said I’m a bit dense on this.

 

[42]

Pretty sure I know the answer to this noddy question but as someone that is shit at sums I’ll ask the peeps on here that know more.

Currently match my employers max contribution into my pension - 9% each so that’s all good. Also pay £500 a month into a S&S ISA and top that up to the annual max from a savings pot.

Am I being daft in that I should just pay into the ISA from savings and sacrifice the extra 500 a month into my pension, stopping the monthly after tax deduction into the ISA. So I save the same but win the tax back.

I’ve just clicked this but like I said I’m a bit dense on this.

If its proper salary sacrifice,you'll benefit more as get the NI savings. If you're a 40% tax payer even better. Yes paying into pension is more tax efficient, but if standard rate payer & drawdown will be more than personal allowance, and just paying into SIPP then will effectively only save the 5% tax from the 25% tax free bit for any extra. But it paying into ISA regardless & maxing out from savings, then might as well put any extra into pension