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Retirement


archiesdad said:
True but there's always something you can do if you try, few quid here and there. It's not about 1000s when you are young. Just my opinion like.
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Best advice is to max out your company pension particularly if your Company has a scheme where they match or better your contributions.
I was fortunate to work non stop from 16 to 58 and paid into pensions from the start.
At 58 was made redundant from a 9 year managerial position then worked a further year and a bit into a job I loathed.
Was like a prison sentence and was counting down the weeks. Set myself a target of reaching 60 and retired. Cannot thank my pension advisor enough and combined my contributory pots into one and performing well.

Start as young as you can.👍
 
TAD said:
How do you find a good ifa.
I signed up with the government pension wise thing and they put me in touch with someone at teeside.
I was going to be charged 3k for him to put some figures in a software package for him to tell me whether I can retire at 60 or not (all my pensions are final/salary or dB so not reallyy that complicated.
It was then extra for him to begin giving me investment advice for an additional which is probably the but I want at that minute.
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Try this spreadsheet -
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and watch this video -
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. Its a basic excel version of the software package IFA's want up to spend £3k on. It's not perfect but gives a good, and free, base to start from.
 
Copacabana said:
I just checked my L&G and it is NOT protected!! I miss out on 55 by 16 bastard days!!
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I just messaged L&G via the chat. They said mine IS protected. Then I asked for documentation to prove that because I'd like to print a copy for safe keeping. And they said it isn't written anywhere but it will be protected because it was open before a certain date.

They said can contact the scheme owners to provide clarification in writing...er, yes please.

Clear as mud!
 
Hooky said:
Try this spreadsheet -
You must be logged on to see external links
and watch this video -
You must be logged on to see external links
. Its a basic excel version of the software package IFA's want up to spend £3k on. It's not perfect but gives a good, and free, base to start from.
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Thanks. That's useful. Being a spreadsheet nerd I've built something similar myself but it's always interesting to look at different models as they all use different assumptions and methods.
 
I'm Spartacus said:
Been retired a couple of months. I hate it, bored senseless. just applied for a full time job.
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It takes a while to unwind mate. Maybe a couple of months is not enough for you. If you are bored when you are off work the answer might not be going back to trading your time for money as you are just kicking the can down the street for when you have to pack in through ill health, but look at other ways to fill your life so you can enjoy being alive.

Your a long time dead mate and no one’s last words has ever been “I wish I’d spent more time at work”
 
Dropped my accounts off at my accountant today and told her I might be retiring at the end of this tax year. She asked if I'd be doing any part time or private work and I said no. I then said I'm not 100% sure I will retire in April and she said she gets so many people like me who can't decide when to retire. 😊
 
ChrisK said:
Wow I don’t get time to be bored absolutely loving it,
mind if u have started pulling ur company pension, watch the tax man have ur eyes out wage + pension
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He's said before he had a DB of about £24k, if he's started taking that then gets a full time job every chance he'll be in the 40% tax bracket. That would make me even more determined to stop being bored in retirement :D
 
Tuono said:
Dropped my accounts off at my accountant today and told her I might be retiring at the end of this tax year. She asked if I'd be doing any part time or private work and I said no. I then said I'm not 100% sure I will retire in April and she said she gets so many people like me who can't decide when to retire. 😊
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It's a really big call. Do something, anything for 40 or so yrs then just stop, especially when it's linked to your family finances. I'd guess most people go a year or more longer 'just to be on the safe side'
 
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BILLY BUS PASS said:
It takes a while to unwind mate. Maybe a couple of months is not enough for you. If you are bored when you are off work the answer might not be going back to trading your time for money as you are just kicking the can down the street for when you have to pack in through ill health, but look at other ways to fill your life so you can enjoy being alive.

Your a long time dead mate and no one’s last words has ever been “I wish I’d spent more time at work”
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As always the voice of reason.
Definitely takes time to adjust. I count myself lucky I have many hobbies and interests.
Well worth looking at a half way step, a part time job rather than go back into the rat race.
 
DaveH said:
Did you have any hobbies and interests before retiring?

What did you usually do with your evenings and weekends?
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I like hiking and camping but not by myself, everyone I do stuff with is a long way off retirement. To be honest I loved the last roll I was in and if I get the job I put in for I’ll be like a pig in shit and on decent money. I’m only 53 so really don’t feel ready to throw the towel in just yet. I reckon another 7 years and I’ll be able to save enough for a decent proper retirement.
 
I'm Spartacus said:
I like hiking and camping but not by myself, everyone I do stuff with is a long way off retirement. To be honest I loved the last roll I was in and if I get the job I put in for I’ll be like a pig in shit and on decent money. I’m only 53 so really don’t feel ready to throw the towel in just yet. I reckon another 7 years and I’ll be able to save enough for a decent proper retirement.
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In fairness 53 is young.
 
Tuono said:
Dropped my accounts off at my accountant today and told her I might be retiring at the end of this tax year. She asked if I'd be doing any part time or private work and I said no. I then said I'm not 100% sure I will retire in April and she said she gets so many people like me who can't decide when to retire. 😊
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Is it the money or the job why u go back ??
I don’t really need the extra money but could of easy went back for good money doing ad hoc during shut downs doing same job but without a lot of the responsibility, as not working directly for a company, thought about it for about 5 mins then declined 😂
The feeling of not having to goto work anymore is very satisfying 👍
 
ChrisK said:
Is it the money or the job why u go back ??
I don’t really need the extra money but could of easy went back for good money doing ad hoc during shut downs doing same job but without a lot of the responsibility, as not working directly for a company, thought about it for about 5 mins then declined 😂
The feeling of not having to goto work anymore is very satisfying 👍
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Money partly. I have ISA's, a small private pension and the State Pension but if I retired now I'd have to be careful I didn't overspend. While I'm fit and healthy and enjoying working on some jobs I think why retire, but then I get on a shit job and I think what the fuck am I doing still working. I can take off as much time as I want and this year have probably worked on average 3 days a week which suits me. The plan is to sell my house and move back to Sunderland in the future, maybe spend some time doing the house up before I sell it. What I do know though is the shit jobs are starting to outnumber the good jobs, that's why I was thinking of pulling the plug in April.
 
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