Retirement

[Don Birnam]

Tomorrow and Friday to go then I’m retired. Wife retired at the end of May. 2 weeks holiday in Cyprus on Saturday so I probably won’t realise I’m retired until we get back. Other than the holiday we have absolutely no plans. Let’s see what happens.

Well, that’s me retired. I’m not in a position to recommend it to anyone yet, but the buzz I’ve got on right now is something else.

I appreciate everyone on here with their posts about just doing it as soon as possible. Quite reassuring in the 6 months or so since I handed in my notice.

I got a bottle of champers from my team last week that will be getting knacked tonight.

 

[JAZZMANB]

Well, that’s me retired. I’m not in a position to recommend it to anyone yet, but the buzz I’ve got on right now is something else.

I appreciate everyone on here with their posts about just doing it as soon as possible. Quite reassuring in the 6 months or so since I handed in my notice.

I got a bottle of champers from my team last week that will be getting knacked tonight.

Congratulations, its your retirement, do what's best for you . I went for a walk along the river over Croxdale way today then matched all my various keys and padlocks and doors to each other

 

[Don Birnam]

Congratulations, its your retirement, do what's best for you . I went for a walk along the river over Croxdale way today then matched all my various keys and padlocks and doors to each other

Still under rules though. I mentioned to the wife that I’d like to join Monday Club with my dad. She was having none of that.

 

[ShoutyBearHead]

If transfer value is les than £30k you can move it yourself to another pension fund or SIPP. More than £30K you need to get an IFA to sign off on the transfer, they are unlikely to do this as it opens them up to liability issues if the place you transfer it to tanks.

that £30k thing is new info to me, and also crap, I’ve got a DB pot from my first perky job nearly 30 years ago with a transfer value of about £40k that’ll give me about £1800 a year and at 5 years later than my main one kicks in, what’s the use of that? Would rather lump that into my main pension fund, my risk to take

 

[Nookie Bear]

that £30k thing is new info to me, and also crap, I’ve got a DB pot from my first perky job nearly 30 years ago with a transfer value of about £40k that’ll give me about £1800 a year and at 5 years later than my main one kicks in, what’s the use of that? Would rather lump that into my main pension fund, my risk to take

Yeah you need to have had an IFA advise before transferring

 

[JOEJA]

The problem with multiple frozen pots are they generally move to low risk as you get older and each one may be getting admin costs added.
I was in a similar position to you and luckily knew a Pension Advisor through a friend, rates were halved and what a fantastic job he has done and worth every penny.
I also had 2 DB pensions and advised to leave these well alone.
Both now providing a decent monthly income and already took 25% tax free from both.
I won’t be touching my other pension (3 into 1) for another 18 months however the fund is performing well.
Like you I was dead against paying out for an advisor but it was the best retirement decision I made. Good luck.

Cheers. About 3 of the frozen ones are only around the 10k mark so i suppose not much risk if i decide to transfer but they might actually be decent ones and may be worth transferring the bigger ones into them but think advice would def be bestway. I'm about 6 month out from 55 so need to pull my finger out. Either early retirement or pick and choose some work is the aim though and cant wait

Well, that’s me retired. I’m not in a position to recommend it to anyone yet, but the buzz I’ve got on right now is something else.

I appreciate everyone on here with their posts about just doing it as soon as possible. Quite reassuring in the 6 months or so since I handed in my notice.

I got a bottle of champers from my team last week that will be getting knacked tonight.

Good stuff. Is it early retirement

 

[Don Birnam]

Cheers. About 3 of the frozen ones are only around the 10k mark so i suppose not much risk if i decide to transfer but they might actually be decent ones and may be worth transferring the bigger ones into them but think advice would def be bestway. I'm about 6 month out from 55 so need to pull my finger out. Either early retirement or pick and choose some work is the aim though and cant wait

Good stuff. Is it early retirement

It is. 55. Lucky because of a final salary scheme and subsidised by the lumper. Should be enough to get to 70 so should be safe with state pension kicking in at 67. Too many should be’s there but what can you do?

 

[Town End Farmer Giles]

It is. 55. Lucky because of a final salary scheme and subsidised by the lumper. Should be enough to get to 70 so should be safe with state pension kicking in at 67. Too many should be’s there but what can you do?

Sounds like me. Pension covers day to day living, lump sum for holidays and other bigger items. My view is it should last to 67 and if it doesn't it means I've had a bloody good time

 

[JOEJA]

It is. 55. Lucky because of a final salary scheme and subsidised by the lumper. Should be enough to get to 70 so should be safe with state pension kicking in at 67. Too many should be’s there but what can you do?

Excellent. Hopefully i can get sorted. I'm on a good salary now but have so much would rather be doing than working mon to fri then next yu know we are back to monday. I read what type of funds you need to retire but i would rather just be half decent and enough to get by than working with knackers (not all like ) and making other people rich.
Enjoy ya retirement must be a great feeling

 

[Town End Farmer Giles]

Excellent. Hopefully i can get sorted. I'm on a good salary now but have so much would rather be doing than working mon to fri then next yu know we are back to monday. I read what type of funds you need to retire but i would rather just be half decent and enough to get by than working with knackers (not all like ) and making other people rich.
Enjoy ya retirement must be a great feeling

I view a lot of the numbers needed as a bit OTT.

Mind I text my old boss about arranging a night out today and he accidentally rang me, worse for wear, at noon. Turns out hes in Australia for the Lions tour. Spends more time abroad than in the UK I reckon.

 

[Don Birnam]

Excellent. Hopefully i can get sorted. I'm on a good salary now but have so much would rather be doing than working mon to fri then next yu know we are back to monday. I read what type of funds you need to retire but i would rather just be half decent and enough to get by than working with knackers (not all like ) and making other people rich.
Enjoy ya retirement must be a great feeling

The money coming into the house will half but we no longer need to save anything and with just a few small adjustments it’s easily doable. I was asked at work today whether I’m sad to be leaving. I nearly burst out laughing.

The plan was for us both to retire next year but sitting in the pool in skiathos last year we just said sod it.

 

[JOEJA]

The money coming into the house will half but we no longer need to save anything and with just a few small adjustments it’s easily doable. I was asked at work today whether I’m sad to be leaving. I nearly burst out laughing.

The plan was for us both to retire next year but sitting in the pool in skiathos last year we just said sod it.

Class. The mrs retired last year, managed to pay off mortgage. Interesting posts on here the other day about bills without mortgage, ours are still about 600 which apart from a basic sky package is rock bottom. So could defo live on a lot less income. I also work in consultancy so could probs do some self employed stuff last resort if start to struggle.
Problem is the more a think about it, the less a can be arsed with work so next 6 months getting to 55 gonna be a slog

 

[cornish mackem]

Been retired a couple of months. I hate it, bored senseless. just applied for a full time job.

Can you not fill your time? Also, the financial security you now have must be liberating?

Class. The mrs retired last year, managed to pay off mortgage. Interesting posts on here the other day about bills without mortgage, ours are still about 600 which apart from a basic sky package is rock bottom. So could defo live on a lot less income. I also work in consultancy so could probs do some self employed stuff last resort if start to struggle.
Problem is the more a think about it, the less a can be arsed with work so next 6 months getting to 55 gonna be a slog

I’ve kept a part time job on but it’s just in case a bill comes in. A new roof is likely in the next 5 yrs or so but that’s covered but also being replaced as a trickle with the part time job . Having something simmering in the background helps the transition but not having to do it kind of makes some aspects of work enjoyable again in a sick way.

 

[archiesdad]

Yes, you can choose the amount you want to drawdown each month from your SIPP/personal/work pension (assuming you don’t have a defined benefit/final salary pension), and the pension provider ‘pays’ you this amount direct to your bank and also sorts out your tax code with HMRC, just like an employer.
For example I get ‘paid’ £1047.50 per month from my pension provider. I chose this amount as it is equivalent to £12570 per year so I don’t pay any income tax. I could take more, but don’t want to be taxed. I make up the rest of what I need to live on from my ISAs and from the 25% tax free lump sum.

This, very simply, is my plan.

 

[JAZZMANB]

Can you not fill your time? Also, the financial security you now have must be liberating?

I’ve kept a part time job on but it’s just in case a bill comes in. A new roof is likely in the next 5 yrs or so but that’s covered but also being replaced as a trickle with the part time job . Having something simmering in the background helps the transition but not having to do it kind of makes some aspects of work enjoyable again in a sick way.

I may get something part time but I'm doing a month of not a lot then long trips which doesn't fit the regular work pattern thing
The Mon Tues off thing sounds limiting but the money obviously can play a part

 

[Darlo1973]

I may get something part time but I'm doing a month of not a lot then long trips which doesn't fit the regular work pattern thing
The Mon Tues off thing sounds limiting but the money obviously can play a part

Yeah, I like the idea of a part time job to keep busy but I wouldn't want the fixed hours. I'm looking forward to having the flexibility of heading off for 3 or 4 weeks somewhere just because I feel like it. Maybe something self employed would be better so that I could choose my own hours.

 

[Swindon On Tour]

Yes, you can choose the amount you want to drawdown each month from your SIPP/personal/work pension (assuming you don’t have a defined benefit/final salary pension), and the pension provider ‘pays’ you this amount direct to your bank and also sorts out your tax code with HMRC, just like an employer.
For example I get ‘paid’ £1047.50 per month from my pension provider. I chose this amount as it is equivalent to £12570 per year so I don’t pay any income tax. I could take more, but don’t want to be taxed. I make up the rest of what I need to live on from my ISAs and from the 25% tax free lump sum.

That is sound advice and planning.

Doing a similar thing with two final salary pensions.
Below the tax band and the 25% tax free sum I will use for 3 years.
I intend to take a further 25% tax free from my contribution pension pot and the plan is to take me to 67 where my state pension will kick in and tax will be inevitable at that point.

 

[ShoutyBearHead]

Congratulations, its your retirement, do what's best for you . I went for a walk along the river over Croxdale way today then matched all my various keys and padlocks and doors to each other

That sounds like a great way of spending the day, I wonder if I can buy a joblot of mixed up keys and padlocks on eBay

 

[CW7]

Latest statutory pension age review looks like those of us aged 51 to 53 who were going to be getting state pension at 67 now been increased to 68. The original date of change been advised to be brought forward so gonna now fall into it. Looks like I need to plan for an extra year of self financing before the state part kicks in...Starting to think there is some sort of conspiracy between the X wife and Govt to have me work forever

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The Mrs and i have been well and truly humped by all this!

We both joined the military in the 80’s, both got half pensions with tax free lumpers at 55, this was put back until we get to 60!

The Mrs state pension was due to kick in at 60, now it’s 67, mine similar, moved from 65 to 67!

Thats 19 bastard years of income, to top it all off, we bought me ma’s house when we were in the mob for a bit of security for her. The twats are trying to force me to sell to put her in care, the house is part of our retirement plan, managed to fend them off up until now, but they keep coming back!

 

[JAZZMANB]

That sounds like a great way of spending the day, I wonder if I can buy a joblot of mixed up keys and padlocks on eBay

I've quite a selection, I've always had motorbikes so endless chains ,shackles ,ground anchors ,then my old back gate had 3 padlocks on ,then new house ,patio doors, garages etc
My home filing system next week . A to Z file . Pensions ,wage slips, p60s p11d ,tax , receipts, warranties, insurance ,leccy ,water car stuff ,bike stuff,