Retirement

[Ned Land]

Yep, also HE.

On mine, I thought the final salary part was based on what my salary was in 2008 when that part of the scheme ended, and my current salary doesn't reflect on that. I've just checked now and that bit will give me around £8k per year, and I'm sure that has been fixed like that for a few years. I've had a couple of salary changes in that time and would expect it to have risen quite a bit if it were linked.

I'd love another round of resignations to come around about the time I'm ready to retire. The place I was working has been in dire financial trouble for years. A few people I knew took the redundancy and retired a year or two early feeling very comfortable. If I had taken it, I would have got 14 months wages, but when first offered it was in the middle of covid. jobs.ac.uk is the best place for academic jobs and they had 17 jobs advertised across all salary bands. It was too risky to consider going then. In the end I found another job about 2.5 years ago, resigned and they announced another voluntary redundancy round the week after.

Thanks for that, re: 2008. I’ll have to adjust my spreadsheet! I don’t think that I can afford to retire at 55 then.

 

[DaveH]

Thanks for that, re: 2008. I’ll have to adjust my spreadsheet! I don’t think that I can afford to retire at 55 then.

It is worth speaking to an IFA. Your workplace might offer a free session with a partner company. My old place did. Someone came in and did a general mid-career planning session and then everyone was offered a free one to one if you were over 50.

It is something I plan to do. I'm 48 and making double mortgage payments at the moment with the aim to have it it paid off in 2-3 years from now. When that happens, I will have quite a bit of money per month that I have never had before. The majority of that I will look at investing towards retirement, so I was going to speak to an IFA then about the best way to invest that and general retirement planning.

 

[Swindon On Tour]

It is worth speaking to an IFA. Your workplace might offer a free session with a partner company. My old place did. Someone came in and did a general mid-career planning session and then everyone was offered a free one to one if you were over 50.

It is something I plan to do. I'm 48 and making double mortgage payments at the moment with the aim to have it it paid off in 2-3 years from now. When that happens, I will have quite a bit of money per month that I have never had before. The majority of that I will look at investing towards retirement, so I was going to speak to an IFA then about the best way to invest that and general retirement planning.

Paying that mortgage off is a game changer. Just make sure the Mrs is not going to force a move short term or the plan is off .
Planning for retirement becomes an obsession mind, it did for me.

Biggest challenge for me was having kids later in life. Everyone has different challenges though. (Not preaching though mate).

 

[DaveH]

Paying that mortgage off is a game changer. Just make sure the Mrs is not going to force a move short term or the plan is off .
Planning for retirement becomes an obsession mind, it did for me.

Biggest challenge for me was having kids later in life. Everyone has different challenges though. (Not preaching though mate).

I can't see my wife wanting to move, and she is not materialistic either.

She has suggested that we don't invest 100% of the mortgage payments and spend some on the house, which does make sense, as it is something we would have to spend in retirement. Our windows and living room carpet are really showing their age, so I'm likely to tackle a few things like that first.

 

[Ned Land]

It is worth speaking to an IFA. Your workplace might offer a free session with a partner company. My old place did. Someone came in and did a general mid-career planning session and then everyone was offered a free one to one if you were over 50.

It is something I plan to do. I'm 48 and making double mortgage payments at the moment with the aim to have it it paid off in 2-3 years from now. When that happens, I will have quite a bit of money per month that I have never had before. The majority of that I will look at investing towards retirement, so I was going to speak to an IFA then about the best way to invest that and general retirement planning.

Yes I will deffo do that for a different opinion at least.

I’ve hedged my bets by investing as well as paying the mortgage as the returns were better (god bless the USA stock market). But now I’m playing a more defensive 2nd half.

I can't see my wife wanting to move, and she is not materialistic either.

She has suggested that we don't invest 100% of the mortgage payments and spend some on the house, which does make sense, as it is something we would have to spend in retirement. Our windows and living room carpet are really showing their age, so I'm likely to tackle a few things like that first.

My Mrs is from an affluent family and will benefit from her parents downsizing soon.

But when we choose things for the house she tries to save a few hundred quid instead of buying what she really likes. Whereas I’m from a stingy less-affluent family and I’m realising that you sometimes need to spend on nice things.

 

[DaveH]

But when we choose things for the house she tries to save a few hundred quid instead of buying what she really likes. Whereas I’m from a stingy less-affluent family and I’m realising that you sometimes need to spend on nice things.

I'm of that mindset. But it is getting around to doing it and giving it some thought that is usually the stumbling block.

In our living room we have a carpet that was in the house 20 years ago when we moved in. It has been a good quality one, but is showing it's age. When the kids were young and it had regular spills and accidents, we were not inclined to replace it. The old sofas give up and we got quite nice ones to replace them. But the rest of the stuff is a mismatch of things we were given or bought cheap when we were first married and didn't have a lot of money. We could have afforded to replace them years ago but that means going shopping.

I do sometimes walk in there and think at our stage of life we should really have a nice living room. But never enough to go traipsing around furniture shops. Also at the back of my mind is that I'd quite like to make my own furniture and have watched quite a few YouTube videos on furniture making, but time is a big issue and I might not get that until I retire!

 

[Town End Farmer Giles]

In our living room we have a carpet that was in the house 20 years ago when we moved in. It has been a good quality one, but is showing it's age. When the kids were young and it had regular spills and accidents, we were not inclined to replace it.

Seriously?

 

[Willincity]

anyone aware of a Pension Provider for the over 75's?

My company have paid me their side of the Pension contribution for over 11 years with the Royal London.
However with 3 month to go to my 75th birthday the R.L have advised me that in their rules/regulation they do not provide a pension scheme for any one over 75.
I was not aware that this was the case until they have gave me 3 months notice earlier this week and basically stated that's it over and out.

 

[Edinburgh Black Cat]

anyone aware of a Pension Provider for the over 75's?

My company have paid me their side of the Pension contribution for over 11 years with the Royal London.
However with 3 month to go to my 75th birthday the R.L have advised me that in their rules/regulation they do not provide a pension scheme for any one over 75.
I was not aware that this was the case until they have gave me 3 months notice earlier this week and basically stated that's it over and out.

Are you looking to pay into a pension?

I'm not sure I understand the question

 

[SurreyMackem]

anyone aware of a Pension Provider for the over 75's?

My company have paid me their side of the Pension contribution for over 11 years with the Royal London.
However with 3 month to go to my 75th birthday the R.L have advised me that in their rules/regulation they do not provide a pension scheme for any one over 75.
I was not aware that this was the case until they have gave me 3 months notice earlier this week and basically stated that's it over and out.

There are rules about acruing works pensions for over 75s. I know that I had to move my Aviva invested ex-works pension into a SIP before I was 75.

 

[Willincity]

Are you looking to pay into a pension?

I'm not sure I understand the question

Yes, I will need another Pension Provider so the Company I work for will be able to continue my monthly pension payment.
I am working fulltime and the Company pension payment is 10% of my salary.
I was wondering if I was able to transfer my Royal London pension pot into the "new" provider so at to keep adding to the funds or ready accumulated with R/L

I have been receiving my Industry Pension since 62 years old
I also deferred my State Pension for 3 years till I was 68 y-o

 

[Aldhun]

anyone aware of a Pension Provider for the over 75's?

My company have paid me their side of the Pension contribution for over 11 years with the Royal London.
However with 3 month to go to my 75th birthday the R.L have advised me that in their rules/regulation they do not provide a pension scheme for any one over 75.
I was not aware that this was the case until they have gave me 3 months notice earlier this week and basically stated that's it over and out.

I was in the same situation 3 years ago. After some discussion they agreed to pay me 10% extra, the same percentage that they had been paying into my pension pot. Doing this or something similar is done by other companies. I was unable to persuade them to continue the 3x salary life insurance though!

 

[Ned Land]

I'm of that mindset. But it is getting around to doing it and giving it some thought that is usually the stumbling block.

In our living room we have a carpet that was in the house 20 years ago when we moved in. It has been a good quality one, but is showing it's age. When the kids were young and it had regular spills and accidents, we were not inclined to replace it. The old sofas give up and we got quite nice ones to replace them. But the rest of the stuff is a mismatch of things we were given or bought cheap when we were first married and didn't have a lot of money. We could have afforded to replace them years ago but that means going shopping.

I do sometimes walk in there and think at our stage of life we should really have a nice living room. But never enough to go traipsing around furniture shops. Also at the back of my mind is that I'd quite like to make my own furniture and have watched quite a few YouTube videos on furniture making, but time is a big issue and I might not get that until I retire!

Our upstairs carpet needs to be replaced but while it’s removed I want some floorboards fixing … one job will lead to 3 others. It’s the decision making that wears me down, especially when someone else tends to change her mind frequently.

 

[3.142]

Rather than increase my pension contribution I've put some money into a junior ISA. Will be putting more in for 10 years and hoping for a good return over that time. Seems like a good option and ought to be a healthy sum by then.

And for those delaying updating your house but with the money sitting there ... Just do it.

 

[Nookie Bear]

Rather than increase my pension contribution I've put some money into a junior ISA. Will be putting more in for 10 years and hoping for a good return over that time. Seems like a good option and ought to be a healthy sum by then.

And for those delaying updating your house but with the money sitting there ... Just do it.

Junior ISA ? That’ll be for your kids then as the money belongs to them ?

 

[3.142]

Junior ISA ? That’ll be for your kids then as the money belongs to them ?

Yes, absolutely. The money will go there one way or another, so might as well plan for it now.

 

[Edinburgh Black Cat]

Yes, I will need another Pension Provider so the Company I work for will be able to continue my monthly pension payment.
I am working fulltime and the Company pension payment is 10% of my salary.
I was wondering if I was able to transfer my Royal London pension pot into the "new" provider so at to keep adding to the funds or ready accumulated with R/L

I have been receiving my Industry Pension since 62 years old
I also deferred my State Pension for 3 years till I was 68 y-o

Ah right, no idea on that one.

 

[Dark Traveller]

I was basically told off by a younger manager couple of days ago for thinking about retirement! They had overheard me talking with a friend from another department, we were chatting about having nearly thirty years of service pondering how long we both had.

The manager overheard bit where I was considering my options of leaving at 62 with 35 years service or staying until 67 with 40 years service.

Apparently I should be looking at continuing to develop myself, earn my place with team/department/business, rather than being lazy and treading water with lack of ambition….!

 

[douggie]

I was basically told off by a younger manager couple of days ago for thinking about retirement! They had overheard me talking with a friend from another department, we were chatting about having nearly thirty years of service pondering how long we both had.

The manager overheard bit where I was considering my options of leaving at 62 with 35 years service or staying until 67 with 40 years service.

Apparently I should be looking at continuing to develop myself, earn my place with team/department/business, rather than being lazy and treading water with lack of ambition….!

Haha, what a load of bollocks.

Some people don’t live in the real world.

 

[SurreyMackem]

I was basically told off by a younger manager couple of days ago for thinking about retirement! They had overheard me talking with a friend from another department, we were chatting about having nearly thirty years of service pondering how long we both had.

The manager overheard bit where I was considering my options of leaving at 62 with 35 years service or staying until 67 with 40 years service.

Apparently I should be looking at continuing to develop myself, earn my place with team/department/business, rather than being lazy and treading water with lack of ambition….!

Employers have to be careful regarding retirement discussions with employees due to possible age disrimination as far as they are concerned you might as well have been discussing changing jobs.