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Retirement

Dark Traveller said:
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….!
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I would have said that lack of ambition is not being lazy. It is being happy where you are. With limited soaces the higher you go, if everyone aimed for the top then the majority would fail.
 

Dark Traveller said:
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….!
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Tell him to piss off. Im sorry, but how the hell is pondering which point in your 60s to retire is being lazy & lacking ambition ffs
 
DaveH said:
I would have said that lack of ambition is not being lazy. It is being happy where you are. With limited soaces the higher you go, if everyone aimed for the top then the majority would fail.
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Exactly. I have my ‘being average is ok’ diatribe all prepared for LinkedIn when I retire.
 
DaveH said:
I would have said that lack of ambition is not being lazy. It is being happy where you are. With limited soaces the higher you go, if everyone aimed for the top then the majority would fail.
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That’s the thing, I am happy where I am, I’ve worked in Comms/Marketing role for around twenty six years. And my role is quite varied compared to others in the team. I have many hats to wear depending on what I might be called upon to do.

In the last four weeks alone, I’ve done prep work on putting together our staff internal newsletter, prepped and sent out quarterly external stakeholder newsletter. Archived historical photographs, researched their date and history info. Helped at College/Uni fresher events advising new students on ticket options, and also attended ticket info session at DWP site in Benton as they prepare to move sites.

So aye, I was a little bit miffed at remarks about not looking at continually developing myself.
 
DaveH said:
I would have said that lack of ambition is not being lazy. It is being happy where you are. With limited soaces the higher you go, if everyone aimed for the top then the majority would fail.
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Yeah your right but flipside is some folk are bone idle and lack any ambition , some are happy to pick up benefits and play the system all their lives
 
I found out last night that Google Gemini is very good at giving advice on retirement, tax considerations etc.

It obviously doesn't tell you exactly what to do but put in a 'hypothetical' scenario and ask it to tell you what to consider.
 
douggie said:
My plan is to retire at 60 using my SIPP then my CS pension kicks in at 67 without penalties. If things like inheritance do come along (not banking on anything) then maybe a year or 2 before 60.

Hard to plan we obviously don’t know hat things will like come the time but good to have a plan
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I’ve re-read your post and I didn’t consider that plan working for me but I had a 💡 moment.

I didn’t realise that you could withdraw from a SIPP (after age 55 or 57 in 2028) and defer your other pension(s).

I need to make an appointment with an expert.
 
Ned Land said:
I’ve re-read your post and I didn’t consider that plan working for me but I had a 💡 moment.

I didn’t realise that you could withdraw from a SIPP (after age 55 or 57 in 2028) and defer your other pension(s).

I need to make an appointment with an expert.
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Yeah that’s my general thinking, it depends on SIPP performing well 5-8% per year.

In an ideal world the 25% tax free from SIPP should give me a good few years of
Living before my DB kicks in.
 
Matt Hopkins said:
Imagine including the passing of your parents in your plans. Terrible stuff IMO
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It’s not uncommon though.
Town End Farmer Giles said:
Triple lock is far too expensive to maintain, be a huge outcry though so governments are terrified to scrap it
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Very near to the tax threshold now so some is going to be clawed back. Any other pension and people will now be paying tax on it which will take some of the sting out for the government
 
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cornish mackem said:
Very near to the tax threshold now so some is going to be clawed back. Any other pension and people will now be paying tax on it which will take some of the sting out for the government
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I can see a scenario whereby the government of the day announces that Personal Allowances will be matched to the State Pension thus ensuring that the State Pension will never be taxed. Cue trumpets and fanfares.
In the fine print will be a change in legislation and the triple lock will disappear to be replaced by a cheaper option.
Still a bitter pill to swallow for any Political Party but, in my view, it will happen.
 
OldNewtown said:
I can see a scenario whereby the government of the day announces that Personal Allowances will be matched to the State Pension thus ensuring that the State Pension will never be taxed. Cue trumpets and fanfares.
In the fine print will be a change in legislation and the triple lock will disappear to be replaced by a cheaper option.
Still a bitter pill to swallow for any Political Party but, in my view, it will happen.
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Its what ive always said would happen, as allowing the state pension to become greater than tax thresholds is extremely politically toxic
 
I agree with my son who is quite vocal on the "perks" he thinks Boomers got during their working lives and now in retirement while the young have been shafted with student fees, flatlining wages and high housing costs with the prospect of retiring in their 70`s. The Triple Lock should be abolished and pension should rise in line with earnings. Why should pensioners get a 5% increase when workers get none???
 
OldNewtown said:
I think that they have to allow the State Pension to be taxed initially to create the storm of protest and then make the announcement to look like saviours.
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Massive gamble that. Also theres then the administration costs of deducting tax. What happens now for those who've only got a single deferred state pension that pays a bit more?. Is it tax return or deducted at source? Expecting very elderly people who've never done one before to suddenly complete a tax return isnt going to happen either.
 
42 said:
Massive gamble that. Also theres then the administration costs of deducting tax. What happens now for those who've only got a single deferred state pension that pays a bit more?. Is it tax return or deducted at source? Expecting very elderly people who've never done one before to suddenly complete a tax return isnt going to happen either.
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It is.
The only alternative being to run it right to the wire and change it just as the State Pension exceeds Personal Allowances.
At the end of the day it's a political decision as to how they get out of this situation at the least possible political and financial cost.
 
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