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Retirement


OldNewtown said:
It's not a problem it's an opportunity.
Get up, go down the gym or for a swim, even go out for a walk, I accept not ideal at this time of year.
Perhaps get your daily chores out of the way and leave the rest of the day clear to do something nice.
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We had the grandson staying over Saturday night. It’s surprising what you can get done in a day if you get up at 5am 😊 mind I was ready for bed at 9pm
 
mickb2112 said:
I`ve been loitering here taking an interest in people`s plans and circumstances as I am considering retirement soon/very soon.

I lost my wife to cancer a year and a half ago. She retired early on medical grounds but never really had the chance to enjoy her retirement.

I bitterly regret not retiring at the same time but back then when we first discussed it, I`d have taken a big hit on my annual pension and lump sum. She was worried for me how I`d cope financially if I retired then so I kept working. At least I was able to work from home so was on hand whenever she need anything.

I decided after I lost her that I`d work until I was 60 then I`d have a decent pension and lump sum to last me to 67 and that`s been my plan ever since.

BUT

After being content to be alone for the rest of my life, I`ve met someone. It`s a nice story but there is a sting. I first met her on her 18th birthday in 1985 and we wrote to each other as friends for a few years while we were both a uni. In 1990 we got together for a while but she`d moved down south so it fizzled out. She did absolutely nothing wrong and think that the distance and our young age is the reason it ended. Fast forward to this summer. She had moved back up here to look after her Dad and I randomly got in contact to see how she was and soon after we met up for the first time in 35 years and hit it off straight away and we basically picked up where we left off. It feel like fate intervened while I was at my lowest to pull me round. I never expected that to happen and all I`d hoped for when I contacted her was an occasional message at Christmas/birthdays etc but you get hit when least expecting it.

BUT

She has stage 4 cancer and is on her last line of treatment which so far is working. My mortgage is paid off in June and now I am having a big rethink of my plans. I don`t know how long we`ve got and don`t want to waste the upcoming summer being stuck in the office. I want to make every day count with her.

I`m going to check my pension calculator today but I assume going at 59 and a half instead of 60 won`t make a significant difference to my pension.

I`m quite risk averse so I suppose I`m just trying to get some reassurance for a decision I think I've already made.
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Good luck mate,
but from my experience, hand your notice in today.
I went at 55 and yes pension was reduced but I got it 5 years earlier so in theory I could end up taking more money out of it.
Who knows when our time is up.
Heard of lads working right up to 65 start taking work pension then not seeing 70.
Will e said:
My problem is, I can't go back to bed. Up at 6 every day and even though I don't need to get up, I can't lie in.
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Same mate am early riser , but I head to gym for 7 till 9, few weights, swim and a nice sauna/ steam / shower home for a bit breccy , then off out on a countryside dog walk.
All before dinner time 👌
Bit potter on in the afternoon doing garden or odd jobs.
Never put TV on during day.
 
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DaveI said:
Any teachers on here making AVC’s? Do you have to use Prudential or are there other options? ‘Er indoors has emailed the Teacher’s Pension bods but nobodies bothered to reply.
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I’m not a teacher but I’m a member of a local government scheme that uses prudential AVCs. There should be information on the pension website.

Since 2014 I’ve had good returns from their international fund. There isn’t much of a choice of funds but it worked out well for me.
 
I've started to look into part time jobs as I think I'm going to need to do something maybe 2 days a week for the first Yr or so. Looking for the structure and purpose rather than money, min wage will be fine.
 
archiesdad said:
I've started to look into part time jobs as I think I'm going to need to do something maybe 2 days a week for the first Yr or so. Looking for the structure and purpose rather than money, min wage will be fine.
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Vaux were looking for a delivery driver. Thursday and or Friday depending on how busy . Bit stock work if needed . I decided I'm happy doing nothing all week still at this point
 
I still can’t seem to clear this up, as a company director of a certain age I am taking a small wage and maxing out directors pensions. Does this count as “salary sacrifice” according to the budget? Am I limited to £2k when this comes in in a couple of years?
 
Will e said:
My problem is, I can't go back to bed. Up at 6 every day and even though I don't need to get up, I can't lie in.
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I have always been a night owl, even when working.
Bed late and wake up when the body decides to natually.
If for some reason I do wake up for a piss early then never a problem getting back into a warm bed and back to kip.
Can even nap for an hour in the afternoon
Our lass is opposite....once shes awake then thats it.
Select coaches said:
I still can’t seem to clear this up, as a company director of a certain age I am taking a small wage and maxing out directors pensions. Does this count as “salary sacrifice” according to the budget? Am I limited to £2k when this comes in in a couple of years?
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I still have a small company ticking along. Every year I stick the maximum in (£60k) from the company into my private pension. It also reduces the Corporation tax. It is classed as an employer contribution.
It is different from salary sacrifice which is dependant on your salary which will be low
 
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Select coaches said:
I still can’t seem to clear this up, as a company director of a certain age I am taking a small wage and maxing out directors pensions. Does this count as “salary sacrifice” according to the budget? Am I limited to £2k when this comes in in a couple of years?
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If the money is going straight from your business bank account to your SIPP, then I don’t see why this would be affected at all.

However, are you saying that you have company pensions set up? If so, then I am not sure. I don’t think the Chancellor would have any idea herself as the details of the implementation of many of these budget changes don’t seem to have been thought through.
 
ChrisK said:
Good luck mate,
but from my experience, hand your notice in today.
I went at 55 and yes pension was reduced but I got it 5 years earlier so in theory I could end up taking more money out of it.
Who knows when our time is up.
Heard of lads working right up to 65 start taking work pension then not seeing 70.


Same mate am early riser , but I head to gym for 7 till 9, few weights, swim and a nice sauna/ steam / shower home for a bit breccy , then off out on a countryside dog walk.
All before dinner time 👌
Bit potter on in the afternoon doing garden or odd jobs.
Never put TV on during day.
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Out of interest, how do you rate your fitness levels compared to working life?

Since I changed to a long commute and had a few injuries, mine has dropped. A few years ago I was playing football 2-3 times per week and cycling to work at least 4 days a week, often every day for the 3 summer months with longer cycle rides on weekends.

I'm aware of how much of that has slipped in recent years and I need to really make the time for it.

I was wondering if a few people end up exercising more in retirement when then find they have more free time.
 
JJH said:
I have always been a night owl, even when working.
Bed late and wake up when the body decides to natually.
If for some reason I do wake up for a piss early then never a problem getting back into a warm bed and back to kip.
Can even nap for an hour in the afternoon
Our lass is opposite....once shes awake then thats it.
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Aye, identical to your missus, if you paid me I couldn't lie in, never worked since 2018 and never been able to sleep past 6am (done it all my life).
My missus could sleep for England.
 
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DaveH said:
Out of interest, how do you rate your fitness levels compared to working life?

Since I changed to a long commute and had a few injuries, mine has dropped. A few years ago I was playing football 2-3 times per week and cycling to work at least 4 days a week, often every day for the 3 summer months with longer cycle rides on weekends.

I'm aware of how much of that has slipped in recent years and I need to really make the time for it.

I was wondering if a few people end up exercising more in retirement when then find they have more free time.
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I definitely exercise more (and I used to do a canny bit before retirement), either run, go to the gym, play padel, or cycle every day. Just going out for a 10k run now.
 
DaveH said:
Out of interest, how do you rate your fitness levels compared to working life?

Since I changed to a long commute and had a few injuries, mine has dropped. A few years ago I was playing football 2-3 times per week and cycling to work at least 4 days a week, often every day for the 3 summer months with longer cycle rides on weekends.

I'm aware of how much of that has slipped in recent years and I need to really make the time for it.

I was wondering if a few people end up exercising more in retirement when then find they have more free time.
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100% mate
I have always kept myself fit, but when younger was more into football until the bad injuries came along and had to stop.
Would say mid 30’s hit a bit of a slob period and piled on weight but before I hit 40’s decided to exercise regularly, and I have religiously since then, ow retired and approaching 58 and probably as fit and in good shape as I have ever been.
But more importantly it’s a mental health and social thing as got friends in place I go,
so can easy spend 3 hours in a morning 7-10 am
do a weights workout, swim then be in sauna and steam room have some great craic.
Sets me up for the day. 💪👍
 
Town End Farmer Giles said:
Im quite risk averse but still plan on going a year or two earlier than sensible me thinks I should. If I have to cut back a bit between say 65 and 67 it means I've enjoyed myself between 58 and 65.

Go for it, its been mentioned a lot on here, time is more precious than money.
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I`ve been speaking to work colleagues and friends too. Think I`ve pretty much made up my mind. Hope to make 1st July my first day free from work. 112 working days and counting.
 
archiesdad said:
I've started to look into part time jobs as I think I'm going to need to do something maybe 2 days a week for the first Yr or so. Looking for the structure and purpose rather than money, min wage will be fine.
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I quite like the idea of that - I wouldn't mind driving one of the supermarket delivery van around - but it would limit your ability to sod off abroad at a moments notice. Having a little side hustle to make a little money would give more flexibility.
 
Darlo1973 said:
I quite like the idea of that - I wouldn't mind driving one of the supermarket delivery van around - but it would limit your ability to sod off abroad at a moments notice. Having a little side hustle to make a little money would give more flexibility.
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A mate started doing that after he “retired” not as cushy as it looks apparently
 
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