Retirement

[WHD]

Apparently it was the bank of England trying to reverse QE, buying up bonds that pushed up bond prices (and that comes from a lefty economist). Its probably not as bad now because interest rates are higher anyway. It might be an issue if rates drop again, then shoot back up. If youre worried about bond markets, stick it all in equities which are more crashy but uk politics have less influence on them.

But that was a reaction to the Truss Budget wasn't it? Unfunded tax cuts caused panic that the government wouldn't be able to pay it's debts. Luckily the tories seen sense and got rid of Truss, I don't see a reform government having enough sense to stop Farage doing something similar.

 

[42]

But that was a reaction to the Truss Budget wasn't it? Unfunded tax cuts caused panic that the government wouldn't be able to pay it's debts. Luckily the tories seen sense and got rid of Truss, I don't see a reform government having enough sense to stop Farage doing something similar.

May have been a bit of both as they happened at the same time.

Problem Reform have is that currently its a bit of a dictatorship & not sure what mechanism they have in place given farage is owner of the Ltd company

 

[WHD]

May have been a bit of both as they happened at the same time.

Problem Reform have is that currently its a bit of a dictatorship & not sure what mechanism they have in place given farage is owner of the Ltd company

Yeah, they couldn't get rid of him even if they wanted to.

 

[Town End Farmer Giles]

May have been a bit of both as they happened at the same time.

Problem Reform have is that currently its a bit of a dictatorship & not sure what mechanism they have in place given farage is owner of the Ltd company

The Bank of England intervened solely because of Truss's mini budget. It wasn't a bit of both in any way at all.

 

[DaveH]

I read an article today about a study which found that people who had a positive outlook to getting old lived a longer and healthier life. They did go on to say there were more factors at play where people with that positive outlook would get out more and do more exercise, more brain stimulating things. But those who felt old and stopped doing things because they thought they were too old would do less mental stimulation and less exercise.

It made me think of this thread. It is mostly positive people who have retired and are active or are planning an active retirement. But every so often you have a naysayer pop up and say they heard of someone who croaked it 6 months after retiring early so we are wishing our lives away. Science has shown people negative about age die early, so accept what is coming, embrace it and keep active seems to be the message.

 

[cfg]

I read an article today about a study which found that people who had a positive outlook to getting old lived a longer and healthier life. They did go on to say there were more factors at play where people with that positive outlook would get out more and do more exercise, more brain stimulating things. But those who felt old and stopped doing things because they thought they were too old would do less mental stimulation and less exercise.

It made me think of this thread. It is mostly positive people who have retired and are active or are planning an active retirement. But every so often you have a naysayer pop up and say they heard of someone who croaked it 6 months after retiring early so we are wishing our lives away. Science has shown people negative about age die early, so accept what is coming, embrace it and keep active seems to be the message.

For a lot of people work is their life and retiring leaves a vacuum that they find difficult to fill. Some are just worn out after a life of hard physical work and some don’t have a decent pension or savings for whatever reason.

I still do some consultancy work because I enjoy it also did a lot of travelling ( getting paid) for a few years after finishing my career.

 

[SPUFF]

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.

Ffs awful luck mate.

Jack the fucker in n if need be earn a few quid casually later should the need arise.

 

[T_Bone]

@mickb2112 Good luck to you mate, hope it all works out for you

 

[Matt Hopkins]

I read an article today about a study which found that people who had a positive outlook to getting old lived a longer and healthier life. They did go on to say there were more factors at play where people with that positive outlook would get out more and do more exercise, more brain stimulating things. But those who felt old and stopped doing things because they thought they were too old would do less mental stimulation and less exercise.

It made me think of this thread. It is mostly positive people who have retired and are active or are planning an active retirement. But every so often you have a naysayer pop up and say they heard of someone who croaked it 6 months after retiring early so we are wishing our lives away. Science has shown people negative about age die early, so accept what is coming, embrace it and keep active seems to be the message.

Link?

 

[Tuono]

I had planned on retiring in March and I'd told a few workmates my plans. Thursday I was asked by one of my bosses if I was coming back to work after the Xmas holidays, obviously he'd heard a rumour about me retiring. I told him I was retiring at the end of March and he was happy with that because they were planning on getting rid of two carpenters and they wanted to keep me in work. So Friday they gave the other two carpenters the elbow leaving only me and a young lad who has just qualified as a chippy. From March I agreed I'd help them out with stuff the young lad can't do like fitting kitchens. That'll suite me, maybe 10 weeks work a year just to keep me ticking over leaving plenty of time for touring around Europe. Stuff planned for 2026 so far. Beginning of June Black Cats of Italy, then mid summer at Stonehenge, end of June the Adventure Bike Rally then in July off to Norway and hopefully Finland as I've never been to Finland.

 

[Ned Land]

For a lot of people work is their life and retiring leaves a vacuum that they find difficult to fill. Some are just worn out after a life of hard physical work and some don’t have a decent pension or savings for whatever reason.

I still do some consultancy work because I enjoy it also did a lot of travelling ( getting paid) for a few years after finishing my career.

I’m worn out after 35 years of office work! The mental exhaustion is noticeable and I’ve had a few near misses with dangerous paper cuts

 

[Tuono]

If you take 25% tax free out of a private pension can you still put money back into this pension further down the line?

 

[Space Hopper]

I’m worn out after 35 years of office work! The mental exhaustion is noticeable and I’ve had a few near misses with dangerous paper cuts

There's also the danger of getting a staple stuck in your thumb!

 

[archiesdad]

If you take 25% tax free out of a private pension can you still put money back into this pension further down the line?

I think yes but your contribution limit drops from 60 to 10k

 

[alunb]

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.

Retire, having been around what feels like a lot of death these last few years, not one person expressed regret at not working more!

 

[Tuono]

I think yes but your contribution limit drops from 60 to 10k

Thanks. So say I put £10,000 in would I still get the 20% top up from the government and further down the line would I be able to take out 25% tax free from this £10,000 contribution even though I've already had 25% tax free on the original sum?

 

[Iamme]

Thanks. So say I put £10,000 in would I still get the 20% top up from the government and further down the line would I be able to take out 25% tax free from this £10,000 contribution even though I've already had 25% tax free on the original sum?

It's your money. Do what you want. Withdraw and add when you want. And yes tax free. Anybody have a pension where you pay tax on it???

I'm don't get why your paying tax on your pension for.

 

[Matt Hopkins]

I think yes but your contribution limit drops from 60 to 10k

If he just takes the tax free and no taxable income he won't trigger MPAA so he wouldn't be tied to £10k.
If he's still working he can put in as much as his relevant earnings
If he has no taxable income he's limited to £3600

It's your money. Do what you want. Withdraw and add when you want. And yes tax free. Anybody have a pension where you pay tax on it???

I'm don't get why your paying tax on your pension for.

Thanks. So say I put £10,000 in would I still get the 20% top up from the government and further down the line would I be able to take out 25% tax free from this £10,000 contribution even though I've already had 25% tax free on the original sum?

If the MPAA is triggered you'd put in £8k of your own money in say a SIPP to get the £10k and yes you'd still get 25%tax free when you take it

 

[Tuono]

If he just takes the tax free and no taxable income he won't trigger MPAA so he wouldn't be tied to £10k.
If he's still working he can put in as much as his relevant earnings
If he has no taxable income he's limited to £3600



If the MPAA is triggered you'd put in £8k of your own money in say a SIPP to get the £10k and yes you'd still get 25%tax free when you take it

Thanks, that explains it perfectly. I had planned on retiring in March and sticking money in isa's but it now looks like I'll be working part time after March so was looking at options.

 

[Matt Hopkins]

Thanks, that explains it perfectly. I had planned on retiring in March and sticking money in isa's but it now looks like I'll be working part time after March so was looking at options.

Just remember if you've taken taxable income from ANY of your DC pensions the MPAA is triggered.