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Retirement

JAZZMANB said:
Sounds about right ,the plan would be build up an income source before then ,isa ,savings ,cash ,to only pull your tax free allowance from any taxable source . My two mates do that. Take max allowed from pension before tax kicks in , any more needed take from elsewhere.

Just saw this ,yes, once state pension etc kicks in youre paying tax whatever you do
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Thank you. Having the flexibility is great but then each time I look at my plans I think of different options.
 

Swindon On Tour said:
Even when it’s cold and miserable you are not at work.
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You have to get past the What am I doing today phase
Not everyday will be your greatest day ,it's just living without the stress and confines of work . When I worked I'd get in tired and do nothing then have a bash at a weekend before thinking work tomorrow. Now it's finding pleasure in the smallest of job activities. Lousy weather today so may drive up weardale with a flask and the radio on .
 
JAZZMANB said:
You have to get past the What am I doing today phase
Not everyday will be your greatest day ,it's just living without the stress and confines of work . When I worked I'd get in tired and do nothing then have a bash at a weekend before thinking work tomorrow. Now it's finding pleasure in the smallest of job activities. Lousy weather today so may drive up weardale with a flask and the radio on .
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That for me was the game changer.
Coffee now and down to the reservoir to talk to any fisherman and dish out the day tickets. Just been out with the dog.
Enjoy the day mate.
 
Matt Hopkins said:
When I spoke to them they said they'd had a few complaints about it so you never know they might change their mind.
I did think about transferring out but read some horror stories of timescales up to a year and a load of hassle so just thought bollix to that and left it with them
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How does it work if you have say 80/20 or 60/40 … do you not just tell them when you want your money . So say you want to drawdown 10k, they just pay you it ? And do they deduct tax or is it your responsibility via self assessment ?
Town End Farmer Giles said:
Notice in last week, had to give 2 months but with holidays I'll be finished end Feb, early March.

DB scheme so no tax or drawdown questions off me 😎
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Good luck mate … DB eh , lot to be said for stress free as get older
 
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Matt Hopkins said:
I would think not but each DB scheme my be different. I think you can only take the tax free when you start the pension, someone on here who is more familiar with DB pensions will be able to tell you
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That was correct for me. I took the 25% tax free sum and that initiated the pension payout.
I haven’t paid any tax as my final salary pension is under the tax allowance and I’ve utilised the 25% tax free sum.
That will give me 3 years of pension retirement cover.
Will then take out 25% tax free out of my contributory pot and the plan is that will last me 4 years and take me to the State Pension date without paying tax.
 
Ned Land said:
31 for me, the best financial decision that I ever made considering I was being paid about £8k a year in 1994. I’m planning to take the pension when I’m 60+ as the terms are better even with a reduction.
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Told my daughter, overpay on the mortgage, join the pension scheme. Raise a glass to my memory in 30 years when you realise how much better off you are because of that.

Im reluctant to hammer my savings for 2 years so just taking it at 58. Max lump sum and just dip into that, no idea how long I'll live so not bothered about maxing the pension.
 
archiesdad said:
Pressed the button today with my boss, told him I want out. Withing 3 hrs I got a mail from the owner saying I've mismanaged the business!! Looks like I'm in for a fight to get a payout 😂
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Make sure you document everything and make a diary.
Trust me they won’t go further.
If you did mismanage why leave it to the fact that it came after you pressed the button for wanting out.
Just stick to the script and do everything by the book.
 
Town End Farmer Giles said:
Told my daughter, overpay on the mortgage, join the pension scheme. Raise a glass to my memory in 30 years when you realise how much better off you are because of that.

Im reluctant to hammer my savings for 2 years so just taking it at 58. Max lump sum and just dip into that, no idea how long I'll live so not bothered about maxing the pension.
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You are spot on there - a simple approach is often the best. It was probably easier for us when there were DB (final salary) schemes.
 
I switched to a Transact SIPP about 6 months ago, and my pension is showing over 25% growth in that time. Best decision I’ve ever made. I’ve got a decade to get it up by £300k from current value to give me the option of early retirement, if other things go to plan.
 
archiesdad said:
Pressed the button today with my boss, told him I want out. Withing 3 hrs I got a mail from the owner saying I've mismanaged the business!! Looks like I'm in for a fight to get a payout 😂
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Pay out for what ? Are you wanting redundancy?
Town End Farmer Giles said:
Told my daughter, overpay on the mortgage, join the pension scheme. Raise a glass to my memory in 30 years when you realise how much better off you are because of that.

Im reluctant to hammer my savings for 2 years so just taking it at 58. Max lump sum and just dip into that, no idea how long I'll live so not bothered about maxing the pension.
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Wise advice but the future isn't guaranteed and you have to enjoy the pri e of your life too . If it's just spare she'll waste fair enough
 
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