Retirement

[The Great Soprendo]

But surely your wanting something without stairs? And theyre very difficult to sell, so its then selling up & paying rent in retirement & relying on unreliable landlords to sort stuff. My grandmother bought a 1st floor retirement flat, and I dont think id want to do it

Yes that's why I mentioned lifts. And I don't necessarily think dedicated retirement flats are the answer, as you say they can be hard to move on (though they can often be rented too). The problem with them also is that sometimes people go into them too late and then shortly after need to move to a care home.

 

[DaveH]

DB pension schemes were great when people paid into them for 40 years, retired at 65 and died at 70. Not quite as affordable for employers now

I'm on a DB scheme and I do like the predictability of it (providing the company doesn't go bust or change the rules for the worse, which they have a habit of doing).

Every year, I earn 1/75 of my wages, per year for life, plus 3 x that in a lump sum. The length of service doesn't matter. So if someone worked for £75k for 10 years, they would get £10k per year for life and £30k on retirement.

The downside is a 3-4% penalty each year you retire before normal retirement age. Live long enough and you get more out the scheme, but have a lower overall income. If you leave 10 years early you only get 60%. In the above example that £10k per year falls to £6k. Still pretty good for a decade of work.

 

[SydneyFan]

I'm on a DB scheme and I do like the predictability of it (providing the company doesn't go bust or change the rules for the worse, which they have a habit of doing).

Every year, I earn 1/75 of my wages, per year for life, plus 3 x that in a lump sum. The length of service doesn't matter. So if someone worked for £75k for 10 years, they would get £10k per year for life and £30k on retirement.

The downside is a 3-4% penalty each year you retire before normal retirement age. Live long enough and you get more out the scheme, but have a lower overall income. If you leave 10 years early you only get 60%. In the above example that £10k per year falls to £6k. Still pretty good for a decade of work.

Surely 1/75 of £75k wages is £1k per year and a £3k lump sum ?

Edit : Just re-read it and got the x 10years bit.

 

[Town End Farmer Giles]

I'm on a DB scheme and I do like the predictability of it (providing the company doesn't go bust or change the rules for the worse, which they have a habit of doing).

Every year, I earn 1/75 of my wages, per year for life, plus 3 x that in a lump sum. The length of service doesn't matter. So if someone worked for £75k for 10 years, they would get £10k per year for life and £30k on retirement.

The downside is a 3-4% penalty each year you retire before normal retirement age. Live long enough and you get more out the scheme, but have a lower overall income. If you leave 10 years early you only get 60%. In the above example that £10k per year falls to £6k. Still pretty good for a decade of work.

I've said before I didn't pay much attention to what my pension was at normal retirement, pretty irrelevant as never considered working to 67. Only consideration for me was "Is it enough to go now?"

 

[DaveH]

I've said before I didn't pay much attention to what my pension was at normal retirement, pretty irrelevant as never considered working to 67. Only consideration for me was "Is it enough to go now?"

I didn’t really pay attention until around 5 years ago. Things were gradually declining at work, and I started thinking that I would rather not work at all. My field (IT) has got all professional and a lot of the fun interesting bits have gone. But I was around 25 years from normal retirement age.

A talk at work o mid career planning and seeing some people retire in their 50s made me realise I could save 10 years off that 25. That started me looking at how my pension worked, how much career I had left and a plan forming for how to keep my career fresh and interesting, while increasing income and bringing that goal closer. So far it is working. Two job changes, two pay rises and that end game looks all the more possible.

 

[Town End Farmer Giles]

I didn’t really pay attention until around 5 years ago. Things were gradually declining at work, and I started thinking that I would rather not work at all. My field (IT) has got all professional and a lot of the fun interesting bits have gone. But I was around 25 years from normal retirement age.

A talk at work o mid career planning and seeing some people retire in their 50s made me realise I could save 10 years off that 25. That started me looking at how my pension worked, how much career I had left and a plan forming for how to keep my career fresh and interesting, while increasing income and bringing that goal closer. So far it is working. Two job changes, two pay rises and that end game looks all the more possible.

Couple of regradings in the last 5 years really helped me mind. Another year would have seen me much more comfortable (especially as they offered another increase if I agreed to another 12 months) but still jumped ship.

 

[Daffy]

Overrated
Graft keeps ya young

 

[archiesdad]

Me and Mrs both gave a small DB each. We kind if forgot about them as it was in teenage yrs but they will provide us with 12ka year, index linked maxd at 3% and a lump of 80k. Not bad for a base starting point.

 

[Ned Land]

Perhaps, but there are other options (like apartments). It's a bit of a British obsession to live in a house with your own front door and probably a garden (and to see it as a status symbol). Old (and young) people across Europe, for instance, are happy living in apartments with lifts that require much less maintenance than a bungalow and are an often a far more sensible and manageable option.

Good points but you’d still need to pay a service charge for an apartment. You could be lumbered with nightmare neighbours on 4 edges (left right top bottom) etc.

I’d want a small private garden to potter around in.

 

[WD40]

31/03/2027 is the date I've set myself to finish work, unless hopefully redundancies are announced.

 

[Town End Farmer Giles]

Me and Mrs both gave a small DB each. We kind if forgot about them as it was in teenage yrs but they will provide us with 12ka year, index linked maxd at 3% and a lump of 80k. Not bad for a base starting point.

That's your small one?

Not sure if serious.

 

[archiesdad]

That's your small one?

Not sure if serious.

That's combined not each

 

[JAZZMANB]

Overrated
Graft keeps ya young

So you've retired,it's crap and you've aged ?

31/03/2027 is the date I've set myself to finish work, unless hopefully redundancies are announced.

I'd compare the last months to sitting in departures waiting for your delayed flight to somewhere lovely

 

[Town End Farmer Giles]

That's combined not each

Ah sorry, misread.

 

[Crook]

That's combined not each

That's still a canny lump.

I've got one similar from my first job, it took 8 years to produce the same figures you're looking at each.

I certainly hadn't forgotten I'd worked there and paid into a pension

 

[Town End Farmer Giles]

That's still a canny lump.

I've got one similar from my first job, it took 8 years to produce the same figures you're looking at each.

I certainly hadn't forgotten I'd worked there and paid into a pension

Missus has one from her 20's, £16k pot, never mind £12k a year and £80k lumper

 

[Daffy]

So you've retired,it's crap and you've aged ?

I'd compare the last months to sitting in departures waiting for your delayed flight to somewhere lovely

We’ve all aged marra

 

[Holey and Hogg]

Bloody hell retirement looming possibility of December and I’m stressed to hell ha ha. Anyone else find it daunting or am I just a misery. I’m really ready to quit teaching I’m done with that. But -

The obvious income drop pensions will be about a 3rd of what we are on.

Another problem is age difference with wife. All of our interests are shared, outdoors stuff etc. Im 60 in August she is 55 in July. Never thought about it ever until now. I’m sort of ok with the teachers pension. But she hasn’t looked after hers as well as she should. She earns good money, well in my little world anyway and is lumping in now. Plan is for her to go at 59.

So 4 years of waiting for her and the camper van dream. I’m absolutely shit on my own I like structure even in the 6 weeks I get restless, lazy and procrastinate like hell. A part time job would be the answer, how hard are these to get at my age that is not teaching.

No idea why Im posting this, just rambling. I know I’m being a fanny. Hoping someone can allay my fears I suppose.

 

[Ned Land]

Bloody hell retirement looming possibility of December and I’m stressed to hell ha ha. Anyone else find it daunting or am I just a misery. I’m really ready to quit teaching I’m done with that. But -

The obvious income drop pensions will be about a 3rd of what we are on.

Another problem is age difference with wife. All of our interests are shared, outdoors stuff etc. Im 60 in August she is 55 in July. Never thought about it ever until now. I’m sort of ok with the teachers pension. But she hasn’t looked after hers as well as she should. She earns good money in, well in my little world anyway and is lumping in now. Plan is for her to go at 59.

So 4 years of waiting for her and the camper van dream. I’m absolutely shit on my own I like structure even in the 6 weeks I get restless, lazy and procrastinate like hell. A part time job would be the answer, how hard are these to get at my age that is not teaching.

No idea why Im posting this, just rambling. I know I’m being a fanny. Hoping someone can allay my fears I suppose.

As a qualified teacher there are plenty of opportunities. Supply teaching, online/personal tutoring. Or just apply for other part time jobs that take your fancy, they can only say ‘no you’re an old rambling fella off the Internet’.

 

[Holey and Hogg]

As a qualified teacher there are plenty of opportunities. Supply teaching, online/personal tutoring. Or just apply for other part time jobs that take your fancy, they can only say ‘no you’re an old rambling fella off the Internet’.

Shit my reputation precedes me!!!!