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Retirement

DaveH said:
I wonder if some of that comes from the shock factor in retirement. I've been seriously planning for a few years and still have about 14 to go, which is a fair time to adjust. I know what I want to do with my time and my only concern is having the energy and interests I do now and making sure they are still alive in years to come.

I recently changed jobs from somewhere I'd been for 15 years. They merged 3 jobs into mine and then went on a spree of only appointing externals into more senior positions. Basically started grinding everyone down and said "know your place, you are not moving". I moved on to a more senior role elsewhere with relative ease and it has been like a breath of fresh air to largely define my role (this morning it is pissing about on the SMB when I should be doing something else!).

I'm now thinking if I move on about every 4 years, that should keep that freshness but also means less of a work identity to shake off. Along with reducing hours that eases me towards the end of work.

At the minute I think I'd be quite happy to say I'm retired, then chat about the interesting stuff I've been doing with my time.
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I think that a job change every 4-5 years is healthy. Less than that and it makes it look like you can't settle and longer you just stuck in a rut.
 

Feed the Monster said:
this.

situation my ma and we are in. She’s always been a saver and with my da’s final salary pension didn’t spend much. Now paying 4k a month out of savings for a rank average care home which also subsidises the care of those who saved nowt.
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Wow didn’t realise it was so much,
 
Select coaches said:
So you would still have over quarter of a million when your state pension kicks in. That’s without any growth or dividends. You could have it in a savings account and you wouldn’t even be spending the interest. 4% is a bit on the conservative side.
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It’s based on taking 4% of your initial pot in yr1 of retirement then increasing that by inflation every year , so I’m this case it wouldn’t stay at 20k, if inflation were 5%, yr2 you drawdown 21k, and yr3 be 21k+5% and so on, the amount soon gets bigger n bigger
 
Harry Angstrom said:
Not sure if it has been mentioned but it isn't just investing in a pension pot.

Nutrition and fitness are just as important IMHO. I do more exercise and eat far far healthier than I ever have. Pointless having a £50k pension if you are too decrepit and out of shape to enjoy it.
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At the age of 50 I've already started going to funerals of friends around my age. Some of whom had medical problems but some were perfectly healthy. One lad ran marathons and was a black belt in judo but dropped dead of a heart attack while doing the gardening at 48.

So you never know when your number is up but I had a wake up call last year when I got a telling off from my GP for being overweight, high blood pressure and borderline diabetic.
 
Darlo1973 said:
At the age of 50 I've already started going to funerals of friends around my age. Some of whom had medical problems but some were perfectly healthy. One lad ran marathons and was a black belt in judo but dropped dead of a heart attack while doing the gardening at 48.

So you never know when your number is up but I had a wake up call last year when I got a telling off from my GP for being overweight, high blood pressure and borderline diabetic.
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Had a heart attack last year at 54, looking to get out well before I turn 60. Sadly missus has no pension so, much like all my life,it's down to me.
 
Darlo1973 said:
At the age of 50 I've already started going to funerals of friends around my age. Some of whom had medical problems but some were perfectly healthy. One lad ran marathons and was a black belt in judo but dropped dead of a heart attack while doing the gardening at 48.

So you never know when your number is up but I had a wake up call last year when I got a telling off from my GP for being overweight, high blood pressure and borderline diabetic.
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Exactly the reason I am going as soon as possible. Been to far too many funerals recently
 
Darlo1973 said:
At the age of 50 I've already started going to funerals of friends around my age. Some of whom had medical problems but some were perfectly healthy. One lad ran marathons and was a black belt in judo but dropped dead of a heart attack while doing the gardening at 48.

So you never know when your number is up but I had a wake up call last year when I got a telling off from my GP for being overweight, high blood pressure and borderline diabetic.
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It’s not about living forever for me but enjoying the time now. I found keeping to a fighting weight and eating well keeps me feeling much better so I can enjoy the good times.
 
I don't mind leaving my house as an inheritance to my kids, but I'm determined to enjoy my retirement and use all my money that's saved up in my savings and I fully intend to use my work pension pot on myself and the wife while I can enjoy it.
 
Harry Angstrom said:
Not sure if it has been mentioned but it isn't just investing in a pension pot.

Nutrition and fitness are just as important IMHO. I do more exercise and eat far far healthier than I ever have. Pointless having a £50k pension if you are too decrepit and out of shape to enjoy it.
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Just cycled up to 5-a-side, run round like an idiot for just over an hour and cycled back. I can't say I feel any healthier for it at the minute!
 
royaldragon said:
I don't mind leaving my house as an inheritance to my kids, but I'm determined to enjoy my retirement and use all my money that's saved up in my savings and I fully intend to use my work pension pot on myself and the wife while I can enjoy it.
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Just be careful how you leave it for your kids, heard a few horror story’s about giving it to the kids for £1 then the kids have unplanned problems and the house is gone.
Summit I need to do and see a solicitor to divide it up to the 4 of us before it’s too late.
 
arthursboy said:
Just be careful how you leave it for your kids, heard a few horror story’s about giving it to the kids for £1 then the kids have unplanned problems and the house is gone.
Summit I need to do and see a solicitor to divide it up to the 4 of us before it’s too late.
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What’s the best way to dispose of the house? Some sort of trust?
 
Feed the Monster said:
this.

situation my ma and we are in. She’s always been a saver and with my da’s final salary pension didn’t spend much. Now paying 4k a month out of savings for a rank average care home which also subsidises the care of those who saved nowt.
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The lazy and work shy people of this country are having a massive laugh at our expense. Everyone I know on the sick is capable of dicking about on the internet all day but doing work with a laptop is beyond them.
 
Harry Angstrom said:
Not sure if it has been mentioned but it isn't just investing in a pension pot.

Nutrition and fitness are just as important IMHO. I do more exercise and eat far far healthier than I ever have. Pointless having a £50k pension if you are too decrepit and out of shape to enjoy it.
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Wise words . I’ve started cardio 3 times a week plus gym the other two. Hips giving me jip but after playing soo much footy until 35 it’s to be expected .
Also started going to a private gp every year to get a mot.
Never happier than when I’ve had a decent session and I’m splayed out on couch aching , knowing that they are the good aches.
arthursboy said:
Just be careful how you leave it for your kids, heard a few horror story’s about giving it to the kids for £1 then the kids have unplanned problems and the house is gone.
Summit I need to do and see a solicitor to divide it up to the 4 of us before it’s too late.
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Discretionary trust could be the answer.

Giving away a property incurs a stamp duty to kids, plus if you still benefit from house ie live in it till you die then the 7 yr rule is ruled out .
Best see a FA
 
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DaveH said:
It sounds very cheesy but this is true. Two sisters in my extended family (didn't really know them well). One very hard working at school, successful career, saved, sensible, had a nice house, good holidays and plenty in the bank. The other one didn't do well at school, was always a bit flighty, drifted from one low paid job to the other, frittered away what money she had. The end result was both were in the same care home together, I think it may have even been a twin room. One the state paid for, the other the family/savings/inheritance paid for.

You can't be bitter and the two sisters were close, so being together was absolutely the best scenario for their health and support. But there is a lesson there on achieving a balance for life. Balance fun now with being able to retire in good time, make sure you are comfortable in later life but not too comfortable as your health deteriorates or the government will just take it.

My gran signed her house over to my mam and uncle years before she needed state care. They sold the house when she moved to sheltered housing and sat on the money as an emergency fund. It didn't get taken away.
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Has its own risks though. If one of them ended up in financial difficulty or a messy divorce it potentially could have ended up with her losing the house while needing to live in it.
 
I'm not too sure about these trust things. I always think if they are rock solid to protect your house from care fees then everyone would have them, then if they were I'm pretty certain the government of the day would soon put a stop to them.
Can't remember who said it on here but the 7 year rule is for inheritance and not disposal of assets, which AIUI has no time limits
 
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