Retirement

[elder]

Doesn’t feel quite the same here. “We are thinking about putting in at Grimsby for a few day”, just doesn’t do it for me.

they've set up social media feeds. it's an incredible lifestyle. some of the videos of the places they find, diving, snorkelling and the fish they've caught are just amazing. there's quite a few resorts etc that they can anchor at and go onshore for a feed or whatever as well. his wife has had a cancer scare previously and males on his side of the family don't seem to live that long so fair play to them enjoying a relatively stress free life.
they took months (almost a year i think) getting back to Oz across the Pacific, visiting many of the Pacific island nations on the way.

 

[Hair Flick]

they've set up social media feeds. it's an incredible lifestyle. some of the videos of the places they find, diving, snorkelling and the fish they've caught are just amazing. there's quite a few resorts etc that they can anchor at and go onshore for a feed or whatever as well. his wife has had a cancer scare previously and males on his side of the family don't seem to live that long so fair play to them enjoying a relatively stress free life.
they took months (almost a year i think) getting back to Oz across the Pacific, visiting many of the Pacific island nations on the way.

Sounds ace that. I’ve got a mate who delivered a boat from the U.K. to Fremantle. Took a year out with his family, took the teenage lads out of school and they had the adventure of a lifetime.

That said, life on boats isn’t all glamour, this was essentially a 38ft yacht so they were fairly cramped and living on top of each other for weeks at a time.

 

[elder]

Sounds ace that. I’ve got a mate who delivered a boat from the U.K. to Fremantle. Took a year out with his family, took the teenage lads out of school and they had the adventure of a lifetime.

That said, life on boats isn’t all glamour, this was essentially a 38ft yacht so they were fairly cramped and living on top of each other for weeks at a time.

I think their boat is well over 40 feet. it's a catamaran though so it has decent space between the two hulls with a lounge area etc. I'm not sure if i could live aboard full time but they seem to be really enjoying it. he bought it sight unseen over the internet and him and a couple of other pilot mates flew out to Panama, did some work on it. then sailed it through the Panama Canal down to Ecuador where they did some more work on it to prepare it for the trip across the pacific (new fridge/freezer, sorted the sails out and some other maintenance/upgrades).

 

[Charmer]

That is true. I've said on this thread before about sailing. I've always loved the water or the idea of being on the water but never done much about it. I used to watch all sorts of boats going up and down the Ouse in York and then moved to the coast where I live a 15 minute walk away from a relatively sheltered bay, popular with people sailing. Yet apart from a couple of day sailing experiences, I've never done anything about it apart from get a couple of kayaks in recent years.

I'd love to learn how to sail a small boat, just head out for the day enjoying the sea air and the coast line, make sure it is a boat with a small seating area and a galley for a cup of tea. Perhaps sail to one harbour, have some fish and chips then sail back. Feels like living the dream to me, the wife thinks I'm daft.

Now all of a sudden I'm adding in the cost of a boat and moorings into my retirement plans, as one of the biggest challenges I have at the minute is time.

You could try a flotilla holiday combined with a sailing course. Neilson taught me and Mrs C how to sail one week then off on island hopping in week two.
That’s how I learned in the Gulf of Corinth and visiting Ithaca, Kefalonia etc.
Need a skipper course to deal with the tides etc after that.

Haven’t financed my 30 footer yet but Mrs Charmer has other priorities.

 

[safccfas]

I’m 45 and hoping to be done in 10 years. Got nearly 300k in a pension pot as of now and about 75% of my mortgage paid off. Next task is to start saving for the 3 or 4 years I’ll need to cover before I can access private pension. Part of my financial planning is a redundancy from work which seem to come around every few years. I’ll be taking the next offer. Might semi retire last few years and work contracts or part time remotely if possible from somewhere a bit warmer like spain. Plan is to spend a big chuck of my pension pot by the time im 70. Would like a good 15 years of living life before then starting to slow down and hopefully surrounded by grandchildren who I’ll blow the rest on and then let the state look after me when I start shitting myself. What could possibly go wrong

Well it looks like one element of this plan is taking shape ….. Notification this morning that my department is being made redundant. Not sure how I feel about it as the package on the table is pretty good but it’s the fear of the unknown and having to find a new job !
Will certainly be sticking a chunk of cash into my pension to avoid paying tax on it if I can!

 

[Jon Dough]

It’s apparently a well known fact that buying a boat is an easy way to lose money.

If it flies floats or f*cks it’s always cheaper to rent than buy……..Old truism.

 

[Kent_Mackem]

Well it looks like one element of this plan is taking shape ….. Notification this morning that my department is being made redundant. Not sure how I feel about it as the package on the table is pretty good but it’s the fear of the unknown and having to find a new job !
Will certainly be sticking a chunk of cash into my pension to avoid paying tax on it if I can!

I’m sure you will be absolutely fine and look back on it as a positive change, as almost all people do eventually.

The unknown is always unsettling but use it as an opportunity. Great idea about stick some bunse in the pension if that is allowable.

Good luck in finding the new role. I bet it will end up being the best thing you’ve done in your career.

 

[safccfas]

I’m sure you will be absolutely fine and look back on it as a positive change, as almost all people do eventually.

The unknown is always unsettling but use it as an opportunity. Great idea about stick some bunse in the pension if that is allowable.

Good luck in finding the new role. I bet it will end up being the best thing you’ve done in your career.

Thanks mate. Been a long time since I was the new kid on the block. Just hope that I get a chance somewhere. Like you say could it turn out to be the best thing ever. Probably guilty of going a bit stale in this current role so the new challenge will definitely be exciting, even if quite daunting at first.

 

[houghton cut head]

Well it looks like one element of this plan is taking shape ….. Notification this morning that my department is being made redundant. Not sure how I feel about it as the package on the table is pretty good but it’s the fear of the unknown and having to find a new job !
Will certainly be sticking a chunk of cash into my pension to avoid paying tax on it if I can!

You can put 100% of it in your pension if you want, well you can for the company I work at.

 

[safccfas]

You can put 100% of it in your pension if you want, well you can for the company I work at.

Yeah I think I can as well. The first £30k is tax free so my immediate thought is I’ll take that to live off until I find something else and then put the rest into my pension to avoid 40% tax on it. Think I’ve got about £50k of allowance left which will cover the rest of the redundancy payment. I’ll have to get some proper advice on what’s best to do. My other option is clear my mortgage and then I can overpay into a pension for next ten years or so as drip feeding into pension might be better than one big hit ?!?

 

[elder]

making one or two assumptions here as there's not a lot to go on but it seems like the company this lad works for has gone bust and then been bailed out by the US government but after working for 30 years his pension is gone (not a preserved scheme?).

absolutely devastating...

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[DaveH]

I've spent quite a bit of time recently, reading through the details of how my pension works and then building a spreadsheet to model it. Turns out the modeller the company uses (I posted about USS a couple of weeks ago) massively reports a lower pension as it rounds down each month and that is cumulative over many years. Should mean I'm on track for going at 58-60.

 

[ChrisK]

Anyone thinking of transferring a final salary pension in near future?
with whats going on with the current economy just wondering what valuations are like they were very good a few year back

 

[Hank Scorpio]

Anyone thinking of transferring a final salary pension in near future?
with whats going on with the current economy just wondering what valuations are like they were very good a few year back

Transfer values in general have fallen, although they have increased a little recently

 

[Fletch]

Anyone thinking of transferring a final salary pension in near future?
with whats going on with the current economy just wondering what valuations are like they were very good a few year back

Mine fell through about 3 year back when work closed our final salary scheme the twats , at time was sick about it but shit happens.

Make sure you get clued up on the pros and cons as there’s a reason many final salary schemes are referred to as “gold plated”

 

[ChrisK]

Transfer values in general have fallen, although they have increased a little recently

Where can u find this info ?

 

[Hank Scorpio]

Where can u find this info ?

From the scheme mate. You need to request a CETV (mind most schemes only prove one free a year, then it’s £250 a request).

If you are transferring from a DB scheme (and the fund value is also over 30k), you will also need an independent financial advisor

 

[Deleted member 55162]

Anyone thinking of transferring a final salary pension in near future?
with whats going on with the current economy just wondering what valuations are like they were very good a few year back

They’ve generally fallen by about 30% due to a large increase in gilt yields amongst other things. The golden years for this type of transfer were 2016 to 2022 and it’s unlikely that transfer values will rise back to those levels any time soon - if not ever. Best thing to do is keep an eye on inflation. If that falls - or continues to fall - then there is less pressure on the BoE to to increase interest rates. It’s a similar way to how gilt yields work in simple terms so if they fall then pension transfer values will rise.

Also a few schemes have changed the way they calculate the CETV’s now to increase transfer values available.

Where can u find this info ?

The is an index called the XPS index which shows the average transfer value which is calculated every month.

 

[Billericay Dichio]

You could try a flotilla holiday combined with a sailing course. Neilson taught me and Mrs C how to sail one week then off on island hopping in week two.
That’s how I learned in the Gulf of Corinth and visiting Ithaca, Kefalonia etc.
Need a skipper course to deal with the tides etc after that.

Haven’t financed my 30 footer yet but Mrs Charmer has other priorities.

Sounds interesting. Any recommendations?

 

[Deleted member 55162]

Where can u find this info ?

There you go mate:

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