Fletch
Striker
If it rises with inflation then I think most would say that’s fine .
At some point the SP age is going to be 70-75 so it’s our children who will suffer
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Retirement
- Thread starter Shieldsman
- Start date
At some point the SP age is going to be 70-75 so it’s our children who will suffer
Edinburgh Black Cat
Striker
My biggest gripe with further rises in the state pension age is that it will likely come with further increases to the NMPA, and other workplace pensions that are linked to the SPA.
I don't think that it fair on people who have planned their retirement based on private pensions. In theory, allowing people to retire on private pensions has no direct impact on government finances.
DaveH
Striker
I can't see being together 24/7 working for us. We have our own hobbies and interests.
One old bloke who used to live down the street was tied to his missus. She liked to get out and about places (always in the middle of the day, could not do anything before 11), she had decided she didn't want to drive any more, so he spent all his time driving her about. He was not entirely satisfied with life.
I have stuff I like to do, so does my wife. I could see me looking at the weather and telling her I'm off to The Lakes for a few days of hiking. Occasionally she might come and do one walk and chill out for the other days, or I could see her giving me a kiss, telling me to enjoy it and she would be quite happy for a few days doing her own stuff.
She is freelance and really enjoys her job. She does quite a lot of fun stuff, and is 2 years younger than me, so if I go at 58 she might decide to go for longer.
Tuono
Winger
Any chance you can give us the nod when you're off hiking without the missus?
Only joking.
DaveH
Striker
A lot of private pensions is linked to the state retirement age. I can't claim mine until 10 years before my normal age (57) and that comes with severe penalties.
Raising the age does potentially lead to a real class division in society, which is a concern of mine.
At the minute, office workers live 5 years longer than manual workers. A few studies have said that now people are working from home, the majority are healthier, less stressed and happier than when they commuted every day. Many use that time to go for a run or other exercise, or just get jobs done and have the weekend free for more active stuff. Not spending as much on a commute gives office workers more chance of retiring early too, people are better off financially. While some get more lazy and sedentary, the majority are healthier. So I'm expecting the gap between office workers retiring and manual workers retiring to widen, and for the life expectancy gap to widen too. That is before we consider the proposals which some companies have switched to, of a 4 day working week. That will be harder to achieve for manual workers.
I can see a situation where manual workers go to a retirement age in their early 70s and depart this world just a few years later, while office workers go in their late 50s and early 60s, fit and healthy, living well into their 80s. I think that will lead to some social problems, resentment and then ultimately a struggle to get people into those skilled manual roles.
Petesafc
Central Defender
This is my situation, made redundant recently 60 and couldn’t get my head round all of the options, got recommended a good IFA and as I’ll have no income between 62 and 67 so taking my allowance before state pension, then use the rest either via drawdown or annuity but plenty of time to think about that, wife has a good job, redundancy in bank so should be ok. IFA has been brilliant mapping out 4 or 5 scenarios and combining all of my pensions, not for everyone but it’s given me plenty confidence I’ve done the right thing not going back to work
Unlucky Black Cat
Winger
Great point! I'm 62 and 33% of the lads from my school class are dead, as well as another mate 5 years younger. Another mate my age is waiting for a hip replacement, knee replacement and a pacemaker; and 2 have had major surgery for cancer
.Lots of folk keep working into old age for the sake of it but any of us could be gone tomorrow.
Something I'm not, I've got plenty of provision for retirement, I just don't like thinking ' if I get this I can retire then' enjoy spending and discovering new places and new things, don't save it all for retirement, you don't know what's around the corner. Know too many people who didn't make it to retirement. This post isn't aimed at anyone in particular its just my outlook.
Edinburgh Black Cat
Striker
If you don't mind me asking, what did you pay your IFA? No need to state exact figures if you're not comfortable but was it a fixed fee or a % of something.
And did you think it was a fair few? Based on your comment I assume yes, which is good.
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citybythesea
Striker
Working till I’m carried out in a box
BILLY BUS PASS
Winger
From what I see mate loads of people get hung up with how much an ifa charges. But they know a lot more than I do and have access to more products than i do and they are good to bounce ideas off as well.
I pay a %age but that means he’s always on the end of the phone and get an annual or six monthly review.
Initial fees come off when ya invest and it gripes once it’s done it’s done. Any ongoing charges ya don’t see it because it comes off ya top line.
You can make or loose their cut on a days trading anyway.
Swindon On Tour
Striker
Sounds a plan Mate.
You have time to think and you would be surprised how important that is. You don’t need as much as you think unless you are a Ferrari, Rolex type.
The 25% tax free option is a game changer and redundancy at 60 a bonus. Don’t let losing a job at your age eat away at you. I did at 58 and realise how daft that was.
That chapter is over and gone and all about what is in front.
Can’t fault my IFA either. Got Mates rates and combining pots has done well.
Equally don’t rule out a part time job and if you can get one you actually like it’s another bonus. No stress is the key and it took me some time to adjust. I could never go back to the job I was doing but equally nobody would want me anymore
.Spot on.
There is no way would I had the knowledge or confidence to invest and combine pots into one.
If you can honestly look at what the charges were and compare against the benefits and if this exceeds your targets and aspiration's then it’s the best decision.
I had a split between final salary and contribution pots.
Final salary pensions are rocking horse shit and don’t touch them or look to combine them.
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Petesafc
Central Defender
In total it was just over 2k, I had 4 small pensions and my main work place to combine, couple were really old so was a bit more difficult. The fee was taken from the pot and to be honest I had about 3k more than I thought transferred over so no loss .Got to say she has been great setting out all options.
DrNo!
Striker
It was really easy for me to combine 2 dormant workplace pensions into a SIPP myself. I'm not sure what an IFA could have added. Invested into worldwide ETF's and global bond's and money market funds in the ratio my risk tolerance is comfortable with. Watched a shed load of Youtube videos about the plusses and minuses on Flexi access drawdown versus UFPLS for tax relief and run the figures through a compound interest calculator with a a few variables. I'll be saving my cash rather than using an IFA.Sounds a plan Mate.
You have time to think and you would be surprised how important that is. You don’t need as much as you think unless you are a Ferrari, Rolex type.
The 25% tax free option is a game changer and redundancy at 60 a bonus. Don’t let losing a job at your age eat away at you. I did at 58 and realise how daft that was.
That chapter is over and gone and all about what is in front.
Can’t fault my IFA either. Got Mates rates and combining pots has done well.
Equally don’t rule out a part time job and if you can get one you actually like it’s another bonus. No stress is the key and it took me some time to adjust. I could never go back to the job I was doing but equally nobody would want me anymore
Spot on.
There is no way would I had the knowledge or confidence to invest and combine pots into one.
If you can honestly look at what the charges were and compare against the benefits and if this exceeds your targets and aspiration's then it’s the best decision.
I had a split between final salary and contribution pots.
Final salary pensions are rocking horse shit and don’t touch them or look to combine them.
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Petesafc
Central Defender
As most of what you have posted is like a foreign language to me my best option was definitely a IFA
Flavonoids
Striker
I've watched a few vids and it's not really too difficult ... if you'd like to send your retirement funds to me I can certainly guarantee you a return of some sort, later on ... let's all work together on here, through meAs most of what you have posted is like a foreign language to me my best option was definitely a IFA
Alfies Hat
Winger
After all.I've watched a few vids and it's not really too difficult ... if you'd like to send your retirement funds to me I can certainly guarantee you a return of some sort, later on ... let's all work together on here, through me
Those speed boats and water skis don't pay for themselves.
Flavonoids
Striker
They do really ... consistently rented out for the Calais > Dover 'challenge' ... the only concern is exchange rate fluctuations and potential imprisonmentAfter all.
Those speed boats and water skis don't pay for themselves.
42
Striker
If youve got a good head for numbers & have a decent understanding of how it all works & risks involved, then IFA is largely pointless. If youre overwhelmed by the numbers, then paying a professional is probably what you have to do. Its similar to DIY jobs that some people are capable of doing themselves, whilst others have to being in a handyman.
