Retirement

[Shack]

I work in IT, I’d consider contracting or short term contracts when the kids are older.

My current working situation is probably the optimal for my needs - DB pension, 30 days annual leave, 4 day compressed week, minimal visits to the office.

My aim is to be able to decide if I want to work or not. I’d be happy to take a reduced pension at 60 and supplement it with part-time work if I need to.

IT for me also. Sounds like things are going well for you, there are people a lot worse off! As I said earlier, it's not so much about retirement, it's about being in a position to make choices. That brings massive freedom and the ability to do what's right for you (and your family).

 

[martin_s_buckley]

Anyone done service in the military and forgot about the pension like i did ?
I done 6 years straight from school starting as a junior soldier at 16.
Forgot about the pension until a mate mentioned it.
Requested a pension statement few months back and considering I only done 6 years and on a very low wage back in 80`s its currently around £200 per month, with a lump sum of 10K and increases with inflation each year, I got 5 years till I can take it.
Better in my pocket than there`s

Bet there be a few people forget to claim it as seems like a lifetime ago.

The military pension is the best you can get. I got mine from the day I left as I'd done more than 22 years. It allowed me to take a job that paid less, but had less stress. After being frozen for almost 10 years It uprated when I turned 55 and whilst I am currently working full time, my mentality is that for every year I work full time beyond 55, I can save enough so I can retire 3 years' early. I reckon if I can keep working until i'm 58, I will have enough saved to be able to live off my savings plus my military pension, which should give me disposable income of around £23k a year, until the state pension kicks in. I am mortgage-free.

 

[ChrisK]

I think the word retirement conjures up different images for different people. I like to look it as being financially independent (you may have heard of the FIRE movement). Once you achieve this you can make decisions and have choices in whether you want to work, do something different (change jobs, reduce hours/days etc) or pack in altogether. Having the ability to make choices is very liberating.

The biggest issue is knowing when you have enough in the pot to not have to work. That is the main reason people keep working (if they want to retire). I've found you never truly know you have enough and at some point you have to just bite the bullet.

My mindset was to enjoy summers doing what I want and take a short term job over winter. The issue is I now begrudge working full time so I'd prefer part time! There's no jobs out there doing what I used to do with part time hours though, so I need to make compromises. I ended up taking a permanent job last November but ended up leaving by April as I got fed up being stuck at a desk again 5 days a week. I missed going out on the walks with my dog and being able to do what I wanted. Once you have a taste of that it's difficult to give it up. I do feel that I need something to occupy my mind alongside the hobbies and interests I have but perhaps that's because it's only been a few years since I stopped working properly full time. I think it takes a while to get that work ethic out of your system or maybe it never leaves some people?

Good advice that mate, going to be a big change for me having not hardly missed a day work in nearly 40 years.
But will give it my best shot
maybe do some volunteer work or cash in hand stuff
No way I am paying anymore higher rate tax they had enough of me over the years.

 

[Town End Farmer Giles]

I think a lot of people will be surprised at how little you need to live comfortably in retirement - the natural thing is to base it on how you live now and project that forward, but that's not necessarily an accurate representation.

My Dad retired at 57 - it wasn't voluntary, he just couldn't do the type of work he was used to because of long-standing back and knee issues (no pun intended). He had a couple of small work pensions and State Pension when he reached 65. My Mam had been retired through ill-health for many years prior to him retiring and she got her pension (at a reduced rate) from the date she actually left work.

They had no mortgage, no major bills other than utilities and SKY TV and they still managed a night out every week, a meal somewhere nice once a month or so, and between 2 and 3 foreign holidays a year - nowhere flash, mind. Just somewhere relatively cheap with a lot of sunshine. They drove a small hatchback.

My Dad always used to tell me that I'd be shocked at how well you could live on what was a relatively small annual income (I wasn't - I'd seen it in practice with them) once there were no major bills to pay, no kids to look after and no cost of going to work to factor in.

Retire as soon as you can, folks. As someone stated earlier, you're a long time dead and you can't take it with you. Plus you'll be freeing up employment for someone younger than you who needs it more.

All of the pensioners in my family have nothing like the income some on here see as necessary and can't spend what they have anyway.

£20k a year with a bit in the bank to cover a rainy day and a 3rd or 4th holiday a year here and there will do me. I'll not get that annual income solely as pension so intend just dipping into the lump sum to top it up to whatever I need until the state pension kicks in.

I could just about go now but reckon another 3-4 years to build up pension/lower the early retirement reduction, and top up my savings will see me ok.

 

[Shack]

Good advice that mate, going to be a big change for me having not hardly missed a day work in nearly 40 years.
But will give it my best shot
maybe do some volunteer work or cash in hand stuff
No way I am paying anymore higher rate tax they had enough of me over the years.

Yeah, my thoughts now are how to pay as little tax as possible if earning or once drawing pension. Like I say though, it's about balancing time versus any further work I'd do. Different if volunteering or doing something off your own back. Best of luck!

 

[42]

I've got this. Been planning on it being a little bonus top up but going to some seminars at work, it appears that if you draw their frozen sceme at 60 you have to reduce your wage by either reducing hours or dropping a grade. I don't know if this just applies to the civil service or if drawing my navy pension will mean the same thing.

Think that's only if you do flexible retirement & remain in a job linked to the pension. So you could take your civil service pension & get a full time private sector job & wouldn't be affected.

 

[Tuono]

The military pension is the best you can get. I got mine from the day I left as I'd done more than 22 years. It allowed me to take a job that paid less, but had less stress. After being frozen for almost 10 years It uprated when I turned 55 and whilst I am currently working full time, my mentality is that for every year I work full time beyond 55, I can save enough so I can retire 3 years' early. I reckon if I can keep working until i'm 58, I will have enough saved to be able to live off my savings plus my military pension, which should give me disposable income of around £23k a year, until the state pension kicks in. I am mortgage-free.

The Royal Navy pension is supposed to be the best pension there is. My next door neighbour was a RN Diver and he retired aged 50. His ambition was to own every motorbike in production, he always had 3 or 4 bikes on the go at the same time and every 2 weeks he'd sell one and replace it with another. I don't know if he ever realised his ambition because he bought a house in the Lake District and moved there.

Think that's only if you do flexible retirement & remain in a job linked to the pension. So you could take your civil service pension & get a full time private sector job & wouldn't be affected.

One of my sisters took her NHS pension this week and is starting back in exactly the same hospital and job but working for the private sector. She said it didn't make financial sense to remain working for the NHS. I think she's aged about 59. I do know she could have taken her NHS pension aged 51 and she would have had a lump sum of £70,000 and a pension of £23,000 a year linked to inflation. Not bad for 35 years service when you probably have another 30 years left before you pop your clogs.

 

[TAD]

Think that's only if you do flexible retirement & remain in a job linked to the pension. So you could take your civil service pension & get a full time private sector job & wouldn't be affected.

That sounds more positive and I'll definitely investigate properly. Thanks.

 

[DaveH]

NHS pension this week and is starting back in exactly the same hospital and job but working for the private sector. She said it didn't make financial sense to remain working for the NHS. I think she's aged about 59. I do know she could have taken her NHS pension aged 51 and she would have had a lump sum of £70,000 and a pension of £23,000 a year linked to inflation. Not bad for 35 years service when you probably have another 30 years left before you pop your clogs.

I don't know the full details of what she had, but my mam worked for a good few years in admin for the NHS. She liked her job but hit the age where her pension was going to be about the same as her wages. I think she might have been in the last batch of women who could retire at 60. She thought about staying, until I pointed out that if there was no real money in it for her, she was only one bad day off saying stick it and walking out. Did she want to leave on good terms with a party or on bad terms. She agreed it was a good point and retired.

 

[Pnematic1]

I retired in August from a house builder ( I m 65) but set up my own architects practice where I can pick and choose jobs and go at me own pace ….. and keep me hand in !) Just right for those dark winter days doing a few new builds or extensions - if it gets me a holiday in Tenerife every year that’ll do me .

It’s so liberating making your own choices - I m not one for lounging around and have done loads of outstanding jobs and the decent weather let me get out on the bikes and plenty of walking . Happy as Larry doing DIY on me daughters house just a mile away.

And the recent warm spell meant I could lie out in the garden when the jobs were done.

I ve never been stressed or anxious due to work- I ve enjoyed my career - met some dickheads and some lovely people .

I guess it’s the freedom I now cherish - dancing to my own tune for a change !!!

 

[Mackem00]

Its mental imho.

Heres a lumper for your first car, help with uni etc maybe a small help with house deposit. All fine imo and in hsnd for my 3.

To give them a fecking home on top of that is mental imo and sends out all the wrong signals. Bastards are spoilt enough now n need a few life lessons.

Agree with this. I've got my own life to enjoy and spend money on narl like.

Let them plough their own furrow and give some help if/when needed.

 

[elder]

Anyone done service in the military and forgot about the pension like i did ?
I done 6 years straight from school starting as a junior soldier at 16.
Forgot about the pension until a mate mentioned it.
Requested a pension statement few months back and considering I only done 6 years and on a very low wage back in 80`s its currently around £200 per month, with a lump sum of 10K and increases with inflation each year, I got 5 years till I can take it.
Better in my pocket than there`s

Bet there be a few people forget to claim it as seems like a lifetime ago.

I missed out by 4 days

 

[Luna17]

Our group are counting down the days to retirement, some nearer than others.
Had a discussion in the pub last night about how much you need to live a ‘very comfortable’ lifestyle when retired. Nice international holiday, couple of smaller jollies, restaurant once a week etc, no mortgage to pay, kids self-sufficient.
Figures ranged from £20k-£30k or £45k+ if in a couple.

What do you reckon and any lads/lasses out there living the dream already who are in the know?

Retirement is overrated imho.
Did the holidays every month thing, reading, dog walking, etc but now do 2/3 hours parcel delivering and love it.

 

[dangermows]

People list things they'd do if retired/weren't a slave to the wage. One of these worker weebils comes along and asks 'then what?' as if to suggest it'd soon become repetitive/boring. Aye, unlike getting up on a morning and going to work, to do the same job, five days a week

The key point is choice. People will be doing things they want to do rather than have to do once they are financially able to retire should they wish.

Fairly obvious but I am sure some numb nuts will continue to struggle with the concept

 

[TAD]

Retirement is overrated imho.
Did the holidays every month thing, reading, dog walking, etc but now do 2/3 hours parcel delivering and love it.

I think the point is it gives you the choice. You are free to do that and free to walk out tomorrow if you have a pension and are financially stable. Good luck to you and can't wait till that's me.

 

[Mackem00]

People list things they'd do if retired/weren't a slave to the wage. One of these worker weebils comes along and asks 'then what?' as if to suggest it'd soon become repetitive/boring. Aye, unlike getting up on a morning and going to work, to do the same job, five days a week

The key point is choice. People will be doing things they want to do rather than have to do once they are financially able to retire should they wish.

Fairly obvious but I am sure some numb nuts will continue to struggle with the concept

It's gets explained each time on the monthly retirement thread that pops up DM lad. It gets ignored/dismissed every time tho. Just displays a lack of imagination/outside of work life imo.

 

[AndrewP]

Agree with this. I've got my own life to enjoy and spend money on narl like.

Let them plough their own furrow and give some help if/when needed.

Agreed. I see people talking about saving up to pay for their kids' uni fees. Isn't that what student loans exist for?

 

[DaveH]

People list things they'd do if retired/weren't a slave to the wage. One of these worker weebils comes along and asks 'then what?' as if to suggest it'd soon become repetitive/boring. Aye, unlike getting up on a morning and going to work, to do the same job, five days a week

The key point is choice. People will be doing things they want to do rather than have to do once they are financially able to retire should they wish.

Fairly obvious but I am sure some numb nuts will continue to struggle with the concept

Absolutely this. At the minute whenever I'm working on a self-set project of interest, it sparks ideas of other things. I have a big list of ideas and possible projects, all if which will keep my mind active until a ripe old age.

And then there is free choice. If all else fails and I feel that I really need to work after retiring, wage is no longer an issue. My job is in IT and management, but if I could move now I'd seriously consider something wildlife or environment related. Reitroductions must be amazing to work on, but even hand rearing and releasing well known species like hedgehogs that need the number boost must be rewarding. I get the feeling working on that now is close to minimum wage. I'd be willing to do it on a voluntary basis, especially if it helped younger people leading the projects gain a respectable wage.

 

[i8playoffs]

Agreed. I see people talking about saving up to pay for their kids' uni fees. Isn't that what student loans exist for?

The interest rate on those things is horrific. I couldn't retire early knowing my kids were saddled with that debt. Id feel guilty as.....

Retirement is overrated imho.
Did the holidays every month thing, reading, dog walking, etc but now do 2/3 hours parcel delivering and love it.

Different strokes for different folks. No right or wrong answers. Literally what works for you

 

[parttimer]

It's gets explained each time on the monthly retirement thread that pops up DM lad. It gets ignored/dismissed every time tho. Just displays a lack of imagination/outside of work life imo.

I think if there is so little imagination, and no idea what they'll do when they retire other than sit around bored all day, they probably already have relatively empty lives tbh.