buster
Striker
I’d be having a word with the other three and agree that you should go instead of them , unless all four want out
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Retirement
- Thread starter Shieldsman
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I’d be having a word with the other three and agree that you should go instead of them , unless all four want out
Swindon On Tour
Striker
My Mate retired at 65 and to quote him.
“if I knew now after talking to a FA I would have retired at 60.”
Planning early is not a bad thing but don’t go spending out.
It’s all about maximising the pot.
Feel free to ignore ignore but are you willing to share how they were found/recommended and the cost
I used the gov.uk site who put me in touch with a firm. I got a free call with them and did get some good advice...steered towards sipp rathere than plain s&s ISA. However, after this they wanted 3k just to do a computerized model to calculate if I could be in a position to retire at 60 and following that investment advice was more which sounded massively steep to me.
Boris Bear
Striker
That was my thoughts. I'm happy to pay a bit as they will do it much quicker than me but thought his quite fit what he was doing was ridiculous.
Boris Bear
Striker
42
Striker
It's only really worth getting an adviser if you're worth a canny bit, and will be higher rate tax payer in retirement, to look at various tax minimisation options.
If you're not in that position, just chuck money into a cheap global tracker, and do basic number crunching on an Excel spreadsheet
Select coaches
Striker
buster
Striker
Same here , they forget they’d be better off with a small bit of cake rather than no cake at all.
Not forgetting the trail commission ongoing.
And they’re paid handsomely to advise clients…
DaveH
Striker
How does your age compare to the others?
My old place had a restructure and it was clear two of the management tier were going to lose out. Naturally we were all nervous and it pitted us against each other. We got together for a meeting (just us, nobody senior) where we were both trying to support each other and let of a bit of steam while being aware we might be fighting against each other too.
One of the older staff stood up and said "Before we begin, we all know what is before us and it's just not for me. I'll probably retire in a year or two anyway and it is not right you younger people losing a job then seeing me go not long after, so I'm putting myself forward". Quickly followed by another saying me too. It made the environment a lot less stressful.
Fast forward a couple of years and another round of voluntary redundancy went around. I think I would have had 14 months of salary. I didn't apply, we had another shuffle and I got a new boss who just made everything difficult. 5 years in the same post, I was ready to move on, got a new job and resigned. 2 weeks after resigning then announced yet another voluntary redundancy scheme, same deal only it didn't apply to those working their notice.
Everyone's experience and circumstances are different, but based on what I have seen, I'd get out if I were you. It will make a much better working environment for the rest of your time there and you will not have to worry about cash for over a year. I wish I had signed up when I was offered, especially as I left anyway.
Getting posts coming up from retirement Facebook posts
"I'm 57 and retired and I'm in madeira then going to France
Best decision I ever made " etc
No mention of the financial requirements to do it
"I'm 57 and retired and I'm in madeira then going to France
Best decision I ever made " etc
No mention of the financial requirements to do it
DaveH
Striker
Cheers.
One of my key decisions is when to tell the pension company I retire. I get the full pension at 67, and then there is a reduction for every year before that I retire. Recently they changed the deal wish harsher penalties for early retirement.
My original plan was have the mortgage paid off by 50, put those payments into saving and investments for 10 years, retire at 60, immediately draw pension and top it up with the savings and investments for 7 years and they will be running out by the time the state pension kicks in.
Now it is looking like it will make more sense to retire at 60, live entirely off savings and investments then officially retire 2-3 years later and avoid the penalties.
Loads of part timers expect to put effort in part of the time .
" nice little part time job "
Those jobs don't exist,it's full on but not 6 days a week
DaveH
Striker
That is one thing I have wondered. I think a lot of people struggle with the figures, long term projections etc, and an IFA can really help with that.
My wife is a mathematician, I really like maths too, work in IT and get absurdly excited by a good spreadsheet. If Excel can't do it, then I have a handful of programming languages I could write something in.
If I go to an IFA I will be armed with a few different spreadsheet projections. I did wonder if they would take a look, say "erm they look right, crack on" then send me a bill for their time.
I'm probably still too far out to need the detailed advice or projection but that day is coming in the next few years.
I am 47
(always good to find an excuse to end a post with that)
At the back of my mind is a job as a PC technician 3 days a week at the local University would really suit me if I can't retire at 58. Cycle up there, cheap sports centre membership. Low stress job, just build and fix PCs or install network switches.
No idea if that will actually exist by the time I'm 58.
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Boris Bear
Striker
There’s loads of literature and tools to help you work things out. I’d already narrowed things down to what I wanted, went to see a FA and using their criteria, what they recommended wasn’t as good as what I had planned to do anyway. The fact that they then wouldn’t share their commission with me to transact what I wanted made my mind up.
Agree ,I know there's fully time jobs out there with little to no real stress at all . If you specialise in an area ,you can do a few hours no bother
All I've known is my line of work and it's mental as far as time, deadlines , now now now
Ref projections and fa
You can get your proper retirement figures 65/67 etc from your various pots so that tells you if that's enough there ,.Then you just need to do some sums for the years before so if you're 60 ,how much do I want to live on a year to get to the other figures above.
What pots do i have lying around
How much in them .
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I’d be having a word with the other three and agree that you should go instead of them , unless all four want out
already have... they haven't been there as long as me so won't get as much if they're are let go. I really don't mind as i'm pretty sure i'll find another job. i'd put half the money in my pension fund and half on what's left of the mortgage.
I'm older than them but also the most competent (their words). that's the one thing that would concern me, getting a job close to 60. I think I'd be OK though, they don't think I'm as old as I am at the moment.
I'll put in an application for one of the roles, if I get it fine, if I don't then I have enough time to plan what's next and obviously the money to fall back on.
I have other options of career changes too, which i'm pretty sure would work out as it's only for a limited time until I do retire
DaveH
Striker
Twice I have gone to mid career planning sessions with FAs when offered free from work. Both times there has been endless forms (and I have seen the same with online tools) asking you to put down details such as how much you spend on clothes per month, how much on entertainments etc. I find that all frustrating bollocks. I hate clothes shopping so I can go months without buying anything then might buy a few things in one go.
So then the FA says "well make up a rough figure and put it down". What is the point in that? If you are making up figures you can't make an assessment. Then they come up with advice such as, "well you could tighten your belt and reduce your clothes spending by £30 per months and you don't need to follow hte latest fashions". FFS I made up the number and I one look at me says that is a bloke who doesn't follow fashion.
What I want to be able to do is estimate the income (after bills, tax and whatever else), compare it to my income now and decide if that is enough.
It has put me off going to a FA, because I don't want to spend time and money playing games in micromanaging my finance making up figures that have no substance.
Darlo1973
Striker
At 52 my main aim is to avoid "restructurings" as I'm not quite ready to retire and I don't fancy the prospect of job hunting in my 50s. Going to try to keep my head down for another 4-5 years then I will be happy to take a generous redundancy offer.
At 52 my main aim is to avoid "restructurings" as I'm not quite ready to retire and I don't fancy the prospect of job hunting in my 50s. Going to try to keep my head down for another 4-5 years then I will be happy to take a generous redundancy offer.
I'm currently in a project based role and was expecting redundancy in a couple of years when one of the projects is supposed to finish but for some daft reason they announced this one today... most people are in complete shock and quite a few are already looking elsewhere. lots of knowledge will walk out the door and they still have to deliver the project by 2026. this will set them back a few months (which we don't have).
as mentioned i'll be OK with walking away but yeah we'll see how it goes getting another similar role.
