Retirement

[Cee Jay]

It still hasn’t been decided (in teaching at least) whether someone with a pension in the final salary and career average scheme will be able to take their final salary segment at 55 even if they are 55 after 6th April 2028.
If people are denied the chance to do this, expect a McCloud type law case. IF people on this scenario were told to withdraw from the teachers pension scheme prior to the move to career average they would be able to take their final salary pot (which will be the vast majority of their annual total) at 55 post 6th April 2028.
Nobody was told this at the time hence the nailed on court case should people be forced to wait until 57.

McCLoud will make a huge difference to my plans.
The extra 7 years under the "classic" CS pension is a no brainer for me.

regarding pension spending, as wife works in education and has done all her career, holidays etc have always been in school holidays. Looking forward to cheaper holidays but even more of them.

 

[Paddy O'Dors]

I'm in mixed minds. On one hand, every time I'm up in the NE I think how wonderful the countryside is (compared to the flatlands of East Anglia), how cheap the housing is and how (mostly) how sociable the natives are but then, after 30 years of living in the south I get a little itchy about how isolated the NE is. I've just got used to being able to pop into London or get to a major airport within a couple of hours. Most of my friends are now within the orbit of London - there's a gravitational pull here which means that once you enter the zone it's hard to reach escape velocity.

Manchester airport is the 3rd busiest in the UK and has loads of destinations. It's only 2 hours away in a car or 2 and a half on train/bus. Turkish Airlines do a few runs to Istanbul every day and from there they fly to more countries than any other airline in the world.

I lived in the south east for over 30 years and thought I'd miss having LGW and LHR on my doorstep but that hasn't been the case. I also have a daughter lives in Manchester so we usually spend a few hours having a catch up before/after flying.

 

[DaveH]

I get that totally. I'll miss my friends from where I live. But the pull of being away from people is enormously strong. So many people are selfish and/or annoying and I'm just sick of having to politely ignore it at work and out of work, on trains and planes, in shops and pubs, on the roads and even out on dog walks. I can't wait to be able to live in a cottage or even a farm house if I can afford it when the time comes in Northumberland. I just hope I live long enough to get a few years out of it. Reading and writing books by a blazing log fire. Helping out on dig sites. Growing my own fruit and veg. Walking in the sunshine away from noisy cars and lorries, boring and selfish people, crime, litter, graffiti, people shouting away in foreign languages, chav-speak, drunk people being sick on the pavement or looking for fights. I'm just so sick of it all.

I want to hear cows and sheep, curlews, the low flying odd fighter jet, skylarks and oyster catchers as I am out on walks. I've become a proper grumpy old bastard desperate for peace and quite of a hermit's life. I won't fecking miss society when I do move.

But yes, I get the downsides of transport, closeness to London and beyond.

I can see me doing a bit of a mix of that.

We moved to Kent before starting a family, to be near my wife's family. I suspect when retirement comes, the kids will live local, along with my wife's family and the friends we have here. It is not too build up. Although there is a road which is getting busier, there is a farmers field out the back (always a chance that will be built on though) and woods 15 minutes walk away.

But I miss walking in big hills. I can see me retiring before my wife, getting a small camper van and heading off to various hilly areas for a few days by myself. Take off for a bit and either do some walking or take my astronomy stuff and hang out in a dark sky area for a few nights.

 

[Kent_Mackem]

I can see me doing a bit of a mix of that.

We moved to Kent before starting a family, to be near my wife's family. I suspect when retirement comes, the kids will live local, along with my wife's family and the friends we have here. It is not too build up. Although there is a road which is getting busier, there is a farmers field out the back (always a chance that will be built on though) and woods 15 minutes walk away.

But I miss walking in big hills. I can see me retiring before my wife, getting a small camper van and heading off to various hilly areas for a few days by myself. Take off for a bit and either do some walking or take my astronomy stuff and hang out in a dark sky area for a few nights.

You hear so many times that men and women have retired from an almost lifetime of work only to live a few more months and drop dead.
I had kids quite late in life compared to most of my mates Up North. A lot of them became parents at 19 or 20. I was 36 and then 38 when my two boys arrived. So it's going to be a little longer before they 'leave the nest'. But as soon as they do then we're off to northumberland. They're still always welcome to visit, stay and even live with us if they need to. It's just it will be in Northumberland rather than East Cambs. With any luck they'll end up at Edinburgh Uni so it's easy to get the train to and from Berwick, but who knows where they'll end up or whether they will even go at all.

 

[DaveH]

You hear so many times that men and women have retired from an almost lifetime of work only to live a few more months and drop dead.
I had kids quite late in life compared to most of my mates Up North. A lot of them became parents at 19 or 20. I was 36 and then 38 when my two boys arrived. So it's going to be a little longer before they 'leave the nest'. But as soon as they do then we're off to northumberland. They're still always welcome to visit, stay and even live with us if they need to. It's just it will be in Northumberland rather than East Cambs. With any luck they'll end up at Edinburgh Uni so it's easy to get the train to and from Berwick, but who knows where they'll end up or whether they will even go at all.

That first bit is a common phrase on this thread, and I can think of a few people who either died early after retiring or had a debilitating health issue that give them a poor quality of life. Personally that scares me and it is a big driver for me making sure I remain mentally and physically active for as long as I can.

But although it is easy to think of those unfortunate people, I know far more people who live a healthy and active life in retirement.

It is a cold and frosty morning today and too slippy to cycle. I'd love to be out on a long walk today, rather than sitting at a desk.

 

[Paddy O'Dors]

That first bit is a common phrase on this thread, and I can think of a few people who either died early after retiring or had a debilitating health issue that give them a poor quality of life. Personally that scares me and it is a big driver for me making sure I remain mentally and physically active for as long as I can.

But although it is easy to think of those unfortunate people, I know far more people who live a healthy and active life in retirement.

It is a cold and frosty morning today and too slippy to cycle. I'd love to be out on a long walk today, rather than sitting at a desk.

Just drove up to Cox Green with the dog, took him for a walk to Fatfield and back along both sides of the river. Was a really pleasant walk.

 

[DaveH]

Just drove up to Cox Green with the dog, took him for a walk to Fatfield and back along both sides of the river. Was a really pleasant walk.

Cold frosty winter days are great for walking. Wrap up warm, and it feels fresh compared to the stuffiness that builds up in the house. And it is quiet, not a lot of other people out. Then finish with a hot cuppa when you get home (or stop of a pint) as a reward. I love it.

 

[Dark Traveller]

There's a lot of early retirements planned based on this thread!
I say get out as early as you can, congrats to anyone who can.
But I wouldn't be for working flat out in your 40s etc. and sacrificing enjoying life.
Just lost an old schoolmate yesterday morning. Heart attack at 39, younger than me. He's the third out our primary school to go. (Tragic accident at 21 & cancer at 35 the other two) I'm from a small village and we're all still in shock will take a long time to process it.

Around a year and half year ago, a bloke at work celebrated 40 years long service (British Rail then Metro), he then decided to retire, had planned to have nice holidays with his wife, more time with grandkids, on his final day he had a leaving do which was well attended and his wife met him at the pub. They both were going down the Escalator at Gateshead when he lost his balance and resulted in severe head injury. He spent his last six months on life support never regained consciousness before family decided to switch off and let him go.

Just shows you can plan your retirement, but it is never a cert.

 

[Kent_Mackem]

Around a year and half year ago, a bloke at work celebrated 40 years long service (British Rail then Metro), he then decided to retire, had planned to have nice holidays with his wife, more time with grandkids, on his final day he had a leaving do which was well attended and his wife met him at the pub. They both were going down the Escalator at Gateshead when he lost his balance and resulted in severe head injury. He spent his last six months on life support never regained consciousness before family decided to switch off and let him go.

Just shows you can plan your retirement, but it is never a cert.

Poor fecker, and his family too.
I suppose a freak accident can happen at any time, but that's proper harsh on his missus. Very sad story.

Keith Jarrett is one of the most amazing musicians that has ever lived. I still can't even play the left hand ostinato on this piece as fast as he does using only one hand even after days of practice, let alone the improvisation he does with the right hand. It's amazing to watch and listen to. Poor bastard had a stroke and he can no longer use his left hand. It's cripplingly painful to watch him play (still beautifully) with only his right hand now.

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[BILLY BUS PASS]

Around a year and half year ago, a bloke at work celebrated 40 years long service (British Rail then Metro), he then decided to retire, had planned to have nice holidays with his wife, more time with grandkids, on his final day he had a leaving do which was well attended and his wife met him at the pub. They both were going down the Escalator at Gateshead when he lost his balance and resulted in severe head injury. He spent his last six months on life support never regained consciousness before family decided to switch off and let him go.

Just shows you can plan your retirement, but it is never a cert.

No one is promised a tomorrow mate, that is something a lot of people don’t fully grasp, dying before you’ve done everything you want to do doesn’t always just happen to other people.

Good luck to anyone who feels they can get out early and do whatever it is they want to do.

 

[houghton cut head]

Same as me marra and I also work part time. My tax code and personal allowance is spread all over the place.

Last year I got a £3k tax bill because I'd earned over the 40% threshold and it turns out that it was up to me to tell Inland Revenue about some increased earnings, despite them having full sight of my pensions and wages etc. Modern technology should be tracking earnings and pinging out emails to individuals when this happens Shirley!

You are solely responsible for your own tax affairs Marra; which includes informing them of any change of circumstances which may affect the amount of tax you will pay

The only safe way is to become independent of the state and don’t rely on thinking you know the rules as they have a habit of changing them without any warning. Appreciate many rely on state pension, but many could save from earnings but seem to have a jam tomorrow attitude. Spend spend spend then winge when they are poor in old age. That new expensive lease car, exotic holiday, or new home with outside bar are all irrelevant when you’re 85 and can’t heat your home. The era of state support is over, time to take responsibility for yourself.

You will need fuck all to live on at 85 compared to say 60, 1 in 3 at that age will have Dementia and wont have a f***ing clue what century it is, and the majority of the rest will have some ailment that will stop them being active.

How Much Do You Need In Retirement ????

For me i have been tracking my daily spending on an App for the past 9 years to help me answer this exact question. I have the App on both mine and the Mrs phones ands its linked via a Drop Box account.

I go for a pint its on the App " Drinks Alcohol". Go for a coffee its on the App " Drinks Coffee". Go shopping its in the App, buy something for the house its on the App, stick fuel in the car its on the App, you get the gist. I put everything on the App apart from bills so its basically mine and her daily spending.

After 9 years i now have a fairly detailed idea of how much i spend and also what i spend it on.

This is obviously going to help me answer the age old question of "how much do i need in retirement"

The App I am using is called SPENDING TRACKER

 

[Sunlun79]

I work with a fair few that are over pensionable age but still enjoy it, plus the NHS pension is a good one.

 

[halfpast3]

Same as me marra and I also work part time. My tax code and personal allowance is spread all over the place.

Last year I got a £3k tax bill because I'd earned over the 40% threshold and it turns out that it was up to me to tell Inland Revenue about some increased earnings, despite them having full sight of my pensions and wages etc. Modern technology should be tracking earnings and pinging out emails to individuals when this happens Shirley!

It does to a degree. Did you have any contact from hmrc in the last year in relation to tax codes? Also depends who gives you what money and when as well

 

[Swindon On Tour]

Cold frosty winter days are great for walking. Wrap up warm, and it feels fresh compared to the stuffiness that builds up in the house. And it is quiet, not a lot of other people out. Then finish with a hot cuppa when you get home (or stop of a pint) as a reward. I love it.

In winter I always walk with a bag of suet pellets in my pocket.
Incredible that Robins particularly know who you are. I stop and in minutes have one almost feet away and get them feeding. Feel an immense sense of happiness that I could be saving a life as food is scarce during these 2 months of the year.

My Mrs (no) walked the dog yesterday where I take him and She said Robins were following her. Maybe they recognise the dog? He is so gentle and slow in his movements thus not scaring them off.

Just love being on my own surrounded by wildlife.
One of the pleasures of retirement. No time constraints.

 

[Fletch]

It does to a degree. Did you have any contact from hmrc in the last year in relation to tax codes? Also depends who gives you what money and when as well

Speaking of tax codes
Out of curiosity are you better off retiring at the end of a tax year ?

 

[42]

Speaking of tax codes
Out of curiosity are you better off retiring at the end of a tax year ?

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[Swindon On Tour]

Speaking of tax codes
Out of curiosity are you better off retiring at the end of a tax year ?

If you start at the beginning of a tax year you basically are at zero thus if your income is below your tax allowance then clearly you won’t pay a penny on tax.

If you are one or two months before the new tax year the likelihood your income has already taken you over the allowance thus pension benefits would be taxed.

Clearly a 25% tax free sum is exactly what it says on the tin.

 

[DaveH]

In winter I always walk with a bag of suet pellets in my pocket.
Incredible that Robins particularly know who you are. I stop and in minutes have one almost feet away and get them feeding. Feel an immense sense of happiness that I could be saving a life as food is scarce during these 2 months of the year.

My Mrs (no) walked the dog yesterday where I take him and She said Robins were following her. Maybe they recognise the dog? He is so gentle and slow in his movements thus not scaring them off.

Just love being on my own surrounded by wildlife.
One of the pleasures of retirement. No time constraints.

I read your post, almost as a parody of:

I feed the pigeons, I sometimes feed the sparrows too
It gives me a sense of enormous well-being
(Parklife)
And then I'm happy for the rest of the day
Safe in the knowledge there will always be
A bit of my heart devoted to it

Around a year and half year ago, a bloke at work celebrated 40 years long service (British Rail then Metro), he then decided to retire, had planned to have nice holidays with his wife, more time with grandkids, on his final day he had a leaving do which was well attended and his wife met him at the pub. They both were going down the Escalator at Gateshead when he lost his balance and resulted in severe head injury. He spent his last six months on life support never regained consciousness before family decided to switch off and let him go.

Just shows you can plan your retirement, but it is never a cert.

My old boss retired a few years before 65, and he had planned for it for a few years. Immediately went off to Australia for a few weeks and now spends his time doing what he likes and going on holiday when it is cold. He has not given work a second thought and is fit and well.

The best we can all do is make sure we are one of those. Nobody wants to retire early and then have severe health issues. Nobody wants to be sat wishing they had planned retirement and can't afford to retire, all because they bought that £40k car that was lovely for the first couple of years and is now worth £2k. Plan to be financially healthy, plan to be physically healthy and hope it all works out.

 

[Swindon On Tour]

I read your post, almost as a parody of:

I feed the pigeons, I sometimes feed the sparrows too
It gives me a sense of enormous well-being
(Parklife)
And then I'm happy for the rest of the day
Safe in the knowledge there will always be
A bit of my heart devoted to it

I shot a rat in next doors garden yesterday. Long range as well.
In my mind I saw Clint Eastwood in the Good, bad and the ugly.
“You see, in this World there’s two kinds of people, my friend: Those with loaded guns and those who dig.”

Mrs (no) always questioning what I’ve shot and where.
“you dig.”

 

[Flip]

I get that totally. I'll miss my friends from where I live. But the pull of being away from people is enormously strong. So many people are selfish and/or annoying and I'm just sick of having to politely ignore it at work and out of work, on trains and planes, in shops and pubs, on the roads and even out on dog walks. I can't wait to be able to live in a cottage or even a farm house if I can afford it when the time comes in Northumberland. I just hope I live long enough to get a few years out of it. Reading and writing books by a blazing log fire. Helping out on dig sites. Growing my own fruit and veg. Walking in the sunshine away from noisy cars and lorries, boring and selfish people, crime, litter, graffiti, people shouting away in foreign languages, chav-speak, drunk people being sick on the pavement or looking for fights. I'm just so sick of it all.

I want to hear cows and sheep, curlews, the low flying odd fighter jet, skylarks and oyster catchers as I am out on walks. I've become a proper grumpy old bastard desperate for peace and quite of a hermit's life. I won't fecking miss society when I do move.

But yes, I get the downsides of transport, closeness to London and beyond.

I agree with all of this except crows who are complete w@nkers in my opinion