Retirement

[42]

I was advised to take the drawdown route and switch to annuity at a later date recently, it maybe personal to my pensions?
I did read this article below recently however.

I think you can always split it & take part annuity & part drawdown. So spend the drawdown in first 15 years, then when older have a bit of an annuity left over & state pension when you wont be spending as much

 

[BILLY BUS PASS]

I was advised to take the drawdown route and switch to annuity at a later date recently, it maybe personal to my pensions?
I did read this article below recently however.

There was an interesting article in the times this week about fixed term annuities designed to say plug the gap between 60 and when you get ya state pension.where you get an annuity for 7 years and at the end of the term you get ya pot back less what you’ve had out plus a previously agreed %gain

If annuities are ya thing

 

[Ned Land]

I’m still in my early 50s and I’m still disinterested in my job so I’ve been pondering …

Whether to semi-retire at 55 before the age increases to 57 in 2028.

I could use £££ from a SIPP and shares/cash ISAs and perhaps supplement that with a part-time job.

I could defer my main local government pension until I am 60 because the terms would be better.

A sort of staged approach.

Or I could take from SIPP, ISAs and local government pension when I’m 57.

There are conundrums and choices. The big factor stopping me from retiring at 55 or 57 is that I wouldn’t have much of a lump sum for emergencies or big purchases.

 

[Hooky]

I think you can always split it & take part annuity & part drawdown. So spend the drawdown in first 15 years, then when older have a bit of an annuity left over & state pension when you wont be spending as much

Interesting discussion here about how they may be good now and how splitting then can be a good thing

You must be logged on to see media items

 

[BILLY BUS PASS]

I’m still in my early 50s and I’m still disinterested in my job so I’ve been pondering …

Whether to semi-retire at 55 before the age increases to 57 in 2028.

I could use £££ from a SIPP and shares/cash ISAs and perhaps supplement that with a part-time job.

I could defer my main local government pension until I am 60 because the terms would be better.

A sort of staged approach.

Or I could take from SIPP, ISAs and local government pension when I’m 57.

There are conundrums and choices. The big factor stopping me from retiring at 55 or 57 is that I wouldn’t have much of a lump sum for emergencies or big purchases.

For what it’s worth mate I tried at 55 and wasn’t ready to curtail me spending not much better at 60 mind but it feels different so far.

If you’ve got what ya think is enough have a go No one is promised a tomorrow

 

[Splodgenessabounds]

Interesting discussion here about how they may be good now and how splitting then can be a good thing

You must be logged on to see media items

yes interesting insight

 

[Zweiguys]

For what it’s worth mate I tried at 55 and wasn’t ready to curtail me spending not much better at 60 mind but it feels different so far.

If you’ve got what ya think is enough have a go No one is promised a tomorrow

Have a like for the last sentence.

 

[Splodgenessabounds]

I’m still in my early 50s and I’m still disinterested in my job so I’ve been pondering …

Whether to semi-retire at 55 before the age increases to 57 in 2028.

I could use £££ from a SIPP and shares/cash ISAs and perhaps supplement that with a part-time job.

I could defer my main local government pension until I am 60 because the terms would be better.

A sort of staged approach.

Or I could take from SIPP, ISAs and local government pension when I’m 57.

There are conundrums and choices. The big factor stopping me from retiring at 55 or 57 is that I wouldn’t have much of a lump sum for emergencies or big purchases.

interesting idea.

 

[Darlo1973]

I’m still in my early 50s and I’m still disinterested in my job so I’ve been pondering …

Whether to semi-retire at 55 before the age increases to 57 in 2028.

I could use £££ from a SIPP and shares/cash ISAs and perhaps supplement that with a part-time job.

I could defer my main local government pension until I am 60 because the terms would be better.

A sort of staged approach.

Or I could take from SIPP, ISAs and local government pension when I’m 57.

There are conundrums and choices. The big factor stopping me from retiring at 55 or 57 is that I wouldn’t have much of a lump sum for emergencies or big purchases.

I'm in a similar situation. Currently 53 (how did that happen?), stuck in a boring middle management corporate job and could probably afford to retire at 55 but not sure what I would want to do with the rest of my life. A part-time stress free job sounds like a good idea.

Best case scenario is that I find a way of being made redundant in the next few years.

 

[Ned Land]

For what it’s worth mate I tried at 55 and wasn’t ready to curtail me spending not much better at 60 mind but it feels different so far.

If you’ve got what ya think is enough have a go No one is promised a tomorrow

Thank you for the reply. Did you find a part time job? I could look back through this thread but it could take a while!

I'm in a similar situation. Currently 53 (how did that happen?), stuck in a boring middle management corporate job and could probably afford to retire at 55 but not sure what I would want to do with the rest of my life. A part-time stress free job sounds like a good idea.

Best case scenario is that I find a way of being made redundant in the next few years.

Yes same for me re: your last paragraph. I don’t think that I’m ready to stop working but I need a new challenge that isn’t too ‘serious’ though I would put effort into it.

 

[BILLY BUS PASS]

Thank you for the reply. Did you find a part time job? I could look back through this thread but it could take a while!

Yes same for me re: your last paragraph. I don’t think that I’m ready to stop working but I need a new challenge that isn’t too ‘serious’ though I would put effort into it.

I didn’t mate I was off just over a year and I’ve always done engineering contract work so I took in some part time work for just over a year. Some jumped up new blood gaffer thought he could talk to me in a way i didn’t appreciate so told I him to fukk off. Get someone to collect ya kit im done.
That was a realisation I still had the fire in me belly for it so took another couple of contracts on full time which filled the next few years.

When the last one was coming to an end I just had the stark realisation I’m Fukkin sick of trading my time for money. Just felt Proppa ready for curling my toes up.

Had a Proppa retirement moment today I had the Hifi on I was getting ready to go out to the shops anyway the last song on the album came on and it’s a Fukkin stunning track so I took my coat off and sat back down just to listen it.

Why ??
Because I can.

 

[Ned Land]

I didn’t mate I was off just over a year and I’ve always done engineering contract work so I took in some part time work for just over a year. Some jumped up new blood gaffer thought he could talk to me in a way i didn’t appreciate so told I him to fukk off. Get someone to collect ya kit im done.
That was a realisation I still had the fire in me belly for it so took another couple of contracts on full time which filled the next few years.

When the last one was coming to an end I just had the stark realisation I’m Fukkin sick of trading my time for money. Just felt Proppa ready for curling my toes up.

Had a Proppa retirement moment today I had the Hifi on I was getting ready to go out to the shops anyway the last song on the album came on and it’s a Fukkin stunning track so I took my coat off and sat back down just to listen it.

Why ??
Because I can.

Thanks for that

On a dog walk today I got talking with a fella who’d retired from working at Toyota. He did some contract work and trained apprentices afterwards but has retired totally now.

He seemed to have it sussed. He walks a neighbour’s dog once a week but doesn’t have the responsibility of his own.

His grandkid lives about 2 hours drive away so they visit them fortnightly.

I want to be able to be selfish and not get bogged down with responsibilities.

 

[BILLY BUS PASS]

Thanks for that

On a dog walk today I got talking with a fella who’d retired from working at Toyota. He did some contract work and trained apprentices afterwards but has retired totally now.

He seemed to have it sussed. He walks a neighbour’s dog once a week but doesn’t have the responsibility of his own.

His grandkid lives about 2 hours drive away so they visit them fortnightly.

I want to be able to be selfish and not get bogged down with responsibilities.

I’m the same mate I didn’t work all these years to become a nanny or be at someone’s beck and call.
It’s nice but takes some settling in to but everyone’s different. I tell ya It’s nice being able to say Ahhh fukkitt I’m away to where ever to see one of me mates. Or getting a midweek afternoon “fancy a pint the morra” text
I don’t live with my partner and we share a dog so that works well like.

 

[Brother Lee]

I didn’t mate I was off just over a year and I’ve always done engineering contract work so I took in some part time work for just over a year. Some jumped up new blood gaffer thought he could talk to me in a way i didn’t appreciate so told I him to fukk off. Get someone to collect ya kit im done.
That was a realisation I still had the fire in me belly for it so took another couple of contracts on full time which filled the next few years.

When the last one was coming to an end I just had the stark realisation I’m Fukkin sick of trading my time for money. Just felt Proppa ready for curling my toes up.

Had a Proppa retirement moment today I had the Hifi on I was getting ready to go out to the shops anyway the last song on the album came on and it’s a Fukkin stunning track so I took my coat off and sat back down just to listen it.

Why ??
Because I can.

A lot of us are of a similar age on this thread for obvious reasons. It seems a lot of people think they'll just take some part time job with no responsibilities. The issue with these types of job, is that your manager has a target, as does his and his above. Invariably whatever you're doing, it won't be stress free. You might be able to switch off when you get home but it's the same shit the next day.

I've been self employed for 22 years but every now and then I have dreams (nightmares) waking me up of the Friday morning manager meeting reviewing that weeks performance. I did 8 years in middle management and don't miss it one bit.

I might wind down my hours or days before I finish but I can't see me going employed again. Volunteering yes but not employed. I'll go when I know we can afford it.

 

[BILLY BUS PASS]

A lot of us are of a similar age on this thread for obvious reasons. It seems a lot of people think they'll just take some part time job with no responsibilities. The issue with these types of job, is that your manager has a target, as does his and his above. Invariably whatever you're doing, it won't be stress free. You might be able to switch off when you get home but it's the same shit the next day.

I've been self employed for 22 years but every now and then I have dreams (nightmares) waking me up of the Friday morning manager meeting reviewing that weeks performance. I did 8 years in middle management and don't miss it one bit.

I might wind down my hours or days before I finish but I can't see me going employed again. Volunteering yes but not employed. I'll go when I know we can afford it.

tapering down is a great way I would say, me getting off the hamster wheel at 55 changed how I looked at things immensely. The number of people I hear saying “the kind of retirement I want” so they keep working. It’s like waiting till you can afford to have kids ittle never happen. Even when I packed in I said I’m not retiring I’m just taking time off ……………………….. one day last week I went through my phone and deleted all my work only contacts. I think I’m done like.

 

[Dr Feelgood]

There was an interesting article in the times this week about fixed term annuities designed to say plug the gap between 60 and when you get ya state pension.where you get an annuity for 7 years and at the end of the term you get ya pot back less what you’ve had out plus a previously agreed %gain

If annuities are ya thing

I retired at 56 and bought an 11 year fixed annuity paying out £12k a year ( ie roughly state pension amount). It stops when state pension kicks in. Also operating a drawdown which I vary depending on how much I want /need

 

[cosmicchris00]

When the last one was coming to an end I just had the stark realisation I’m Fukkin sick of trading my time for money. Just felt Proppa ready for curling my toes up.
Because I can.

The trading time for money is a very succinct way of putting it and I'm almost done with that.

I'm also sick up.to the back teeth of people arguing over money. Every bloody project I work on has some greedy sod trying it on for shoddy workmanship or a cheeky b*gger charging for something they've not done.

The way some go on is dishonest to the point of criminality, e.g. theft.

 

[SurreyMackem]

This spell in Greece (25 days ) is the longest I've been out of the UK ever . Enjoying it so far

Love to go for a long winter sun break but the wife won't go for more tham 2 weeks.

yes interesting insight

Interesting but the example they give of someone at 60 wanting to take out a fixed term annuity bridging the state penison till 67 and needing 500K is eye watering. I doubt most 60 year olds on this board would have that sort of money but I stand to be corrected.

 

[Barista]

Thank you for the reply. Did you find a part time job? I could look back through this thread but it could take a while!

Yes same for me re: your last paragraph. I don’t think that I’m ready to stop working but I need a new challenge that isn’t too ‘serious’ though I would put effort into it.

I retired nearly 2 years ago at 55. Thought that after a few months I may look to do a non-corporate, low stress, part time job. However, nearly 2 years in, the thought of being tied down to any job whatsoever is totally unappealing. Every day feels like a holiday to me.
Everyone is different though, and this wouldn’t work (excuse the pun) for everyone.

Posters who have DC pension pots (not final salary ), what sort of % mix do you have equity/bonds
Cheers

I’m in drawdown and have around 50% in global equity ETFs, and the other 50% in UK Gilts, US Treasuries/TIPs, and money market (cash) funds.

 

[Ned Land]

I retired nearly 2 years ago at 55. Thought that after a few months I may look to do a non-corporate, low stress, part time job. However, nearly 2 years in, the thought of being tied down to any job whatsoever is totally unappealing. Every day feels like a holiday to me.
Everyone is different though, and this wouldn’t work (excuse the pun) for everyone.

I’m in drawdown and have around 50% in global equity ETFs, and the other 50% in UK Gilts, US Treasuries/TIPs, and money market (cash) funds.

Thank you! I’m still undecided so I’ll speak to someone independent for a different opinion.