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Retirement


Holey and Hogg said:
Bloody hell retirement looming possibility of December and I’m stressed to hell ha ha. Anyone else find it daunting or am I just a misery. I’m really ready to quit teaching I’m done with that. But -

The obvious income drop pensions will be about a 3rd of what we are on.

Another problem is age difference with wife. All of our interests are shared, outdoors stuff etc. Im 60 in August she is 55 in July. Never thought about it ever until now. I’m sort of ok with the teachers pension. But she hasn’t looked after hers as well as she should. She earns good money, well in my little world anyway and is lumping in now. Plan is for her to go at 59.

So 4 years of waiting for her and the camper van dream. I’m absolutely shit on my own I like structure even in the 6 weeks I get restless, lazy and procrastinate like hell. A part time job would be the answer, how hard are these to get at my age that is not teaching.

No idea why Im posting this, just rambling. I know I’m being a fanny. Hoping someone can allay my fears I suppose.
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If all you're looking forward to is a camper van then I'm afraid you're already fkd and nobody on here can help you :D Just a joke 👍
 
Holey and Hogg said:
Bloody hell retirement looming possibility of December and I’m stressed to hell ha ha. Anyone else find it daunting or am I just a misery. I’m really ready to quit teaching I’m done with that. But -

The obvious income drop pensions will be about a 3rd of what we are on.

Another problem is age difference with wife. All of our interests are shared, outdoors stuff etc. Im 60 in August she is 55 in July. Never thought about it ever until now. I’m sort of ok with the teachers pension. But she hasn’t looked after hers as well as she should. She earns good money, well in my little world anyway and is lumping in now. Plan is for her to go at 59.

So 4 years of waiting for her and the camper van dream. I’m absolutely shit on my own I like structure even in the 6 weeks I get restless, lazy and procrastinate like hell. A part time job would be the answer, how hard are these to get at my age that is not teaching.

No idea why Im posting this, just rambling. I know I’m being a fanny. Hoping someone can allay my fears I suppose.
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Well I’m the opposite, the wife is 5 years older than me, I keep saying it’s pointless one of us retiring, she can do 2.5 years extra and I’ll do 2.5 years less. Unsurprisingly she disagrees quite vehemently 😂
 
Lumping unused pension pots into IHT changed a lot of peoples view on how they are going to fund it and when they are going to access it.
 
archiesdad said:
Me and Mrs both gave a small DB each. We kind if forgot about them as it was in teenage yrs but they will provide us with 12ka year, index linked maxd at 3% and a lump of 80k. Not bad for a base starting point.
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How are you enjoying retirement mate
 
Fletch said:
How are you enjoying retirement mate
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Great. I've de-stressed totally and seem busy doing not very much all day long. I think I'm going to be ok with it but not stubborn enough to go get a job of some sort if I feel the need down the line. Sorting out finances has been the tricky bit some pension companies take for ever to action stuff. Think we both timed it right.
 
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archiesdad said:
Great. I've de-stressed totally and seem busy doing not very much all day long. I think I'm going to be ok with it but not stubborn enough to go get a job of some sort if I feel the need down the line. Sorting out finances has been the tricky bit some pension companies take for ever to action stuff. Think we both timed it right.
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Dramatically stops mid sentence. Do we call 999 🤣

Lol quoted wrong post 🤦‍♂️
 
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42 said:
I take it your referring to DB schemes?
Part of the problem was on the back of the maxwell scandal, theres a lot of trust on the employer. And companies can go bust & take the pension fund with them.

Also back in the 80s, they would've been more affordable for the employer to fund because of lower life expectancies


Think for most people, the nice bungalow will cost more than their 3 bed semi is worth which the lack of bungalows is a problem in itself
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Bungalows often come with bigger gardens.
Moved into one 10 years ago and no longer finding the gardening as enjoyable as I used to. Good at the time but now more of a chore.
Looks lovely and landscaped the plot. Would sell at a heartbeat but that is the next problem. Where do you move to and would you regret it.
Next 6 months though all about both kids finding a job / career.
Sometimes best to not add more decisions to your life. Travelling is more appealing.
My Wife (no) still works and never has a plan 🤣
 
archiesdad said:
Great. I've de-stressed totally and seem busy doing not very much all day long. I think I'm going to be ok with it but not stubborn enough to go get a job of some sort if I feel the need down the line. Sorting out finances has been the tricky bit some pension companies take for ever to action stuff. Think we both timed it right.
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Just take a step back regarding a part time job of some sort. Often one will fall in your lap unexpectedly. If you can land one that has an interest then you will hit the jackpot. I found that job being paid to bailiff a large fishing water. Free fishing and just writing a few tickets out and chatting.
I kept thinking about a part time job but kept dreading it. This one came about when I was fishing and got chatting to the head bailiff that needed help.
It gives me a cracking purpose.
 
Swindon On Tour said:
Bungalows often come with bigger gardens.
Moved into one 10 years ago and no longer finding the gardening as enjoyable as I used to. Good at the time but now more of a chore.
Looks lovely and landscaped the plot. Would sell at a heartbeat but that is the next problem. Where do you move to and would you regret it.
Next 6 months though all about both kids finding a job / career.
Sometimes best to not add more decisions to your life. Travelling is more appealing.
My Wife (no) still works and never has a plan 🤣
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Up here theres a couple of options. You have the old terraced cottages which have no garden. Front is straight onto public footpath & a small yard at the back. Then you have the retirement council house bungalows which are pokey, and have a very small garden. The problem is that both options are located in quite run down deprived areas that youd only live in if you had no other choice.
 
42 said:
Up here theres a couple of options. You have the old terraced cottages which have no garden. Front is straight onto public footpath & a small yard at the back. Then you have the retirement council house bungalows which are pokey, and have a very small garden. The problem is that both options are located in quite run down deprived areas that youd only live in if you had no other choice.
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This is a very quiet village, a little too quiet now.
Village pub is poor. Plenty of villages around here with a decent pub.
One a long dog walk away.
We definitely have one more move in us and likely within next few years.
Got to make sure it’s right though and no regrets. You can definitely take where you live for granted.
 
how much % equity do you have in your pension ?
came across this , suggests most folk hold 60:40, and that possibly it is too much in equity ?

You must be logged on to see external links
 
Fletch said:
yeah i think it refers to once you retire , although some remain 100% equities even when retired
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It'll depend on circumstances. If that 100% is in a SIPP that you have alongside a separate DB pension or annuity, then thats fine. Its a big risk if you have you entire retirement pot in 100% equities
 
Fletch said:
how much % equity do you have in your pension ?
came across this , suggests most folk hold 60:40, and that possibly it is too much in equity ?

You must be logged on to see external links
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I would suggest most people have no idea what the split is in their pension, they'll be in the default fund in the works scheme and that's all they'll know, might not even know that.
 
Matt Hopkins said:
I would suggest most people have no idea what the split is in their pension, they'll be in the default fund in the works scheme and that's all they'll know, might not even know that.
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Worksplace pensions agree, and normally the default scheme is one that de-risks anyway (argument is they often de-risk too much) most people with a SIPP will or should know though
 
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