Retirement (2 Viewers)

Flying Fokker · Nov 19, 2023

Covkid1968# said:
Going to do it next August… going to quit my perm job at a local university early 2024 and then do a 6 month contract at a different local university until August then that’s me done.
Anyone else gone earlier than planned and other than watching stressful football what do you do to fill your days. I hate golf but love beer… so slightly concerned I’m going to be queuing outside Spoons with all the other old soaks at 8.30am.

I sort of stumbled into it. Had a very modest income all life. Reduced to 4 days in 2013. Then 3 days 2018. Left work last December at 60. On a pittance of a pension but bridging the gap between 60 and 67 normal pension age is doable. A combination of prudence etc.
I’m also thinking we have until 70 to do the things we want to. (Wife retiring in 2 weeks).

Take your maximum lump sum

I promise myself that I will finish my fiction novel…edited.
I cycle, 150 miles per week during dry weather. I’ve managed to link up with a small group, all of whom are similar age and retired or due to jack it in. This has been a real positive.

Went to Normandy battlefields. Highlight holiday. Also been on 5 other holidays in uk. The big bonus is that if you go to the right place, everyone is relaxed and welcoming.

Getting back into my art is another target.

One thing mentioned already by Otis. Parents do seem to occupy the space you make for yourself.

My mum died today at age 86 lived through a horrendous series of illnesses.

and MIL is 95 and has vascular dementia.
Life seems to be about traveling to and from care homes or hospitals. 180 miles a week visiting etc.

My mum gave a great bit of advice…You don’t have to do anything….

Flying Fokker · Nov 19, 2023

Covkid1968# said:
Yes planning…I think that might be the key. I’m sort of getting a list which the wife thinks is hilarious because I really don’t plan anything in life.. It’s got some aspirational stuff on there… learn a language (fancy German), pick up the guitar and finally crack it, take a carpentry course and make stuff. All to keep me out that Spoons queue.

Absolutely. Planning, and listen to what your instinct tells you. I hear of so many people dying in their 60’s. Often due to overworked manual labour or burnout/ stress either way, blokes don’t do well

Otis · Nov 19, 2023

Flying Fokker said:
I sort of stumbled into it. Had a very modest income all life. Reduced to 4 days in 2013. Then 3 days 2018. Left work last December at 60. On a pittance of a pension but bridging the gap between 60 and 67 normal pension age is doable. A combination of prudence etc.
I’m also thinking we have until 70 to do the things we want to. (Wife retiring in 2 weeks).

Take your maximum lump sum

I promise myself that I will finish my fiction novel…edited.
I cycle, 150 miles per week during dry weather. I’ve managed to link up with a small group, all of whom are similar age and retired or due to jack it in. This has been a real positive.

Went to Normandy battlefields. Highlight holiday. Also been on 5 other holidays in uk. The big bonus is that if you go to the right place, everyone is relaxed and welcoming.

Getting back into my art is another target.

One thing mentioned already by Otis. Parents do seem to occupy the space you make for yourself.

My mum died today at age 86 lived through a horrendous series of illnesses.

and MIL is 95 and has vascular dementia.
Life seems to be about traveling to and from care homes or hospitals. 180 miles a week visiting etc.

My mum gave a great bit of advice…You don’t have to do anything….

Sorry for your loss, FF. Sympathies with you.

Otis · Nov 19, 2023

Flying Fokker said:
I sort of stumbled into it. Had a very modest income all life. Reduced to 4 days in 2013. Then 3 days 2018. Left work last December at 60. On a pittance of a pension but bridging the gap between 60 and 67 normal pension age is doable. A combination of prudence etc.
I’m also thinking we have until 70 to do the things we want to. (Wife retiring in 2 weeks).

Take your maximum lump sum

I promise myself that I will finish my fiction novel…edited.
I cycle, 150 miles per week during dry weather. I’ve managed to link up with a small group, all of whom are similar age and retired or due to jack it in. This has been a real positive.

Went to Normandy battlefields. Highlight holiday. Also been on 5 other holidays in uk. The big bonus is that if you go to the right place, everyone is relaxed and welcoming.

Getting back into my art is another target.

One thing mentioned already by Otis. Parents do seem to occupy the space you make for yourself.

My mum died today at age 86 lived through a horrendous series of illnesses.

and MIL is 95 and has vascular dementia.
Life seems to be about traveling to and from care homes or hospitals. 180 miles a week visiting etc.

My mum gave a great bit of advice…You don’t have to do anything….

Yeah, with you on the visiting bit. I was travelling from Maidstone to Nuneaton twice a week to see my dad. It does take it out of you for sure.

Flying Fokker · Nov 19, 2023

Otis said:
I am well up for the campervan thing too.

Both my missus and I would love to drive around the whole of the UK and further afield.

It must be a sign of getting old, because I have never been interested at all in cruises, but suddenly, I now find the thought quite appealing.

The missus has been and said it was absolutely wonderful, so I am now converted.

Ready for a Derby and Joan around the fjords of Norway.

Ok, you seem to be pressing the right buttons. Now make sure the interlocks are activated and enjoy the ride.

Campervan or Caravan? I’m at that point as well.
Those lay-bys near the Ricoh are a bit noisy!
Cruises are ok providing you like being in crowds. The Virgin Gorda beach looks so much better in brochures. 10k people on it.
The food is great, the excursions are passable but if I did another one I would stay on board and enjoy the facilities of an empty ship.
We met a Yorkshire farmer and his wife. On their first cruise, he was having a panic attack 24 hours after boarding. The first thing they said was ‘We hate cruises’.

Otis · Nov 19, 2023

Flying Fokker said:
Ok, you seem to be pressing the right buttons. Now make sure the interlocks are activated and enjoy the ride.

Campervan or Caravan? I’m at that point as well.
Those lay-bys near the Ricoh are a bit noisy!
Cruises are ok providing you like being in crowds. The Virgin Gorda beach looks so much better in brochures. 10k people on it.
The food is great, the excursions are passable but if I did another one I would stay on board and enjoy the facilities of an empty ship.
We met a Yorkshire farmer and his wife. On their first cruise, he was having a panic attack 24 hours after boarding. The first thing they said was ‘We hate cruises’.

Yes. I do wonder.

I do suffer sometimes with agrophobia, so on an ocean liner in the middle of the Atlantic ocean, might not be the best place for me to be honest.

Flying Fokker · Nov 19, 2023

Anyone else gone earlier than planned and other than watching stressful football what do you do to fill your days. I hate golf but love beer… so slightly concerned I’m going to be queuing outside Spoons with all the other old soaks at 8.30am.

You may stray into the realms of the surreal…

Wyken Sky Blue · Nov 19, 2023

35 years until I retire I reckon, yippee!

I don't think I'd stop working though, can see me working 3x days a week in a 'stress free' job just to get me out of bed

Sent from my Pixel 6 using Tapatalk

Sick Boy · Nov 19, 2023

Flying Fokker said:
I sort of stumbled into it. Had a very modest income all life. Reduced to 4 days in 2013. Then 3 days 2018. Left work last December at 60. On a pittance of a pension but bridging the gap between 60 and 67 normal pension age is doable. A combination of prudence etc.
I’m also thinking we have until 70 to do the things we want to. (Wife retiring in 2 weeks).

Take your maximum lump sum

I promise myself that I will finish my fiction novel…edited.
I cycle, 150 miles per week during dry weather. I’ve managed to link up with a small group, all of whom are similar age and retired or due to jack it in. This has been a real positive.

Went to Normandy battlefields. Highlight holiday. Also been on 5 other holidays in uk. The big bonus is that if you go to the right place, everyone is relaxed and welcoming.

Getting back into my art is another target.

One thing mentioned already by Otis. Parents do seem to occupy the space you make for yourself.

My mum died today at age 86 lived through a horrendous series of illnesses.

and MIL is 95 and has vascular dementia.
Life seems to be about traveling to and from care homes or hospitals. 180 miles a week visiting etc.

My mum gave a great bit of advice…You don’t have to do anything….

Sorry about your mum, hope you’re doing ok.

Macca1987 · Nov 20, 2023

62 now will be working until I'm 70 to pay off a late mortgage, 3rd marriage and the last one was messy for both of us, with ex partners screwing us over for a lot. Thought we would be renting until retirement, but the opportunity came up to buy, even though it cost us most of what was left in our pension pots, saving now for holidays and retirement. I like a lot of the ideas above when I do finally finish work, holidays in the UK is becoming a big thought and plan for us, but at the moment doing all the big bucket list holidays that we've always wanted

Sbarcher · Nov 20, 2023

I retired fully last year after running down consulting work to 2 days a week. Kept it up until 69 as it was easy money. Spend time now by the riverside fishing, walking the dog and popping over to Spain regularly to my apartment. Other time spent on my wife’s “projects” and following gardening instructions!

Mcbean · Nov 20, 2023

went early as they decided my job was to be in another country - fuck that for a bunch of sweeties - now potter about keeping the maintenance up on the house and garden , had a building project that kept me busy for 7 months - Covid killed the travel bit - like to be in UK during the hot bit but not adverse to a hot weather break in the winter - my wife would like to be away permanently- took 25% of my pot and spent it on the building project - best tax avoidance

LastGarrison · Nov 20, 2023

Covkid1968# said:
You there when Juggy was in the IO? He talked me into going in to CWR on a Friday night and be the fan of the week with him!! left in 2016…. Could see the direction of travel when JL became the VC.

I was!

In his defence he was another who was treated like shit and made a scapegoat so never really had a chance of succeeding!

Yeah people forget that it was Madeline who actually drove their initial success and JL just inherited it!

napolimp · Nov 21, 2023

Otis said:
I "retired" years ago.

I was lucky in many aspects, because I worked for British Coal and when we were all made redundant, as part of the package, we were entitled to pick up our full works pension at 50.

After 3 redundancies, following and then struggling to find any work, I decided to quit for good. So, I took up retirement at the age of 53.

Been a bit of a struggle, because that pension is just about minimum wage per week, but managed to make it work and I did make a bit of money chaperoning my daughter's acting exploits across the country.

I have always, always kept busy and have never been one to ever get bored.

Really looking forwards now to my state pension, when I will be so much better off.

I fill my days writing and until my dad died, my life was also filled with travelling up from Kent twice a week to see him and look after his affairs.

As I say, I don't get bored and I treat every single day like it could be my last.
Felt that way ever since 9/11, where that really hit me hard and I questioned my mortality and my longevity and realised just how fragile and short life can be.

And it's since then that City losing doesn't hurt so much either. I just try and find solace and joy elsewhere, when the Sky Blues aren't doing so well.

Moving to Folkestone in two weeks and am really looking forwards to the new venture and fresh start. Now have a very lovely missus too, which helps enormously.

Having a gander around the forum, seeing if there's anything going on between matches - what a fantastic post. I reckon I'm on the younger side of most posters on here, think this post is filled with great advice. No need to work yourself into the ground trying to build a ridiculous pension you're never going to spend, just need enough to live a life you enjoy. Obviously, if that's jetting around the world staying in 5-star hotels, you're going to need a bit, but I think most would be surprised at how little they need to live a good life following their hobbies. There's always volunteering if you get bored too.

Am personally piling in as much as possible into my pot now, hoping to retire early on smallish pension - although it's a private pot so nothing will come out of it until I'm 57. Once I have enough for 20-25 years living modestly, I have the option to drastically cut my hours.

fernandopartridge · Nov 21, 2023

napolimp said:
Having a gander around the forum, seeing if there's anything going on between matches - what a fantastic post. I reckon I'm on the younger side of most posters on here, think this post is filled with great advice. No need to work yourself into the ground trying to build a ridiculous pension you're never going to spend, just need enough to live a life you enjoy. Obviously, if that's jetting around the world staying in 5-star hotels, you're going to need a bit, but I think most would be surprised at how little they need to live a good life following their hobbies. There's always volunteering if you get bored too.

Am personally piling in as much as possible into my pot now, hoping to retire early on smallish pension - although it's a private pot so nothing will come out of it until I'm 57. Once I have enough for 20-25 years living modestly, I have the option to drastically cut my hours.

What do you think that figure is on an annual basis?

I'm a long way off retirement and just can't see myself wanting to work for that long, it just feels like life is too short to be working from a teenager until you're nearly 70.

Sent from my Pixel 7 using Tapatalk

napolimp · Nov 21, 2023

fernandopartridge said:
What do you think that figure is on an annual basis?

I'm a long way off retirement and just can't see myself wanting to work for that long, it just feels like life is too short to be working from a teenager until you're nearly 70.

Sent from my Pixel 7 using Tapatalk

I guess that's going to be different for everyone, but from a personal perspective: - take current total yearly spend, minus mortgage payments (with the plan being to have it paid off), minus spending I don't see as essential to that modest lifestyle (such as reduction in meals out, going out drinking, unnecessary spending on clothes and other luxuries - still have to pay for my season ticket of course).

I'm aiming for a private pension pot of about 300k to access when I'm 57, and hopefully the state pension is still there in some capacity around 70. A lot of that would theoretically come from portfolio growth, it's not purely 300k put away from earnings. I've done some projections on where I believe I would need to get to, at what age, to then leave it to grow up to the date of access. My thinking is, when I get to that amount I can reduce my work hours by the amount I was putting into my pension. And then when the mortgage is done, I can reduce the amount of work again.

A lot can go wrong, but good to have a plan.

Totally agree with you by the way.

wingy · Nov 21, 2023

Just be aware depending on your patriotic status currently the investment companies have agreed to allow 5% of your pot to support British, well who knows unless you physically opt out, now I don't much about this but I think it will be something they revisit in the future and likely increase it.

rob9872 · Nov 22, 2023

Firstly FF, sorry to read your news, I hope you're okay.

Second, to anyone young reading this, I can't stress how important it is to start building that pot early. Just a couple of pints a week in your pension pot will soon grow. I didn't start mine until nearly 30. At 51 now and chucking around 5k per year into it, but those early years of compound accumulation are golden. Fortunately I did opt out of serps on advice a few years back, so that is also protected and in my pot.

Currently got around 170k in there, I think we need to aim for 400k which looks around 62 at 6% yield and then with no mortgage and only running one car, we think 2k per month between us to live average and a couple of holidays per year will be enough. With being 70 by then likely for state pension, it should see us to 80. I doubt I'll get there as not a fine specimen of health, but if we do then car and travel less likely after that.

napolimp · Nov 22, 2023

rob9872 said:
Firstly FF, sorry to read your news, I hope you're okay.

Second, to anyone young reading this, I can't stress how important it is to start building that pot early. Just a couple of pints a week in your pension pot will soon grow. I didn't start mine until nearly 30. At 51 now and chucking around 5k per year into it, but those early years of compound accumulation are golden. Fortunately I did opt out of serps on advice a few years back, so that is also protected and in my pot.

Currently got around 170k in there, I think we need to aim for 400k which looks around 62 at 6% yield and then with no mortgage and only running one car, we think 2k per month between us to live average and a couple of holidays per year will be enough. With being 70 by then likely for state pension, it should see us to 80. I doubt I'll get there as not a fine specimen of health, but if we do then car and travel less likely after that.

I think if you're in your 50's now, 30 was probably late for pension. But there are loads of 30 something year olds now with no pension, just cause it's a struggle to pay your rent, bills, etc, and still have money to put away. Although at the same time it's kind of easier because for majority of jobs, barring zero hour, you're automatically opted in.

Tell me more about this "serps", never heard of it.

napolimp · Nov 22, 2023

By the way, if anyone has cracked the code for maximising your investments in private pension, please let me know - would be very grateful. At the moment just have the lot spread over a few funds.

Covkid1968# · Nov 22, 2023

rob9872 said:
Firstly FF, sorry to read your news, I hope you're okay.

Second, to anyone young reading this, I can't stress how important it is to start building that pot early. Just a couple of pints a week in your pension pot will soon grow. I didn't start mine until nearly 30. At 51 now and chucking around 5k per year into it, but those early years of compound accumulation are golden. Fortunately I did opt out of serps on advice a few years back, so that is also protected and in my pot.

Currently got around 170k in there, I think we need to aim for 400k which looks around 62 at 6% yield and then with no mortgage and only running one car, we think 2k per month between us to live average and a couple of holidays per year will be enough. With being 70 by then likely for state pension, it should see us to 80. I doubt I'll get there as not a fine specimen of health, but if we do then car and travel less likely after that.

Sound advice Rob. We worked out what we need to live on and it was a bit more than that… so I’ve re looked at it and the wife has £200 a month on beauty treatment on there… that can go straight away. There’s no way I’m doing a Rooney and having it off with a 70 year old woman so it’s a waste of money I’ve told her.

Just changing the subject..Anyone know how to reduce the swelling on a badly bruised eye?

Covkid1968# · Nov 22, 2023

ovduk78 said:
We have got a fair bit of savings and have had no mortgage for nearly 20 years. Our son is 18 and stands to inherit a fair bit & I want to work our way through the savings in retirement. I want to move back south but I have yet to totally convince my wife and I know even if we downsize our house size finding something similarly rural for what we have might not be easy. I've just bought a new motorbike so maybe I'm starting to change my mindset & I want to enjoy what we've worked hard for, nothing has ever been given to us, and I don't want to wait until it's too late.

We will leave a house… it may be a small house but that’s it. We are going to spend everything we can and exit with no savings or anything. I want my parents to do the same… and they are. What’s the point passing it down to each generation… nobody ever enjoys the fruits of hard work.

Covkid1968# · Nov 22, 2023

LastGarrison said:
I was!

In his defence he was another who was treated like shit and made a scapegoat so never really had a chance of succeeding!

Yeah people forget that it was Madeline who actually drove their initial success and JL just inherited it!

Yes def… he wasn’t given a fair crack. Think the same Director is still there.

I liked Madge…. In all the years she referred to me as my job title rather than my name. She was as blind as a bat but not to be messed with. Think she might be Dame MA now…

rob9872 · Nov 22, 2023

napolimp said:
I think if you're in your 50's now, 30 was probably late for pension. But there are loads of 30 something year olds now with no pension, just cause it's a struggle to pay your rent, bills, etc, and still have money to put away. Although at the same time it's kind of easier because for majority of jobs, barring zero hour, you're automatically opted in.

Tell me more about this "serps", never heard of it.

State Earnings Related Pension scheme (I think).
Basically was something to do with a proportion of your NI being moved back into your own pot. Not sure it's possible now. It does mean a slightly lower state pension if still available when we get there, this just guaranteed it for you. Was a guy at work got us all to do it about 15 years back.

napolimp · Nov 22, 2023

Covkid1968# said:
We will leave a house… it may be a small house but that’s it. We are going to spend everything we can and exit with no savings or anything. I want my parents to do the same… and they are. What’s the point passing it down to each generation… nobody ever enjoys the fruits of hard work.

Interesting point. They're saying the biggest factor in inequality within younger generations now is generational wealth. Basically well off parents helping their kids when they're late teens. 20's, onwards. I think for most people whose parents pass at a fairly normal age, you're unlikely to need financial support and lump sums in your 50's/60's.

wingy · Nov 22, 2023

napolimp said:
Interesting point. They're saying the biggest factor in inequality within younger generations now is generational wealth. Basically well off parents helping their kids when they're late teens. 20's, onwards. I think for most people whose parents pass at a fairly normal age, you're unlikely to need financial support and lump sums in your 50's/60's.

Could be their gift is to enable them to pay off the mortgage?

skybluejelly · Nov 22, 2023

rob9872 said:
State Earnings Related Pension scheme (I think).
Basically was something to do with a proportion of your NI being moved back into your own pot. Not sure it's possible now. It does mean a slightly lower state pension if still available when we get there, this just guaranteed it for you. Was a guy at work got us all to do it about 15 years back.

I thought everyone was automatically re enrolled in 2016 but I might be wrong ,

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skybluejelly · Nov 22, 2023

napolimp said:
By the way, if anyone has cracked the code for maximising your investments in private pension, please let me know - would be very grateful. At the moment just have the lot spread over a few funds.

Me and my brother literally picked ours with a pin , with the pension advisors taking the piss out of us in front of everyone else , not 100% on which ones are super performing but ours are at least double everyone else's at work , we have both now moved them to less risky investments with retirement looming

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Grendel · Nov 22, 2023

rob9872 said:
State Earnings Related Pension scheme (I think).
Basically was something to do with a proportion of your NI being moved back into your own pot. Not sure it's possible now. It does mean a slightly lower state pension if still available when we get there, this just guaranteed it for you. Was a guy at work got us all to do it about 15 years back.

The hike in pensions now makes the state pension a good way of mitigating a private pension being used too early

I was below full contributions and have made sure now I am at full - it’s about £10 grand a year now when 68 so that means the probate pension can be used less and targeted at growth

Flying Fokker · Nov 22, 2023

Covkid1968# said:
We will leave a house… it may be a small house but that’s it. We are going to spend everything we can and exit with no savings or anything. I want my parents to do the same… and they are. What’s the point passing it down to each generation… nobody ever enjoys the fruits of hard work.

I guess you’ll protect the house against care costs. Joint Tenants with your kids? Care thresholds change in a couple of years. This could be to their advantage because once your assets are down to 86k the care costs will be paid by social services.

RegTheDonk · Nov 22, 2023

Flying Fokker said:
I guess you’ll protect the house against care costs. Joint Tenants with your kids? Care thresholds change in a couple of years. This could be to their advantage because once your assets are down to 86k the care costs will be paid by social services.

Is £86K the limit (or it will be the limit) for care? Does that mean, for example, you have to sell your home and once the money is then down to £86K the care becomes free? Was under the impression it was a lot lower than that, around £25K (perhaps thats just savings?)

Importantly though - sorry about your mum FF, hope you and yours are coping as best you can.

bezzer · Nov 22, 2023

I'll be 59 in January and would like to retire fully when I'm 62. I still enjoy my job and it pays me well enough to continue.
I have 4 separate pension pots. A GEC final salary pension that was closed in 2010, an AVC that was associated with the GEC pension, a Stakeholder pension and a defined contribution pension with my current employer. In total they're worth around £425k. Hopefully with growth and contributions by the time I'm 62 I should have a pot of around £450k.
I hope to put it all into drawdown having taken 10% tax free. My state pension is due at 67 and I'll get the full amount.

If people haven't already done so, the Which pension tools are pretty useful. This one can give you a very rough idea as to how long your drawdown pot will last - Pension drawdown calculator - Which?

olderskyblue · Nov 22, 2023

napolimp said:
Am personally piling in as much as possible into my pot now, hoping to retire early on smallish pension - although it's a private pot so nothing will come out of it until I'm 57. Once I have enough for 20-25 years living modestly, I have the option to drastically cut my hours.

And that’s the challenge. So used to living a certain way, it’s difficult to change

Flying Fokker · Nov 22, 2023

RegTheDonk said:
Is £86K the limit (or it will be the limit) for care? Does that mean, for example, you have to sell your home and once the money is then down to £86K the care becomes free? Was under the impression it was a lot lower than that, around £25K (perhaps thats just savings?)

Importantly though - sorry about your mum FF, hope you and yours are coping as best you can.

Care home fees cap 2025 | Government cap in England | Care UK

A cap on the amount anyone in England will need to spend on personal care will be introduced in 2025. Here’s what you need to know.

www.careuk.com

What could a government cap on care fees mean for you?

The government’s proposal to introduce a social care cap of £86,000 for care home fees made front page news. But as Tony Clark, Senior Propositions Manager at SJP emphasises – don’t be misled by the headlines.

www.sjp.co.uk

https://commonslibrary.parliament.uk/research-briefings/cbp-9315/#:~:text=The%20cap%20will%20not%20apply,not%20count%20towards%20the%20cap).

Grendel · Nov 22, 2023

Tenants in common works to mitigate the care home issue in most cases

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