Retirement

[Beef Oven!]

Elliot Carter

Ryan Giggs

[Keraulophone]

Many teachers, for example,are taking their pensions voluntarily at 55. Yes,they do take a hit on their monthly pension,but they can use their lump sum for savings or clearing debts, and continue to do some kind of work, of a less pressured type

The hit is -5% for each year 55-60, so you can tailor your pension according to what other income you might have.

[Dave2002]

One cannot predict the future too well. I heard of one couple who bought a London property cheaply at a moderate age. The property had only a modestly short lease, but they didn't think that mattered as they expected to have passed on when the lease ran out. To their surprise they outlived the lease, though fortunately, as they were distinguished and had friends, others helped them out.

The "joke" is to make sure the last cheque you write bounces. Getting the timing right is difficult.

[P. G. Tipps]

I'm more than sceptical about 'taking advice' from others when it comes to one's own money. So-called 'financial advisers' invariably have a hidden selling agenda and are best avoided, imo.

Information about pension choices can be obtained from your employer and then studied at leisure. I took a lump sum on a reduced person to tide me over until the State Pension arrived and this worked well for me. I feel better off now than when I was working, with mortgages, loans, NI payments all now a thing of the past. Retirement is great ... the thing that really decides the quality of it is health.

As has been said everyone's situation is different but if you calculate you can manage I say go for it, and, in any case, it is amazing what you can save if the will and self-discipline is really there.

[antongould]

I'm more than sceptical about 'taking advice' from others when it comes to one's own money. So-called 'financial advisers' invariably have a hidden selling agenda and are best avoided, imo.

Information about pension choices can be obtained from your employer and then studied at leisure. I took a lump sum on a reduced person to tide me over until the State Pension arrived and this worked well for me. I feel better off now than when I was working, with mortgages, loans, NI payments all now a thing of the past. Retirement is great ... the thing that really decides the quality of it is health.

As has been said everyone's situation is different but if you calculate you can manage I say go for it, and, in any case, it is amazing what you can save if the will and self-discipline is really there.

Was the reduced person Anton Lesser scotty?

[Nick Armstrong]

I'm more than sceptical about 'taking advice' from others when it comes to one's own money. So-called 'financial advisers' invariably have a hidden selling agenda and are best avoided, imo.

I share your scepticism; and great caution is needed. But if you play your cards right, just listening to them should be free. It's worth listening to a range, and deciding what sounds best, and who you trust.

And then, even if thereafter by following the advice of one, you enhance their profits (as you will - they're in business too), as long as they also improve your position to your satisfaction (compared with doing nothing), that's ok isn't it?

[BBMmk2]

My NHS pension people sent a letter yesterday, saying I can now claim for my pension!

[Dave2002]

I'm more than sceptical about 'taking advice' from others when it comes to one's own money. So-called 'financial advisers' invariably have a hidden selling agenda and are best avoided, imo.

Agreed!

Information about pension choices can be obtained from your employer and then studied at leisure. I took a lump sum on a reduced person to tide me over until the State Pension arrived and this worked well for me. I feel better off now than when I was working, with mortgages, loans, NI payments all now a thing of the past. Retirement is great ... the thing that really decides the quality of it is health.

As has been said everyone's situation is different but if you calculate you can manage I say go for it, and, in any case, it is amazing what you can save if the will and self-discipline is really there.

I agree with much here, though some people who really enjoy their work should probably consider carrying on. I know one person who couldn't stand being retired, and after fixing things in his garden and some household things, started a new company around a year after he'd given up work.

A lot depends on who you are, whether your health and other circumstances are good, and whether you like work, or even if you do, would there be other things you'd like to do instead? OTOH anyone who really hates work should consider giving up - if they can do so without tirggering major problems for themseles. Sometimes just setting oneself a deadline to work towards can make the last year or two more bearable, and things may actually improve.

Timing is also an issue. Some people who retire early enough, say 50-55 can get more employment, and perhaps do things that they'd prefer - another job, start a company, go freelance etc. That gets harder later on.

[Petrushka]

I'm more than sceptical about 'taking advice' from others when it comes to one's own money. So-called 'financial advisers' invariably have a hidden selling agenda and are best avoided, imo.

I'm with you on that. In light of this thread, I'm pulling together all of the information from the pensions that I have and will find out what the choices are. As I've said before, I find the whole pension thing a total minefield and it seems to me that fresh confusion arises every second week. Good point about the cost of commuting from ts which will save me around £1400 a year.

[Dave2002]

I'm with you on that. In light of this thread, I'm pulling together all of the information from the pensions that I have and will find out what the choices are. As I've said before, I find the whole pension thing a total minefield and it seems to me that fresh confusion arises every second week. Good point about the cost of commuting from ts which will save me around £1400 a year.

Try not to get too confused by the pension/financial advisers.

Re cost savings, you might find that your food bills go down (if you do your own cooking/food) though not necessarily. Heating and lighting bils might go up, as you'll perhaps want to keep your house warmer during the day during at least half of the year. Entertainment? That's up to you - it's possible to spend very little, or rather a lot, on concerts, operas, plays etc. Or you can just stay in and listen to R3. Holidays etc. Why not try to get out and around, see new places etc., while you still can.

[Petrushka]

Try not to get too confused by the pension/financial advisers.

Re cost savings, you might find that your food bills go down (if you do your own cooking/food) though not necessarily. Heating and lighting bils might go up, as you'll perhaps want to keep your house warmer during the day during at least half of the year. Entertainment? That's up to you - it's possible to spend very little, or rather a lot, on concerts, operas, plays etc. Or you can just stay in and listen to R3. Holidays etc. Why not try to get out and around, see new places etc., while you still can.

Food bills should be about the same as now, gas/electricity will inevitably rise, entertainment too will inevitably rise but with the purchase of so many boxed sets in recent years I've had half an eye on retirement. Hope to attend more concerts. Holidays? Tricky one this. I did most of my travelling when younger and am glad I did as half the world seems to be off limits right now. Truth is, I've hardly seen much of the UK and a Michael Portillo like GB rail journey is very attractive.

[Dave2002]

Truth is, I've hardly seen much of the UK and a Michael Portillo like GB rail journey is very attractive.

If you intend to go by train, then a Railcard is a great help. There's also one for Scotland, which might occasionally have good deals - sometimes there are free or almost free tickets in Scotland. However, sadly, sometimes it's even cheaper to fly - if you have an airport near enough.

Michael Portillo is currently doing the US - some of those lines are fun too, and the USA is still reasonably safe - mostly!

[teamsaint]

Food bills should be about the same as now, gas/electricity will inevitably rise, entertainment too will inevitably rise but with the purchase of so many boxed sets in recent years I've had half an eye on retirement. Hope to attend more concerts. Holidays? Tricky one this. I did most of my travelling when younger and am glad I did as half the world seems to be off limits right now. Truth is, I've hardly seen much of the UK and a Michael Portillo like GB rail journey is very attractive.

THe new pension rules should make things a little more straightforward, Pet.
I do hope you manage to sort something out.
It might even be that you can do a bit of a deal with your employer? worth remembering,as you will know, that they can't move you out on age grounds now, which gives you a a useful weapon.

[umslopogaas]

There seem to be conflicting views here. We hear both that pension options are horribly complex, and that people dont trust professional advisors who take fees for giving advice on pensions. I am happy to pay my pension advisor, he ensures I get my money every month and I dont have to worry about it. I'd be very happy to recommend his services to others if they are interested. If he makes money for himself while making money for me - which I assume he does or he wouldnt be in business - I have no problem with that.

[Simon B]

Just spare a thought for those of us who, for various reasons, will need to continue doing what they do until infirmity (or death?) intervenes.

Indeed so, though don't get me wrong, the very best of luck to anyone in a position to do otherwise! For those around a generation younger than anyone now retiring at 55-60 this thread is like a window into a bizarre (if rather delightful) parallel universe. Retiring at 55 in anything other than inconceivable grinding poverty?! Final salary pensions?! Defined benefit pensions other than in the public sector (and even these are being hammered in various ways)?! Any option for most besides money-purchase where 100% of the risk rests with the employee?!

No amount of general parsimony, of squirelling every cheese-pared penny, can close the catastrophic gap between the enormous saved sums likely to be required and what is achievable for most. The projections worsen by the month. The whole thing is a slow-motion disaster imv. It doesn't help much having to pay an average £n00k, or rent equivalent, for a roof over your head - where n is much higher than the oft quoted already high national averages in those places where there are actual jobs to be had with which there's a hope of putting aside 25% of salary into said pension (as the contributions ain't coming from anywhere else these days). A 30-something in most jobs/professions now and aspiring to retire at 55 would be well advised to consider an alternative career as a notoriously successful bank robber...

Infirmity or death it is then!

As for those a generation younger again - good luck. Why they aren't out rioting on the streets is a mystery...