O/T Retiring

[happypig]

I've started planning for retirement in 4-5 years at age 57/58. I have a decent pension (there is an online pension calculator on our intranet which is invaluable) and will have done 37/38 years. My wife will also get a modest pension. I will, hopefully, be able to take advantage of a paid leaver scheme.
We want to downsize and so our planning includes a mortgage that will be paid off by the redundancy payment and lump sum.
I've also been putting AVCs into my pension (that's a no brainer due to the tax advantages and I'd advise everyone to do it if you can - much better than paying extra off your mortgage).
I've no qualms about going early, I don't enjoy my job (although I'm pretty good at it) and we want to take a couple of years travelling the UK/Europe seeing all those places we've driven past on the way to somewhere else.

So, as far as I can see the advice is:

1. Have a financial plan.
2. Have a social plan.

 

[boik]

I doubt it as I'm retired and enjoy my luxuries

Fairy nuff. You're obviously very priviledged.

 

[mikeyjh]

A BIG thank you to all your posts, a great insight to all who have taken that big plunge.
Will take all comments on board.

Good luck to you! I just turned 45 and reckon I'll be making the plunge in a year or so - The idea that the tap gets turned off, there's no guaranteed salary coming in is the scary thing but life is for enjoying right?

 

[dejavuatbtn]

Just a pointer to those who have an old endowment policy to cover your mortgage that matures at 60+ - although most of these have been a bummer, those that are really old can have a surrender value equal or greater than the o/s mortgage. Don't forget to consider this if taking retirement early and want to offload the mortgage. I accept that this won't apply to many but it is worth knowing about.

 

[Arthritic Toe]

Just a pointer to those who have an old endowment policy to cover your mortgage that matures at 60+ - although most of these have been a bummer, those that are really old can have a surrender value equal or greater than the o/s mortgage. Don't forget to consider this if taking retirement early and want to offload the mortgage. I accept that this won't apply to many but it is worth knowing about.

Surprised that there'd be many of these left around as it must be more than 25 years ago now that they became recognised as a bad idea.

 

[Fungus]

Surprised that there'd be many of these left around as it must be more than 25 years ago now that they became recognised as a bad idea.

I have one that matures in 3 years.

My recent statement shows it picked up in the last year, but who knows what it'll be worth at the end.

 

[blue'n'white]

I took early retirement at 60 in 2014. I'd done 40 years in the civil service and had had enough. I miss the people tho not the job. If you can afford it go for it - it's a no brainer


Sent from my iPhone using Tapatalk

 

[Beach Hut]

I have one that matures in 3 years.

My recent statement shows it picked up in the last year, but who knows what it'll be worth at the end.

Around a year or so ago Aviva advised there was an emergency fund on top of what I owed to cover it and they were only allowed to tell when I got to a certain point in payments, only 22 payments to go then will find out exactly what it is.

 

[theboybilly]

I have one that matures in 3 years.

My recent statement shows it picked up in the last year, but who knows what it'll be worth at the end.

My guess is you won't be too disappointed. I had a £51,000 endowment (over 20 years) which fell short by £1,800 and a £35,000 top-up endowment (when I moved from a flat to a house 5 years later) that paid out the full amount

 

[Garry Nelson's teacher]

Close... but not quite...

Runcorn?

 

[portslade seagull]

Just taken my Pru pension early at 60 - well 25% of it - paid off mortgage/loans/credit cards etc.

Not going to retire yet tho - not enough money

I envisage I will be working in B&Q when I'm 75 advising people on their plumbing problems

You might have a few plumbing problems of your own by then

 

[Hampster Gull]

How decent is fairly decent?

 

[Hampster Gull]

Is you pension safe after brexit. Just starting now on c4

 

[portslade seagull]

Is you pension safe after brexit. Just starting now on c4

About as safe as after the banking crisis, but keep up the doom mongering

 

[SIMMO SAYS]

You might have a few plumbing problems of your own by then

Funny you should say that

The NHS has just sent me a DIY poo check (to be sent on to EXPERTS I might add)

Having spent over forty years dealing with other peoples #### I must admit sending a sample of my #### for someone to poke around is a bit worrying

 

[LamieRobertson]

50/55

I'm envious...I'll probably end up working until I drop...so well done you for getting yourself into a position where you can consider it.

 

[Steve in Japan]

Funny you should say that

The NHS has just sent me a DIY poo check (to be sent on to EXPERTS I might add)

Having spent over forty years dealing with other peoples #### I must admit sending a sample of my #### for someone to poke around is a bit worrying

It's tricky knowing how big a sample to send. Do you pack the whole Richard in a tupperware box or do you conventionally jab it with a cocktail stick? I know they say the cocktail stick is enough, but I always think they're not getting the full story. I think it's best to give them the whole story. (I really struggled not to CAPS LOCK in this post but it was for the best I think).

 

[Hampster Gull]

About as safe as after the banking crisis, but keep up the doom mongering

i wasn't doom mongering, it was a programme on c4 which happened to start when i was on this thread. Btw i suspect pensions are safer now than they were in those dark days

 

[SIMMO SAYS]

It's tricky knowing how big a sample to send. Do you pack the whole Richard in a tupperware box or do you conventionally jab it with a cocktail stick? I know they say the cocktail stick is enough, but I always think they're not getting the full story. I think it's best to give them the whole story. (I really struggled not to CAPS LOCK in this post but it was for the best I think).

 

[Cheshire Cat]

Runcorn?

"shudder"

Nope.

The nice bit in between the two chemical horrors...