[Help] Retirement

[Albion Prem]

I'm lucky to have retired earlier this year at 48 due to property investments made over the last 20 years.

Thought I might get bored but when you own a home there's always plenty to do.

Garden, decorating, lots more time to do the things I like to do such as football, cinema, playing sports, going walking, and travelling to Europe for long weekends now and again.

Have also signed up to do some voluntary work which is really fulfilling and gives me another perspective on life.

I really thought I'd get bored quickly but I am now busier than when I was working. In my view there is always plenty to do as long as you are reasonably active. Even try finding a new hobby - photography, walking group, volunteering etc, there's definitely plenty to do.

You appear to have taken a very good choice of how to spend your time

 

[Albion Prem]

If you enjoy work though and appreciate your holidays, weekends etc then no harm done. Your brother is still relatively young to be thinking retirement.

If you can afford it 60 is a good staring point for retiring

 

[Albion Prem]

When I had a prolonged period of gardening leave, six months, I had awful sleep patterns. I then decided regardless how late I went to bed, how badly I slept or how much I'd drunk I had to be up, showered and out the door, if only to buy a paper, by 8 a.m., best thing I did, it all fell into place.

Fully agree radio alarm set for 7am,reading and listening to radio for an hour which is nice rather than rushing out of doors,then having decided our movements the previous day,we are away.

 

[Albion Prem]

And with perfect timing for anyone who's not yet made a will...

November is Will Aid month. Participating solicitors will write you a basic will and waive their normal fees in return for a charity donation. Details here, including a look-up by postcode of participating solicitors in your area:

https://www.willaid.org.uk

Well worth considering IMHO. Everybody wins

Regarding power of attorney, at present it costs £216 but government is planning to increase this to £6000 so dont delay

 

[raymondo]

Don't rush into another job to fill the void. Do nothing for a while...and let the adrenaline leave your system. Small daily adjustments and you'll end up busy enough and loving it! Best wishes.

 

[dazzer6666]

Regarding power of attorney, at present it costs £216 but government is planning to increase this to £6000 so dont delay

Eh ?

An LPA costs £82 to register with the Court of Protection.

Are you mixing this up with Probate application costs (which is £215 plus 50p per copy of the grant for estates above £5000) ?

 

[lawros left foot]

Just received my Services pension estimate, rather pleasantly surprised.

Still can’t afford to retire though.

 

[happypig]

You need professional advice and projected figures before you make a final decision. Be aware if you get redundancy you may be able to take early retirement at the same time and this would be without penalties. If you take your pension later and before your due date there will be penalties.

They don't call it redundancy, they call it "early leaver" and it doesn't affect pension. There is a pension planner on the corporate intranet and it gives accurate figures for what you can get and when. I modelled three scenarios today with leaving dates of 2019, 2020 & 2021.
I've been putting extra into my pension for the last few years and it looks quite healthy.
Paid the mortgage off last year and have no debts.

 

[Albion Prem]

Eh ?

An LPA costs £82 to register with the Court of Protection.

Are you mixing this up with Probate application costs (which is £215 plus 50p per copy of the grant for estates above £5000) ?

You are correct, it was Probate,thanks for pointing that out,this is due to be increased soon,according to reports

 

[dazzer6666]

You are correct, it was Probate,thanks for pointing that out,this is due to be increased soon,according to reports

Yes, fees are going up but you’re quoting the top end - there is a sliding scale (fees will depend on the amount the estate is worth), changes come into force in April (currently a flat £215 for any estate over 5000, minimum going up to 50,000) :

Estates worth less than £50,000 will pay nothing, meaning estates worth between £5,000 and £50,000 will save £215 compared to the current system.

Estates worth from £50,000 up to £300,000 will pay £250, a rise of £35.

Estates worth from £300,000 up to £500,000 will pay £750, a rise of £535.

Estates worth from £500,000 up to £1 million will pay £2,500, a rise of £2,285.

Estates worth from £1 million up to £1.6 million will pay £4,000, a rise of £3,785.

Estates worth from £1.6 million up to £2 million will pay £5,000, a rise of £4,785.

Estates worth more than £2 million will pay £6,000, a rise of £5,785.

 

[Nitram]

They don't call it redundancy, they call it "early leaver" and it doesn't affect pension. There is a pension planner on the corporate intranet and it gives accurate figures for what you can get and when. I modelled three scenarios today with leaving dates of 2019, 2020 & 2021.
I've been putting extra into my pension for the last few years and it looks quite healthy.
Paid the mortgage off last year and have no debts.

All sounds very positive. I would double check to see what the position regarding your pension would be if you left early but didn’t take your pension to see if their were any clauses effecting taking your pension later.

 

[Tim Over Whelmed]

I thought I'd made reasonable provision but being made redundant at 58 scuppered that. I've had to dip into my pension pot a couple of times and may have to again. I'm self-employed but just can't make enough to meet all costs.

That's the trouble with planning for the future, you can't predict what's going to happen. I fully expect to be working well into my 70s.

Sorry to hear that, to be honest if I were in a position to retire I don't think I would, I'd just change when and where I work.

 

[Tim Over Whelmed]

Just received my Services pension estimate, rather pleasantly surprised.

Still can’t afford to retire though.

I joined in 1977 and was sure, after 13 1/2 years service I'd get that at 55 but alas it's sixty.

 

[pearl]

I had a look at finances a few years ago and when I discussed my plans with people of my age (mid to late 50's) I was shocked by how many hadn't made any provision and declared "We're going to downsize". That's fine but do people really know how much money you need to provide a reasonable income per month, it's not selling a house and picking up £50,000 of equity, that's for sure!

Fortunately I don't need to downsize .... I'd end up in a shoe box

 

[pearl]

You won’t regret that I think, a great philosophy ... that was message to family from two cousins I lost to the Big C in their mid 50’s. “Stop work as soon as you can afford to”.

I've lost several friends in tragic circumstances (including my partner of 33 years), it's changed my outlook somewhat

 

[Weststander]

I've lost several friends in tragic circumstances (including my partner of 33 years), it's changed my outlook somewhat

I hope you have many happy and healthy years ahead of you not working! (Not calling it ‘retirement’ as you’re not old & I assume you’ll be busy doing happy things).

 

[lawros left foot]

I joined in 1977 and was sure, after 13 1/2 years service I'd get that at 55 but alas it's sixty.

I was told a few years ago, but I can’t vouch for the veracity of it, that the reason Forces pensions start at 60, and other comparable government pensions (Police, Fire Service etc)start at 55 is due to the death rates of ex- servicemen in their late 50s.

If you served after 2006,your pension doesn’t start until 65, but any service before 06 is paid out at 60.

 

[Tim Over Whelmed]

I was told a few years ago, but I can’t vouch for the veracity of it, that the reason Forces pensions start at 60, and other comparable government pensions (Police, Fire Service etc)start at 55 is due to the death rates of ex- servicemen in their late 50s.

If you served after 2006,your pension doesn’t start until 65, but any service before 06 is paid out at 60.

Crikey, in fact I didn't join in '77 it was '79, '79-92, so all good!

 

[pearl]

Day ne

 

[A mex eyecan]

Day ne

and it’s sunny outside .....