[Help] Retirement

[pearl]

Oh no, that's awful. How can you live like that?

https://youtu.be/fb-f8CTafHs

 

[pearl]

I took "voluntary severance" at 55 and was lucky that I could start claining my pension pretty much immediately - I was a university academic so the pension was final salary and I"d been topping it up for years. We'd also paid off the mortgage - we'd kept it low by never moving since 1992. This is the first important thing about taking retirement - do the sums work? If they do (and you'd be surprised how much money you spend just on going to work - you need less money when you retire), then you need to ask yourself the question: "can I afford psychologically and as a human NOT to retire?". The other thing you need to do is get all the legal side in order - wills, powers of attorney. Make sure you get a good solicitor to do this - it costs but is worth it. Our solicitor severed the joint ownership of the ouse that me and Mrs Knee had - we now legally own only 50% of the house each so if one of us needs to go into care at any point, the assessment can only take into account 50% of the value of our property. If I die first my half of the house is inherited by my daughter. A solicitor will talk you through this.

As for day to day life, the isolation was bad at first but I started doing voluntary work, I now read a lot and reckon I actually know stuff about football tactics now (although my remarks at the Amex and on here maybe disprove this). The Albion became really important to me because the football season gives a structure to the year that it wouldn;t otherwise have - football kind of gives a narrative to time, if that makes sense.

but most importantly, my stress levels have gone down, i'm healthier (although still a fat sod), my wife actually enjoys spending time with me again and we go on more holidays.

If the sums work for you, retire and look ahead to the best time of your life since you were about 20.

So .... I kept a daily record for 4 weeks of every penny I spent. Tedious, but worth it. So much money wasted on frivolous rubbish I didn't need or things I wouldn't buy if not at work. I had 3 lists, Food etc., Alcohol and Misc. The Alcohol list was the biggest shocker. Anyway, just waiting for 1st pension payment and then I'm under the wire.

 

[Rugrat]

Several distant employers are unknowingly paying people 'working from home' to tap away / read on NSC for half their day.

Only 50%? As I near retirement my ratio of personal to business 'work' in my (very remote - thank goodness for IP phones!) work from home is nearing 90/10

No feelings of guilt whatsoever ... after 35 years+ I'm in massive credit

 

[Two Professors]

I already have a form for my SENIOR railcard

My wife got the railcard sorted,but has the family option,which seems to cover most of the population!

 

[OzMike]

Good point, no more work.
Bad point, nothing to do.

 

[Tom Hark Preston Park]

Good point, no more work.
Bad point, nothing to do.

Well that's Perth Australia for you

 

[Freddie Goodwin.]

Redundant last March and received about 2 years money to last the 3 years until pension age.

Always been tight so money is under control. Am doing a gym (part of AITC) and Walking Football. Am also doing Befriending and have just started helping at Community café & Foodbank.

Really enjoy having the time to do what I want, when I want. I do miss people from work but meet some fairly often. Can hardly remember what I used to do at work! I love this retirement lark.

 

[Beach Hut]

Leaving work 25.01.19 and taking pension.

Not going to do nothing so will try and get some part-time work

 

[timbha]

Leaving work 25.01.19 and taking pension.

Not going to do nothing so will try and get some part-time work

Don’t leap straight into anything. You need to find out if you get bored first.

The first month will seem like being on holiday, tinged with smug guilt in realising that this is it!!

 

[Beach Hut]

Don’t leap straight into anything. You need to find out if you get bored first.

The first month will seem like being on holiday, tinged with smug guilt in realising that this is it!!

That's a very salient point and will take some time to work out what is worth doing work wise as seen many just go straight back into work in the wrong job.

 

[OzMike]

Well that's Perth Australia for you

I was being sciacastic, I am going to teach the sax and clarinet when I hang up the tool belt.
I have bought a few cheap instruments and done them up, so that I can lease them out to students as these instruments are not cheap and if it does not suit, then I can pay money back and take the instrument back.
If all is well then I will take instrument back and repay the lease out fee so that it can be put towards buying an instrument.
Win win.

 

[timbha]

That's a very salient point and will take some time to work out what is worth doing work wise as seen many just go straight back into work in the wrong job.

I put my name down to do some very simple (I thought) voluntary work. I provided my email address.

A few days later I got an email telling me the dates of the two half day training sessions, then another asking for my input to the Terms of Reference for the group and asking me to join the committee. This is exactly what I had wanted to get away from.

It was picking up litter in our local park.

I ignored the emails and just pick up litter when I see it and pop it in a bin

 

[pearl]

Has anyone had any trouble claiming a personal pension. I have filled in forms for an Annuity, but the company seem to be dragging their heels .... bit like solicitors do.
They keep saying I need to be sure I am making the right choice(s). It's a small pot, not a fortune!

 

[Tim Over Whelmed]

Has anyone had any trouble claiming a personal pension. I have filled in forms for an Annuity, but the company seem to be dragging their heels .... bit like solicitors do.
They keep saying I need to be sure I am making the right choice(s). It's a small pot, not a fortune!

Be v careful, there are a lot of people charging for the advice they say you need and doing bugger all to help you in reality. I was recently contacted by someone as I'd passed my 55th Birthday (Well two years ago actually) and they were trying to get me to take the 25% out and buy a annuity etc. I own my own business and get paid OK, I'm likely to be employed for at least another five years and have many investments that I could cash now if I wished, so why oh why would I take this out or cash this in? Very poor advice designed to make them a fee.

 

[Harry Wilson's tackle]

I presume you have already sorted your CDs in to alphabetical order by artist, then release date order for each artist?

I have, and I'm still in full time employment!

 

[Tim Over Whelmed]

Walking in Scotland (Jun '19)

Has anyone done any walking in Scotland (probably Lochs) in the Summer, any ideas on good routes, accom etc?

At the moment I'm thinking of going by train / bus, be up there for around 5-7 days.

I'd prefer Pub BnB rather than camping (don't do that) and won't do bunks (sharing sleeping areas etc).

Thinking around lochs not too hilly so about 15-18 miles a day.

All ideas very welcome, and thanks in advance.

P.S. Don't tell the missus, haven't fully communicated this plan yet

Thought I was making a new thread .... may go on a computer course instead!

 

[Driver8]

Has anyone had any trouble claiming a personal pension. I have filled in forms for an Annuity, but the company seem to be dragging their heels .... bit like solicitors do.
They keep saying I need to be sure I am making the right choice(s). It's a small pot, not a fortune!

Insurance Companies are obliged now to make sure that you know all your options when taking benefits. At the very least you should shop around for the best annuity rate (assuming an annuity is actually best for you) but you have many other options now, including the ability to just draw the whole fund out as a lump sum.

PM me if you are not sure what to do or speak to a local IFA.

 

[Beach Hut]

Has anyone had any trouble claiming a personal pension. I have filled in forms for an Annuity, but the company seem to be dragging their heels .... bit like solicitors do.
They keep saying I need to be sure I am making the right choice(s). It's a small pot, not a fortune!

Given I am in a final salary one it was all very smooth, completed the forms, lump sum paid on date stated and received first pension which was two weeks worth initially and paid every 4-weeks

 

[pearl]

Insurance Companies are obliged now to make sure that you know all your options when taking benefits. At the very least you should shop around for the best annuity rate (assuming an annuity is actually best for you) but you have many other options now, including the ability to just draw the whole fund out as a lump sum.

PM me if you are not sure what to do or speak to a local IFA.

Many thanks for your help. I've done my homework (so to speak), to quote young man I spoke to "Jesus Christ! You're more organised than me!" (hope he wasn't recorded).
Their deal is the best deal and the best option for me.
Maybe I need to be a bit more patient, thanks again

 

[pearl]

Has anyone done any walking in Scotland (probably Lochs) in the Summer, any ideas on good routes, accom etc?

At the moment I'm thinking of going by train / bus, be up there for around 5-7 days.

I'd prefer Pub BnB rather than camping (don't do that) and won't do bunks (sharing sleeping areas etc).

Thinking around lochs not too hilly so about 15-18 miles a day.

All ideas very welcome, and thanks in advance.

P.S. Don't tell the missus, haven't fully communicated this plan yet

Thought I was making a new thread .... may go on a computer course instead!

Sounds great, you need to avoid the midges season so I'm told