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[Misc] Retirement



Springal

Well-known member
Feb 12, 2005
24,725
GOSBTS
Thanks. I looked at that online but couldn't find where to do it. I'll take another look.
Login - go to PAYE - check current year, then it gives you tax code and how it’s worked it but you can set your own
 






WATFORD zero

Well-known member
NSC Patron
Jul 10, 2003
27,607
Seeing this thread bouncing around, I realised it's now over 12 years since I retired. I actually thought I was lazier than I was and after a couple of years I started doing some part time stuff because I was getting bored. It was always my ambition to retire early but didn't work out like I thought. Paying off the mortgage 10 years before made a huge difference as I could put significant amounts into pension and investments to soften the blow of stopping.

But the really big difference was my kids becoming completely independent. No more paying for 4 adults to go on holiday a few times a year and to eat out a few times a month which had a huge impact on my spending. As an unintended consequence of this (and me and Mrs Wz doing a bit of part time work) I haven't had to touch any pensions yet. That will probably all change in the next couple of years as the kids raid them for the 25% in order to get a deposit on somewhere to live :rolleyes:
 
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Weststander

Well-known member
Aug 25, 2011
68,966
Withdean area
Scrolling through his music library and posting bands and genres that virtually nobody on here have heard of will also keep the brain in action :wink:
Digressing from the theme of the thread, this beauty was on TV this morning, I know you're a fan too.



On Freeview there's a channel called 60's Music, it's really good. A place retirees can dip into.
 


Icy Gull

Back on the rollercoaster
Jul 5, 2003
72,015
Digressing from the theme of the thread, this beauty was on TV this morning, I know you're a fan too.



On Freeview there's a channel called 60's Music, it's really good. A place retirees can dip into.

Massive fan and this, my all time favourite single, is quite relevant to this thread :smile:


 




Harry Wilson's tackle

Harry Wilson's Tackle
NSC Patron
Oct 8, 2003
55,711
Faversham
Is there an end in sight for patenting the drug?

[Just saw your later post].

A personal view, based on the pension pot figure you mentioned on nsc a while back .... leave the Uni post a.s.a.p. So many life and health positives will spin from that, not all mentioned in your posts. Luckily you'll keep the brain active with the editorial work.
Had a chat with the missus this morning. If, in 6 months time, we are making no progress with the drug, I will trigger the retirement. If I could do my uni work from home all the time it would be a different story. But getting up at 5.45 to run a teaching lab in London in January is not appropriate for a man in my condition ??? :LOL:

The drug has been granted a patent in multiple jurisdictions, and is protected everywhere that has the wherewithal to steal our invention. What we need to do now is start a clinical study. A mate of mine controls disbursement of millions of moneys in a particular part of the world that has a sub population that would benefit hugely from our drug, if it can be made into a deliverable medicine. My collaborators, however, are procrastinating. I was up late last night trying to set up meetings, and that.

Frankly this is the main reason for maintaining an academic position - my credibility as a front-man for a new drug is diminished if my office changes from 'la di da university, London' to 'the garden shed, back of my house, Faversham'. Or maybe it doesn't, if I create a consultancy we me as the sole employee. Anyway, in 6 months I shall decide...... continued breathing privileges, permitting.

I hope you are well (weller than me, at any road). Cheers!
 


Harry Wilson's tackle

Harry Wilson's Tackle
NSC Patron
Oct 8, 2003
55,711
Faversham
It's got a lot going for it.

I've just had the enjoyment of spending 40 minutes yesterday waiting to get through to HMRC and then 30 minutes this morning, at which point I gave up.

The first time was to see why they changed my tax code on 27 December from my usual 1257L to K872 M1, just to immediately collect an - estimated - underpayment of tax of £613 for this tax year (which might turn out to be right or wrong). Result - my pension payment of £1775 suddenly gets £500 tax taken off. Nice. Another result is that I'm not going to take any more pension payments until they change the tax code back.

This morning, I thought I would ring up to find out when they are going to process my NI top up payment for three years in NI shortfall, so that I get a full state pension. I made that payment on 9 December. Now I can't get through for them to tell me that they're snowed under.

So they've got the time to change my tax code to grab tax off me, (which I may or may not owe come April 6), but don't have the time to process the NI top up payment I made 7 weeks ago, nor answer the phone.

Rant over.
Anyone would think that they are understaffed, and directed by HMG to pick off all the low hanging fruit. Who knew?
 


Weststander

Well-known member
Aug 25, 2011
68,966
Withdean area
Had a chat with the missus this morning. If, in 6 months time, we are making no progress with the drug, I will trigger the retirement. If I could do my uni work from home all the time it would be a different story. But getting up at 5.45 to run a teaching lab in London in January is not appropriate for a man in my condition ??? :LOL:

The drug has been granted a patent in multiple jurisdictions, and is protected everywhere that has the wherewithal to steal our invention. What we need to do now is start a clinical study. A mate of mine controls disbursement of millions of moneys in a particular part of the world that has a sub population that would benefit hugely from our drug, if it can be made into a deliverable medicine. My collaborators, however, are procrastinating. I was up late last night trying to set up meetings, and that.

Frankly this is the main reason for maintaining an academic position - my credibility as a front-man for a new drug is diminished if my office changes from 'la di da university, London' to 'the garden shed, back of my house, Faversham'. Or maybe it doesn't, if I create a consultancy we me as the sole employee. Anyway, in 6 months I shall decide...... continued breathing privileges, permitting.

I hope you are well (weller than me, at any road). Cheers!
All good thanks, rehab'ing myself on a knee injury ... rushing round the garden putting xmas lights up on 1st Dec, I failed to spot a big drop over a retaining wall :dunce:
 




zefarelly

Well-known member
NSC Patron
Jul 7, 2003
22,738
Sussex, by the sea
It's got a lot going for it.

I've just had the enjoyment of spending 40 minutes yesterday waiting to get through to HMRC and then 30 minutes this morning, at which point I gave up.

The first time was to see why they changed my tax code on 27 December from my usual 1257L to K872 M1, just to immediately collect an - estimated - underpayment of tax of £613 for this tax year (which might turn out to be right or wrong). Result - my pension payment of £1775 suddenly gets £500 tax taken off. Nice. Another result is that I'm not going to take any more pension payments until they change the tax code back.

This morning, I thought I would ring up to find out when they are going to process my NI top up payment for three years in NI shortfall, so that I get a full state pension. I made that payment on 9 December. Now I can't get through for them to tell me that they're snowed under.

So they've got the time to change my tax code to grab tax off me, (which I may or may not owe come April 6), but don't have the time to process the NI top up payment I made 7 weeks ago, nor answer the phone.

Rant over.
I've been getting e mails and texts reminding me to do stuff or incur the wrath . . . . I've been PAYE for over 3 years now . . . . Mrs Zef looked into it.

I owed them £1.20
 




Eric the meek

Fiveways Wilf
NSC Patron
Aug 24, 2020
6,900
I've been getting e mails and texts reminding me to do stuff or incur the wrath . . . . I've been PAYE for over 3 years now . . . . Mrs Zef looked into it.

I owed them £1.20
Gleaned from a lifetime in IT, the (abridged) solution would be something as follows:

Current solution:

If AMOUNT-OWED > 0
PERFORM PROCESS-CHASE-THE-BUGGER-UP.

New, improved solution:

IF AMOUNT-OWED > £50.00
PERFORM PROCESS-CHASE-THE-BUGGER-UP.

Result - improved PR, fewer calls, less abuse and less spam for the punters.
 






dazzer6666

Well-known member
NSC Patron
Mar 27, 2013
55,255
Burgess Hill
It's got a lot going for it.

I've just had the enjoyment of spending 40 minutes yesterday waiting to get through to HMRC and then 30 minutes this morning, at which point I gave up.

The first time was to see why they changed my tax code on 27 December from my usual 1257L to K872 M1, just to immediately collect an - estimated - underpayment of tax of £613 for this tax year (which might turn out to be right or wrong). Result - my pension payment of £1775 suddenly gets £500 tax taken off. Nice. Another result is that I'm not going to take any more pension payments until they change the tax code back.

This morning, I thought I would ring up to find out when they are going to process my NI top up payment for three years in NI shortfall, so that I get a full state pension. I made that payment on 9 December. Now I can't get through for them to tell me that they're snowed under.

So they've got the time to change my tax code to grab tax off me, (which I may or may not owe come April 6), but don't have the time to process the NI top up payment I made 7 weeks ago, nor answer the phone.

Rant over.
We topped up Mrs D’s NI recently…..took about 12 weeks to show on her NI record.
 


Seagull58

In the Algarve
Jan 31, 2012
8,419
Vilamoura, Portugal
I have sought advice....but it wasn't any help.

My work pension is 'full' (I maxed my AVCs and bought into missing years as we PhDs don't 'start work' till around 30) and yet I am still making it bigger.

My plan is to take my max lump sum and get sonny boy into bricks and mortar. This stays as a tax free gift if I live X years (7?). In North Kent the house prices are low compared with you lot in Sussex. Ssssshhhh! The advice I was given was 'take half that'. Why? I know what to do with the money.

My annual pension income is decent.

Plus I have another job as a journal editor starting in 24. Easy work, from home. That will bring me much the same as my son earns in his day job. FFS

The missus is back in work and she has a good skill set.

Mortgage paid off years ago.

But if I retire I become semi detached from a patented drug I'm developing....so I really need to stay in post....

And my health is failing fast (spine, hips and knees). The travel to work is onerous now.

And my day job is exhausting. I am on here a lot but I multitask. I was working tonight till close to midnight.

Decisions.....decisions....
Don't worry about the drug. There are plenty of other drugs available for a minted pensioner.
 




Paulie Gualtieri

Bada Bing
NSC Patron
May 8, 2018
10,503
Had a chat with the missus this morning. If, in 6 months time, we are making no progress with the drug, I will trigger the retirement. If I could do my uni work from home all the time it would be a different story. But getting up at 5.45 to run a teaching lab in London in January is not appropriate for a man in my condition ??? :LOL:

The drug has been granted a patent in multiple jurisdictions, and is protected everywhere that has the wherewithal to steal our invention. What we need to do now is start a clinical study. A mate of mine controls disbursement of millions of moneys in a particular part of the world that has a sub population that would benefit hugely from our drug, if it can be made into a deliverable medicine. My collaborators, however, are procrastinating. I was up late last night trying to set up meetings, and that.

Frankly this is the main reason for maintaining an academic position - my credibility as a front-man for a new drug is diminished if my office changes from 'la di da university, London' to 'the garden shed, back of my house, Faversham'. Or maybe it doesn't, if I create a consultancy we me as the sole employee. Anyway, in 6 months I shall decide...... continued breathing privileges, permitting.

I hope you are well (weller than me, at any road). Cheers!
Get yourself a PO Box, job done
 




zefarelly

Well-known member
NSC Patron
Jul 7, 2003
22,738
Sussex, by the sea
Whoa! I hope you've declared this on the debt thread ....
It was an inocent error. I may have been careless but it wasn't deliberate.

Funds have now been made available to settle the outstanding amount, my estate in the Maldives is also available for 1 month in August for the HMRC employee who spotted the 'typo'

We learn from this and move forward.
 


Tim Over Whelmed

Well-known member
NSC Patron
Jul 24, 2007
10,610
Arundel
Because of certain issues, I booked an appointment with PensionWise.
In an hour, I received a wealth of knowledge regarding options that are available to the pensions.
The lady was very helpful and you do get a lot of links in working what you may get in retirement.
If you really know what you want, it might save you having a financial advisor.

Thanks mate, and good point. I think all the time he performs as he has I'll stick with it but I know what you mean, there's a wealth of information out there
 




Carlos BC

Well-known member
May 10, 2019
548
I am running a Webinar about the basics of UK Pensions if it would be useful for anyone to attend (I asked for permission to post this!). It is free and there will be a Q&A at the end.
There is a part in there about financial/retirement planning too. If that sounds useful, please register on by following the link below, will be good to see you there.

 


Lyndhurst 14

Well-known member
Jan 16, 2008
5,226
Saw an interesting program where one of the panelists said that the only reason any man aged 65 or over should be working is because he needs the money. Basically if you have worked to that age you have done your ‘sentence’ and should be enjoying your hard earned retirement after 40 odd years or more. His thinking was that a lot of people who are comfortably off continue working past 65 out of vanity, they simply can’t imagine how the company can carry on without their vast wealth of knowledge and experience. There is also a sound reason they should not continue as both physically and mentally they are not what they were when they were 20. Also they are actually being somewhat selfish by preventing younger people getting much needed work. Makes sense to me – I bailed out at 62, there’s only so much BS you can take.
 


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