[Misc] Retirement

[Sirnormangall]

I semi retired a few years ago at age 58. I’ve so much enjoyed spending more time with family and friends and doing more of what I want to do and choosing when I do it - difficult to put a price on that. I can’t quite bring myself to give up work totally because I enjoy doing a few hours of consultancy a week for a firm that really appreciates what I do and rewards me well.

There’s already a lot of good advice from others on here about how much money you need in retirement. It depends largely on your life style, future spending plans and how much you want to leave in your will. Also, if you knew when you were going to die that would also help financial planning!

 

[zefarelly]

Retirement is but a dream for most of us. Decent pensions closed 20+ years ago now

I'll be dead before I can afford to retire. My son will inherit £1m of house and a shit load of old cars, guitars & scooters to deal with

 

[Seagull58]

Met a financial advisor a couple of weeks ago. Had several things to discuss, one of which was avoiding inheritance tax. Only two options he said - spend it, or give it away. I need to go back to my old audit team’s favourite bar in Miami so I can ‘give it away’ and help fund those girls through college

That is not correct. There are ways to move your assets out of consideration for inheritance tax, such as a trust fund or an offshore pension fund.

 

[A mex eyecan]

Exactly, Mrs D has to make a proper effort to go anywhere where she can spend any real money It’s alright really….we’re close to Brighton, close to Gatwick and London within walking distance of the station and we’re kind of on the edge of town (garden backs on to Bedelands). Been in this house 25 years so not planning on moving now.

we moved up here from Brighton 16 years ago. Agree with you on all those, we are other end of town. Have to say that whenever we’ve had to venture back into Brighton we’re are glad we left there. all seems so grubby now. Wouldn’t go back.

 

[LamieRobertson]

I find commiting to retirement a challenge. I'm past retirement age, but still working 2 to 3 days a week as a consultant QS, not whole days but charging by the hour.. Not really enjoying what I'm doing as it is all confrontational, but finding it hard to pull the plug. Money isn't a problem, its just accepting the end of something I'm really good at.

Ah that’s the job I’d like to be doing Quality Street consulting ..ideal for my age

 

[A mex eyecan]

Remember to factor in impulsive on line spending

why did you have to raise that very valid point? now i’m destined for a very sleepless night

 

[dazzer6666]

That is not correct. There are ways to move your assets out of consideration for inheritance tax, such as a trust fund or an offshore pension fund.

Would rather spend it

 

[Seagull58]

Cat’s Club (under the Olympic) was always the go-to place on our trips………actually heard about the fire last weekend. Possibly the same place ?

We go to Alvor these days, less chance of getting into trouble

Cats is still there, in the alley next to Lizzie's Bar. Funky Dogo was facing the main road about 50 metres from Cats.

 

[Jack Straw]

Don't dismiss walking football without watching a few groups first - some are quite competitive, and make for a good workout with new mates. Other groups actually walk.

A couple of my friends play walking football. One is 70 years' old, and the other had a hip replacement a few years' ago. They both say it's brilliant!

 

[Weststander]

I assume you retirees that are enjoying it have decent pensions and paid off mortgages?

I've just turned 50 but am looking at trying to get higher up the greasy pole again because I'm seeing my energy bills and mortgage payments growing like Topsy. Without wanting to dig into anyone's real personal data is there anyone out there who thinks they know what sort of size pension pot allows for a comfortable retirement?

Remember that, yes I know it's almost 20 years away but seeing you mention the subject, you'll receive at least £19,000 (in today's money) per annum in tax-free state pension for 2 individuals.

I've a few clients, also next gen-above relatives, receiving this and it's appreciated.

 

[dazzer6666]

Cats is still there, in the alley next to Lizzie's Bar. Funky Dogo was facing the main road about 50 metres from Cats.

Not a place I know. Had some pretty memorable nights in Cat’s though…….

 

[Seagull58]

Not a place I know. Had some pretty memorable nights in Cat’s though…….

Funky Dogo opened only last year. Owned by a Brit who had served time for bank robbery. Fell out with some local Irish dealers. Up in flames.

 

[drew]

I'll get round to sorting it out one day!

I'm just glad you don't walk past my house!!

 

[mikeyjh]

I kind of retired in 2019, it's an odd experience - You have to make sure you have purpose, things to do and not just 'hobbies'. The financial side is kind of straightforward, it's just maths and good guidance from a financial advisor, your time can be a bit more complicated. I was really busy in 2019 with various bits and bobs but 2020 and Covid certainly gave me a bit of an existential crisis, ended up completely re-landscaping the garden, took about 4 months working, literally, every day, heavy work as well, paving, dry stone walling, building sets of steps shifting aged hardwood sleepers around. That was largely unsustainable! Now I've got a couple of volunteering roles which has settled me a bit but finding a balance between filling your time and not being too busy is tricky, something worth thinking about.

We're financially comfortable but it does make you think about money, there's no ££££ landing in your bank account on the last day of the month, you have to get your head around that.

 

[Since1982]

I stopped at 55, turn 60 this year, another Burgess Hill retiree. Mrs sold her dance school about the same time. We planned to travel but Covid has stalled some of those plans. I found I needed a purpose, I chair the trustee board at a homeless charity in Brighton and I'm gigging again. More recently we've been able to spend time caring for elderly parents in a way that would have been impossible if working. I reckon it took me about 24 hours to adjust!

 

[Napier]

I kind of retired 4 years ago (at 56!)....but have been working part time since then. Having spent my life in the corporate world I wanted to try a few different things. To start with I volunteered for a refugee charity in Greece. Wow! It opened my eyes and has give me a whole new set of experiences which are far more rewarding than getting a refi done, or signing the stat accounts (!!).

I took early retirement just over a year ago (at 57) and did a bit of part-time work last year. I am currently looking to get involved in some volunteer work overseas and would be very interested to know what organisation you volunteered with. It would be great if you could pm me any details when you have a moment. Thank you.

 

[Titanic]

Can I asked about pension funds?

Did any of you opt to move money out of a defined benefits / final salary pension so that you could draw down on the money early or ensure you leave some to your partner/kids?

 

[Beach Hut]

Can I asked about pension funds?

Did any of you opt to move money out of a defined benefits / final salary pension so that you could draw down on the money early or ensure you leave some to your partner/kids?

I didn't, however, I got a pretty healthy tax-free lump sum of which some will be used when required to get the two kids on the property ladder.

 

[Since1982]

Can I asked about pension funds?

Did any of you opt to move money out of a defined benefits / final salary pension so that you could draw down on the money early or ensure you leave some to your partner/kids?

I did, for both of those reasons. I took some extensive financial advice before doing so. Happy to share experiences of doing that.

 

[WATFORD zero]

Can I asked about pension funds?

Did any of you opt to move money out of a defined benefits / final salary pension so that you could draw down on the money early or ensure you leave some to your partner/kids?

I finished at 50 (11 years ago now). I immediately moved the majority of my pensions (some of which were final salary) out and manage them myself with an IFA. We still have a couple of final salary scheme ones that looked like they were worth keeping. One of the main reasons was so that Mrs Wz and the kids would have it if anything happened to me and to give us more flexibility (helping kids out buying etc).

I had some other savings dotted about and got bored after 18 months so took up some part time teaching that I still do. Mrs Wz also does a couple of days a week and consequently I haven't even dipped into any pensions yet, although my IFA has said it's probably worth us taking a couple of final salary ones that come up in the next couple of years. The investments have generally performed very well (ignoring the last few months) but I have a lot of them in higher risk areas. You need very good financial advice.

The three things that majorly effect the amount you need are, paying off your mortgage (managed to do that 20 years ago), your kids becoming properly self sufficient (mine at 25 and 27 have done that in the last couple of years) and downsizing your house (been looking for the last 2/3 years but haven't found anything yet).