[Misc] Retirement

[Harry Wilson's tackle]

My experience: maxed up AVCs as soon as I could.

Have taken 20% retirement (it is not actual retirement, but some weird half life), dropped my hours by 20%, have taken 80% of my maximum tax free lump sum (I need collateral right now for project), am continuing to add to the pension pot from salary, and am taking down 20% more income from salary plus pension than when I was 100% on the job. Plus the state pension as I passed 66 in May. What were they thinking?

My employment is all joy and I have no intention of stepping down.

The first 20 years of my working life was a nightmare. Inadequate pay, negative equity (on a dump of an end terrace mess, now renovated and extended). So I am grateful and relieved to have survived it all. Life has been hard yards. No doubt when I eventually exhale.....(you can guess the rest. Something about not following it with inhale).

 

[Eric the meek]

Economists mentioned that 25 years ago “If you think we’re in trouble with the demographic time bomb, then look at other western European nations”.

It’s a mixed picture just now. For example Germany has been making the hard decisions like us on state pension age. Whilst much of the French electorate and powerful unions fight for fully state financed earlier retirement, despite life expectancy increasing and an aging demographic.

The received wisdom when I was building my pension pot, was that the aging population structure would mean that the state pension would come under pressure in the future.

But since then, immigration has raised birth rates, meaning that future numbers of working age people will increase the tax take and help reduce future pressure on the state pension.

But that doesn't mean to say the state pension of the future will be gold-plated. One IFA once asked me a question:

'Do you trust future governments to take care of you in your retirement?'. If you don't, start saving now.

 

[Bodian]

Nobody spends £1500 per year on clothes and shoes , even the minimum figure of £650 is far too much

When you say 'nobody spends' I guess you mean 'nobody needs spend' - because presumably someone buys these or they wouldn't be making them?

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[Weststander]

The received wisdom when I was building my pension pot, was that the aging population structure would mean that the state pension would come under pressure in the future.

But since then, immigration has raised birth rates, meaning that future numbers of working age people will increase the tax take and help reduce future pressure on the state pension.

But that doesn't mean to say the state pension of the future will be gold-plated. One IFA once asked me a question:

'Do you trust future governments to take care of you in your retirement?'. If you don't, start saving now.

Again, from years ago, in the Major and Blair years punters were gloomily predicting the state pension would end.

I think it’ll be okay if:
- the age creeps up, I’ll be adversely affected by that: and
- mandatory (no opt out) private/occupational pension contributing from the beginning of careers, at decent %ages.

It’s common sense. The brilliant Ros Altmann was calling for the latter years back.

 

[Eric the meek]

Again, from years ago, in the Major and Blair years punters were gloomily predicting the state pension would end.

I think it’ll be okay if:
- the age creeps up, I’ll be adversely affected by that: and
- mandatory (no opt out) private/occupational pension contributing from the beginning of careers, at decent %ages.

It’s common sense. The brilliant Ros Altmann was calling for the latter years back.

Auto-enrolment was a real step forward.

Yet I heard tales of people opting out of it. You can lead a horse to water.

Next stage is it has to be made mandatory.

 

[Tim Over Whelmed]

Hi Chaps,

Off to India in a couple of weeks, doing the Golden Triangle, flying to Mumbai and then going on a cruise down through Cochin, Goa and Southern Asia.

For those that have been to India a quick question, how do I get a couple of hundred quid of small denomination Rupees?

Thanks,

Tim

 

[papachris]

Hi Chaps,

Off to India in a couple of weeks, doing the Golden Triangle, flying to Mumbai and then going on a cruise down through Cochin, Goa and Southern Asia.

For those that have been to India a quick question, how do I get a couple of hundred quid of small denomination Rupees?

Thanks,

Tim

I travelled to India and was on the golden triangle a few years ago. You most likely will have a personal taxi driver for the duration. Our taxi driver took us to meet someone after leaving the airport who jumped in the car with us and exchanged gdp for rupees. It was about 100 rupees to the pound at that time.

 

[essbee1]

Hi Chaps,

Off to India in a couple of weeks, doing the Golden Triangle, flying to Mumbai and then going on a cruise down through Cochin, Goa and Southern Asia.

For those that have been to India a quick question, how do I get a couple of hundred quid of small denomination Rupees?

Thanks,

Tim

You have to go to specialist currency dealers. We went to one on the Strand, London. Not sure about Brighton tbh.

 

[thedonkeycentrehalf]

Hi Chaps,

Off to India in a couple of weeks, doing the Golden Triangle, flying to Mumbai and then going on a cruise down through Cochin, Goa and Southern Asia.

For those that have been to India a quick question, how do I get a couple of hundred quid of small denomination Rupees?

Thanks,

Tim

Mrs DCH is working out there this week. It is a closed currency but in some areas of the UK you may find some specialist places who will sell. Seems that they are very heavy card users now so unless you are heading a long way off the beaten track then you can probably get away with just exchanging a small amount at the airport or in the city when you get there,

 

[The Mole]

Hi Chaps,

Off to India in a couple of weeks, doing the Golden Triangle, flying to Mumbai and then going on a cruise down through Cochin, Goa and Southern Asia.

For those that have been to India a quick question, how do I get a couple of hundred quid of small denomination Rupees?

Thanks,

Tim

Get a Revolut card and you can set up a rupee account and then draw money with minimal commission. As has been said it is tricky to get money outside India - they don’t like you taking it in.

 

[dazzer6666]

Get a Revolut card and you can set up a rupee account and then draw money with minimal commission. As has been said it is tricky to get money outside India - they don’t like you taking it in.

Been using a Wise card for the last few years. It's fantastic, and very cheap. Brilliant app too, and offers way better savings rates with instant - absolutely immediate - access than my bank (4.46% currently).

 

[HalfaSeatOn]

Chase card works well abroad. A quick google says ok in India if see Mastercard sign.

 

[North of Robertsbridge]

Hi Chaps,

Off to India in a couple of weeks, doing the Golden Triangle, flying to Mumbai and then going on a cruise down through Cochin, Goa and Southern Asia.

For those that have been to India a quick question, how do I get a couple of hundred quid of small denomination Rupees?

Thanks,

Tim

You can change at the airport on arrival in India. Warning - a couple of hundred quid in small denomination rupee notes is likely to be a conspicuous wad an inch thick

Just checked, I've no plans to go to India now I've retired and seem to have around 800 Rupees in Mahatma Gandhi old series notes and a 200 Rupee new series note, which should all be legal tender (also old 500, which is no longer legal). Total value is only a tenner, but will cover tips and handouts for the first couple of days. Tim, if you PM me your address, I'll stick them in an envelope - just don't declare the Rupees on arrival

Edited to add: as others have mentioned, contactless cards are now very common in India, and used for what we would consider tiny amounts (like a few pence)

 

[Tim Over Whelmed]

You can change at the airport on arrival in India. Warning - a couple of hundred quid in small denomination rupee notes is likely to be a conspicuous wad an inch thick

Just checked, I've no plans to go to India now I've retired and seem to have around 800 Rupees in Mahatma Gandhi old series notes and a 200 Rupee new series note, which should all be legal tender (also old 500, which is no longer legal). Total value is only a tenner, but will cover tips and handouts for the first couple of days. Tim, if you PM me your address, I'll stick them in an envelope - just don't declare the Rupees on arrival

Edited to add: as others have mentioned, contactless cards are now very common in India, and used for what we would consider tiny amounts (like a few pence)

Thank you for your very kind offer, I’ve now sorted Revolut and have some small tipping cash.

 

[North of Robertsbridge]

Thank you for your very kind offer, I’ve now sorted Revolut and have some small tipping cash.

Just a warning that if anyone tries to hand you an old-style ₹500 note (about a fiver) they are no longer valid...

 

[LamieRobertson]

Off to Exmouth in February for a few nights….do they accept Sterling?

 

[PeterT]

Thank you for your very kind offer, I’ve now sorted Revolut and have some small tipping cash.

Take some pencils and some small sweets. You’ll be like the Pied Piper when you hand them out, the kids love them!

 

[PeterT]

Off to Exmouth in February for a few nights….do they accept Sterling?

Cash no, but contactless is still accepted.

 

[Tim Over Whelmed]

Just a warning that if anyone tries to hand you an old-style ₹500 note (about a fiver) they are no longer valid...

View attachment 191489

Thank you, and noted Really excited it’s so much more than two weeks in Majorca, pushing us outside our comfort zone but creating some great memories and, I hope, a stepping stone for more adventures!

 

[Tim Over Whelmed]

Take some pencils and some small sweets. You’ll be like the Pied Piper when you hand them out, the kids love them!

Good point, others have said this, rather than giving money that they rarely benefit from