[Misc] Retirement

[Doonhamer7]

I have agreed this week that I will move to part time-ish from 1st June, currently doing a 9day/80hr (every second Friday off) rotation, now moving to a 8day/72hr rotation so every Friday off. Loss of 10% salary is heavily outweighed by mental wellbeing of only doing 4day weeks. My boss said you need to do a business case and I just responded you need to justify why I can’t, he then instally agreed to it and said it probably means you’ll actually stay working for us longer.

 

[banjo]

Maybe some of those Chelsea players should consider retirement

 

[A mex eyecan]

All this investment nonsense, what’s wrong with stuffing under a good old fashioned mattress?

you may find it a bit more comfortable providing a good stuffing on top of the mattress not under it.

 

[dazzer6666]

Your second point seems a bit self defeating. Taking funds from a DC to put it into an ISA will only save on IHT (post Apr 27) if you spend / gift it. Just moving it from a DC scheme to an ISA (and you can only put £20k pa into an ISA currently) will have a zero net impact on your estate value and so will not change IHT calcs.

The tax benefits, paying in and taking out, are what make pensions the best choice (usually).

Still likely to be worth taking the 25% tax free amount out of a DC scheme and putting into an ISA simply because of the flexibility of the latter.

 

[dazzer6666]

I listened too:

1. This is hogwash - everybody's situation is different, and depends on so many factors, it might be a guide, but the figures quoted come from the PLSA made up from insurances companies and investment firms, all have a vested interested in wanting you to save more money. You need to understand and have a handle on your budgets, wants and outgoings.
2. And in different vehicles, if you are in a DB scheme then you are mostly tied by the scheme rules when it comes to access, if you have a DC pension then you can access this 10 years (currently) before state pensions age which we all know is increasing. Better solution (in my view, I'm not a financial advisor) is to have sufficient monies in ISA's which you can access tax free when you want to, and earlier than you might be able to access any DC scheme you hold, should you have enough and wish to retire early. Many are starting to flip their views, i.e. how to get monies out of DC schemes before the IHT rules are rumoured to be changing, before burning through ISAs, savings etc.
3. Pensionwise cannot offer advice only guidance on options that might be available to you.

Still 12 years atm (@ age 55 vs pension age of 67), due to change in 2028

 

[Shropshire Seagull]

Still 12 years atm (@ age 55 vs pension age of 67), due to change in 2028

I hope that's wrong !!
I'm 66 next March (2026) and expecting to get my state pension ....

When I turned 55, the state pension age was 65, so 10 years prior for eligibility was the "gap".

 

[Change at Barnham]

I hope that's wrong !!
I'm 66 next March (2026) and expecting to get my state pension ....

When I turned 55, the state pension age was 65, so 10 years prior for eligibility was the "gap".

State Pension Age Checker

Just pop your date of birth in the above and it will tell you.

 

[Mancgull]

I have agreed this week that I will move to part time-ish from 1st June, currently doing a 9day/80hr (every second Friday off) rotation, now moving to a 8day/72hr rotation so every Friday off. Loss of 10% salary is heavily outweighed by mental wellbeing of only doing 4day weeks. My boss said you need to do a business case and I just responded you need to justify why I can’t, he then instally agreed to it and said it probably means you’ll actually stay working for us longer.

Quite so, and many employers are starting to see the benefit of letting us slightly more mature guys work part time.
It reduces our stress and it deals with the understandable reduction in mental stamina as you get older.
Allows people to work longer and benefits employers as they retain ‘experience’.
I now work three days a week at 59 and simply couldn’t manage a 5 day week. Think it’s good for my mental health to do some work too.

 

[Triggaaar]

Still likely to be worth taking the 25% tax free amount out of a DC scheme and putting into an ISA simply because of the flexibility of the latter.

How is the ISA more flexible? If you ever want your hands on the cash, can't you get it out of each equally?

 

[knocky1]

How is the ISA more flexible? If you ever want your hands on the cash, can't you get it out of each equally?

Tax.

 

[Triggaaar]

Tax.

We're only talking about the 25% tax free part of the pension, so they're both tax free.

 

[Driver8]

This was almost sneaked in but has potentially an enormous impact on the surviving beneficiaries

Absolutely and I’m not sure many people realise that yet.

 

[Arkwright]

While I enjoy reading this thread I do with a small degree of envy.
I'm early sixties always worked private sector and never really had a company generous enough to put a good percentage towards a pension fund. Probably got a fund of about £200k which if I divide by the years I might have left isn't a lot per annum. I'm currently trying to save at least a third of my wages in both pensions and the bank.
For me the best I can do is go part time, hopefully reducing a day per week from April.
I can't wait, days at The Oval, golf, fishing, walking and even the occasional day of doing nothing.
I probably at some stage need to talk to an IFA, I've got one through True Potential but we haven't spoken for an age.
Always hard to know what's best to do?

 

[dazzer6666]

How is the ISA more flexible? If you ever want your hands on the cash, can't you get it out of each equally?

Quicker access typically
Wider range of investments

 

[LamieRobertson]

While I enjoy reading this thread I do with a small degree of envy.
I'm early sixties always worked private sector and never really had a company generous enough to put a good percentage towards a pension fund. Probably got a fund of about £200k which if I divide by the years I might have left isn't a lot per annum. I'm currently trying to save at least a third of my wages in both pensions and the bank.
For me the best I can do is go part time, hopefully reducing a day per week from April.
I can't wait, days at The Oval, golf, fishing, walking and even the occasional day of doing nothing.
I probably at some stage need to talk to an IFA, I've got one through True Potential but we haven't spoken for an age.
Always hard to know what's best to do?

I like you enjoy reading this thread .…not really envious …perhaps inspiring in some ways that people (albeit with the financial ability I’ll never have) are bothering to do something with their retirement years

 

[South Stand Bonfire]

I have agreed this week that I will move to part time-ish from 1st June, currently doing a 9day/80hr (every second Friday off) rotation, now moving to a 8day/72hr rotation so every Friday off. Loss of 10% salary is heavily outweighed by mental wellbeing of only doing 4day weeks. My boss said you need to do a business case and I just responded you need to justify why I can’t, he then instally agreed to it and said it probably means you’ll actually stay working for us longer.

I read that the first time as being 9 consecutive days without weekends off! I assume (hope!) you do also get weekends off? What industry are you in out of interest?

I’ve found that my email traffic and the ability to get hold of people on Fridays has declined since Covid so maybe a 4 day week in certain industries will become more common.

 

[Triggaaar]

Quicker access typically
Wider range of investments

Thanks

 

[South Stand Bonfire]

While I enjoy reading this thread I do with a small degree of envy.
I'm early sixties always worked private sector and never really had a company generous enough to put a good percentage towards a pension fund. Probably got a fund of about £200k which if I divide by the years I might have left isn't a lot per annum. I'm currently trying to save at least a third of my wages in both pensions and the bank.
For me the best I can do is go part time, hopefully reducing a day per week from April.
I can't wait, days at The Oval, golf, fishing, walking and even the occasional day of doing nothing.
I probably at some stage need to talk to an IFA, I've got one through True Potential but we haven't spoken for an age.
Always hard to know what's best to do?

It can be a bit of a balancing act as to whether you put your savings into your pension fund or bank account/Isa savings, but the tax benefits of putting it into a decent pension investment are not to be sniffed at, especially if you are in the 40% or higher tax bracket. You should be entitled to free pensions advice (Pension Wise?) from the government’s scheme. Martin Lewis described it as getting the free advice for your strategy from the pensions adviser who don’t sell products and then when you are comfortable with your strategy, then see an IFA for product advice.

 

[Doonhamer7]

I read that the first time as being 9 consecutive days without weekends off! I assume (hope!) you do also get weekends off? What industry are you in out of interest?

I’ve found that my email traffic and the ability to get hold of people on Fridays has declined since Covid so maybe a 4 day week in certain industries will become more common.

I read that the first time as being 9 consecutive days without weekends off! I assume (hope!) you do also get weekends off? What industry are you in out of interest?

I’ve found that my email traffic and the ability to get hold of people on Fridays has declined since Covid so maybe a 4 day week in certain industries will become more common.

I do get weekends off! We’ve being alternative work practises for over 20years, one office had every second Friday off (half the team off one week, the others off the next Friday), the other office did 1/2day every Friday. Since Covid you can put forward whatever working practise suits you as long as it meets project and client needs, core hours are only 10-3pm. I work for an oil and gas contractor. I remember working on a project with VT at Portsmouth they did fixed 4 x 10hour days and everyone had Friday off

 

[Sirnormangall]

While I enjoy reading this thread I do with a small degree of envy.
I'm early sixties always worked private sector and never really had a company generous enough to put a good percentage towards a pension fund. Probably got a fund of about £200k which if I divide by the years I might have left isn't a lot per annum. I'm currently trying to save at least a third of my wages in both pensions and the bank.
For me the best I can do is go part time, hopefully reducing a day per week from April.
I can't wait, days at The Oval, golf, fishing, walking and even the occasional day of doing nothing.
I probably at some stage need to talk to an IFA, I've got one through True Potential but we haven't spoken for an age.
Always hard to know what's best to do?

I sort of retired about 8 years ago, but found that I missed work (a bit) so got a part time job that I really enjoyed. My free time now far outweighs my working hours, so I have a lot of fun doing what I want (subject to spousal approval of course!) and also having an enjoyable part time job. So, if you get the right balance,don’t worry too much about continuing to work.