Retirement, would you if you could?

[Tail End Charlie]

wet Tuesdays are for fettling the kit car

as are wet Mondays, Wednesdays, Thursdays, Fridays, Saturdays and Sundays

More fettling than driving in the last year

Oh I know about building a kit car, I built a Marlin roadster 30 odd years ago and ran it as my only car!

 

[Lozz360]

While I agree having the opportunity of a final salary pension is fortunate; it does get me a bit when someone someone implies you are just lucky, when I know for a fact they have taken the easier option job wise, not paid 10% of their salary into to a pension for 30+ years, had more free time and less stress than me and then think its pure luck I can retire a few years before them. Or people who were happy to show off their nice company car over the years but never worried the company didn't provide a pension plan. It's a fortunate position to be in, but not just down to luck.

I don’t know whether you where referring to my post when I referred to luck and final salary pensions. Not all final salary pensions are a result of working for the public sector. Personally, I have worked for the government, the NHS and a blue chip private company (not all at the same time, obvs). All three have provided a FS pension. I agree that my time in the two public sector roles I earned less than a private sector equivalent but the compensation was you got a better pension. I consider my self lucky in having a final salary pension from the private company I worked for, as so many private company pensions have since transferred to Defined Contribution schemes. There are also, a few company schemes have since gone bust. A situation that is unlikely to happen with a public sector pension.

 

[Brads]

Have to add, I had a protected persons DB pension from the electricity board. Probably the gold plated pension to top them all

I transferred it out into my SIPP at around 40x annual payment. Very pleased with it as it provides lots of benefits unavailable to DB scheme pensioners.

Am now absolutely going at 55

 

[NorthernSky]

i'll be lucky if i get to retire at 65 and not 67 which is my state pension age 👎
DC pension here, not great at moment but going to try get a decent pot to see if i could go a little bit earlier
if i'm still (reasonably ) fit and healthy i don't mind working, that's all i want these days. everything else is a bonus

 

[Slick]

Have to add, I had a protected persons DB pension from the electricity board. Probably the gold plated pension to top them all

I transferred it out into my SIPP at around 40x annual payment. Very pleased with it as it provides lots of benefits unavailable to DB scheme pensioners.

Am now absolutely going at 55

Nice, enjoy.

 

[Nigeyy]

I completely agree; I've been driving old cars for years now and I think it's highly likely I'm the person who has spent the least amount of money on cars in my immediate neighbourhood! My savings have gone into my retirement accounts and I still get from A to B much like any of my neighbours. You do have to plan, and -unless you do have the good fortune to have other financial assistance -make the best sound financial decisions you can. A decision that can demand more of you now can pay dividends later on.

But in life like everything else, you do need the good fortune to have good health, good timing, no serious setbacks, etc. That's not to say you that if you do have setbacks you still can't do well, just that it may take good decisions, application and some level of sacrifice when compared to others who have no setbacks or other financial assistance. But yeah, I'd be very annoyed if someone alluded to me being "lucky" because I'd made harder long term decisions and I'd seen them make short term decisions, it wouldn't go down well...

While I agree having the opportunity of a final salary pension is fortunate; it does get me a bit when someone someone implies you are just lucky, when I know for a fact they have taken the easier option job wise, not paid 10% of their salary into to a pension for 30+ years, had more free time and less stress than me and then think its pure luck I can retire a few years before them. Or people who were happy to show off their nice company car over the years but never worried the company didn't provide a pension plan. It's a fortunate position to be in, but not just down to luck.

 

[Nigeyy]

To answer the OP's question: Yes, yes I would.

I'm looking at retiring at around 67-70, and have been planning as such. I don't mind saying I'm very much looking forward to it, and have a huuuge list of things I'd like to do. My target retirement age is keenly related to the fact I've not won the lottery, and my attitude towards my kids.

Granted I've have some health financial setbacks had with my son, but the main reason is that I'm assuming all of my 3 kids will be going to university (one in their second year, one about to go, another one ready in a year's time). University education is really expensive here*, but while I don't want to buy my kids "things", I would really like to buy them opportunities such as education. I know some people have the attitude that kids can take out loans for their own education and take all the financial burden themselves, but I'm of the attitude I want them to have a good start, and after that, it's up to them. I really feel for kids over here (and in the UK) who take meaningful degrees but due to family finances end up with thousands and thousands of dollars in debt and end up starting in a big hole before they even start their professional careers. It must be soul destroying before you even start.

*I have to add one of the universities my daughter got in wanted $76,000 a year (x4 for an undergraduate degree), which was just beyond ludicrous. She didn't go!

 

[Slick]

To answer the OP's question: Yes, yes I would.

I'm looking at retiring at around 67-70, and have been planning as such. I don't mind saying I'm very much looking forward to it, and have a huuuge list of things I'd like to do. My target retirement age is keenly related to the fact I've not won the lottery, and my attitude towards my kids.

Granted I've have some health financial setbacks had with my son, but the main reason is that I'm assuming all of my 3 kids will be going to university (one in their second year, one about to go, another one ready in a year's time). University education is really expensive here*, but while I don't want to buy my kids "things", I would really like to buy them opportunities such as education. I know some people have the attitude that kids can take out loans for their own education and take all the financial burden themselves, but I'm of the attitude I want them to have a good start, and after that, it's up to them. I really feel for kids over here (and in the UK) who take meaningful degrees but due to family finances end up with thousands and thousands of dollars in debt and end up starting in a big hole before they even start their professional careers. It must be soul destroying before you even start.

*I have to add one of the universities my daughter got in wanted $76,000 a year (x4 for an undergraduate degree), which was just beyond ludicrous. She didn't go!

One of the many positives to come from home rule here in Scotland is our education system.

 

[Brandane]

So we (people born in the 60's) should really grab the retirement opportunity and open up our jobs to the younger generations . The more I think about this, the more tempting it becomes.

In the weeks since this post, I've gone and done it!
Previously I was semi-retired anyway, working as a handyman at a local care home, job sharing at 19 hours per week to top up the pension. Following a fairly major bust-up with the manager during which a lot was said to clear the air, I decided my position was no longer tenable and put in my notice. Two weeks later I was gone.
I am only 58 years old though, and I suspect that boredom might creep in once I have done all the jobs around the house that I plan to do, combined with a few cycling adventures once we are allowed to wander. My mind is open as to future plans - financially I can survive but it might get a bit tight until the state pension kicks in in another 8 years and 3 months time. If so, I have some options to look at - a class 1 HGV licence for starters - but not much work to be found within a reasonable distance from home. Plus, my experience of HGV driving is now over 4 years ago, some insurance companies won't allow that, insisting on more recent experience.
So for the foreseeable future I am retired . Is there not a suitable thread I could be posting on? .. I will go and introduce myself.

 

[lane]

Well that hasn't gone very well!

Decided to take early retirement from today, due to disillusion with my job. Not sure what i was going to do, but did think that I might do a bit of temp or part time work to supplement my pension, especially in the next 2 or 3 years when I still have my kids to look after.

So this morning on first day of retirement, someone calls me with an interim position to cover until they recruit a permanent person - so I am guessing two or three months. So I thought, I might as well I don't expect I will get many offers out of the blue like that. So after 1 day of being retired, I have a zoom meeting tomorrow afternoon to kick things off.

 

[oldwheels]

In the weeks since this post, I've gone and done it!
Previously I was semi-retired anyway, working as a handyman at a local care home, job sharing at 19 hours per week to top up the pension. Following a fairly major bust-up with the manager during which a lot was said to clear the air, I decided my position was no longer tenable and put in my notice. Two weeks later I was gone.
I am only 58 years old though, and I suspect that boredom might creep in once I have done all the jobs around the house that I plan to do, combined with a few cycling adventures once we are allowed to wander. My mind is open as to future plans - financially I can survive but it might get a bit tight until the state pension kicks in in another 8 years and 3 months time. If so, I have some options to look at - a class 1 HGV licence for starters - but not much work to be found within a reasonable distance from home. Plus, my experience of HGV driving is now over 4 years ago, some insurance companies won't allow that, insisting on more recent experience.
So for the foreseeable future I am retired . Is there not a suitable thread I could be posting on? .. I will go and introduce myself.

Does your HGV licence expire after some time if no evidence of actual usage? My son drove fuel tankers at one time but I think his licence for that expired since he changed jobs. Perhaps he just did not bother keeping it up but it is not typical of him.

 

[Brandane]

Does your HGV licence expire after some time if no evidence of actual usage? My son drove fuel tankers at one time but I think his licence for that expired since he changed jobs. Perhaps he just did not bother keeping it up but it is not typical of him.

You keep your licence until age 50 I think it is, after that you need to get a medical every 5 years to keep it live. After a certain age, 70 perhaps, medical is annual.
On top of that you must keep CPC up to date if you intend to actually use your licence, no matter your age (Certificate of Professional Competence). That consists of 35 hours of theory training in a classroom (or online via zoom or similar, as I have recently done). Cost me £225 for the privilege .
You also need a digital tachograph card issued by the DVSA. It is valid for 5 years, and will show potential employers of your recent experience, or lack of it, as it records your driving from the tachograph unit in any vehicle fitted with one.
As a fuel tanker driver your son would also have needed his ADR licence for dangerous goods. I don't have one of them, and last I heard they cost somewhere in the region of £500 so no intention of getting one.

 

[oldwheels]

You keep your licence until age 50 I think it is, after that you need to get a medical every 5 years to keep it live. After a certain age, 70 perhaps, medical is annual.
On top of that you must keep CPC up to date if you intend to actually use your licence, no matter your age (Certificate of Professional Competence). That consists of 35 hours of theory training in a classroom (or online via zoom or similar, as I have recently done). Cost me £225 for the privilege .
You also need a digital tachograph card issued by the DVSA. It is valid for 5 years, and will show potential employers of your recent experience, or lack of it, as it records your driving from the tachograph unit in any vehicle fitted with one.
As a fuel tanker driver your son would also have needed his ADR licence for dangerous goods. I don't have one of them, and last I heard they cost somewhere in the region of £500 so no intention of getting one.

Thanks for the info.
He did have the appropriate certification for dangerous goods but I don't think he paid for it himself as he was hired specifically for fuel tankers. It does appear that you have to work at it to keep the licence up to date anyway.
He has moved on to wind turbine construction now anyway.

 

[Brandane]

Thanks for the info.

Should have added..... If you let your HGV entitlement lapse after the age of 50, as I did because I didn't expect to use it again, the DVLA will re-issue you with a normal licence, i.e. without HGV on it. My HGV entitlement lapsed about 3 years ago, there didn't seem much point in going to the expense of a medical so I let it go. Last August I changed my mind about things and decided to get my licence sorted out again, I must have had a premonition! All I had to do was fill in a form for the DVLA and go for a medical with a DVLA approved doctor. Two weeks later my HGV licence popped through the door. I then did my CPC as previously posted, and got a new tachograph card. Good to go now, if/when I start looking for some part time work - which will probably mean playing the agency game; another story altogether .

 

[Slick]

In the weeks since this post, I've gone and done it!
Previously I was semi-retired anyway, working as a handyman at a local care home, job sharing at 19 hours per week to top up the pension. Following a fairly major bust-up with the manager during which a lot was said to clear the air, I decided my position was no longer tenable and put in my notice. Two weeks later I was gone.
I am only 58 years old though, and I suspect that boredom might creep in once I have done all the jobs around the house that I plan to do, combined with a few cycling adventures once we are allowed to wander. My mind is open as to future plans - financially I can survive but it might get a bit tight until the state pension kicks in in another 8 years and 3 months time. If so, I have some options to look at - a class 1 HGV licence for starters - but not much work to be found within a reasonable distance from home. Plus, my experience of HGV driving is now over 4 years ago, some insurance companies won't allow that, insisting on more recent experience.
So for the foreseeable future I am retired . Is there not a suitable thread I could be posting on? .. I will go and introduce myself.

Congratulations, keep us posted on how you get on or how long it takes before you get behind the wheel again.

Hopefully you do nothing more strenuous than cycle though.