The Retirement Thread

[Mo1959]

Morning. Looks a bit damp out.

Slow start in Wordle this morning with my first two lines so happy to get it in four.

Feeling a bit weary so just a gentle stroll round the riverside trail loop soon I think.

 

[Paulus]

Good morning all,
It's a cloudy start to the day here.
Wordle in 5 .
A few things to do today with my mate, so after an early dog walk, I am going to be out and about most of the day.
Enjoy your day everyone

 

[welsh dragon]

Morning. Cold and damp here. 2 deg. We are in for a few colder nights I think.

Stay safe peeps

 

[Deleted member 1258]

Good morning folks, its shopping Friday again, it looks cold and damp out, wordle was strange this morning, I got it in 5, but how did a simple one like that take so many tries.

 

[Tenkaykev]

Good morning folks,
The rain has stopped at last 👍
The pension discussion is interesting, I’ve been retired about eight years and get the State pension. Mrs Tenkaykev also gets her State pension plus a small NHS pension. Her two combined pensions means that she has to pay tax. I transfer part of my tax allowance to her, you’re allowed to transfer £1250 of allowance iirc. This means that she avoids paying tax on an extra £1250 of her income. I then work out the difference between my state pension and my remaining tax allowance and draw that down from the cash balance in my private pension fund. It sounds convoluted but only takes a couple of hours once a year.

 

[welsh dragon]

It's a massive 3 deg here and we have sun and blue skies.

 

[Chief Broom]

Morning folks i have lots to do but im not doing it....waiting for a spade/fork to come by post, waiting for paint, waiting for good weather, waiting to get compost...ho hum at least my Happy Henry arrived so can do the hoovering
Im looking forward to spring and i'll be like Mole in The Wind in the Willows when he's decorating...throws down his brushes and says "oh blow" and probably "***ocks to this" and heads out into the sun!

 

[Mo1959]

Walk done. Wet underfoot but the sky has cleared and it's looking like being a decent day. I always enjoy my first walk as it's so quiet being early. Sometimes don't meet anyone. Just the one other regular this morning.

 

[Dirk]

Morning all

Yay! Tis Fish Friday again!
Nipping over to Minehead for fish & chips on the Esplanade and a pint in the Hairy Dog. Will be stopping overnight at our best mates place.
All this talk of pensions made me think. MrsD gets her SP next month so I will lose the tax allowance she transferred to me.
With my two private pensions and MrsDs private pension, combined with two state pensions, our joint income will then exceed what it was when we were both working. I never though that would happen.
I stopped drawing down on our lump sums when I got the SP and have been able to save a small amount since then.

 

[Sterlo]

Repeat of yesterday, Wordle in 4 again, I must be getting better at it.

 

[PaulSB]

Morning folks i have lots to do but im not doing it....waiting for a spade/fork to come by post, waiting for paint, waiting for good weather, waiting to get compost...ho hum at least my Happy Henry arrived so can do the hoovering
Im looking forward to spring and i'll be like Mole in The Wind in the Willows when he's decorating...throws down his brushes and says "oh blow" and probably "***ocks to this" and heads out into the sun!
View attachment 633732

I'm really enjoying your obvious pleasure at being able to get on with some of life's simple tasks. It must feel great after so many months of worry and concern.

We will need pictures at some point.

 

[Tenkaykev]

Repeat of yesterday, Wordle in 4 again, I must be getting better at it.

It usually takes me four attempts according to my guess distribution 0,1,5,9,2,1

 

[PaulSB]

Good morning folks,
The rain has stopped at last 👍
The pension discussion is interesting, I’ve been retired about eight years and get the State pension. Mrs Tenkaykev also gets her State pension plus a small NHS pension. Her two combined pensions means that she has to pay tax. I transfer part of my tax allowance to her, you’re allowed to transfer £1250 of allowance iirc. This means that she avoids paying tax on an extra £1250 of her income. I then work out the difference between my state pension and my remaining tax allowance and draw that down from the cash balance in my private pension fund. It sounds convoluted but only takes a couple of hours once a year.

I considered this for when Mrs P gets her SP in September. However my SP includes extra from SSP so I only have +/- £1200 to pass on. Its more tax efficient for me to take this as drawdown.

Morning all

Yay! Tis Fish Friday again!
Nipping over to Minehead for fish & chips on the Esplanade and a pint in the Hairy Dog. Will be stopping overnight at our best mates place.
All this talk of pensions made me think. MrsD gets her SP next month so I will lose the tax allowance she transferred to me.
With my two private pensions and MrsDs private pension, combined with two state pensions, our joint income will then exceed what it was when we were both working. I never though that would happen.
I stopped drawing down on our lump sums when I got the SP and have been able to save a small amount since then.

When Mrs P gets her SP in September our net income will be +/-60% of when we both worked. Probably a bigger drop in real terms but doesn't matter.

At this point we won't need to touch our capital again unless we choose to. I'll continue to drawdown to the tax threshold but that's it. I think this is when I'll consider us "comfortable" when I was a kid in Hampshire/Surrey my parents used to say folk were "well off." Very wealthy is what they meant.

We were great family friends with the local garage owner, car sales and servicing. They had a big house, two cars, holiday home, "the boat" (yacht) and went to Spain. Spain!!!!! In the mid 60s! Now that was rich! Almost oligarch level.

 

[Chief Broom]

I'm really enjoying your obvious pleasure at being able to get on with some of life's simple tasks. It must feel great after so many months of worry and concern.

We will need pictures at some point.

Thanks Paul it certainly is, the stress of living in that cabin in howling storms waiting for the roof to go was hair whitening.... Now my concerns are like...what roses to buy or will 'Peach Melba' clash with 'Apricot White'

 

[PaulSB]

Thanks Paul it certainly is, the stress of living in that cabin in howling storms waiting for the roof to go was hair whitening.... Now my concerns are like...what roses to buy or will 'Peach Melba' clash with 'Apricot White'

Well perhaps go easy on the pictures.