The Retirement Thread

[Drago]

Had a nice letter this morning. My pension has gone up by £34 a month. That's a tank of fuel in the old Ford right there.

 

[Dirk]

I got challenged about my age when I asked for the 'Over 60s' meal deal in a pub yesterday!
Felt like a naughty teenager in a pub again.

 

[simon.r]

I handed in my notice yesterday and will be officially eligible to join this thread on the 1st October 2018

I also have 51 days holiday (plus bank holidays) to take before that date

 

[Dirk]

I handed in my notice yesterday and will be officially eligible to join this thread on the 1st October 2018

I also have 51 days holiday (plus bank holidays) to take before that date

You have to give a year's notice?!

 

[Lee_M]

Was anyone here faced with a choice of either drawing down your pension pot as an income or buying an annuity? I'd be interested in what made you take the choice you did.
I'm going right off the annuity option the more I think about it.

I've been looking at this recently and I'm with you. the annuity doesnt make sense really. Its an insurance policy that the pension company pays out on the assumption you won't live for another 25+ years, so basically if you buy an annuity you won't break even until you've survived at least 25 years.

I reckon that taking draw down and leaving the remainder invested is going to give a much better return. The cash will last 25 years (assuming you take out a similar amount that the annuity would pay) and leaving the remainder invested means you'll probably have a big chunk left after the 25 ears to keep going.

Most advisers reckon if you take out 3-4% of your capital you'll never run out of money as the investments should (not "will") easily cover that.
of course if you take out more than 3-4% then all bets are off :-)

 

[Drago]

I haven't a clue - the money rolls in, I spend it, and save what I don't manage to spend.

 

[simon.r]

You have to give a year's notice?!

No, but if I do I get 2 days a month "pre-retirement leave" in addition to my normal holiday allowance

 

[simon.r]

I've been looking at this recently and I'm with you. the annuity doesnt make sense really. Its an insurance policy that the pension company pays out on the assumption you won't live for another 25+ years, so basically if you buy an annuity you won't break even until you've survived at least 25 years.

I reckon that taking draw down and leaving the remainder invested is going to give a much better return. The cash will last 25 years (assuming you take out a similar amount that the annuity would pay) and leaving the remainder invested means you'll probably have a big chunk left after the 25 ears to keep going.

Most advisers reckon if you take out 3-4% of your capital you'll never run out of money as the investments should (not "will") easily cover that.
of course if you take out more than 3-4% then all bets are off :-)

Slightly different, in that I've drawn down what would have been a final salary scheme, but so far it's earning 5% PA, in a fairly low risk investment, which works out at significantly more than my pension would have paid at 55.

It's a risk of course, as they say, "the value of your investment can go down as well as up".

 

[derrick]

A bit bored today waiting for a delivery, It's bike related so i have to just sit here and wait.i could get the hoover out i suppose, earn some brownie points.

 

[pjd57]

I handed in my notice yesterday and will be officially eligible to join this thread on the 1st October 2018

I also have 51 days holiday (plus bank holidays) to take before that date

You must be due a few sickies as well.

 

[Drago]

Chuck on some loud rock music, make the housework less tiresome.

 

[TheDoctor]

Everything's better with loud music!

 

[SteveF]

Chuck on some loud rock music, make the housework less tiresome.

Friday is my proper housework day and it's always accompanied with loud music, it certainly helps...

 

[Paulus]

[QUOTE 4958183, member: 43827"]One of those days that make me wish I wasn't retired.

My wife has difficulty walking at the moment, we've got visitors coming this weekend, and I've had to spend the day dusting and hoovering everywhere, cleaning the bathrooms and the spare bedrooms, making the beds etc. I always do my share of the housework but today has been full on.[/QUOTE]

You would of had to the extra housework anyway, on top of doing what was the day job.

7 months and counting.

 

[SpokeyDokey]

Had a nice letter this morning. My pension has gone up by £34 a month. That's a tank of fuel in the old Ford right there.

Had similar earlier this week albeit a lot more than your figure.

One of my pensions went into PPF about 8 years ago and the sum it paid out was based on a provisional residual fund valuation. It has now 'come out' of PPF and has been revalued by the new owners of the fund and my pension from it has increased by just over 80% and they are backdating the payment by 6 years which is when I started my early drawdown.

Happy days.