The Retirement Thread

[Jenkins]

Or retire, take the hit, and start a small part-time lifestyle business that makes up the shortfall?

I've resigned myself to being a wage slave for a few more years, but in the knowledge that when I do go, the payout will keep me in the style to which I've become accustomed.

 

[Dirk]

There is a lump sum, variable depending on the amount of pension that is taken, but as I'd lose 30-35% of both going now the sum's don't quite add up. I did all the maths last year when they were offiering a round of voluntary outs and was just short - since then they've cut down on the benefits so it looks like I'm stuck here building up more years for a while.

There's more than one way to skin a cat.
I very nearly packed it all in at 50.
We were going to buy a narrow boat and go continual cruising, picking up casual work as, and when, needed.
Was prepared to take a 50% hit on my pension to do it.
We had sorted out the spec on a new boat, but then out of the blue I was offered a job transfer to Devon. That pretty much solved my mid life crisis.
If push came to shove, I'd just sell up and liquidise the cash tied up in my property. I'd be perfectly happy living in a decent mobile home somewhere nice.

 

[SpokeyDokey]

There's more than one way to skin a cat.
I very nearly packed it all in at 50.
We were going to buy a narrow boat and go continual cruising, picking up casual work as, and when, needed.
Was prepared to take a 50% hit on my pension to do it.
We had sorted out the spec on a new boat, but then out of the blue I was offered a job transfer to Devon. That pretty much solved my mid life crisis.
If push came to shove, I'd just sell up and liquidise the cash tied up in my property. I'd be perfectly happy living in a decent mobile home somewhere nice.

I took my pension early at 54 (although I retired at 48) and the hit was 44%.

I calculated that with the reduced pension plus the lump sum invested and then drawn down upon I will only lose out if I exceed 95 years of age.

Moot point really as I'm not dependant on the pension but it gives me a small degree of comfort along the lines of 'small wins count' - unless I do get beyond 95!

Not sure what a 95 year old hissy fit looks like though.

 

[Dirk]

I remember my paternal grand father celebrating the day that he'd calculated he'd got more out of the system than he'd paid in.
I seem to recall he was about 85 at the time.

 

[SpokeyDokey]

I've resigned myself to being a wage slave for a few more years, but in the knowledge that when I do go, the payout will keep me in the style to which I've become accustomed.

I factored the possibility of early mortality in and was happy to give away some cash for an improved quality of life - correction: some life!

Imo too many people 'hang on' (I know not everyone has the choice) too long in their career forgetting to account for the rather indiscriminate black humour of the Grim Reaper who possibly gets bonus points for 'grabbing one early'.

Life - one big gamble!

 

[dodgy]

From a purely selfish POV, this thread has rescued itself to providing useful information and entertainment again. Well done you lot, I knew you could do it

 

[SpokeyDokey]

From a purely selfish POV, this thread has rescued itself to providing useful information and entertainment again. Well done you lot, I knew you could do it

Aw - what a lovely cuddly post. You've gone and made some old folk feel useful again.

 

[Venod]

From a purely selfish POV, this thread has rescued itself to providing useful information and entertainment again. Well done you lot, I knew you could do it

That are just having fun, you have to be patient with older folks

 

[Dirk]

Aw - what a lovely cuddly post. You've gone and made some old folk feel useful again.

Still feeling smug though.

 

[screenman]

I remember my paternal grand father celebrating the day that he'd calculated he'd got more out of the system than he'd paid in.
I seem to recall he was about 85 at the time.

My brother was 64 when he hit that point, he retired at 57 with a huge lump.

 

[Dirk]

My brother was 64 when he hit that point, he retired at 57 with a huge lump.

Poor man, did he get better?

 

[screenman]

Poor man, did it get better?

I knew I should have added more to that post. Got to give you something to do now you are retired.

 

[Dirk]

Yesterday, for the first time ever, I was asked for proof of my age when we had the 'pensioners special' meal deal in a pub!
Felt quite chuffed!

 

[dodgy]

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.

 

[Drago]

From a purely selfish POV, this thread has rescued itself to providing useful information and entertainment again. Well done you lot, I knew you could do it

We'll soon put a stop to that!