The Retirement Thread

[Tenkaykev]

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.

I see what you mean. I could draw down about £2K to take me to the threshold of my annual tax allowance. When I draw down the balance after transferring my tax allowance to Mrs Tenkaykev it arrives with 20% tax deducted. I have to go online and fill in a form for the tax to be rebated and this usually takes a few months to arrive. My transferring my allowance saves Mrs Tenkaykev about £240 in tax that would have been deducted from her pension. I look at it as being £240 better off as I still have the cash I could have drawn down in my pension pot. ( having said that, no pockets in a shroud etc, and I'm not averse to spending money )

 

[Chislenko]

Breakfast had at hotel, setting off back home soon after two days of rain and indulgence!!

Yesterday went on the treadmill at the hotel gym. Not used one for some time and it was one of these new fangled ones where you are running a trail that comes up on the screen.

I found that every time it came to a bend on the screen I automatically ran as if I was going round a bend which of course is impossible on a treadmill. Very disconcerting but eventually I found out how to get rid of said screen and just had an info screen with time distance etc.

 

[Mo1959]

Just got the census in the post. Late up here due to Covid. Didn't take long to do so that's it out of the way.

 

[Deleted member 1258]

On the subject of pensions, I get the state pension plus a small private pension and pension credit, gives me an income of £900 a month, my good lady gets 40% of a state pension plus DLA on the lowest level, money's tight but we get by OK.

 

[Mo1959]

On the subject of pensions, I get the state pension plus a small private pension and pension credit, gives me an income of £900 a month, my good lady gets 40% of a state pension plus DLA on the lowest level, money's tight but we get by OK.

My pension is only around £600 Once I get the state pension too that should bring it up to just over £1,000 per month. Perfectly adequate I think........hopefully!

 

[Dirk]

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.

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.

An elderly friend of mine, in the village, was a director of PAL Europe. Previous to that he was high up in the aerospace industry, having been responsible for delivering the Tornado GR1.
He mentioned once that he was earning 20K a year in 1964*.

*Over 400K in today's money!

 

[welsh dragon]

My pension is only around £600 Once I get the state pension too that should bring it up to just over £1,000 per month. Perfectly adequate I think........hopefully!

You and I will be on a similar amount.

 

[SpokeyDokey]

Just a point that I find interesting...

... there is a curious reluctance to talk about salaries, probably because it would become a dog *issing contest, but we are happy to talk about pension amounts.

***

400k is a big salary, AFAIK I've only known (as opposed to working in an organisation with very high earners senior to myself) 4 people who have earned more than that:

UK head of a major division of a charge card operator c£525k around 2005.

Vice-president large Canadian retailer $750k around 2010.

Infrastructure developer (quantum computing) for a major social media platform; upwards of $500k current.

Banker; $11m dollars tax free in early 2000's and that was before an absolutely massive promotion.

***

However, when you are retired; health is your wealth. 👍🙂

 

[Chislenko]

On the subject of pensions, I get the state pension plus a small private pension and pension credit, gives me an income of £900 a month, my good lady gets 40% of a state pension plus DLA on the lowest level, money's tight but we get by OK.

This interests / perplexes me. Your income is similar/ more than I have been living off these last four years. How does one become eligible for pension credit?

Do they look at things like if you own your own house / savings etc or is it just anything under a certain income becomes entitled to it.

To be fair at some point during the last four years I would have been entitled to apply for Job Seekers Allowance but couldn't bring myself to going to the "benefits office" or whatever it is called and being grilled by some random person.

 

[Mo1959]

Finally gave myself a kick and got the hybrid out for 17 miles. Wet and mucky roads, otherwise pleasant enough and I could hear the larks singing and noticed a couple of clumps of gorse starting to flower

 

[classic33]

Just a point that I find interesting...

... there is a curious reluctance to talk about salaries, probably because it would become a dog *issing contest, but we are happy to talk about pension amounts.

***

400k is a big salary, AFAIK I've only known (as opposed to working in an organisation with very high earners senior to myself) 4 people who have earned more than that:

UK head of a major division of a charge card operator c£525k around 2005.

Vice-president large Canadian retailer $750k around 2010.

Infrastructure developer (quantum computing) for a major social media platform; upwards of $500k current.

Banker; $11m dollars tax free in early 2000's and that was before an absolutely massive promotion.

***

However, when you are retired; health is your wealth. 👍🙂

It's your wealth when working as well, only many fail to appreciate it.

 

[ebikeerwidnes]

Apparently it is my birthday today

for some reason I seem to have become 62 - dunno how that happened!

Anyway - to celebrate the weather is non-reainy so I will go out for a ride this afternoon (why are you lot sniggering at the back again - honestly!!!)


I also managed Wordle in 3

 

[Tenkaykev]

This interests / perplexes me. Your income is similar/ more than I have been living off these last four years. How does one become eligible for pension credit?

Do they look at things like if you own your own house / savings etc or is it just anything under a certain income becomes entitled to it.

To be fair at some point during the last four years I would have been entitled to apply for Job Seekers Allowance but couldn't bring myself to going to the "benefits office" or whatever it is called and being grilled by some random person.

When i looked ( out of curiosity ) I noticed that savings are taken into account. There was a quite straightforward guide on the government website that explained the criteria.

 

[Mo1959]

It's your wealth when working as well, only many fail to appreciate it.

Too true……and the reason why I lost around £300 a month pension by leaving early. It was making me ill. No regrets just getting out.

 

[Mo1959]

Apparently it is my birthday today

for some reason I seem to have become 62 - dunno how that happened!

Anyway - to celebrate the weather is non-reainy so I will go out for a ride this afternoon (why are you lot sniggering at the back again - honestly!!!)


I also managed Wordle in 3

Hoppy Burpday!