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Old 19-05-2021, 11:46 AM   #21
Alan W
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Do we have any Pension Planners or Independent Financial Advisers on DW?

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Old 19-05-2021, 03:10 PM   #22
Rundie
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I retired 4 years ago at 50, love not having to answer to anyone and do my own thing. Got plenty of hobbies and interests so never get bored.
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Old 20-05-2021, 08:20 AM   #23
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Quote:
Originally Posted by Taxboy View Post

On a financial perspective I'd suggest running a detailed spreadsheet for ALL your expenditure now and keeping that up to date - it really does focus the mind and provided me with comfort that I could afford to leave the world of work. T
I've done the same thing and what surprises me is how many insurances we have!
I add a new sheet every year and find that it helps to keep track of increases which helps when negotiating reductions.
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Old 21-05-2021, 06:21 PM   #24
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I was fortunate to get voluntary redundancy when I was 54, having done 37 years. I walked away from work & have never looked back, I did dabble in a bit of taxi driving for a friend, but otherwise have done nothing other than domestic jobs and enjoyed myself playing a lot of golf, and polishing my cars.

In my opinion the 1st thing is to decide whether you have a need to work (financial and/or personal), or want to work, or just want to do something totally different, e.g. volunteering or getting more involved in a leisure activity (for me I got involved at my golf club).

From a financial point of view I would hope your company give you access to some form of support to help with any decisions on how to handle your pension, if not then you may wish to find a good advisor. Have a look around government websites, they will tell you what broad options you may have.

One area to think about is National Insurance contributions for your state pension, you can check your entitlement online (gov.uk) & see if it is up to date, and whether you may have to pay some amount to fill any gaps. As I had retired early I had to make payments to get up to the maximum possible.

Hope all this helps, make sure you take your time and don't rush into anything.

(Edit, have a look at this thread as well https://www.detailingworld.co.uk/for...d.php?t=425052)

Last edited by idrobbo; 21-05-2021 at 06:24 PM.
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Old 21-05-2021, 06:27 PM   #25
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Regarding NI contributions I believe the maximum for full state pension is 35 years.


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Old 25-05-2021, 03:10 PM   #26
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Thanks guys for all the replies, fair bit to consider, moneywise we will be taking a bit of a hit but nothing drastic, there is support from a pension firm called Wealth at Work, will be booking in another meeting with them when I know dates etc..
also looked at part time work, maybe something in the forestry commission or similar.
Failing that, if I need to get part time work, there are a few places where you don't have to think too hard, so ideal really.
Would only be for a few years until my state pension and Jackies comes into effect, hers in 2 years, mine in 6, so not a massive problem to be honest.
Then there is the her mums place, she is 87 now and that will be shared with Jackie and her brother, don't like thinking about it that way but it is a fact, that would certainly see us financially in a good place.
Overall, all the replies were useful, so thanks all
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Old 28-05-2021, 12:58 PM   #27
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Quote:
Originally Posted by Caledoniandream View Post
It’s not always about the money, I retired in 2014, but decided to take a slow pace (my own) low pressure job in 2015.
Missed the interaction and the reason to go out bed.
You can only mow the lawn so many times, and only fish so many days.
A few of my friends died reasonably quick after retirement, don’t know if the wife killed them, or after 30 years in the force (police, or air) having to do some work ordered by the other half did it, but it worried me not to have a reason to go out of bed.
Everyone is different, some people thrive in retirement, some wilt, I meet due to my work a lot of people from the mothering industry, who while in retirement doing the odd day here and there.
It keeps the brain sharp, the mind engaged and the body flexible.
If you can enjoy retirement, if you cannot, make it work and do something even voluntary support to organisations.
I think thats great advice.

I'm still way off retirement (40 this year) but over the years its scary how many people i know who had relatively good health when working full time only for them to completely stop and then their health took a downturn.

Ok, it may have been coincidence and some on here have embraced retiring and not working anymore, but i do believe that many would benefit massively from having a part time job or doing something voluntarily that means they have a reason to get up on a morning. Mentally i think i will need to do some form of work or have projects on the go to keep me mentally and physically occupied when i am at the point of retiring.
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Old 28-05-2021, 04:55 PM   #28
Andy from Sandy
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Just to cheer you up you will still be subject to taxation if your pension and other monies is higher than £12,500.

This is where a financial adviser should be able to limit your tax liabilities.
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Old 28-05-2021, 06:08 PM   #29
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Originally Posted by spursfan View Post
Thanks guys for all the replies, fair bit to consider, moneywise we will be taking a bit of a hit but nothing drastic, there is support from a pension firm called Wealth at Work, will be booking in another meeting with them when I know dates etc..
Sorry I'm late to this party, I jumped last October (2 year deal - sorry) and haven't regretted it. Be aware that Wealth at Work products are quite expensive. My wife got a consultation with them and when we compared costs with other providers they were substantially more expensive. Their advice is worthwhile, but they do try to sell their products (free lunch and all that). Make sure you compare other options before signing anything.
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Old 28-05-2021, 08:16 PM   #30
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I'm another one who left work early, at 58 i was so fed up after doing shifts since 18 and the company being crap. I got into a disagreement during one nightshift with a Manager, i went home and the wife asked what was up? I said i'm off to bed and if i wake up in the same fettle i'm chucking it. I did and during the following nightshift, gave my 4 weeks notice. Management called me in Monday morning, i'd sent emails on the Friday night to them what i was doing. They asked if i'd reconsider giving it another 6 months to allow them to train someone up and i would also benefit from having an extra 9 days holidays by virtue of an agreement between Management & my Union. I said no, i was going to be off for the rest of my life so 9 days makes no difference whatsoever. I left 4 weeks later after a last nighshift on Friday night, got in my car and the radio was playing 'The Final Countdown' rather apt i thought. No regrets at all and talking to the lads i worked with their all wishing they could do the same. I do wonder how i fitted work in with all the business of looking after the Grandkids, housework etc.
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