Retired members forum

[Piff]

Hmmm......
I have several old (small) pensions, 1 open one (which I haven't paid into for years as I couldn't see much in the way of growth) & the others paid up.
SWMBO has a local authority pension she pays into & several paid up, again all quite small.
If things go to plan I may have another 9 years of work before state retirement age & SWMBO has 14 years.
In addition to the small pensions we have a couple of endowment policies paying up, a flat to sell and a lump to take out of my business.
I feel I need advice on the small pensions, particularly following the recent pension rule changes, to avoid paying un-necessary tax.
For the "lump" I wouldn't mind handling the investment myself through the likes of Hargreaves Lansdown but at the moment would probably need some pointers to get started.
I would like to achieve a minimum 5% return on the investments after fees if that's possible these days.

 

[zipdip]

I retired early at 59 and have been retired 6 years,do not know how I found time to go to work,if I had known how good retirement was I would have done it first,what have I been doing well today I had the auto box oil changed in my w221 I know it is sealed for life but at 67,000 I decided to get it done plus the egr was partly blocked,bloody hell the motor is compleatly different best £277 I have spent in some time,I go for walks along the beach ,shopping and diy,go on holidays

 

[gbjeppm]

Can those of us who would like to be retired, but still have 10 years or so to go join?

 

[BandyAndy]

Can those of us who would like to be retired, but still have 10 years or so to go join?

NO !!
You can just look in and drool over the comments

 

[AMGeed]

Retired last November and it couldn't come a day too soon. I had been looking forward to the day for quite a few years and it hasn't disappointed.
No longer do I have to rush to get jobs finished over my precious weekends. If I want to finish early, I can. I'm loving it.
Maintaining the car, a lot of house decorating and the garden will keep me occupied for quite sometime.

 

[zoros]

Fascinating reading - very refreshing learning another side to forum members.
I have tried to retire twice before but SWMBO had other plans. She knows me better than me TBO and reminds me I'm not ready to stop work. And so - next month I begin my 5th and final job in life doing what I love - aviation. I listen to what each of you has to say and often wonder what it's like on the 'other side'! I'm 60 in August and have several years left in me, I guess (God willing). What to do eh?
Three pensions lined up ( 2 x final salary and one SIPP and with wifeys too we will be very comfortable - but that's not the point is it? It's all about quality not quantity.
Very difficult to know when to "pull over to the inside lane" of life.......
I read statistically in GB that the average male can expect to live a "healthy" life to 74 before going onto attaining his shelf life of 83. Do you feel lucky punk....as Clint would say.
To all of you enjoy your retirement - you all deserve it.......and move over for a little one IDC.

 

[Chrishazle]

Don't blame him, it's asking him to be paid more or less depending if the tide is in or not.

I disagree - it's asking him to provide a service which I am happy to pay for, but on the basis of do well for me and you'll be well paid, do OK and you'll be paid, make a pigs breakfast of it and you'll not be paid. it's our retirement capital and income we're talking about, so amking a pigs breakfast of it means making a horlicks of our retirement income - why should I pay money for that, I've already taken the hit on the capital!

IFA's, accountants and investment managers, parasites who live off the assets/income/work of others but do not have the cojones to put their own on the line. When I had the limited company, the accountants I was using wanted me to sign a contract with them, written by the Institute of Chartered Accountants, which kept them free of any liability of anything. When I said "I'm not an accountant, I employ you to minimise my exposure to taxation but keep me the right side of the law, so if you get it wrong I will hold you liable" they declined - so I changed accountants!

 

[renault12ts]

I disagree - it's asking him to provide a service which I am happy to pay for, but on the basis of do well for me and you'll be well paid, do OK and you'll be paid, make a pigs breakfast of it and you'll not be paid. it's our retirement capital and income we're talking about, so amking a pigs breakfast of it means making a horlicks of our retirement income - why should I pay money for that, I've already taken the hit on the capital!

IFA's, accountants and investment managers, parasites who live off the assets/income/work of others but do not have the cojones to put their own on the line. When I had the limited company, the accountants I was using wanted me to sign a contract with them, written by the Institute of Chartered Accountants, which kept them free of any liability of anything. When I said "I'm not an accountant, I employ you to minimise my exposure to taxation but keep me the right side of the law, so if you get it wrong I will hold you liable" they declined - so I changed accountants!

So, in respect of the IFA, tails you win, heels he loses. Take October 2008, the rapid fall of stock markets around the world...how could you accuse him of making a "pigs ear"?

 

[ringway]

This program, MoneyBoxLive, aired yesterday on Radio 4 should answer most pension questions. LINK.

 

[dan-mb]

ive still got 30+ years for standard government pension... wish me luck....

 

[Mike Walker]

Or tea and cake (or pint and pie) GTG's.

GV - we can do this Where in Essex?

 

[biturbo]

I too have 30 years before government retirement age. Unfortunately I don't see my generation benefitting from High wage inflation, high house price inflation once you've bought a house. Generous age related benefits. My generation have consoled ourselves to working till we drop. Hopefully my kids will be better. ATM it's 69 for me retirement, unless I take a private pension. However as my actuarial friend tells me to take a private pension now and enjoy the final salary, retire at 55 I would have to place close to 50% of my salary into my pension.

 

[Charles Morgan]

My father hated retirement when he first took it. After a lifetime as a crown servant in the Admiralty with no hobbies other than singing, regarded golf as a good walk ruined and bridge as hell on earth, having nothing to do was horrible and the inevitable rows with mother began as he encroached on her space. He volunteered for the National Trust which was as boring as anything, with lots of pecking orders and petty politics.

In the end his saving was volunteering for the Citizens Advice Bureau. For every scrounger there were numerous people being badly let down by local government, exploited by horrendous employers, hounded by debt collectors on dubious legal authority and those for whom the system just didn't work. In the end he was litigating cases, his delight at using those bureaucratic skills gained from 45 years in the civil service to sock it to banks, utilities, councils and the tax man was papable. He stopped as his hearing is now poor and time has caught up with his desire to be there for 7.30 in the morning. His brain remains as sharp as anything.

Rather like him the notion of spending my life on a golf course has no appeal.

 

[Mrhanky]

IFA's, accountants and investment managers, parasites who live off the assets/income/work of others but do not have the cojones to put their own on the line.

From this statement I understand now, you can not be reasoned with.

 

[Charles Morgan]

Having spent all my professional life in investment banking, there is only one investment strategy that would result from paying a fund manager nothing for losing money but a lot for getting excess returns and that is a 'stake it all on red' strategy.

The IFA that agreed to that would be the one I would absolutely avoid.

 

[Giantvanman]

GV - we can do this Where in Essex?

There are two places near to the bridge which I can recommend, The Bell Inn in Horndon-on-Hill (they are trying for a Michelin star and their food is sublime-good selection of ales too) and the Orsett Hotel on the A128 just north of the A13. This does very nice food, high teas etc and has decent outside seating. Both have a car park. The Bell is our hostelry of choice in this area.

It has been many years since I socialised in Kent but I am certain there must be good places to go to. It's a shame the current thread participants are so far flung because it is an opportunity to try a semi-regular or regular midweek, daytime GTG…..workers would be welcome as well, of course.

 

[Palfrem]

Up for a mid-week meeting, but as GVM says, we are a geographically diverse collective.

 

[artyman]

I had the opportunity to retire at 60, ten years in I now find myself realising that my grandfather was correct, in that he wondered how he ever found time to go to work, a statement that I found strange at the time. Where does all the time go! perhaps I'm fortunate in having hobbies like music, photography and art, I certainly never seem to have enough time to indulge them all.

Still I can't hang around here chatting so much to do, and so little time left.

 

[Charles Morgan]

Parkinson's first law - Work expands so as to fill the time available for its completion.

(Always worth a read, even after 60 years the characterisation of organisational idiocy is perfect).

Parkinson's second law (The law and the profits) - expenditure rises to meet income is also worth a read.

 

[Mike Walker]

There are two places near to the bridge which I can recommend, The Bell Inn in Horndon-on-Hill (they are trying for a Michelin star and their food is sublime-good selection of ales too) and the Orsett Hotel on the A128 just north of the A13. This does very nice food, high teas etc and has decent outside seating. Both have a car park. The Bell is our hostelry of choice in this area.

It has been many years since I socialised in Kent but I am certain there must be good places to go to. It's a shame the current thread participants are so far flung because it is an opportunity to try a semi-regular or regular midweek, daytime GTG…..workers would be welcome as well, of course.

The bridge is 30 mins from home so not a problem. Am away oop north next week and in Germany the week after. Can do something after that :bannana: