I semi retired 5 years ago, it lasted 6 months till I wanted something more to do and started this side of the business. It’s now the biggest business I’ve ever had and I’m busier than ever. I’m now a little worried about proper retirement in a few years !
Pension stuff, how's it all looking ? HAve you prepared ?
-
- Posts: 2380
- Joined: Sat Mar 14, 2020 2:56 pm
- Has thanked: 353 times
- Been thanked: 2168 times
Re: Pension stuff, how's it all looking ? HAve you prepared ?
- Cousin Jack
- Posts: 4283
- Joined: Mon Mar 16, 2020 4:36 pm
- Location: Down in the Duchy
- Has thanked: 2560 times
- Been thanked: 2183 times
Re: Pension stuff, how's it all looking ? HAve you prepared ?
I have 'retired' about 4 times, but the last one stuck, although I now have a few voluntary things, one of which is quite challenging.
Cornish Tart #1
Remember An Gof!
Remember An Gof!
- Potter
- Posts: 9664
- Joined: Sat Mar 14, 2020 1:32 pm
- Has thanked: 2216 times
- Been thanked: 4611 times
Re: Pension stuff, how's it all looking ? HAve you prepared ?
I think “retired” for me just means not having to work if I don’t want to. I think I’d carry on for a bit because I mostly enjoy what I do and I’m not ready to walk away yet, but having the freedom to choose would be retirement enough for me.
- Dodgy69
- Posts: 5293
- Joined: Mon Mar 16, 2020 6:36 pm
- Location: Shrewsbury
- Has thanked: 1707 times
- Been thanked: 2011 times
Re: Pension stuff, how's it all looking ? HAve you prepared ?
Been thinking..
I currently work with a couple of lads who are 64 and have had good careers in previous jobs with good pensions. Both are gonna keep working until state pension age. My question is why, ? Seems to me, both are afraid of drawing their works/personal pensions and/or afraid of what their gonna do when they give work up.
So, should we draw all our pensions at state pension age altogether or use works/ personal pensions to finish earlier, hopefully knowing you've got SP to come later.
I currently work with a couple of lads who are 64 and have had good careers in previous jobs with good pensions. Both are gonna keep working until state pension age. My question is why, ? Seems to me, both are afraid of drawing their works/personal pensions and/or afraid of what their gonna do when they give work up.
So, should we draw all our pensions at state pension age altogether or use works/ personal pensions to finish earlier, hopefully knowing you've got SP to come later.
Yamaha rocket 3
- Count Steer
- Posts: 11414
- Joined: Mon Jul 19, 2021 4:59 pm
- Has thanked: 6263 times
- Been thanked: 4614 times
Re: Pension stuff, how's it all looking ? HAve you prepared ?
There is another permutation. Take the work pension at your preferred time and defer the state pension when you reach the age. It used to be a pretty good deal if you deferred for a year, dunno how good it is now though*. Obvs it depends on health etc as it takes a while to claw back but over a few years it'sDodgy69 wrote: ↑Wed Apr 05, 2023 6:57 pm Been thinking..
I currently work with a couple of lads who are 64 and have had good careers in previous jobs with good pensions. Both are gonna keep working until state pension age. My question is why, ? Seems to me, both are afraid of drawing their works/personal pensions and/or afraid of what their gonna do when they give work up.
So, should we draw all our pensions at state pension age altogether or use works/ personal pensions to finish earlier, hopefully knowing you've got SP to come later.
*Just checked. It increases by 1% for every five weeks, so 10.4% for a year.
Doubt is not a pleasant condition.
But certainty is an absurd one.
Voltaire
But certainty is an absurd one.
Voltaire
-
- Posts: 1691
- Joined: Wed Mar 18, 2020 5:55 pm
- Has thanked: 3135 times
- Been thanked: 1624 times
Re: Pension stuff, how's it all looking ? HAve you prepared ?
Age 61,I retired a couple of months back,not missed it for a minute.I took one pension 18 months ago as I was retiring but got talked out of it at the last moment.I have another pension that I''ll take when I'm 65 & the state pension when / if I get to 67.
For the last 3 years I've been shunting trailers round a depot & what I noticed was that as the drivers came in to finish their shift some of them would hurry up so that they could go home,but others would hang around talking to everyone,then you'd see a few of them talking on the car park.I realised that for some of them,as well as work,it was a big social thing
The shunters are a team of 4 & on my last day I said to one of them,age 71,'I don't know how you do this at your age,fair play to you if you enjoy it but I've had enough'.His reply was that he hated the place but it wasn't as bad as being at home with his wife
Another driver used to joke with me about retirement & one day he told me that he'd mentioned me to his wife as he found it hard to believe that I would pack it in,but over a few months he started to think about what I had said & what I would do with my time,he realised that he had no hobbie's,in effect all he had done all his life was work & he wouldn't know what to do with all that spare time.I'm sure there are a lot of people like that
Not me though
For the last 3 years I've been shunting trailers round a depot & what I noticed was that as the drivers came in to finish their shift some of them would hurry up so that they could go home,but others would hang around talking to everyone,then you'd see a few of them talking on the car park.I realised that for some of them,as well as work,it was a big social thing
The shunters are a team of 4 & on my last day I said to one of them,age 71,'I don't know how you do this at your age,fair play to you if you enjoy it but I've had enough'.His reply was that he hated the place but it wasn't as bad as being at home with his wife
Another driver used to joke with me about retirement & one day he told me that he'd mentioned me to his wife as he found it hard to believe that I would pack it in,but over a few months he started to think about what I had said & what I would do with my time,he realised that he had no hobbie's,in effect all he had done all his life was work & he wouldn't know what to do with all that spare time.I'm sure there are a lot of people like that
Not me though
- Horse
- Posts: 11216
- Joined: Sun Mar 15, 2020 11:30 am
- Location: Always sunny southern England
- Has thanked: 5945 times
- Been thanked: 4932 times
Re: Pension stuff, how's it all looking ? HAve you prepared ?
I retire in a few months and am very keen to avoid the 'bored to death' thing. Trouble is, I'm now at risk of having too much to do
Even bland can be a type of character
- Count Steer
- Posts: 11414
- Joined: Mon Jul 19, 2021 4:59 pm
- Has thanked: 6263 times
- Been thanked: 4614 times
Re: Pension stuff, how's it all looking ? HAve you prepared ?
Ha! Within a few weeks I wondered how I ever found time to go to work.
Doubt is not a pleasant condition.
But certainty is an absurd one.
Voltaire
But certainty is an absurd one.
Voltaire
- weeksy
- Site Admin
- Posts: 22950
- Joined: Sat Mar 14, 2020 12:08 pm
- Has thanked: 5503 times
- Been thanked: 12760 times
Re: Pension stuff, how's it all looking ? HAve you prepared ?
Give me a list then of your mon Tue wed this week.Count Steer wrote: ↑Wed Apr 05, 2023 9:54 pmHa! Within a few weeks I wondered how I ever found time to go to work.
I see this all thr time and I'm really curious as to what people do all day every day
- mangocrazy
- Posts: 6478
- Joined: Tue Dec 22, 2020 9:58 pm
- Has thanked: 2319 times
- Been thanked: 3374 times
Re: Pension stuff, how's it all looking ? HAve you prepared ?
I think you'll find that depends on when you were born. If you reached State Pension age before 6 April 2016, the annual uplift when deferring the state pension is 10.4%. After that date it drops to 5.8%. Being an old git, I was able to take advantage of that kind offer, and deferred my state pension for 5 years and 8 months. As a result I effectively doubled my state pension...Count Steer wrote: ↑Wed Apr 05, 2023 7:17 pmThere is another permutation. Take the work pension at your preferred time and defer the state pension when you reach the age. It used to be a pretty good deal if you deferred for a year, dunno how good it is now though*. Obvs it depends on health etc as it takes a while to claw back but over a few years it'sDodgy69 wrote: ↑Wed Apr 05, 2023 6:57 pm Been thinking..
I currently work with a couple of lads who are 64 and have had good careers in previous jobs with good pensions. Both are gonna keep working until state pension age. My question is why, ? Seems to me, both are afraid of drawing their works/personal pensions and/or afraid of what their gonna do when they give work up.
So, should we draw all our pensions at state pension age altogether or use works/ personal pensions to finish earlier, hopefully knowing you've got SP to come later.
*Just checked. It increases by 1% for every five weeks, so 10.4% for a year.
There is no cloud, just somebody else's computer.
- mangocrazy
- Posts: 6478
- Joined: Tue Dec 22, 2020 9:58 pm
- Has thanked: 2319 times
- Been thanked: 3374 times
Re: Pension stuff, how's it all looking ? HAve you prepared ?
Whatever they want to! (Or more realistically, whatever their spouse/partner allows them to...) I worked pretty much without a break from my late teens through to a few months past my 70th birthday. As a result I told myself in no uncertain terms that I will not feel guilty about doing fuck all should I so choose now I'm retired. In actual fact I'm fairly easily bored, so normally find something to occupy my time. These days it mostly involves motorcycles, funnily enough.weeksy wrote: ↑Wed Apr 05, 2023 10:00 pmGive me a list then of your mon Tue wed this week.Count Steer wrote: ↑Wed Apr 05, 2023 9:54 pmHa! Within a few weeks I wondered how I ever found time to go to work.
I see this all thr time and I'm really curious as to what people do all day every day
There is no cloud, just somebody else's computer.
- Horse
- Posts: 11216
- Joined: Sun Mar 15, 2020 11:30 am
- Location: Always sunny southern England
- Has thanked: 5945 times
- Been thanked: 4932 times
Re: Pension stuff, how's it all looking ? HAve you prepared ?
I'll let CS answer for himself, but I can tell you about my plans:weeksy wrote: ↑Wed Apr 05, 2023 10:00 pmGive me a list then of your mon Tue wed this week.Count Steer wrote: ↑Wed Apr 05, 2023 9:54 pmHa! Within a few weeks I wondered how I ever found time to go to work.
I see this all thr time and I'm really curious as to what people do all day every day
- qualified as a Community First Responder, so will probably be on call one day a week
- get back into painting and drawing
- writing
- 'house husband' stuff; shopping, cooking, cleaning
- possibility of occasional freelance work
- joining old git retired mates for occasional lunches
Edit after seeing Mango: started work in 1976. Had one month between jobs since.
Even bland can be a type of character
- Dodgy69
- Posts: 5293
- Joined: Mon Mar 16, 2020 6:36 pm
- Location: Shrewsbury
- Has thanked: 1707 times
- Been thanked: 2011 times
Re: Pension stuff, how's it all looking ? HAve you prepared ?
Differing state pension seems like the wrong thing to do to me, don't we want it sooner, but like any pension, you can get more but for a shorter period if you delay.mangocrazy wrote: ↑Wed Apr 05, 2023 10:01 pmI think you'll find that depends on when you were born. If you reached State Pension age before 6 April 2016, the annual uplift when deferring the state pension is 10.4%. After that date it drops to 5.8%. Being an old git, I was able to take advantage of that kind offer, and deferred my state pension for 5 years and 8 months. As a result I effectively doubled my state pension...Count Steer wrote: ↑Wed Apr 05, 2023 7:17 pmThere is another permutation. Take the work pension at your preferred time and defer the state pension when you reach the age. It used to be a pretty good deal if you deferred for a year, dunno how good it is now though*. Obvs it depends on health etc as it takes a while to claw back but over a few years it'sDodgy69 wrote: ↑Wed Apr 05, 2023 6:57 pm Been thinking..
I currently work with a couple of lads who are 64 and have had good careers in previous jobs with good pensions. Both are gonna keep working until state pension age. My question is why, ? Seems to me, both are afraid of drawing their works/personal pensions and/or afraid of what their gonna do when they give work up.
So, should we draw all our pensions at state pension age altogether or use works/ personal pensions to finish earlier, hopefully knowing you've got SP to come later.
*Just checked. It increases by 1% for every five weeks, so 10.4% for a year.
For those who would get bored, why not a part-time job, just to keep your finger on the pulse. I reckon, if you enjoy the great outdoors, there's much to do.
Yamaha rocket 3
- mangocrazy
- Posts: 6478
- Joined: Tue Dec 22, 2020 9:58 pm
- Has thanked: 2319 times
- Been thanked: 3374 times
Re: Pension stuff, how's it all looking ? HAve you prepared ?
For me, deferring the state pension allowed me to a) build up a reasonable pension pot via my last employer while b) topping up the state pension when I finally took it. Due to fecklessness on my part as a young man, I didn't have any meaningful private pension provision to speak of from my yoof, so had to work longer to ensure I wouldn't be destitute as an old man.Dodgy69 wrote: ↑Wed Apr 05, 2023 10:23 pm Differing state pension seems like the wrong thing to do to me, don't we want it sooner, but like any pension, you can get more but for a shorter period if you delay.
For those who would get bored, why not a part-time job, just to keep your finger on the pulse. I reckon, if you enjoy the great outdoors, there's much to do.
To be fair, for the last 5-10 years of my working life I was just phoning it in anyway and only working 3-4 days a week so it wasn't too onerous.
There is no cloud, just somebody else's computer.
-
- Posts: 1691
- Joined: Wed Mar 18, 2020 5:55 pm
- Has thanked: 3135 times
- Been thanked: 1624 times
Re: Pension stuff, how's it all looking ? HAve you prepared ?
I don't know what other people do,but myself I have a routine & walk 50km per month & cycle 600km.weeksy wrote: ↑Wed Apr 05, 2023 10:00 pmGive me a list then of your mon Tue wed this week.Count Steer wrote: ↑Wed Apr 05, 2023 9:54 pmHa! Within a few weeks I wondered how I ever found time to go to work.
I see this all thr time and I'm really curious as to what people do all day every day
This Monsday I did a 15km walk & went out on the Street Triple in the afternoon
This Tuesday I was painting fence panels & gardening most of the day.
This Wednesday I had a easy day,I was going to mess around with the XT600,but my mate's had Covid & I don't want to catch it so that got postponed until next week as there's no time pressure due to being retired.
Thurs I'll do some cycling either outdoors or on Zwift.
Friday either more cycling or out on one of the motorbikes
- Dodgy69
- Posts: 5293
- Joined: Mon Mar 16, 2020 6:36 pm
- Location: Shrewsbury
- Has thanked: 1707 times
- Been thanked: 2011 times
Re: Pension stuff, how's it all looking ? HAve you prepared ?
I suppose in the summer months it's easy to find things to do, maybe harder in the winter. Think I'd have an hour at the swimming baths aswel. A bit of routine may help, just to keep lazyness at bay and get you off your arse.
Yamaha rocket 3
- weeksy
- Site Admin
- Posts: 22950
- Joined: Sat Mar 14, 2020 12:08 pm
- Has thanked: 5503 times
- Been thanked: 12760 times
Re: Pension stuff, how's it all looking ? HAve you prepared ?
But that and other things are not 'doing things' are they? They're more passing time because you've fuck all else to do?
I mean you don't sit at work daydreaming about missed opportunities for 30 mins in the local pool.
Luke going for a long walk, sure it's nice, it's great but it's not "don't know how I had the time to go to work" busy
I mean you don't sit at work daydreaming about missed opportunities for 30 mins in the local pool.
Luke going for a long walk, sure it's nice, it's great but it's not "don't know how I had the time to go to work" busy
- Dodgy69
- Posts: 5293
- Joined: Mon Mar 16, 2020 6:36 pm
- Location: Shrewsbury
- Has thanked: 1707 times
- Been thanked: 2011 times
Re: Pension stuff, how's it all looking ? HAve you prepared ?
I think that's what retirement is, spending your day leisurely doing the thing's you enjoy.
Yamaha rocket 3
- weeksy
- Site Admin
- Posts: 22950
- Joined: Sat Mar 14, 2020 12:08 pm
- Has thanked: 5503 times
- Been thanked: 12760 times
Re: Pension stuff, how's it all looking ? HAve you prepared ?
Aye, but some seem to phrase things differently like they're 'busy' but busy doesn't seem the correct term to me
- Count Steer
- Posts: 11414
- Joined: Mon Jul 19, 2021 4:59 pm
- Has thanked: 6263 times
- Been thanked: 4614 times
Re: Pension stuff, how's it all looking ? HAve you prepared ?
You are correct, I knew it had reduced but didn't delve deep enough. I wonder if the 5.8% will go up as interest rates have risen? (The 10.4% really was ).mangocrazy wrote: ↑Wed Apr 05, 2023 10:01 pmI think you'll find that depends on when you were born. If you reached State Pension age before 6 April 2016, the annual uplift when deferring the state pension is 10.4%. After that date it drops to 5.8%. Being an old git, I was able to take advantage of that kind offer, and deferred my state pension for 5 years and 8 months. As a result I effectively doubled my state pension...Count Steer wrote: ↑Wed Apr 05, 2023 7:17 pm
There is another permutation. Take the work pension at your preferred time and defer the state pension when you reach the age. It used to be a pretty good deal if you deferred for a year, dunno how good it is now though*. Obvs it depends on health etc as it takes a while to claw back but over a few years it's
*Just checked. It increases by 1% for every five weeks, so 10.4% for a year.
The other + about it is the increase in pension payment passes to the spouse if the deferrer dies - increasing the likelihood that it pays off. I suppose it's a bit like putting the deferred amount in an annuity.
Doubt is not a pleasant condition.
But certainty is an absurd one.
Voltaire
But certainty is an absurd one.
Voltaire