Pension stuff, how's it all looking ? HAve you prepared ?

[Count Steer]

Responsibility? Pah! Can happily live without that. It's not knowing that nags. I was - for a particular niche - aware of a lot of stuff, much of it not directly related to my work. That stuff is continuing, but I'm unaware.

However, as I said earlier, training as a CFR has given me a transition rather than 》|End|

Edit: although the CFR role may have literal life or death responsibilities.

Losing the responsibility never bothered me a jot. What I missed, a bit, was being 'the expert'. It's a bit like being an industry 'rock star'. For a short while, I was 'an expert' on something (Twice actually if you want to include the incorporation of nitrogen in silicate glass and silicon nitride ceramics. Thrice if you include heat treatment of sintered tool steels.

But then, I always said jobs are like sandcastles. You build 'em as big and as complicated as you like. A couple of tides later and everyone forgets you were there.

[Mr. Dazzle]

(Twice actually if you want to include the incorporation of nitrogen in silicate glass and silicon nitride ceramics.

Nah, I'm good thanks.

[Yambo]

There is an interview somewhere with Jordan Peterson (who I don't usually like) but he's talking to someone who has everything they've ever wanted, great career, great place to live, money, etc, but no kids or much family around them and he points out to them that they've sacrificed having a family so they could have all the other stuff and it's a bad mistake to make, they'll spend their elder years without the blessing of grandkids or family, etc.

Some of us had no choice on the family thing!!

My one personal goal in life was to get married and have children and be a mum. My parents goal for me was to have a successful career. I failed spectacularly on both counts!!

It's about the only thing I'm sad about in life - not having children, or having a big enough apartment here (yet) to foster. But the second is something I'm still working on!

The family thing isn't necessarily always rosy though is it. You come into the world with parents, maybe brothers an sisters and a few years on you may produce your own family. But there's no guarantee that your parents and siblings are going to turn out to be wonderful human beings or that your own children are going to be perfect, cloned copies of you, the perfect parent.

Shit 'appens and it's quite possible that you don't/didn't like your parents and your siblings are, to you, obnoxious. Of course, to your parents and siblings you may be the obnoxious one . . .

You can't choose your family and they didn't 'choose' you and whilst it may well be wonderful to be an all lovey dovey family unit I'd suggest that the norm is somewhat different. You can try your best and work as hard as you like but your family may well not be as great as those you see on the TV or in the movies.

You may just be a lousy scriptwriter so just accept what you've got - it may be considerably better than 'family'.

[Count Steer]

(Twice actually if you want to include the incorporation of nitrogen in silicate glass and silicon nitride ceramics.

Nah, I'm good thanks.

Aww. You're not putting any silicon nitride or sialons in your battery cars? Ah. No valves, no valve seats but I bet they've still got high wear bits that would benefit from a bit of ceramic.

(To be fair, it was a long time ago...like around the time Jimmy Carter visited Newcastle. Haway the laaads).

[Noggin]

There is an interview somewhere with Jordan Peterson (who I don't usually like) but he's talking to someone who has everything they've ever wanted, great career, great place to live, money, etc, but no kids or much family around them and he points out to them that they've sacrificed having a family so they could have all the other stuff and it's a bad mistake to make, they'll spend their elder years without the blessing of grandkids or family, etc.

My old mate had a lot more stuff than anyone else i knew. He'd done really well out of being a self taught builder! 3 or 4 holidays each year. New truck. New Car. Lovely house etc blah. But they didn't have kids and often joked they had nothing else to spend their money on. Pissed up one night, fighting back tears, he said to me they'd give everything up to be able to have kids. I always thought it was a choice, not because they couldn't have kids, nor did I know, the pain behind the smiles.

I was very much worse in the emotional stakes when i realised I physically couldn't have kids any more. There was always hope before. But, I've got family and friends that tried and failed - almost no one admits that they are sad that they can't have them because that's not what other people want to hear

Now, I'm ok with it because I did always want to foster more than get pregnant, so I am still hoping I might be able to foster, one day But it's no longer the be all and end all of life for me

The family thing isn't necessarily always rosy though is it. You come into the world with parents, maybe brothers an sisters and a few years on you may produce your own family. But there's no guarantee that your parents and siblings are going to turn out to be wonderful human beings or that your own children are going to be perfect, cloned copies of you, the perfect parent.

Shit 'appens and it's quite possible that you don't/didn't like your parents and your siblings are, to you, obnoxious. Of course, to your parents and siblings you may be the obnoxious one . . .

You can't choose your family and they didn't 'choose' you and whilst it may well be wonderful to be an all lovey dovey family unit I'd suggest that the norm is somewhat different. You can try your best and work as hard as you like but your family may well not be as great as those you see on the TV or in the movies.

You may just be a lousy scriptwriter so just accept what you've got - it may be considerably better than 'family'.

Oh believe me, I am very very aware of that. Very very aware. I didn't speak to one of my parents for five years because any conversation was horrible and it ended up being kinder (for me anyway) not to. We are back in touch but I work hard to make sure that conversations don't go downhill, and have learned not to react to things that I would have in the past. Maybe they are doing the same.

Apart from that, I think I come from one of the most dysfunctional families I've ever met - but then we rarely find out how functional or not other peoples families are.

It does make me sad to see history repeating itself through three generations but also can see how easy that is. So, in some ways, maybe it's a good thing I haven't, I could have just created yet another generation of fucked up kids! I hope I wouldn't have, but there are no guarantees (and boths sides of my family were pretty FUBAR).

And if I foster and am shit at it, I can stop offering to foster. Hopefully someone will tell me I'm shit if that is the case!! If so, I'll get a LOT of cats and more bikes

[Felix]

Hopefully someone will tell me I'm shit if that is the case!! If so, I'll get a LOT of cats and more bikes

I am sure you are related to my wife. Sound just as nuts at times, bit accident prone, pink hair but she mixes it up now and then and goes blue for a while. Love of bikes although she does not ride now (Steady) and she is the mad cat lady. Got four just now but if i was not here there would be a lot more. I would get replaced by cats if i was to go

[Noggin]

Hopefully someone will tell me I'm shit if that is the case!! If so, I'll get a LOT of cats and more bikes

I am sure you are related to my wife. Sound just as nuts at times, bit accident prone, pink hair but she mixes it up now and then and goes blue for a while. Love of bikes although she does not ride now (Steady) and she is the mad cat lady. Got four just now but if i was not here there would be a lot more. I would get replaced by cats if i was to go

Sounds great

[Felix]

Hopefully someone will tell me I'm shit if that is the case!! If so, I'll get a LOT of cats and more bikes

I am sure you are related to my wife. Sound just as nuts at times, bit accident prone, pink hair but she mixes it up now and then and goes blue for a while. Love of bikes although she does not ride now (Steady) and she is the mad cat lady. Got four just now but if i was not here there would be a lot more. I would get replaced by cats if i was to go

Sounds great

Nah, she is nuts

[Noggin]

I am sure you are related to my wife. Sound just as nuts at times, bit accident prone, pink hair but she mixes it up now and then and goes blue for a while. Love of bikes although she does not ride now (Steady) and she is the mad cat lady. Got four just now but if i was not here there would be a lot more. I would get replaced by cats if i was to go

Sounds great

Nah, she is nuts

That's what I said!!!!!

[weeksy]

So this 25% tax free at 55 then.

Give me some thoughts on taking/not taking it.

There's obviously the fact your pot goes down by 25% but would you need it all anyway... There's clearly a limit of how much you'll need in retirement with 0 mortgage/debts.. So even ignoring the Gov pension for now, you'll still need a lot less money each month than when you're working.

[Horse]

There's obviously the fact your pot goes down by 25%

Unless you're on guaranteed amount (like final salary), it's what that pot will get you. That depends on how you use it (annuity, drawdown).

There's clearly a limit of how much you'll need in retirement with 0 mortgage/debts..

Work out now how much you will need. Be realistic, include everything from Christmas costs to house repairs, etc.

[Mr. Dazzle]

You don't have to spend the 25% right now if you take it.

The remaining 75% will potentially be taxed when you come to actually spend it (depends how much you have and how often you draw money out of your pension).

Therefore it makes a lot of sense to take all of your 25% now and move it to more tax friendly places (e.g. ISAs) if you can.

Deffo one of the "find a professional to help" moments.

[weeksy]

You don't have to spend the 25% right now if you take it.

The remaining 75% will potentially be taxed when you come to actually spend it (depends how much you have and how often you draw money out of your pension).

Therefore it makes a lot of sense to take all of your 25% now and move it to more tax friendly places (e.g. ISAs) if you can.

Deffo one of the "find a professional to help" moments.

Absolutely agree.. but i do wonder to an extent with IFAs as to how independent they actually are... they must get kick-backs etc from somewhere?

The thought of removing 25% sounds ace to re-invest say 50% of that short term... but there's something about a maximum you can put in then as being £10,000 a year into the continuing pension ? or have i mis-read that ?

[Cousin Jack]

There's obviously the fact your pot goes down by 25%

Unless you're on guaranteed amount (like final salary), it's what that pot will get you. That depends on how you use it (annuity, drawdown).

There's clearly a limit of how much you'll need in retirement with 0 mortgage/debts..

Work out now how much you will need. Be realistic, include everything from Christmas costs to house repairs, etc.

And DO factor in inflation! Over the long term it makes a HUGE difference, if you retire at 55 and live to 85........

[weeksy]

Re: should you take the lump sum?- Only you can answer that, will you do anything with it, or do you just want a decent chunk of money in your pocket?

A little of both currently, but a lot of 'doing anything with it' will depend on what and where the lad is with things. If he's racing, then yes, it'd be useful potentially... If he's not, then maybe less useful.

Using it to pay off the mortgage again may be useful as that frees up a huge chunk each month. There's obviously arguments for both sides and counter arguments for each again.

Thing is, i don't wanna sit there when i'm 75 with shit loads of money and be a useless old fucker who only goes to the Wetherspoons.

[v8-powered]

Absolutely agree.. but i do wonder to an extent with IFAs as to how independent they actually are... they must get kick-backs etc from somewhere?

Few kick-backs these days, earnings come from funds under management.

[Count Steer]

Re: should you take the lump sum?- Only you can answer that, will you do anything with it, or do you just want a decent chunk of money in your pocket?

A little of both currently, but a lot of 'doing anything with it' will depend on what and where the lad is with things. If he's racing, then yes, it'd be useful potentially... If he's not, then maybe less useful.

Using it to pay off the mortgage again may be useful as that frees up a huge chunk each month. There's obviously arguments for both sides and counter arguments for each again.

Thing is, i don't wanna sit there when i'm 75 with shit loads of money and be a useless old fucker who only goes to the Wetherspoons.

Better than sitting there at 75 with not enough money and unable to afford going to Wetherspoons.

Getting 25% tax free is a bit of a no brainer really - but you don't have to take it at 55 (assuming the rules don't change). Paying a chunk off the mortgage makes much sense too - interest is money down the proverbial drain.

I'm a fiscal conservative though and one thing I really, really like having is options. Once the cash has gone there are less of them so I've always 'cut my coat according to my cloth' and squirrelled money away (without living too meagerly - just trying to have/earn a 'surplus' ). If I need it, I've got it, if I decide I don't need it I can spend it if I want to.

tl/dr Only you can decide what's right for you.

PS IIRC an FA will either charge a fee OR take a commission on what they 'sell' you

[Horse]

Thing is, i don't wanna sit there when i'm 75 with shit loads of money and be a useless old fucker who only goes to the Wetherspoons.

What you do with your time when retired has little to do with cash - unless it's things that rely on having it (which Weatherspoons probably doesn't).

I'm sure there are plenty of places that would appreciate your talent and time.

My new retirement hobby costs me time and petrol.

[Count Steer]

PS Having the mortgage paid off is BUT I sometimes wish I'd not done it so soon and kept moving/upgrading up until I retired - then paid it off because it's the one investment that keeps on giving in terms of rising asset value. Once you get off that escalator you're pretty much in downsizing territory each move or moving to cheaper areas to maintain the standard/improve your accommodation.

[Mr Moofo]

PS Having the mortgage paid off is BUT I sometimes wish I'd not done it so soon and kept moving/upgrading up until I retired - then paid it off because it's the one investment that keeps on giving in terms of rising asset value. Once you get off that escalator you're pretty much in downsizing territory each move or moving to cheaper areas to maintain the standard/improve your accommodation.

I am not sure I understand the logic of that. Keep on paying for an asset on raised mortgage or have said asset - with no risk to it being taken away. It is still a rising asset!