The Fifty and Above Club....if you're any younger don't even think about posting.

[Pinkfoot]

Maybe it's time to call it a day and retire Bob:001_tt2:

People who work hard never seem to retire.

There's a bloke up the road with a tree nursery , his wife died , he dated an old school friend until she died , got himself a young woman , took Viagra to keep up with her and I saw him in the spring lugging root balled laurels on to a truck.

He is 74 .

 

Sent from my SM-G900F using Arbtalk mobile app

[aspenarb]

Maybe it's time to call it a day and retire Bob:001_tt2:

 

Gary I only go to work to get away from more work

 

 

Bob:001_smile:

[Gary Prentice]

Gary I only go to work to get away from more work

 

 

Bob:001_smile:

 

:lol:

[cornish wood burner]

Gary I only go to work to get away from more work

 

 

Bob:001_smile:

 

I see you have sussed my plan to go part time when I reach 65 Bob.

[openspaceman]

I see you have sussed my plan to go part time when I reach 65 Bob.

 

I had no intention of retiring at 65 but things conspired to make me feel I had to. I still feel fit and active and sensible enough to work, I can do most things I ever did , just a lot slower and for less time on the physical side, no loss of performance on admin and management. Until I find something I'm busy with DIY at home.

 

Now for any 25 year olds reading the thread a bit of advice: it's hard to predict how things will go but your retirement age will be 68 you need to be putting 10% of your wage for a private pension that's worthwhile, I didn't but can afford to defer mine for a few years. Nowadays you don't need to get ripped off buying an annuity and there are far more choices in investing your pot. I have some old workmates who didn't make their class 2 NI contributions and it has cost them dear, I maintained a full record of NI payments and as a result I get the full state pension and it is a blindingly good return on investment.

[oldwoodcutter]

That's a laugh openspaceman, I paid in to a prudential private pension starting in 1972, couple of years ago they start to pay me back my 'hard earned pension' one of their advisors came and sat in my house and said they were generously paying me £64 a month on direct debit. Not index linked.

I would have been so much better stashing it in a b.s. over the years.

If I ever meet the git that sold it me back then, he will feel the back of my hand.

[NFG]

Nothing to do with a certain person who forced the pension providers to sell their stakes in the bonds that provided lucrative returns & buy his junk ones... sigh.

 

For anyone who's 25 now, I can only see retirement age getting higher as successive governments take a slice of whatever you invest in & move the goal posts continually.

 

N

[openspaceman]

That's a laugh openspaceman, I paid in to a prudential private pension starting in 1972, couple of years ago they start to pay me back my 'hard earned pension' one of their advisors came and sat in my house and said they were generously paying me £64 a month on direct debit. Not index linked.

I would have been so much better stashing it in a b.s. over the years.

If I ever meet the git that sold it me back then, he will feel the back of my hand.

 

 

But you haven't said what you paid in and what the fund had grown to.

 

Remember pension providers (and their actuaries) are there to make money out of your pension savings. They chose that work as it was a more lucrative career path than manual work.

 

In my post I did make the point that the pension needs to be worthwhile and now with the option to take 25% of the cash out plus being able to do the same with the rest with the penalty of being taxed on it then you have the choice of making the investment.

 

It looked wise to me not to by an annuity because interest rates are low and the actuaries think on average a person my age with no history of poor health will be drawing on the money for many years. They aim to invest the money and pay out your pension for as long as you live whilst also drawing their commission. They hope you will die before the pension fund is totally depleted so that they then keep the remainder. So they have worked out a low return to you.

 

I hope things will pick up over the next ten years so will aim to leave my pension in the current fund and not draw it down, Then if I die before 75 my estate will get the full fund free of IHT. If I live to 75 and haven't dipped into the money I will then have to draw it all down AND/OR buy an annuity.

 

My main point was

 

1 If young self employed keep your NI contributions up to date with 45 years of contributions to get the full state pension ( which is likely to be less in real terms than the current £500/month)

 

2 Have sufficient savings suitably invested to provide the balance of income you will need.

[openspaceman]

Nothing to do with a certain person who forced the pension providers to sell their stakes in the bonds that provided lucrative returns & buy his junk ones... sigh.

 

For anyone who's 25 now, I can only see retirement age getting higher as successive governments take a slice of whatever you invest in & move the goal posts continually.

 

N

 

Go on tell me who Noel?

[NFG]

Go on tell me who Noel?

 

The same man who raided private pension funds, then realised that some one had to pay for the 'quantitve easing'.

 

I must admit I avoided being forced to buy an anuity, as the returns are pants.

 

Pay off your debts then Property, property, property was my mantra

 

I agree entirely with your points 1 & 2 albeit difficult and would add a third:

 

Scale back your expenditure and cost of living to fit your income.

 

Although fairly obvious there are people who consider they will be 'kept in the manner they have become accustomed to'

 

 

N

Edited January 16, 2017 by NFG