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Nov 2019
6:40pm, 1 Nov 2019
43,733 posts
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Velociraptor
True, jda! Mine won't be, though I will have to pay some tax on it even after taking the maximum PCLS (as advised by the accountant). Nice problem to have. And in principle - if I could trust the buggers who make the decisions to spend it wisely - I'm more than willing to pay tax.
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Nov 2019
6:42pm, 1 Nov 2019
43,734 posts
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Velociraptor
(I may have a period where I've still got an income as well as my NHS pension, but I'll live with that.)
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Nov 2019
7:47pm, 1 Nov 2019
15,550 posts
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Bazoaxe
Nick, I am so sorry to hear that.
HG - if you are not doing so already you should be putting a decent chunk into a personal pension.
I am ,lucky in that I had a decent final salary pension until 3 years ago and have also been tucking away as much as I can afford since then with a little bit also in the years before the scheme closed. Mrs Axe has limited pension provision and while I would like to retire at 55 and my pension would allow that, to ensure we each have enough I think 57 is more realistic. Unless I am made redundant before then.
Oh, and at age 52 here in Scotchland the NHS send you another testing kit 
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Nov 2019
8:03pm, 1 Nov 2019
5,783 posts
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jda
Also echoing the condolences (is that really the best term?) for Nick. My sister spent a lot of her adult life not quite getting round to doing what she wanted with her life, she had an interesting time but never quite settled into anything. And then she got cancer and was rather disappointed that she hadn't grabbed one or two opportunities more firmly when she had the chance.
Wouldn't pretend I have made the most of all my chances but I've had a decent go at things and things have worked out ok, my main limitation has just been laziness and procrastination.
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Nov 2019
10:31pm, 1 Nov 2019
27,098 posts
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macca 53
Bloody Hell Nick, really sorry to hear that. Definitely made the right decision,
As ahem “an older person” I retired at 64 and Mrs macca at 60, and I’m happy to pay the tax on my pension. This year I’ve been doing some consultancy work that spiralled into something bigger and more lucrative than expected but will end before the end of the tax year.
We always had the plan to travel but prefer to actually live in another place rather than be on holiday (our monthly budget is identical to that we have living in cold and damp UK). We love our life and hope to carry on for a fair few years yet (our list of suitable destinations will see us out I suspect, it was over 30 the last time we tallied up!).
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Nov 2019
10:49pm, 1 Nov 2019
10,110 posts
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SarahWoo
So sorry, Nick. How awful for you both x
We're retiring in January 2022 which is when we make the last mortgage payment. I'll be 59 and he'll be 66. My pension is far better than his, even though I'll be taking it early. It'll be tricky until I start drawing my state pension but we'll manage.
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Nov 2019
7:48am, 2 Nov 2019
1,330 posts
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um
I was lucky enough to have 29 years in a final salary scheme that paid out from 60 plus some AVCs paid in for about 15 years. 3 years ago I did the maths and decided to take it. (at the same time as a corporate sell off was underway, so 'protecting' the pension).
The maths meant we could take a reduced pension (paying about 10% in tax, no NI) and top up with the tax free lump sum for 10 years and get the same 'take home' monthly amount for 10 years, before hitting other savings. Plus a few top ups - FAS replacement for an earlier collapsed pension kicks in at 65 (next year) and state pension at 66 in 2021, then Mrs ums a few years later - instead of any annual bonuses or pay rises.
It's funded a very different and a very relaxed healthier lifestyle - and a lot of UK holidays (SWCP a week at a time in comfort) and mega overseas holidays (2 x Oz trips, US NP Grand Circle) so far, with more planned.
An option for consulting came up last year - and I did a quick calculation. Did I need/want to commute 2-3 hours a day in Nov - Feb by car? Was it worth it? Would the money make any real difference to my lifestyle? I'm fortunate to be able to have decided to stay retired & not return to the corporate world.
My retirement was driven by a selfish desire to enjoy 'retirement' while we could (knowing that running & walking abilities were already degrading) - and I feel for Nick & others who face it by necessity - but do say 'go do it'.
Life does have a way of disrupting plans, so best get things done while you can still do & enjoy them.
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Nov 2019
8:59am, 2 Nov 2019
5,546 posts
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Northern Exile
That sounds like a well thought-out and considered retirement plan Um. Food for thought.
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Nov 2019
9:00am, 2 Nov 2019
11,201 posts
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Garfield
Sounds good um and SarahWoo. Life can throw a spanner in the works when you don't expect it though.
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Nov 2019
10:36am, 2 Nov 2019
271 posts
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Stilldreaming
Mr SD retires at 59, after too many years of 14+ hours working days (agriculture). I stand to lose too much if I retire just yet, but generally find my job (primary education) fulfilling and not quite ready to finish yet. Having said that, had my salary cut by 10% last April (to do the same job) and face a similar cut in 2020, so may not feel so positive next year!
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