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Mar 2024
8:30pm, 14 Mar 2024
39,331 posts
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Ness
Very good bloggage indeed!
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Mar 2024
9:00pm, 14 Mar 2024
68,154 posts
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Velociraptor
Listen to the Sharkster, she's very, very old and wise 
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Mar 2024
5:14am, 15 Mar 2024
27,587 posts
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TROSaracen
Great bloggage from Sharkster and spot on advice.
The early years of retirement are your best ones. (And, being brutal, they might be your only ones in good health). Don’t lose those just so you can buy more nice things in the later ones….
Also our IFA has really structured our drawdowns to take more out early years, then less in late years (also factoring in state pension) to really fill our boots in the next 10 years.
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Mar 2024
7:05am, 15 Mar 2024
18,556 posts
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Mandymoo
That's exactly why we are doing what we are doing now. Will give us the opportunity to travel etc while we are fit and healthy etc. There will be (hopefully) plenty of time to stay at home in later years
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Mar 2024
8:00am, 15 Mar 2024
16,689 posts
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jda
I feel like I did so much travelling with my job that I don’t mind staying at home most of the time! I wasn’t a travelling salesman or anything, but living in Japan with a couple of conference trips a year (and everywhere is long haul when you start in Japan).
We are now planning an autumn trip but that will be mostly familiar territory…
Dunno what’s wrong with me but a week(end) in Barcelona or wherever just doesn’t really jump out at me. Maybe I should get back in the habit though, I’ll be a long time dead.
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Mar 2024
8:17am, 15 Mar 2024
27,588 posts
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TROSaracen
I travelled a lot with work, but it was ‘work hard, stay in a nice hotel, wish I could actually enjoy the place I was in’. So the desire is still there.
Most of my holidays this year are training or races.
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Mar 2024
8:42am, 15 Mar 2024
49,611 posts
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HappyG(rrr)
Really hope I haven't got this wrong - planning to take 23% of just one of my pots (about 10% of my total pension pots) in June. Then hoping in about 1.5 years when mortgage is paid off to start contributing all the amount of extra money I should have into pension, tax free. This will be about 40% my income a month!
I believe with MPAA rules this is allowed:
"What triggers the MPAA?
Taking taxable flexible benefits from any
one of your savings-related pensions
means that the MPAA then applies to all
your pension savings. Here are the most
common examples:
Yes
• If you move your pension into flexi-access
drawdown and start to withdraw other money as
well as your tax-free cash
...
No
• Taking tax-free cash only, even if the remainder is
set aside for drawdown
So I think what I am doing is that last bullet. Then I can still contribute as normal to pensions, up to the normal annual allowance? G
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Mar 2024
8:52am, 15 Mar 2024
26,452 posts
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Bazoaxe
I think that’s right but might be one of those that proper advice or pension wise guidance is best to ensure you do the right thing.
I have been like you. Since kids became self sufficient and mortgage paid off I am putting c40% of my income into pension plus a bit extra into isa and share schemes. Sadly my company share price is beyond woeful and will generate a loss.
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Mar 2024
10:22am, 15 Mar 2024
2,233 posts
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Hibeedeb
Some good advice from Sharkie for sure.
I’m in the waiting lounge, but will have to move my date back a bit I think. We are currently still working out how best to build on our next door lot and sell this house. It is all painfully slow, and also I have committed to covering for my colleague at the beginning of July. I am now thinking autumn but don’t have a date yet.
We are meeting a mortgage broker next week to look at building loans, and whether we have enough pension income to do this. If so I might go in July, and if not it might be later….
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Mar 2024
10:49am, 15 Mar 2024
31,839 posts
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Johnny Blaze
I’m just back from 2 weeks somewhere very sunny. It was great.
Make the most of every day
Don’t let hard times stand in your way
Give a wham give a bam but don’t give a damn
Cos the benefit gang is gonna pay
(NB: we aren’t on benefits. And anyway, the state pension isn’t a benefit whatever the government thinks.)
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CumbriAndy