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Nov 2020
6:26pm, 20 Nov 2020
37,486 posts
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♪♫ Synge ♪♫
It’s funny, I have always thought I’d retire as soon as I could afford to, but my new job (admittedly only 40%) is now six months into a two-year fixed term contract and I’m enjoying it more than any other role I’ve done in at least the past ten years. I could well see myself trying to agree an extension when the time comes and doing it for some time longer. And that wouldn’t be for reasons of financial need, it would be because I’m enjoying it.
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Nov 2020
6:32pm, 20 Nov 2020
7,064 posts
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Northern Exile
If you're enjoying your work it makes a colossal difference. In the end it all comes down to peace of mind. Although I'd worked at the same place for some time, the last few years were truly awful and I couldn't wait to get out if it.
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Nov 2020
6:34pm, 20 Nov 2020
203 posts
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Minimag
I think thats what I was tying to say Synge, work seems a lot more enjoyable when you do it because you want to rather than have to
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Nov 2020
6:38pm, 20 Nov 2020
7,284 posts
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Fragile Do Not Bend
Unless I’m missing something I can’t see our that our expenditure will go down much in retirement, at least not straight away.
We still have 12 years left on the mortgage due to moving to a more expensive property. Work related expense is minimal due to my husband working at home (he mostly did this before lockdown anyway) and my commute isn’t very far and I don’t buy lunch out or spend much on work clothes. NI still applies until state pension age doesn’t it?
In fact our travel expenses and lunches out will probably increase due to having days out/trips away (assuming things are back to normal).
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Nov 2020
6:43pm, 20 Nov 2020
46,089 posts
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Lip Gloss
For the most part I really enjoy enjoy my job but as for so many others the role has changed year and I just feel the constant headache and changes to work patterns are taking away the enjoyment. Hopefully if I got back to my own place of work I would feel good again although I am now so used to being with a team instead of being on own that I am scared I won’t take kindly to that again either. I do know in my heart of hearts that I probably don’t have enough in the pot to retire when OH does next year but I would like to think I was one step closer and really I do only work part time 
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Nov 2020
6:44pm, 20 Nov 2020
7,066 posts
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Northern Exile
No, pensions are exempt from NI no matter what age you retire at. Someone might chime and say otherwise, but that's my understanding ....
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Nov 2020
6:45pm, 20 Nov 2020
7,067 posts
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Northern Exile
Ooh, sorry - I might have misunderstood what you said. I thought you were talking about pensions, you meant normal income I think?
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Nov 2020
6:47pm, 20 Nov 2020
7,801 posts
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Too Much Water
You don't have NI deductions if still working and paid by PAYE after state retirement age.
If you were 60 and taking a pension but also working in PAYE you'd pay NI on your salary but not on your pension.
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Nov 2020
6:50pm, 20 Nov 2020
204 posts
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Minimag
FDNB, as was said earlier, tot up your living expenses (incl mortgage), keep a spending diary and see where the money goes - a few months of that to catch those occasional one offs. then review and see if the combination of savings, pensions etc will cover your month to month. an often quoted return on capital (if you have big savings) is 4%, i.e. if you have a pot of £500k you should expect an annual return on your investments of about £20k. There are other forums (Lemonfool is one I know of) which cover FIRE (basically early retirement) in more detail
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Nov 2020
6:52pm, 20 Nov 2020
7,285 posts
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Fragile Do Not Bend
Hubby says that his letter from the company pension says that NI will come out of his pension until he is 67, must check that.
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Synge 