The Retirement Thread
1 lurker |
174 watchers
Apr 2022
10:39am, 29 Apr 2022
134,992 posts
|
GregP
That's a brilliant post Macca - I've saved it away in my 'retirement inspiration' folder.
|
Apr 2022
10:47am, 29 Apr 2022
4,270 posts
|
Curly45
Long hikes is my wish list GR5 absolutely yes please 
|
Apr 2022
10:48am, 29 Apr 2022
16,371 posts
|
Cerrertonia
I’d got bogged down in the idea of my SIPP being inviolable, as it were. As someone who's always been a saver, I've found it a bit of a challenge to switch into the mental model of spending down savings for the rest of my life. |
|
Apr 2022
10:59am, 29 Apr 2022
134,994 posts
|
GregP
Exactly that, Cerra. It seems I'll be better off retired than I am now in my (downshifted) full time employment. Something in my psyche says this is Wrong. |
Apr 2022
10:59am, 29 Apr 2022
13,565 posts
|
Sigh
I love that "The Great Resignation" has become 'a thing' on Wikipedia: en.wikipedia.org I've not bothered to drill into how many might be linked to early retirement. |
Apr 2022
11:00am, 29 Apr 2022
25,325 posts
|
TROSaracen
Has anyone ever met or know an early retiree who’s said ‘terrible error, wish I’d ground on for another 5 years so I could have had a nicer car and more holidays’. In the grand scheme of things ‘grinding on for another 5 years’ was not even close to making a lifestyle difference that would make it worthwhile, for me. |
|
Apr 2022
11:00am, 29 Apr 2022
13,566 posts
|
Sigh
Exactly that, Cerra. It seems I'll be better off retired than I am now in my (downshifted) full time employment. Something in my psyche says this is Wrong. I'll definitely be better off retired. Thus my current planning.... |
Apr 2022
11:58am, 29 Apr 2022
3,229 posts
|
flyingfinn
So the upshot of this, then, is I might be able to do what Sue’s pension guy said was ideal if I could do it, which is defer my LGPS pension until NRA rather than taking the ‘less for longer’ approach. I’d got bogged down in the idea of my SIPP being inviolable, as it were. If I defer it to NRA then from then on I won’t actually need my SIPP at all. This is all quite a shock. It was realising that I was in this position nearly 6 years which led me to taking a redundancy package and running for the hills (literally) over 5 and a half years ago. Personally I only have to wait to 65 to get the full value of my DB pension (which is at least 25% more than I've lived on comfortably for the last 5+ years) and there is an argument for taking it 2-3 years before that with a reduction (by then the point at which the total accumulated amount it has pays out will only drop below the figure for taking it at 65 when I'm around 85/86 or later depending on the level of income tax going forward). The performance of my SIPP over the last 6 years has also meant that it has grown as quick as I've needed to draw down, even with the recent hits to value. So the pot i thought needed to last 8-9 years only in effect needs to last 2-3 years now and looks like it will end up providing me with a decent fun fund for my 60s. Safe to say that though I agonised long and hard about stopping work early (I was just short of 54) and reran the numbers so many times before I made the final decision I've never once regretted that decision. Now I wonder how I ever found time to work 60 hours a week. And even if the money situation had worked out tighter it would still have been the right decision. Time is something we all only have a finite amount of and the more of it we can spend doing the things we enjoy the better. PSo TRO I'm definitely not going to be the one who contradicts your previous experience of retirees. |
Apr 2022
11:59am, 29 Apr 2022
57,704 posts
|
Velociraptor
As someone who's always been a saver, I've found it a bit of a challenge to switch into the mental model of spending down savings for the rest of my life. I expect to struggle with that too. It'll probably be easier when I get my head round the fact that my DB pension will give me a monthly income forever without me having to do anything apart from failing to die. |
|
Apr 2022
12:01pm, 29 Apr 2022
134,995 posts
|
GregP
Loved that. Thanks.
|
McGoohan Useful Links
FE accepts no responsibility for external links. Or anything, really.- Money Helper
- How Much is Enough to Retire On?
- Retirement Living Standards
- How much will you need to retire?
- Free Govt website for pension advice
- SIPP pensions
- ISAs
- Check your National Insurance contributions
- Check your state pension account
- Martin Lewis on pensions
- Support and advice for those widowed under the age of 50
- Power of Attorney information
- Making the most of your retirement
- 20 tips for a happy retirement
- Married Couple's Allowance
- Aviva guide to retirement planning
- U3A
- U3A Local Sites - map
- Make a Power of Attorney
Related Threads
-
Any pension experts out there?
Oct 2024
-
Writing a will.
Nov 2022
-
Energy Bills
Feb 2025
-
Saving Money Tips
Aug 2023
-
Any benefit geeks can help me?
Mar 2023
-
Selling things
Feb 2023
-
Anyone here freelance or self-employed?
Jan 2024
-
Accounting Question
Oct 2017
-
How do I declare extra income to the HMRC when I've always been on PAYE?
Oct 2016
-
Helping Junior onto the housing ladder
Jan 2025