The Retirement Thread
4 lurkers |
176 watchers
May 2022
10:18am, 11 May 2022
13,889 posts
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Sigh
Thanks, Greppers. Imagine being at school and having this to look forward to for your working life. <climbs back on soapbox> I agree - which is one of the reasons I'm looking to take my DB pensions out into a private arrangement; so any surplus can be an inheritance for our 14-y-o daughter. Despite this, the position on DB schemes is that advisors are now mandated to start with a position that it's not in the beneficiary's interest to transfer out, and it's for the beneficiary to convince them otherwise. Were I to stay in, and die first, the DB pot would be halved for my wife and then when she dies, nothing is passed on to our daughter. If the older generation can do anything to help, it's not pass back the balance of the funds to their previous employers, but pass it on to their younger family members (assuming they have them). <climbs back off> 
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May 2022
10:20am, 11 May 2022
18,137 posts
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3M (aka MarkyMarkMark)
Sigh for Director of FCA!
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May 2022
10:23am, 11 May 2022
25,356 posts
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TROSaracen
My old company was forever doing that (and I'm pretty glad they did as it got me the decent pay off to go). They made a commitment to the Stock Exchange for a certain headcount reduction, and nothing was going to swerve them from that. It was supposed to demonstrate management's competence and commitment to efficiency and long term savings. The reality was that everyone in finance generally was offered a pretty generous deal to go 3 years running. Each year a large tranche would go - often the valuable, hard working, experienced types. The default option was you can go - your manager had to justify why you couldn't in most depts (not mine ironically). The wasters and coasters (there were quite a few even then) tended to remain - their life was easy, so why go. Come the start of the new year they'd realise exactly who'd they'd let go, what skills they had and what they couldn't now get done. Cue lots of expensive consultants getting a new gig. The high point of this, in my last year (I went in batch 3) was a meeting dealing with some crucial aspects of the financial control of the business. 13 of us sat in the meeting - 2 of us employees, the remaining 11 from 4 different consultancies KPMG, Deloitte, E&Y, PWC. |
May 2022
10:24am, 11 May 2022
12,503 posts
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jda
IMO enhanced inheritances for the privileged while the tories are celebrating the opening of more food banks is hardly the way to solve society's problems but this isn't really the thread for that discussion.
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May 2022
10:28am, 11 May 2022
88,869 posts
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Hanneke
I am just glad I am perpetually single (by choice) so I can live on very little and only take on stressful projects when I need money. Sadly, my Passiv workshop/retirement home has gone over budget due to Covid and because of Covid, I also have several teeth now beyond saving so I need implants 😱 Just as I had planned to slow down even further! Now I am on the lookout for a finite design project or book deal to match my deficits... Wish me luck! |
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May 2022
10:29am, 11 May 2022
18,139 posts
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3M (aka MarkyMarkMark)
I still think a sensible level of personal wealth and a decent social support system are not mutually exclusive! However, I agree not a discussion for here. Other end of the scale - I've been doing some work with the current intake of Grads and Apprentices. I wonder if I was ever that enthusiastic and energetic about work?
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May 2022
10:31am, 11 May 2022
16,433 posts
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Cerrertonia
Imagine being at school and having this to look forward to for your working life. I know quite a lot of people who're a year out of university earning well over £100K. There's this huge disparity between London and elsewhere and between certain tech or finance companies and the rest of the economy. |
May 2022
12:05pm, 11 May 2022
29,911 posts
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macca 53
My daughter graduated in 2012 and currently earns more (much more!) than the highest ever combined income of her parents, and because she lives in a country with sensible pension provision has already a guaranteed state pension higher than the combined SP of her parents! Our son on the other hand has 15 years civil service pension (and counting) and a reasonable salary. I suspect neither will starve, irrespective of whatever we leave them..... |
May 2022
12:15pm, 11 May 2022
8,829 posts
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Northern Exile
Inheritance is a funny thing isn't it? To some people it's hugely important to leave something behind to their children, to others it's not even a consideration. My father has very odd (flawed) views on it, but I wouldn't care if he didn't leave me a penny. |
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May 2022
12:23pm, 11 May 2022
25,357 posts
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TROSaracen
Yes inheritance is a strange thing. My mother is absolutely for it, and frequently talks about it. I am ambivalent, my entire life since age 18 has been constructed around utter self reliance from my parents so I have no need, or particular desire for any inheritance and just tell her to 'bloody spend it while she can - it's hers'. It wouldn't feel like real money to me as I haven't earned it, so I probably wouldn't even enjoy blowing the lot on something frivolous. |
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