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The Retirement Thread

172 watchers
Sigh
Sigh
May 2022
7:30am, 17 May 2022
14,077 posts
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Sigh
That's good, Bazoaxe; certainly it's an area I'm not familiar with and I'm grateful for getting expert advice.
Velociraptor
Velociraptor
May 2022
7:31am, 17 May 2022
58,052 posts
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Velociraptor
How does that work, Bazoaxe? I didn't know that.
Velociraptor
Velociraptor
May 2022
7:33am, 17 May 2022
58,053 posts
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Velociraptor
Early days, Pix ninja I'll keep paying my subscriptions for the rest of the year.
EvilPixie
EvilPixie
May 2022
7:33am, 17 May 2022
32,664 posts
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EvilPixie
so exciting seeing all these countdowns and potentials!
HappyG(rrr)
HappyG(rrr)
May 2022
8:02am, 17 May 2022
42,344 posts
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HappyG(rrr)
Bazo, thanks very much for your advice. Nothing from the Gretel app. I'll try the other dashboard next too, when it comes. I have another idea. I was TUPEd from one company to another and wonder if I kept the same pension provider from the previous company? In which case, it covers 6 years not 3, and I'm not missing anything. Contacting the other provider to confirm period of contributions.

Trying to calculate if paying off mortgage or putting money in pensions is better value. I'm getting lost in year on year calculations! :-) G
Johnny Blaze
Johnny Blaze
May 2022
8:55am, 17 May 2022
27,265 posts
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Johnny Blaze
I paid off my mortgage as soon as I could. It took a big weight off my shoulders. Given that interest rates are rising now I would do it again.
Curly45
Curly45
May 2022
9:15am, 17 May 2022
4,279 posts
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Curly45
In tax terms pension is better value than mortgage BUT it didnt work for us as that assumes you have time left to pay into the pension and you dont have many years to survive after retiring before getting your pension.

Also having the freedom to make decisions about jobs paying less but more fulfilling was priceless to us.
Ness
Ness
May 2022
9:16am, 17 May 2022
21,657 posts
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Ness
Mr Ness and I used the redundancy money Mr Ness got a few years ago (along with some savings we had) to pay off our mortgage. I am so glad we did!
B Rubble
B Rubble
May 2022
9:40am, 17 May 2022
3,086 posts
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B Rubble
It's really great seeing everyone's plans - really inspiring.

HG, if you are paying a lot of tax and have a fixed rate mortgage for a few years then my guess would be that putting money into a pension is much more likely to be a better idea. Obviously there will always be a risk, but history would suggest your investment will pay off in the longer term. I fully agree that there are other factors, such as the peace of mind of not owing that money and the flexibility of being mortgage free.

I'm starting to think more seriously about retiring a bit earlier. My original plan was to retire in about 30 months (899 days to be precise), but I might bring this forward about 12 months putting me in line with Bazo's proposed date. My wife has just retired on a reasonable DB pension and we have a few investments to keep us going whilst I sort out my 5 DC pensions and before I start drawing state pension in 9 years time. We would like to do things together whilst we still have our health.

I'm really lucky that I enjoy my job and like the mental stimulation, I still do some technical things that I learned at university, albeit in a more modern (IT based) way, so I would need to replace that with something similar. It does worry me that I might become a bit brain dead. Have any of you that have recently retired felt the same?
jda
jda
May 2022
9:51am, 17 May 2022
12,535 posts
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jda
Remember the huge tax advantage of pensions only applies so long as the (marginal) rate you’re getting relief on for extra contributions exceeds the (marginal) rate you pay on receipt of the pension. That covers higher rate taxpayers stepping down to standard rate, and standard rate who expect to drop below the standard rate threshold, but not a large chunk of people in the middle.

(At least I think that’s how it works, for various reasons I’ve never bothered that much with pensions and saved by myself instead. I have a few bits and pieces due in a few years but am not reliant on them.)

About This Thread

Maintained by Sigh
A place for baggy spaciousness: "The quality of time, soft attention and ease that we could enjoy 'doing nothing' "
(thanks to TheScribbler for the term (p1516)!)
( see also: neilthewriter.co.uk
and
darkangelswriters.com )

Retirees Hall of Fame

star CumbriAndy star (17.04.25)
Dillthedog (27.03.25)
westmoors (27.03.25)
dobbers (26.02.25)
McGoohan (15.01.25)
Marmite (01.01.25)
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Synge (30.08.24)
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Winniefree (08.07.24, 2nd attempt)
EvilPixie (24.06.24)
Snail (21.06.24)
GregP (14.06.24) (after part retirement 31.03.23)
Fizz :-) (13.06.24)
Jaks (15.05.24) (third time of retiring)
HellsBells (31.03.24) (orig. May 2018)
TROSaracen (07.02.24)(semi retired since mid 2019)
Hanneke (01.02.24)
Jenni-far-far (28.12.23)
FergusG (22.12.23)
Mrs Jigs (Luverlylegs) (11.12.23)
eL Bee! (30.11.23)
Lip Gloss (22.11.23)
jda (28.08.23)
RFJ (23.08.23)
Sigh (28.07.23)
Schnecke (end of school term 07.23)
Sharkie (05.07.23)
Ally-C (08.06.23)
Rebel (12.05.23)
CogNoscensme AHA (07.04.23)
Windsor Wool (05.04.23)
Bob! (30.03.23)
Velociraptor (21.03.23)
Garfield (provisional, 27.02.23) (see p.699)
ThorntonRunner (20.12.22)
DrMags (30.07.21)
MaltDrinker (30.07.21)
DoricQuine (15.06.21)
Mandymoo (21.05.21)
Eynsham Red (06.05.21)
GimmeMedals (31.08.20)
Steve NordRunner (01.08.19)
um (May 2017)
macca 53 (31.10.17)
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Flatlander (November 2011)
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