The Retirement Thread
1 lurker |
174 watchers
May 2022
9:30am, 21 May 2022
14,462 posts
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Mandymoo
GimmeMedals we are exactly the same. Not touched the lumpsum, living off the income so far and getting away as much as we can. I did say after our Indian last night, we will be on bread and jam until pay day (not sure why as freezer at home is full 😂) Off to find a nice little cafe later |
May 2022
9:32am, 21 May 2022
21,760 posts
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Ness
Makes sense, GimmeMedals The lump sum I received was somewhat reduced because of taking early retirement but like you, we haven’t had to touch it yet. I’m impressed that you haven’t had to use it two years on.
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May 2022
10:39am, 21 May 2022
25,319 posts
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Rosehip
My lump sum will be half spent - deliberately, one of the reasons I took main pension now instead of waiting until I’m 60 but the rest is being tucked away in case of need of new roof or rewiring or other annoying unexpected big expense. My pension also allows a fair amount of saving at the moment whilst husband is still working, but it’s an interesting time to be working out where best to invest and save! Where to gamble that share prices are low and will recover well if some sort of normality returns to the world |
May 2022
11:16am, 21 May 2022
58,128 posts
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Velociraptor
I wouldn't hesitate to buy investment funds at the moment if I still had an income that exceeded our outgoings.
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May 2022
12:38pm, 21 May 2022
6,986 posts
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bigleggy
I'm still buying  , hoping it will add to the retirement funds come the time
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May 2022
12:44pm, 21 May 2022
32,774 posts
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EvilPixie
The more I read this thread the more I think I wanna quit! So much for 5-6 years full time then part time. |
May 2022
12:45pm, 21 May 2022
135,588 posts
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GregP
Okay, very slowly. Let's do this together, please? Keep the numbers simple. Say an LGPS pension that pays out £10,000 at age 67. Take that pension from age 60 and there's a 29% reduction, so that's £7,100, yes? So. At age 70 deferred you'll have £30,000 and 'take the hit but take it now' you'll have £71,000? And at 80 the 'sensible' option you'll have £130,000 and the 'jam today' option is £142,000? Gets better at age 90. Numbers are £230,000 plays £213,000? Am I missing something here? TROSaracen? |
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May 2022
12:47pm, 21 May 2022
135,589 posts
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GregP
The sign flips at age 84 - you're still ahead on 'jam today' at 83 if I interpret this right. Apart from it's more likely than not I'll be dead and gone by then.
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May 2022
12:49pm, 21 May 2022
58,132 posts
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Velociraptor
Is there an age cap above which the pension and lump sum no longer accrue? For the scheme that covers most of my DB pension, there would be no point leaving it past 60, and I have seven months' contributions in a scheme that tops out at 67. (If I'd known I was going to leave my practice when I did, I'd have left the pension scheme and taken the money for those seven months.)
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May 2022
12:50pm, 21 May 2022
21,773 posts
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Ness
The more I read this thread the more I think I wanna quit! So much for 5-6 years full time then part time. If you can afford to, EvilPixie , then go for it! I couldn’t afford to go as early as that. Had planned to wait until I was 55 but savings during the pandemic meant I could go at 53 instead. You’re not 50 yet though? |
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- Martin Lewis on pensions
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