The Retirement Thread
1 lurker |
176 watchers
Jun 2022
1:49pm, 15 Jun 2022
22,297 posts
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Ness
Ah. At least you're reasonably happy with the situation. I would have stayed on longer in teaching but in the end it worked out for the best.
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Jun 2022
2:19pm, 15 Jun 2022
36,328 posts
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Hills of Death (HOD)
Best of lucky Mrs J enjoy & embrace it
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Jun 2022
3:33pm, 15 Jun 2022
33,768 posts
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Mrs Jigs (Luverlylegs)
I think it helps that I made a decision to go at the end of next March but earlier if work became difficult. Thanks 
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Jun 2022
4:05pm, 15 Jun 2022
62,677 posts
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Lip Gloss
I've been in a turmoil since Monday as I just don't know what to do for the best. What I do know is that if I dont go sooner I am definitely retiring Nov 23 when I turn 60. At the moment he wants me to take money from where I'm not comfortable i.e. use the rent from my property and only a small monthly amount from my tax free money so I would be under the threshold for paying tax and it would spread my money out longer seeing as I'm only 58. I think I need to go back to work and see how I get on and if i go back to square one then I leave. |
Jun 2022
4:20pm, 15 Jun 2022
12,737 posts
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jda
Just my opinion, but you're a long time dead and the proportion of people who think on their deathbed "I wish I'd worked longer" is very small indeed. It's not just about the money, but also the time. Life is just so much more pleasant not having to go and sit in a cubicle 5 days a week (though, covid would probably have changed that I suppose). I'd rather be poorer and head out for a run when I felt like it on a sunny afternoon, than richer and looking out the window instead. Not entirely sure how you can be 58 and turning 60 in Nov though
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Jun 2022
4:20pm, 15 Jun 2022
7,107 posts
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Fizz :-)
Where would you be comfortable taking the money from? What are you using that rent money for currently? (You don’t have to tell us) And just because he’s a financial advisor doesn’t necessarily mean his advice is right for you. |
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Jun 2022
4:35pm, 15 Jun 2022
62,678 posts
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Lip Gloss
jdawayinamanger I'm 60 Nov 2023 hence I will definitely retire then. Sorry I never made that clear Fizz :-) I just try and keep most of it for any running repairs that may need done and also it's let out furnished so incase I need to replace anying. I have had a couple of holidays with it so I guess i just use it as my savings as my pay isn't that great to be able to save a huge amount and live. I was thinking that too - it's my moneyso surely it's up to me to run the risk of running out of money before state pension kicks in ( which I won't ) |
Jun 2022
4:45pm, 15 Jun 2022
25,540 posts
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TROSaracen
Great post jda and spot on. Don't forget as we get old we become fretful worry worts, and addicted to 'routine'. Think of the risks you took when younger, the change you embraced and sought. I've seen loads stay in their cubicles, hating every second yet the moment you suggest 'well why not take the offer the company is making - you've been here 25 years so must be sorted for a pension' their eyes suddenly looked panicked and they dig up half a dozen obscure 'what if's' to explain why they will carry on suffering. If it's anything near a close decision you are almost certainly over-thinking, and should definitely take the plunge! |
Jun 2022
5:08pm, 15 Jun 2022
4,294 posts
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Curly45
Just as a thought but could you sell up the other place? That would give you a chunk of money to live off and I'm assuming you already have a place to live. Appreciate its not a fast solution as you need to give tenants notice etc., but maybe would help you feel more secure in the long run having a nest egg available for needs? |
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Jun 2022
5:12pm, 15 Jun 2022
62,680 posts
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Lip Gloss
Curly45 I’ve always seen it as my security blanket ( once bitten, twice shy and all that ). OH understands this ( we are not married ) and it really would be a last resort to sell it as I know *touches wood* if anything was to go pear shaped I could afford to move back there and live off my wages. |
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
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