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    • Ok for now
    • By Ok for now 27th Nov 17, 9:37 PM
    • 11Posts
    • 3Thanks
    Ok for now
    Another sanity check
    • #1
    • 27th Nov 17, 9:37 PM
    Another sanity check 27th Nov 17 at 9:37 PM
    Hello,

    New to this. Have benefited a huge amount from reading these posts. Sanity check appreciated as to whether being too optimistic about retiring comfortably in near future - 56 with DB pension £18500 at 60 (limited indexation) plus £300k in DC pot (considering annuity at 60 as not a confident investor). Will get full SP if continue to 60. No mortgage or debt. Realistically ok with £25k pa but not sure possible. Should I wait another year or two to build up more? Not sure how best to take it all.

    Thanks
Page 2
    • Arthurian
    • By Arthurian 30th Nov 17, 9:37 AM
    • 627 Posts
    • 568 Thanks
    Arthurian
    Moving from a salaried, full-time job to a series of part-time, temporary, hourly-paid jobs was, for me, a breath of fresh air. Very little stress, not too much expected of you, you choose where and when to work. I found it an ideal way to transition into retirement, earning a little money for extras such as holidays. Maybe you could pop into a local temping agency and ask what they could do for you, before jumping?
    • Ok for now
    • By Ok for now 30th Nov 17, 5:31 PM
    • 11 Posts
    • 3 Thanks
    Ok for now
    Another sanity check
    Thanks. That would be quite liberating, as long as the work was interesting. I need to start looking into options. Classic case of too busy at work to explore what else I can do!
    • Dorian1958
    • By Dorian1958 1st Dec 17, 12:58 PM
    • 100 Posts
    • 61 Thanks
    Dorian1958
    Going part time in your existing job may have some drawbacks you might not have considered. I took a "shallow dive" into retirement 18 months ago, with a view to retiring in 6 months time. I now work 3 days a week. However, I still receive the same amount of email traffic, have to undertake the same amount of CDP, attend the same amount of meetings, and need to maintain the same amount of professional relationships as a full time employee, which squeezes the amount of productive work time available. Also, a deadline set for a week ahead for everyone is only 3 days for me. If I am not careful about my time management I end up checking email at home. Depending upon the nature of the work, going part time because the job is stressful might actually make things worse. My personal experience has been a positive one, but I feel my employer definitely gets their money's worth. I thought going part time might actually extend my working life, but the reality is that it has reinforced my intention to go next year, wild horses would not stop me.
    • kidmugsy
    • By kidmugsy 1st Dec 17, 1:06 PM
    • 9,896 Posts
    • 6,674 Thanks
    kidmugsy
    Kidmugsy, can I ask you how I would go about looking into a ladder of gilts - not sure I can do that in the schemes I'm am in. Where would I be best moving funds to?
    Originally posted by Ok for now
    Probably you'd have to move your money purchase pension into a SIPP. We use Hargreaves Lansdown and are very pleased with their service. For a much bigger sum, however, such as yours, you might prefer a cheaper provider (or even split the money across two providers Just In Case).

    A good place to look at costs is the Monevator blog.

    http://monevator.com/compare-uk-cheapest-online-brokers/

    http://monevator.com/compare-the-brokers/
    Free the dunston one next time too.
    • Ok for now
    • By Ok for now 2nd Dec 17, 9:14 AM
    • 11 Posts
    • 3 Thanks
    Ok for now
    Another sanity check
    Thanks for these replies.
    Perhaps part time or a fixed term contract with a different employer might be the answer. I wouldn't need the salary I am on now.
    I'll look into these links. Extremely helpful.
    • enthusiasticsaver
    • By enthusiasticsaver 2nd Dec 17, 9:41 AM
    • 4,851 Posts
    • 9,164 Thanks
    enthusiasticsaver
    I have worked part time for the last 7 or 8 years and retire this month age 57 almost 58. My employer has gradually been taking responsibilities off me over the year so it has been a long wind down. My husband worked flat out long hours full time until he retired last October and his employer did not offer part time so there was just a sudden stop at retirement. This is one reason I delayed my retirement for a year longer to give him time to adjust having so much more time and less responsibilities. I would advise against going part time in your currrent role as I think you would still end up being asked to do the same workload in less hours. A different role with the same employer with less responsibilities would work. My husband has lots of hobbies so has found plenty to keep him busy. Do you have any hobbies or are you planning on travelling etc?
    1 week to go until early retirement. Debt free and mortgage free.

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
    • Ok for now
    • By Ok for now 2nd Dec 17, 1:11 PM
    • 11 Posts
    • 3 Thanks
    Ok for now
    Another sanity check
    Sound advice. I think I need to go part time to allow for what I expect to be a big adjustment. I really identify with your post about losing interest! Hoping that reducing my hours and having time for other things might help. Perhaps illogical, but I feel too young to be giving it up entirely!

    I would like to improve my fitness, do more with music, and travel a bit, and the house and garden are a work in progress.

    Great to get all these helpful comments.
    • capital0ne
    • By capital0ne 2nd Dec 17, 5:11 PM
    • 146 Posts
    • 80 Thanks
    capital0ne
    This is all very simple, you say you'll have a pension of £18.5k and you would like £25k.

    Presumably your current pay is more than that.

    So all you do is live on £18.5k (or £25k) and see what it's like. Can you do it?

    There's your answer - too easy!
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