Great Things To Know Before You Retire Hunt

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  • KMK
    KMK Posts: 271 Forumite
    I too can recommend the retirement courses on offer, often via Unions. However you need to attend years before you retire to be able to put their recommendations into place. I wish that I had taken out added years when I was younger. When I was told of the benefits, the cost had become prohibitive.

    I have the awful feeling that the public services will eventually phase out or reduce the benefits of final salary scemes just as the private sector are doing. So if you are in the public sector it might be worth looking at other options on top of what is already on offer, especially if you want to retire earlier. Hope I am wrong but there are too many ominous signs at present.
  • itm
    itm Posts: 16 Forumite
    First Anniversary
    Does anyone know of any good online retirement planning guides? (i.e. offering the same sort of information as the courses mentioned here)
  • Ken68
    Ken68 Posts: 6,825 Forumite
    First Anniversary First Post Energy Saving Champion Home Insurance Hacker!
    Seems a lot of the above is finance based.
    "Which" magazines (free) in the local library would be as independent as you can get.
    Dumping some employment rules and regulations from your brain is worth considering.
  • ckerrd
    ckerrd Posts: 2,641 Forumite
    I think I will be getting around £80K as a pay off.
    I knew about the £30 tax free, but the idea of getting more tax free and topping up the pension sounds bloody marvellous!

    I have also got the opportunity to go on retirement courses so as I am not leaving till early next year, I am going to try and get on them as soon as possible.

    Thanks for all posters for their input
    We all evolve - get on with it
  • Ken68
    Ken68 Posts: 6,825 Forumite
    First Anniversary First Post Energy Saving Champion Home Insurance Hacker!
    Can recall someone being offered a rehabilitation course or the money. This was a few years before his retirement.He was a health and safety man on the railway. Why would they do that !!
  • EdInvestor
    EdInvestor Posts: 15,749 Forumite
    Take some time to learn about investing before you retire, especially if you're retiring young.Then perhaps you won't need to hand the capital in your pension fund over to an insurance company in return for a pathetic annuity which will get eaten away by inflation.

    Instead you can do "income drawdown" ( described as "unsecured pension" in Martin's article), which involves keeping your fund invested so it can grow, and taking an income from it. Properly done, this means you can have a larger and rising income in retirement and hand your fund over to your heirs when you die.

    There are a few risks that need to be understood and catered for, so that's why it's good to educate yourself - but it's not rocket science. Most other countries use this system as a matter of routine.The UK is really behind the times with annuities.
    Trying to keep it simple...;)
  • [Deleted User]
    [Deleted User] Posts: 12,492 Forumite
    Combo Breaker First Post
    do a 10 year plan when you reach 50 and be completely honest re your potential and actual income. If you have a shock and a shortfall then you still have time to do something about it

    pay off everything by 55 and then save all you can. If needs be, downsize in a couple of years so that you release cash

    At 55 start clearing your loft and garage of all the things that you put away for the children. Take a room at a time and drastically de-clutter and perhaps start to prepare for downsizing because it is achingly, physically hard work and very difficult to do at 70

    Get hobbies to help the psychological transition to retirement

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  • [Deleted User]
    [Deleted User] Posts: 12,492 Forumite
    Combo Breaker First Post
    re posts 4, 24 and 38
    wonderful advice aand I couldn`t agree more re downsizing

    Don`t get too attached to your home. I have downsized once and can downsize again in 10 years or so. Both times releasing cash. I shall rent for us when we are elderly. Here is just one website so far

    https://www.girlings.co.uk
  • JBEILBY
    JBEILBY Posts: 42 Forumite
    Mortgage-free Glee!
    Retirement planning needs to start as early as possible in your working life. Set an age when you would like to retire and plan accordingly. I decided at an early age to retire at 55 and am now just over a year away from that time. I have consistently paid a lump sum off each year on my mortgage. I am now in a bungalow (no need for extending ladders), changed all the windows to UPVC as well as the gutters barge boards & sofits (now no painting required). Loft insulation doubled (shame can't have cavity wall insulation as house walls are solid), will change boiler before retirement. De cluttering is just about next on the list of things to do (like all those old paint tins in the garage).

    Oh and of course invest in a home PC as once you leave work your internet access is only at the library or internet cafe - not much good when you need answers to questions when they're both closed.
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