Early-retirement wannabe

Marine_life

gallygirl wrote: »

:T love that - will use it if I may :T

Of course :-)

enator

I am hopefully now getting close to retirement at 55 & whilst researching I came across this document from the Rowntree Foundation;


http://www.jrf.org.uk/sites/files/jrf/pensioner-income-standards-full.pdf


I must say it is a slightly depressing read (especially the bit about failing health) but it puts into perspective how things may degenerate & you should really retire early if you are in the position to do so.


Scariest paragraph:


Studies have also shown that quality of life and subjective well-being decline in later life. One study (Zaninotto [FONT=Arial,Arial][FONT=Arial,Arial]et al.[/FONT][/FONT], 2009), found that quality of life (measured by ability to do certain activities, depression, being in the poorest income quintile, size of social networks and receiving positive support from others) deteriorates after the age of 70 regardless of income or wealth


Keep the Dignitas number on quick dial...

diablo676

I retired early at the age of 54 and had my works pension actuarially reduced. It was partly to be able to look after my aged and frail parents but mainly because I could no longer stand the pressure of my job.

I became ill shortly after I left work, had a major operation and am now on drugs until I die. I wasn't expecting that ! The drugs make me feel lethargic all the time and my plans for an active retirement have gone nowhere.

As I own my house and have no dependants my pension, which is now approx £18,500 pa with RPI increases, is more than ample for my humble needs.

It was a big cut in my income - but I was saving most of it anyway. I was in a fortunate position really.

kidmugsy

enator wrote: »

Scariest paragraph:


One study (Zaninotto [FONT=Arial,Arial][FONT=Arial,Arial]et al.[/FONT][/FONT], 2009), found that quality of life (measured by ... being in the poorest income quintile ...) deteriorates after the age of 70 regardless of income or wealth

What a jolly clever study that must have been.

Marine_life

You really could not make this up.

Three days (thats three days) before my 50th birthday my company announces that they will no longer allow pension right to fully vest at age 50 and have now increased the qualifying limit to 20 years in the role. I am 13 years in the role.

Whats the impact?

Well it puts a big hole in my potential retirement pension, something of the order of €10,000 per year in net cash terms (i.e. after tax). That's a fairly big hole.

Of course I should have known this was coming - its a very generous pension scheme and non-contributory so it really is free money. If I want to put myself back in exatly the same position cash wise I would probably need to work for an additional year.

Anyway that's not going to detract from the eight week holiday coming up - I suspect it will not change our plans at all - but of course it does not make things any easier.

Damn

Edit: PS: aplogies for typo in the heading - I can't edit that!

Karmacat

Marine life - so sorry to hear this! I sort of lurk on the thread - I'm so far behind you lot with the finances, it feels a bit pointless, but had to delurk and commiserate. Can you appeal your situation?

gallygirl

Marine_life wrote: »

You really could not make this up.

Three days (thats three days) before my 50th birthday my company announces that they will no longer allow pension right to fully vest at age 50 and have now increased the qualifying limit to 20 years in the role. I am 13 years in the role.

Whats the impact?

Well it puts a big hole in my potential retirement pension, something of the order of €10,000 per year in net cash terms (i.e. after tax). That's a fairly big hole.

Of course I should have known this was coming - its a very generous pension scheme and non-contributory so it really is free money. If I want to put myself back in exatly the same position cash wise I would probably need to work for an additional year.

Anyway that's not going to detract from the eight week holiday coming up - I suspect it will not change our plans at all - but of course it does not make things any easier.

Damn

Edit: PS: aplogies for typo in the heading - I can't edit that!

!!!!ing !!!!!!!! (I know that will be !!!'d out but needed to write it anyway ).

You are very fortunate that you can afford to absorb the loss and retire anyway. If you had been going exactly on your birthday would you have been ok?

bugslet

Karmacat wrote: »

Marine life - so sorry to hear this! I sort of lurk on the thread - I'm so far behind you lot with the finances, it feels a bit pointless, but had to delurk and commiserate. Can you appeal your situation?

Agree with that -e ven though I'm way above average on the pesnion pot, still find myself feeling waaay behind the good folk on here.

Really sorry to hear that ML, it does seem rather harsh to put it mildly that they can change the qualifying years so close to your intended retirement. For another person, it might have meant a complete about turn in their future plans if they hadn't been so well prepared as you.

As karmacat says, can you appeal?

greenglide

Three days (thats three days) before my 50th birthday my company announces that they will no longer allow pension right to fully vest at age 50 and have now increased the qualifying limit to 20 years in the role. I am 13 years in the role.

Just coincidence or are they after you individually?

atush

I had that same feeling- they know you are retiring soon, and you didn't fill out your assessment lol!

Can they can something on the day like that, or dont they have to honor the old terms for those like you who already put in for retirement? Worth looking into the law here.