Early-retirement wannabe

Shedman

Goldiegirl wrote: »

If the tipping system was abolished, the cruise companies would simply increase the cruise fare, so the passenger would pay one way or the other

Yes but at least a) all the cruise lines would have to compete on a level playing field and not quote low headline prices and then add often significant 'mandatory' tips, especially the US cruise lines b) it would much easier for the consumer to see what the overall cost of the cruise was and c) you could tip any staff at your own choice if they have provided exceptional service (with the bonus of avoiding that slightly guilty feeling of not tipping steward or waiter because you'd already prepaid your tips).

Aside from cruise , in general I am with Gadgetmind and am anti tipping, especially for waiting staff that spend about 3 mins bringing a few plates out (would rather tip the poor souls slaving away in the kitchen) - and more so in places that charge ridiculous prices for their food and so ought to be paying staff properly - and taxi drivers who are being paid the going rate through the fare. Barbers are an exception partly because they have sharp instruments close to your ears! And I do leave the refuse collectors a Xmas tip and hence they do take away things that they don't have to so I see that as a fair exchange.

arthurdick

jamesd wrote: »

The really nice thing about your position is that you're well used to low spending after all that time forced to do it. It's one of the advantages I have as well, though now my income has increased greatly so I'm not compelled, I just do it out of habit.

With a £16,000 income and I assume no benefits you'd be on £14k net. With the state pension at 8k it gets you a good bit of the way there, particularly after you deduct mortgage and work-related costs. You're also going to be one of the gainers from further anticipated increases in the personal allowance.

Cheers again Jd , I know that you are right, as that is the way I look at it too. In a strange way, I am almost happy to be earning low, as when It comes to retirement time, I will not notice too big a difference.

Wentthedaywell?

arthurdick wrote: »

Cheers again Jd , I know that you are right, as that is the way I look at it too. In a strange way, I am almost happy to be earning low, as when It comes to retirement time, I will not notice too big a difference.

I'm really glad I found this thread, I'm probably retiring late next year, so it's very interesting to read all your opinions and plans.

I'm in a similar position to Arthur where I will not have a big cut in income when I retire. My job was severely regraded downwards, but I've pulled in my belt and it's been OK. The (silver lining) benefit is my final salary pension will be paid on the old grade if I take it next year. It can also be boosted by some years of index linking which adds about another 12%. If I were still on the higher grade it would be considerably lower as there's been hardly any pay rises over the last few years.

Over the last two years I've also been paying the equivalent of my take home money into a AVC, as an 11th hour savings plan. My pension next year should be about 50% more than I currently take home, and that's without the SP (in 7 years' time).

It's been a tight few years, no proper holidays etc, but hopefully should pay off next year, assuming my calculations are correct!

uk1

Shedman wrote: »

Yes but at least a) all the cruise lines would have to compete on a level playing field and not quote low headline prices and then add often significant 'mandatory' tips, especially the US cruise lines b) it would much easier for the consumer to see what the overall cost of the cruise was and c) you could tip any staff at your own choice if they have provided exceptional service (with the bonus of avoiding that slightly guilty feeling of not tipping steward or waiter because you'd already prepaid your tips).

Aside from cruise , in general I am with Gadgetmind and am anti tipping, especially for waiting staff that spend about 3 mins bringing a few plates out (would rather tip the poor souls slaving away in the kitchen) - and more so in places that charge ridiculous prices for their food and so ought to be paying staff properly - and taxi drivers who are being paid the going rate through the fare. Barbers are an exception partly because they have sharp instruments close to your ears! And I do leave the refuse collectors a Xmas tip and hence they do take away things that they don't have to so I see that as a fair exchange.

I do realise that pointing out that there is a difference between a theoretical hypothesis and a practical workable solution in "real life" will proably fall on stoney ears but I'll simply point out the obvious that the moment a cruise line adds the service charge within the headline price they would tend to lose business to the lines that appear to offer the same but the total cost "appears to be cheaper". That would risk the employment of the very people you seek to have paid a higher salary. Cruise lines do not work in isolation they are based in different countries and work under different laws but compete with each other. Adding tips in to a final bill is unsatisfactory but your solution simply would not work.

Your other comments about tipping are entirely a matter of personal opinion and it is not a topic that one side ever convinces the other side to change their mind on.

Jeff

atush

what do all you guys who hate tipping do? do you not ever go to London (where even mid class restaurants are now automatically adding 12.5%) or never go to places like the Hand and Flowers michelin starred pub, who again have auto tipping?Once or twice a year I like a nice meal out somewhere when in England, and a lot of places charge now.

Going to Rocksalt soon, and they have autotipping (and charge you if you dont cancel 48 hours+ out)

uk1

For the removal of any doubt, I always tip but dislike emotionally the automatic addition as a service charge.

This is probably because I am older and grumpier. The automatic addition of a service charge has removed the personal appreciative act of me simply showing appreciation of a service well provided and deciding how much it should be and who it should be given to. There was a time when this automatically added service charge didn't happen and I prefer the way "it was".

The automatic addition has simply become a part of the the total cost shown seperately on the bill for no other reason than to somehow imply that the cost of the actual meal is a bit less than it really is, but we've added this bit on "for your convenience". It is a way of itemising a bit of the staffs earnings on the bill, which we all hope (but it seems often doesn't) goes to the people that we feel should have it.

I much prefer the old way, of leaving some cash on the table and giving and receiving a smile.

Jeff

ex-pat_scot

AnotherJoe wrote: »

I decided today - 301 days to go

Thanks to all for insighful posts which helped me make my mind up.

My thought is;
End of a tax year so its simple to manage.
Start of Spring and on into Summer (looks out of window :mad: ) so get benefit of that rather than retire in say November and have several months rubbish weather.
Get max tax relief at 40% for this year and I wont be paying any tax for 5 years so I make 20% immediately.

Whereas I am thinking of another tactic. OK so it's a good 8 years or so off, but I plan on working part way through the tax year before finishing:


- plop all my salary up to the £40,000 annual allowance into the pension (or whatever the AE will be at that point). Perhaps stop at that point. (June/ July, probably - just in time for the summer).


OR


- continue part time as a consultant, earning up to the upper rate threshold.
- (refinement to the above - putting £40k max AE into SIPP, then earning up to the upper rate threshold).
Plenty in my team are "partially retired consultants" doing similar. Hobby work in between lengthy holidays. Pretty peachy really, if you don't #need# to maximise your income.


Mind you, I have little faith I will know anything in a few years time...

uk1

ex-pat_scot wrote: »

Whereas I am thinking of another tactic. OK so it's a good 8 years or so off, but I plan on working part way through the tax year before finishing:


- plop all my salary up to the £40,000 annual allowance into the pension (or whatever the AE will be at that point). Perhaps stop at that point. (June/ July, probably - just in time for the summer).


OR


- continue part time as a consultant, earning up to the upper rate threshold.
- (refinement to the above - putting £40k max AE into SIPP, then earning up to the upper rate threshold).
Plenty in my team are "partially retired consultants" doing similar. Hobby work in between lengthy holidays. Pretty peachy really, if you don't #need# to maximise your income.


Mind you, I have little faith I will know anything in a few years time...

Could you indicate as loosely or specifically what sort of consultancy?

There is a lot of opportunity if you have a talent or knowledge base, and preferably a current reputation that could really increase earnings depending on the type of consultancy work you have in mind.


Jeff

gadgetmind

Cobblers.

Commitment made.

My 4 day week is now back up to 5 with that extra day going into sweat equity in new venture. I'm also lobbing in £50k cash so as to get things kick started and to have some skin in the game.

Cobblers.

When will I learn?

justme111

You obviously enjoy it more than alternative ways of spending your time so why not