Four working days to go before early retirement! How did you feel at this stage?

mazzy

kidmugsy wrote: »

If you have spare money you could contribute it to a private pension in this tax year, while you still have the earnings to justify a sizeable contribution. Then you can withdraw from it in 2015-16 and 2016-17 tax-free, using the part of your personal allowance that will otherwise not be exploited (i.e. about £4500 p.a.).

It's none of my business, but has your husband considered the advantage of deferring his state pension?
https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/299286/dwp024-apr-14.pdf

I spoke to him about deferring but he doesn't want too. My idea was to use the 25per cent tax free on his private pension which will be about 17,000 and defer for at least a year but he won't. We have to transfer his private pension to do drawdown, its only a pot of about 70,000 so will want to drawdown about £5000 a year just to top up until I get my state pension. Taking the 5,000 a year will put him over tax allowance so that is when I could have handed over some of mine. Just realised he won't be taking that in the first year so won't have to do it until 2016/2017. Terrified of dealing with it and will go to a FA for advice. Probably sounds daft to someone like you who is financially savvy but loads out there like me who have no idea what they are doing. We do have savings in ISA's as well as back up. We have no mortgage and no debt so will manage quite nicely on the 2 SP and my FS one as we have never been high earners.

kidmugsy

mazzy wrote: »

I spoke to him about deferring but he doesn't want too.

There can be rational reasons for not deferring, but almost everyone on here who argues against deferring is transparently irrational, if not downright superstitious. It reminds me of the numpties who won't get a will.

gadgetmind

Marine_life wrote: »

Its an interesting question as there are two concepts which are mixed up. One is how much a job pays and the other is how important it is.

We work on how important it is that we retain people. Some are 5h1t hot and we need them on board, others less so, and some are freeloading wastes of space.

Maybe those in the latter two categories can go off an do charity work. That would be nice.

nickcc

Took early retirement at 50 spent two years building extensions then needed something to occupy my mind. Next five years driving buses then at 57 decided that was it. Didn't need the extra money but it helped occupy my mind, now fully retired with company and state pension and really miss the challenge of my original job.

mazzy

kidmugsy wrote: »

There can be rational reasons for not deferring, but almost everyone on here who argues against deferring is transparently irrational, if not downright superstitious. It reminds me of the numpties who won't get a will.

You are right about the superstitious bit, took me years to get him to make a will. His dad dies age 64 a few months before retirement so that does have something to do with it. I shall keep working on him.

kidmugsy

mazzy wrote: »

His dad died age 64 a few months before retirement

Mine too. It hasn't stopped me deferring, though virtually all the benefit is likely to go to my widow. Spanking good value is worth having.

tonyinbrighton

Mr_Prudent wrote: »

Hi. I retired/took voluntary redundancy four years ago after working for a large telecoms company for 36 years. I have not regretted one single day, as the pressure and bullying management style that was adopted in order to get us older (but knowledgeable) engineers to s*d off became intolerable for some.


Like Mr Prudent I took early retirement via voluntary redundancy from a large telecom company but it was 10 years ago. Taking my FS pension early generated a stiff penalty but curiously it has worked out for me because annuity rates back in 2004 were much better than they are today! I had no chance of finding a job in my fifties in Surrey but relocated to Brighton where I'm working 3 days a week, which is a nice work/life balance. ]

gadgetmind

What difference do annuity rates make to a FS pension?

Pincher

brewerdave wrote: »

I, like,I suspect, many others ,only took early retirement because of redundancy - the only feelings I had initially in the final few days,,were of bitterness towards my former employers for casting me (and my colleagues) onto the scrap heap in my late 50s.

Perfect movie for you:


SOLDIER, starring Kurt Russell. repeated on TV quite often.

MiserlyMartin

I haven't taken retirement, if I retire at 55 I have 14 years left to go and that feels like a prison sentence as it is!. I absolutely hate my job, the management are idiots - I only stay there for the money and to build up my pension pot. Going to work is a major inconvenience in my daily life and I wish I could give it up tomorrow to concentrate on all my interests and hobbies. I can't imagine how I would ever be bored not working. I wish you luck, good health and happiness in your retirement. You lucky sod LOL!