Have we got our sums right?? Appraise our plan.

DairyQueen

Sea_Shell wrote: »

So, I've jumped.....lets hope it's a nice soft fluffy landing!!!

You've invested time and effort in making sure that all your ducks are in a row. Now you can reap the benefits of all that planning.

Holiday on the horizon?
Congratulations and here's wishing you a very happy retirement :beer:

shinytop

Well done and I wish you well. As someone who is currently working my notice I know how it feels. 7 weeks tomorrow for me (not that I'm counting )

crv1963

Well done, I love it when a plan starts working!

Sea_Shell

Anonymous101 wrote: »

Fantastic news, well done!

Did your employers come back with any counter offer? Stay on a little longer, part-time, more money etc etc?

How long a notice period do you now have to work? A chap in my office had his last day before retirement a couple of weeks ago and although it was something he was looking forward to I could tell that he had very mixed emotions on his last day. How are you feeling about it all?

I am already part-time, and the boss admitted he knew the day was coming sooner rather than later, but just not exactly when. He said that he maybe could have offered further reduced hours, but even then, it still means that i have to be somewhere at a given time on a given day, holiday would be pro-rata'd down and i'd still have to check i don't clash with my colleagues. They both don't have kids (much younger) and so we all want similar times of the year off. So no, it was an all or nothing decision from my side.

I now have only 17 working days left!!! 85 hours!!!

I'm sure i will have mixed emotions as i've worked there for a good few years, but there have been so many changes, and the rate of expansion is so quick that i hardly know any of the recent new starters just a few core people from when i first jointed remain. Not everyone knows yet, just told a couple of people that it directly effects, and the main response (after they picked their jaw off the floor) was "good for you, I'm jealous"

So lets hope for a glorious summer, from the middle of July onwards!!!! We have no plans set in stone for a holiday....we'll stick a pin in a map where the nicest weather is, and book up last minute (UK). No round the world cruises are on the horizon...but if the weather doesn't improve, a quick trip to the Canaries might be on the cards!!!:beer:

Sea_Shell

So that'll be DH retired at 48, and me at 47!!!! Is that some kind of record!!!!

Yes, maybe we will get bored down the track and go back to some part-time work, but we need to at least give it a go. Hopefully that would be through choice, not because we've run out of money!!!

Tomorrow is not guaranteed....and the last thing you want is for life to throw you a curve ball and you think, why didn't I quit back then.

Hopefully the next 10 years of our lives are when we are still "young", with the energy to really enjoy it. We'll never get these years back, and so we need to make the most of them while we can!!!!

What's the old addage "No one ever has as their epitaph...I wish i'd spent more time in the office"!!!


:j:j:j:j:j

Suffolk_lass

Please will you post an update to your post 1/170 so people can see when "enough is enough"? Maybe when you get to R-Day?

Spreadsheetman

Sea_Shell wrote: »

So that'll be DH retired at 48, and me at 47!!!! Is that some kind of record!!!!

Yes, maybe we will get bored down the track and go back to some part-time work, but we need to at least give it a go. Hopefully that would be through choice, not because we've run out of money!!!

Tomorrow is not guaranteed....and the last thing you want is for life to throw you a curve ball and you think, why didn't I quit back then.

Hopefully the next 10 years of our lives are when we are still "young", with the energy to really enjoy it. We'll never get these years back, and so we need to make the most of them while we can!!!!

What's the old addage "No one ever has as their epitaph...I wish i'd spent more time in the office"!!!


:j:j:j:j:j

Well done!

Anonymous101

Fantastic!


Yes I'm sure they'll be mixed emotions. However I'm convinced that's almost entirely due to the colleagues that you've worked with rather than the job itself. I'd relate it to moving jobs where I've had mixed emotions. You know its the right choice but there's always going to be aspects, however small, that you'll miss.


47 & 48 is very good. That's around the age I'm working towards at the moment. 10 years to go for me!
Enjoy your last 17 days.... I'm sure you'll enjoy the time following that!

BTTB

Hi I am looking for some advice as I'm sure someone will have already been through this process before.


I have both a Defined Benefits Pension (Deferred BT Pension (Scheme B) from my 20 years previous service and I have a current Defined Contribution pension, which I have been contributing for the past 15 years, and would like to continue to contribute.



I'm now 55yrs young :j, I am looking to activate my BT Pension as I plan to use the lump sum to pay off my remaining mortgage and put the rest in to an ISA. I'd then get a yearly BT pension of £9k which will give me the opportunity to reduce my hours at work to enjoy my hobbies :cool:.


My question is:


If I activate my Defined Benefits BT pension what, if any impact will it have on my future contributions into my Defined Contribution pension as at present the company pay in £5k per year which I match to currently I have @ £10k paid into my DC pension.



Basically will I be limited to the amount I can pay into the DC pension if I activate my DB pension ?


Thanks

Suffolk_lass

BTTB wrote: »

Hi I am looking for some advice as I'm sure someone will have already been through this process before.


I have both a Defined Benefits Pension (Deferred BT Pension (Scheme B) from my 20 years previous service and I have a current Defined Contribution pension, which I have been contributing for the past 15 years, and would like to continue to contribute.



I'm now 55yrs young :j, I am looking to activate my BT Pension as I plan to use the lump sum to pay off my remaining mortgage and put the rest in to an ISA. I'd then get a yearly BT pension of £9k which will give me the opportunity to reduce my hours at work to enjoy my hobbies :cool:.


My question is:


If I activate my Defined Benefits BT pension what, if any impact will it have on my future contributions into my Defined Contribution pension as at present the company pay in £5k per year which I match to currently I have @ £10k paid into my DC pension.



Basically will I be limited to the amount I can pay into the DC pension if I activate my DB pension ?


Thanks

To get the best advice in response to your question, you need to start your own thread really. This is someone else's thread for their personal circumstances. If you go to your post and click "edit" - you can copy the text to a new thread on the pensions area (you are in the right area, just in someone else's bit - you could also then delete this post yourself).

I can have a go at answering quickly - Basically the two schemes are only related in one respect and that is the lifetime allowance of £1m for all your pots added together. If you exceed that the tax relief stops.

Drawing your DB will impact your tax position, not the level to which you contribute to your DC.

Another thing to consider - If your employer would also increase their contribution you could consider off-setting the DB pension income you receive and pay a larger contribution (up to 100% of your salary if it is less than £40k p.a) to boost that DC pot (an extra £9k+£9k would be brilliant tax free - as it would off-set the tax too (and you would still have your extra money from no mortgage to pay)