Redundant at 50... retiring early

Topiary

atolaas wrote: »

Could you turn one of your hobbies into an employment opportunity? You mention that you enjoy DIY...could you be an "odd job man" - taking on small jobs locally?

Nitram29 wrote: »

At your indicate living expenses even a one day a week is going to save you drawing on the cash but maybe your done with working,

I already help out elderly neighbours with "odd jobs" (and my parents too) though if extra income is necessary would prefer to do something home based so as not to be reliant on a vehicle and am also considering a rescue dog..........a companion for my walks.

Topiary

Many thanks to you all for all the above advice regarding investment/savings which I will take on board. :T

Also very much appreciate the references to Simple investing and Monevator. I now have some reading up and research ahead of me.

In the meantime I will not register unemployed and will make allowance to pay for the outstanding NI contributions.

mark1959

Your best way then for extra NI contributions [if needed] is to pay approx. £740 for each year, which you'll get back after 4 years of state pension payments.
By coincidence, paying £2880 each year into a SIPP gives you from almost the same govt department £720 each year [minus a small charge off the pension provider] Of course this will be taxed. :cool:

Audaxer

mark1959 wrote: »

Your best way then for extra NI contributions [if needed] is to pay approx. £740 for each year, which you'll get back after 4 years of state pension payments.
By coincidence, paying £2880 each year into a SIPP gives you from almost the same govt department £720 each year [minus a small charge off the pension provider] Of course this will be taxed. :cool:

As far as I can see the OP won't be earning any taxable income until he is 65, so if he did open a SIPP I think he could drawdown from the SIPP tax free from age 55 to 65 if he wished to?

mark1959

Yes, well spotted. It gets even better!

AnotherJoe

Topiary wrote: »

I already help out elderly neighbours with "odd jobs" (and my parents too) though if extra income is necessary would prefer to do something home based so as not to be reliant on a vehicle and am also considering a rescue dog..........a companion for my walks.

If you stuck to the reasonably local area, then shanks pony or a bike would suffice. Simple gardening where the recipients provide lawnmower, clippers etc, assembly of flat pack, that kindness of thing, doesn’t need a van or car to transport tools around.

You could take the dog with you in many cases

No-name_2

My situation is not too dissimilar from yours, personally I'm happy to stay in cash (although some of it is in old index linked National Saving Certificates) - and not have the worry of investment returns and IFA fees.

For those commenting that inflation will decimate your savings, well you hardly participate in the cash economy anyway so inflation is not so important (who cares if the cost of eating out increases when you only eat at home!).

Your pensions will be four times your current expenditure! In the meantime you can well cover your very low outgoings from your savings.

And if worse comes to worse and from what you say you are free of ties you could always downsize and move to the cheapest part of the country which would generate cash.

However, I do agree that some work might be beneficial, if your health is up to it (and if it is not do think about disability benefits - especially as you will have a good national insurance record from your recent employment).