Time to go?

Itsallagame

Something that may be worth looking at is something I will be doing in retirement where I intend to buy the required amount of VCTs in order to eliminate my tax liability in retirement

I actually started this process last year when I was 50 by buying the amount of VCTs to cancel my prospective income in my first year of retirement. The block of VCTs purchased at 50 reduced my tax bill last year and as they will be free to be sold at 55 I can sell them and then reinvest the proceeds in my first year of retirement and cancel out any tax. Over time I will have 5 blocks of VCTs that I will just sell and reinvest throughout retirement so that I can extract my Sipp income tax free throughout retirement and therefore giving me a greater net income than I get now in work.

bigadaj

Itsallagame wrote: »

Something that may be worth looking at is something I will be doing in retirement where I intend to buy the required amount of VCTs in order to eliminate my tax liability in retirement

I actually started this process last year when I was 50 by buying the amount of VCTs to cancel my prospective income in my first year of retirement. The block of VCTs purchased at 50 reduced my tax bill last year and as they will be free to be sold at 55 I can sell them and then reinvest the proceeds in my first year of retirement and cancel out any tax. Over time I will have 5 blocks of VCTs that I will just sell and reinvest throughout retirement so that I can extract my Sipp income tax free throughout retirement and therefore giving me a greater net income than I get now in work.

Assuming you can sell the VCTs of course.

Anonymous101

mgdavid wrote: »

but that in itself is a problem - some - far too many it seems - people simply don't know how to enjoy themselves in retirement, often because they have few hobbies or pastimes and more importantly none that they can call 'passions'.
Hence looking forwards to retirement becomes daunting and therefore putting it off and saying 'one more year' is the soft option.

Having thought about my comment and your response I think its a very sorry state of the world we live in. Of course you're right, working for 35-40 years often knocks the stuffing out of people to such a degree that there's nothing left by the time they retire. Their work becomes their lives.

enthusiasticsaver

Given you have around 1.25million to draw on including cash, DC pension etc then I think even given the high number (why so high?) you need in income you will be fine to go now. My OH went at 58 last year and I am going next month at 57 for precisely the same reasons you cite - ie corporate BS which seems to be getting worse or maybe it is our age .

One thing I would check is the DB pension and state pension are they calculated assuming you carry on working or have you got deferred values as obviously they will be different? My OH drew on his DB pension in the end as he would have received around £28k gross if he had carried on until 65 but if he retired at 58 as he did and deferred taking it until 66 it was only around £25.5k per annum and taking it at 58 gave him just shy of £24k so that is what he did given he would be receiving it for 8 years longer. My situation is similar but on a much smaller pension - the difference if I deferred it was only around £1k so I am taking it as I will get it for an extra 8 years. You also need advise on the tax side of things.

I would mention our number was £30k (£2500 net per month) with £100k in savings for capital expenditure which we comfortably had before deciding we would go early.

bugslet

justme111 wrote: »

I find it curious- how come everybody is hacked by it but it still exists and reportedly gets worse. It can not get worse with every generation forever so are there any cycles in management ? Or is it the same and everybody is more sensitive to it as they age ?

I don't think it's age, there is more rubbish to put up with and infinitley more regulations and nitpicking.

I don't succumb to it at all. part of the reason why I don't have more customers and a chunk of the rubbish in my contract with the main customer I ignore.

I think I get away with so much because there are so many people that hate the BS but because they are employed there, they have to put up with it. They get to put tow fingers up at the corporate types whilst hiding behind my more maverick approach.

I could not work directly for a big firm.

ams25

justme111 wrote: »

I find it curious- how come everybody is hacked by it but it still exists and reportedly gets worse. It can not get worse with every generation forever so are there any cycles in management ? Or is it the same and everybody is more sensitive to it as they age ?

when I was younger (20s and 30s) I had tons of enthusiasm and energy at work and I could put up with most of the corporate BS and I am sure created some too but as my career prospered it was all (or mostly) good.. in my 40s my ability to put up with the corporate BS definitely declined and by the time I hit 50 it was a struggle to deal with it.
Suspect many follow a similar cycle....

I am sure smaller organisations generate less corporate BS (but not none).

Triumph13

justme111 wrote: »

I find it curious- how come everybody is hacked by it but it still exists and reportedly gets worse. It can not get worse with every generation forever so are there any cycles in management ? Or is it the same and everybody is more sensitive to it as they age ?

I think another big factor is that the first time you are sold the BS it can seem quite reasonable. When they next change it to tackle the perceived problems with the previous BS, even that can seem to have some sense to it.
After you have been through that cycle for a couple of decades, you no longer have any false optimism. You have, unfortunately, acquired the ability to look at the next incarnation and know exactly what pain it will cause, what problems it won't fix and what new ones it will cause.

bugslet

ams25 wrote: »

I am sure smaller organisations generate less corporate BS (but not none).

I think we do. We have to fall in with the legal BS. But otherwise I'm going to boldly say we have none. One of my phrases is that 'I can't be a**ed with that sh*te. Fortunately I have a finance and an ops manager that think the same, so they don't come up with any rubbish either.

I think it's one of the reasons that staff stay for so long with me.

Chickereeeee

Twopints wrote: »

Is that because the corporate sh1t3 exists, or that people are hacked off by it?

I've had enough of it, from soup to nuts.

I think it is sad because so many people are so sick of what they spend so much of their life doing. And that they believe the only alternative is not doing it anymore.

C

Chickereeeee

Anonymous101 wrote: »

Having thought about my comment and your response I think its a very sorry state of the world we live in. Of course you're right, working for 35-40 years often knocks the stuffing out of people to such a degree that there's nothing left by the time they retire. Their work becomes their lives.

As it was through most of human history (if you include killing animals, gathering fruit, growing crops and fighting as 'work' rather than 'leisure activities')

C