Future Finances: Time vs Money

[Deleted User]

Hi S&R

Absolutely loving this thread. I think you sound so positive and look forward to keeping up with your progress.

I retired last September (was 62 in December) but my OH had retired some time earlier (he is 77 now). It was the best thing I ever did. I was in a Group Pension scheme with my employer, prior to that had worked for 29 years with my Local Authority in a final salary scheme. I was going to retire at 60 (with a small pension of around 9000k and make up the difference by draw down until I reached SR age in 2021 but received some very good advice from my IFA who advised that I should increase my salary sacrifice contribution and do another 2 years. That enabled me to build up an additional 20k in my pension pot and the 2 years just flew past! I still opted to take my LGSS pension and lump sum at 60, and although heavily taxed, this made up the shortfall from salary sacrifice.

(Mumf - I think you!!!8217;re doing the right thing and believe me, those 5 years will fly by and you will reap the benefits).

Life now is good, we were able to fund a loft conversion with my second lump sum and I will continue to draw down a small amount to top up my LGSS pension until aged 66. As OH is quite a bit older than me, we are now able to enjoy more time together. Like you (and I think most of the lovely people on this thread) we live a very simple life. Yes, we did buy new (ish) cars when I stopped work but we don!!!8217;t go on expensive holidays, much preferring to have days out with picnics etc. We take each day as it comes.

I do feel though that women aged between 60/65 have drawn the short straw. I had always geared my plans to retire at 60, then they moved the goalpost to 65, now 66 in my case. My advice to anyone considering early retirement - just do it! Yes, by all means be sensible and do the number crunching, but don!!!8217;t by any means think it can!!!8217;t be done.

Loving this positive thread!!!55357;!!!56876;

[Deleted User]

PS - this is my first ever post - sorry about the numbers - is it because I!!!8217;m using the apostrophe sign? The last bit was supposed to be a smiley face!

thriftytracey

Yes, it is the apostrophe. Very irritating isn't it? I have learned not to use apostrophes which looks like poor grammar but is not!


It's odd really that they have never redesigned MSE web site in all these years and "improved it" but in a way it is good to not have to have the extra irritations caused by a "redesign" (I am currently experiencing this with Yorkshire Bank Grrrrrrrr).

thriftytracey

Edit: Just noticed it allowed an "it's"....

ShyAndRetiring

Hiya lovely visitors!

sukysue wrote: »

Shy in my humble opinion ....YOU GOT THIS! Well done to you I am looking forward to reading and contributing to your lovely thread .

Thanks SukySue, I appreciate the support and glad to have you along!

humptydumptybits wrote: »

I've got some of the GC staying, they were here for 3 days last week and 5 this week. How do teenage or soon to be teenage boys eat so much? I've spent a small fortune, I think by September I might be a pauper! I do like having them though.

Glad you've had fun Humpty ... it's quite a thing isn't it, having visitors who eat you out of house and home? As we live in such a pretty place, we have quite a few visitors ... almost every other weekend through the summer, and all the meals soon add up. All the more reason to plant exotic greens and send OH out to catch mackerel! Not sure that'd be high on the list of teenage boys' favourite nosh though :rotfl:

ShyAndRetiring

Hi RetiredLady

Retired_lady wrote: »

Hi S&R

Absolutely loving this thread. I think you sound so positive and look forward to keeping up with your progress.

Gosh, that's so kind, thank you. I do try to be a positive person (to the point of being annoyingly so sometimes, according to OH). Always a bright-side somewhere!

I retired last September (was 62 in December) but my OH had retired some time earlier (he is 77 now). It was the best thing I ever did. I was in a Group Pension scheme with my employer, prior to that had worked for 29 years with my Local Authority in a final salary scheme. I was going to retire at 60 (with a small pension of around 9000k and make up the difference by draw down until I reached SR age in 2021 but received some very good advice from my IFA who advised that I should increase my salary sacrifice contribution and do another 2 years. That enabled me to build up an additional 20k in my pension pot and the 2 years just flew past! I still opted to take my LGSS pension and lump sum at 60, and although heavily taxed, this made up the shortfall from salary sacrifice.

Sounds like you really got on top of the planning there! It's amazing that a tweak and a bit of sacrifice (literally) for those two years has made such a difference to the pension pot! So glad the good advice worked out for you!

Life now is good, we were able to fund a loft conversion with my second lump sum and I will continue to draw down a small amount to top up my LGSS pension until aged 66.

What a great plan! We're also hoping to use my lump sum for a bit of home improvement when the time comes around, probably with future-proofing the bathroom! Hope your conversion turned out well, did you go for a master suite up there or something else?

As OH is quite a bit older than me, we are now able to enjoy more time together. Like you (and I think most of the lovely people on this thread) we live a very simple life. Yes, we did buy new (ish) cars when I stopped work but we don!!!8217;t go on expensive holidays, much preferring to have days out with picnics etc. We take each day as it comes.

:T Sounds idyllic and I totally agree, lots to be said for the simple life!

I do feel though that women aged between 60/65 have drawn the short straw. I had always geared my plans to retire at 60, then they moved the goalpost to 65, now 66 in my case. My advice to anyone considering early retirement - just do it! Yes, by all means be sensible and do the number crunching, but don!!!8217;t by any means think it can!!!8217;t be done.

Loving this positive thread!!!55357;!!!56876;

Good that you were able to take control of the retirement moment in your own terms rather than have to go further in pursuit of the government's shuffling goalposts. Thanks for the advice, really looking forwards to picking your brains and hearing more about making it all possible sooner rather than later!
Thanks for your kind words about the thread, just my future planning outpouring but helps keep things on track a bit.

Retired_lady wrote: »

PS - this is my first ever post - sorry about the numbers - is it because I!!!8217;m using the apostrophe sign? The last bit was supposed to be a smiley face!

Oh my gosh, I'm humbled that you joined in here for your first post, thank you so much! You'll get used to the smilies after a while. x

ShyAndRetiring

Hi ThriftyTracey

thriftytracey wrote: »

Yes, it is the apostrophe. Very irritating isn't it? I have learned not to use apostrophes which looks like poor grammar but is not!

It's weird though that it's intermittent, or at least seems to be. I don't seem to have any problems with it. Does it depend what device is being used, do you think?

It's odd really that they have never redesigned MSE web site in all these years and "improved it" but in a way it is good to not have to have the extra irritations caused by a "redesign" (I am currently experiencing this with Yorkshire Bank Grrrrrrrr).

Oh goodness, not another bank redesign ... I'm still recovering from the old TSB debacle! Where's the d'oh smilie when you need one?

thriftytracey wrote: »

Edit: Just noticed it allowed an "it's"....

'Tis a fickle, mystical thing, the apostrophe on MSE.:rotfl:

ShyAndRetiring

:wave:

Hope everyone's had a good Monday! So, today's efforts towards future planning ...

* Spending
No money passed hands today means 10/10 NSDs, so first mini-goal of this thread achieved! :T

* Savings
More paperwork for new accounts but having trouble with getting registered for the online banking with the new Fl*x account ... sharing your banking frustrations of the day there ThriftyTracey!
Want to get in there so I can get the cash across and get organised before the end of the month.

* Sorting
Just about there with the produce planting / planning. OH sorted out the remaining planter today, so we're ready to get some garlic in there.
I also sorted some £££ paperwork today, prompted by the arrival of the savings accounts papers etc. Worked as a kind of declutter as well because I rearranged the 'filing system' (mess in the drawer) so it's now organised and there's now half a drawer of space left!
Have got my focus for August sorted too!

Simple pleasures:
- Two great birdie moments today, a fantastic raven flew over my head whilst I was hanging out the washing. It was calling it's amazing caw as it went by. Then when we were walking the dogs, a kestrel was hunting in the field beside the path we were taking, so beautiful.
- OH and I organising a slightly different routine in the afternoons, once I finish work, so there's a bit more of a chance to spend time together! That's 'once I finish work' in the short term, as in after work each day, rather than that longer term 'once I finish work'!
- Finding the Miranda box set on iPlayer ... OH hates this, but as he goes to bed so early because of work, so it can be my simple (guilty) pleasure! Chuckling away to myself! :rotfl:

Sleep tight all x

crv1963

Hi Everyone,


Some interesting posts, about the motivation behind the decision to retire and the methods. I think that you can never take the next day for granted, I had a heart attack last year, very fortunately I had a stent put in and have made a full recovery with some lifestyle changes along the way. That enforced time away from a stressful job made us look at our retirement planning, read lots of threads, ask questions and decide to change our plans bringing forwards when we can go.


I'm due to start a new job/role in September, with the aim of increasing our savings/ pensions and reducing our debt. I too am time limiting the length of the job by having in my head 18mths- 3 years maximum then we'll call it a day and either fully retire or retire and return to work on a part time basis.


We've started doing repairs/ future proofing our home (although Mrs CRV always moots moving, in reality I know she won't!) planning our number was interesting, planning our projected expenditure was eye opening and actually led to us making savings now, just the de-cluttering to go- house, shed, summer house, garage, air raid shelter- enough to keep me busy until I drop lol!!!

ShyAndRetiring

Hi CRV1963 thanks for stopping by ...

crv1963 wrote: »

Hi Everyone,


Some interesting posts, about the motivation behind the decision to retire and the methods. I think that you can never take the next day for granted, I had a heart attack last year, very fortunately I had a stent put in and have made a full recovery with some lifestyle changes along the way. That enforced time away from a stressful job made us look at our retirement planning, read lots of threads, ask questions and decide to change our plans bringing forwards when we can go.

Gosh CRV, hope you're OK now. Awful that it sometimes takes something so dramatic (and life-threatening( before we're able to take a step back from the daily grind and realise just how much damage it's causing. So glad you were able to recover your health and gain a better retirement plan.


I'm due to start a new job/role in September, with the aim of increasing our savings/ pensions and reducing our debt. I too am time limiting the length of the job by having in my head 18mths- 3 years maximum then we'll call it a day and either fully retire or retire and return to work on a part time basis.

Sounds like a solid plan and great to have put a time limit on it, so that end goal has a date to aim for. Good luck for the new job! :T

We've started doing repairs/ future proofing our home (although Mrs CRV always moots moving, in reality I know she won't!) planning our number was interesting, planning our projected expenditure was eye opening and actually led to us making savings now, just the de-cluttering to go- house, shed, summer house, garage, air raid shelter- enough to keep me busy until I drop lol!!!

Ahh, The Number. This is a serious focus for me at the moment (both mid and long term numbers). Great that it's given you food for thought and motivation to clear the decks and fill those coffers and focus on future-proofing in all ways. Sounds like you've plenty to keep you going there.

Do you have a thread anywhere, would be lovely to read about how you're getting on?