How to cope with work in run to retirement

GibbsRule_No3.

I have had a change of thinking regarding retirement in the past month. At the start of the year I was all set to go in December this year, two months before my SP kicks in but now I am going to stay for as long as I feel active. Granted I did drop down to a three day week three years ago and I have been in the same job since 1971 so I actually like what I do, I was just fed up with the climate at work but having accepted I cannot change that and that as long as I do my job as I want to then I’m staying for the money, to enable me to have fun when not at work. I will never have had as much money in my life as after March 2020. Monthly pay, two pensions, both already in payment, then SP as well as a nest egg of a Stakeholder Pension paid into by my works and myself, that can be taken as a lump sum when I do retire for good. I’m a single person so probably going in for 24 hours a week, for three days will actually keep me active, physically and mentally. I cycle and walk but love holidays in the U.K. and USA. Hence the handy money. I think I have a good work life balance, I moved house to a “final” bungalow, near to public transport four years ago.

nigelbb

GibbsRule_No3. wrote: »

I will never have had as much money in my life as after March 2020. Monthly pay, two pensions, both already in payment, then SP as well as a nest egg of a Stakeholder Pension paid into by my works and myself, that can be taken as a lump sum when I do retire for good.

Another bonus of reaching state pension age while continuing to work is that you no longer pay National Insurance contributions which is a bonus that many are unaware of & potentially worth hundreds a month.

pensionpawn

nigelbb wrote: »

Another bonus of reaching state pension age while continuing to work is that you no longer pay National Insurance contributions which is a bonus that many are unaware of & potentially worth hundreds a month.

I have absolutely no intention of benefiting from that. It will require the kind of magic only seen in Game of Thrones or Lord of the Rings to summon the enthusiasm to get to 57, let alone 67. Also if growth and work continues as is I would be dealing with LTA issues well before that. That said, wasn't there some governmental murmurings about abolishing that bonus as the youth of today need the cash instead?

lisyloo

pensionpawn wrote: »

I have absolutely no intention of benefiting from that. It will require the kind of magic only seen in Game of Thrones or Lord of the Rings to summon the enthusiasm to get to 57, let alone 67. Also if growth and work continues as is I would be dealing with LTA issues well before that. That said, wasn't there some governmental murmurings about abolishing that bonus as the youth of today need the cash instead?

Damian Green murmured something that was immediately slapped down.

GibbsRule_No3.

pensionpawn wrote: »

I have absolutely no intention of benefiting from that. It will require the kind of magic only seen in Game of Thrones or Lord of the Rings to summon the enthusiasm to get to 57, let alone 67. Also if growth and work continues as is I would be dealing with LTA issues well before that. That said, wasn't there some governmental murmurings about abolishing that bonus as the youth of today need the cash instead?

Well if they do, hopefully they will give me 10years this time unlike my second SP age rise. Not sure how much not paying NI will actually save since my tax will go up. I just hope the personal allowance keeps going up, bit worried about that since this years is a big jump from last year. While I’m sure things have gone up this month my extra take home is about £50 with pay, pension rises and extra PA.

Anonymous101

pensionpawn wrote: »

I have absolutely no intention of benefiting from that. It will require the kind of magic only seen in Game of Thrones or Lord of the Rings to summon the enthusiasm to get to 57, let alone 67. Also if growth and work continues as is I would be dealing with LTA issues well before that. That said, wasn't there some governmental murmurings about abolishing that bonus as the youth of today need the cash instead?

Me either!


The trouble I've found is having gotten on the road to F.I. and possible early retirement is that I know that its possible to retire as soon as my finances allow. Initially that looked like 14-15 years. Now i've managed to reduce that to 8-10. Which is great, but the sting in the tail is that every day is a now a struggle.... I find it very difficult to not just wish away the next decade of my working life.

nigelbb

lisyloo wrote: »

Damian Green murmured something that was immediately slapped down.

It is on the face of it an anomaly that those past state pension age don't pay National Insurance contributions e.g. in France pensioners do pay social security contributions. However it's very longstanding & many will have made plans on the basis that they would no longer be paying NI e.g. reducing working hours. That's not to say that the government wouldn't screw working pensioners as they already did with women who were expecting state pension at 60 but even then they got a few years notice of the change.

If NI payments were introduced for those past state pension age then it could only be introduced either gradually in a tapered fashion &/or with plenty of warning. I wouldn't expect anyone currently receiving this bonus or even retiring in the next couple of years to be affected.

pensionpawn

Anonymous101 wrote: »

Me either!


The trouble I've found is having gotten on the road to F.I. and possible early retirement is that I know that its possible to retire as soon as my finances allow. Initially that looked like 14-15 years. Now i've managed to reduce that to 8-10. Which is great, but the sting in the tail is that every day is a now a struggle.... I find it very difficult to not just wish away the next decade of my working life.

A little like Frodo taking the ring to Mount Doom, the burden (of getting up to go to the office) increases the closer you get to the goal, 55! I believe I was guilty of wishing the time away a few years ago until a neighbour, a good friend of mine, spotted the symptoms during a night out over (several) ales and told me point blank to 'not wish the years away'. Knowing exactly what he meant, having personally seen the rapid passing of years, as we all do, I quickly snapped to and reminded myself to live in the moment too. Still can't stop updating the spreadsheet though!

Anonymous101

pensionpawn wrote: »

A little like Frodo taking the ring to Mount Doom, the burden (of getting up to go to the office) increases the closer you get to the goal, 55! I believe I was guilty of wishing the time away a few years ago until a neighbour, a good friend of mine, spotted the symptoms during a night out over (several) ales and told me point blank to 'not wish the years away'. Knowing exactly what he meant, having personally seen the rapid passing of years, as we all do, I quickly snapped to and reminded myself to live in the moment too. Still can't stop updating the spreadsheet though!

Yes, very much like that!


I have to check my thinking every now and again.
I very much enjoy life... but spending at least 2 hours commuting and 9 hours or so in the office is becoming more difficult.

ffacoffipawb

GibbsRule_No3. wrote: »

Well if they do, hopefully they will give me 10years this time unlike my second SP age rise. Not sure how much not paying NI will actually save since my tax will go up. I just hope the personal allowance keeps going up, bit worried about that since this years is a big jump from last year. While I’m sure things have gone up this month my extra take home is about £50 with pay, pension rises and extra PA.

All the NI saving is in your pay packet and will fall through straight to take home pay and there should be no change in income tax after SPA on your salary (of course you will pay tax on your state pension which may be through a tax code adjustment on your pay slip, but thats a totally different issue).