Should i retire?

waveydavey48

I'd say go now!

Bravepants

Johnnyboy11 said:

Another vote here to retire (or semi-retire), and to avoid BTL.

I'd take the max FS annual pensions (no encashment), and shove as much cash as allowed each year into a SIPP and ISA and invest in a global tracker fund (VLS60 for me), then sit back an plan what I'd like to do next. It's a nice choice to be able to make, Good Luck!

Plus 1 for this. Johnnyboy11 is spot on!

ffacoffipawb

The only thing i miss about working is the money, though having said that my pension (early retirement final salary plus a SIPP drawdown) is adequate for our needs. PCLS is saved for big jobs like cars, bathroom, kitchen etc as and when required.

I am 56 and retired last year on my 55th birthday.

The old final salary pension was hit with an ER reduction which was fine due to being pretty much at LTA for everything, but I am about 15% below LTA now due to COVID-19.

whizzywoo

If you can afford it then definitely retire now.  You will be able to do the things you want to do whilst you are healthy and fit enough to enjoy them.  Life is for living, not slaving away behind a desk and computer.  Go ahead and enjoy it.

bigfer

Go now. Retired 2 years now and i still get the same buzz in the morning when i wake up. Jump in the water is lovely......

enthusiasticsaver

No way would I  buy a BTL.  All the hassle of being a landlord and coping with sometimes non paying or disruptive tenants.  Property does not hold its  value any more than investments and is much more hassle to sell if you want access to it.  You don't need to cope with broken boilers or leaking roofs if you are invested in funds. 

Evan3020

Since my retirement income would be just below the tax threshold can i pay the £2880 into my sipp and then draw it out?
If so how does that work? Does my sipp have to be in drawdown at the time and do i put the money in monthly?

Albermarle

Evan3020 said:

Since my retirement income would be just below the tax threshold can i pay the £2880 into my sipp and then draw it out?
If so how does that work? Does my sipp have to be in drawdown at the time and do i put the money in monthly?

Here is a 105 page thread on the subject , so happy reading.
https://forums.moneysavingexpert.com/discussion/5580163/paying-2880-into-pension-when-retired/p1

Anonymous101

enthusiasticsaver said:

No way would I  buy a BTL.  All the hassle of being a landlord and coping with sometimes non paying or disruptive tenants.  Property does not hold its  value any more than investments and is much more hassle to sell if you want access to it.  You don't need to cope with broken boilers or leaking roofs if you are invested in funds. 

Having been through the thought process over the last few years I came to the same conclusion. Its just lots of extra hassle for little or no extra reward.
I have thought about getting involved with some property refurbishments but that would be more on the basis of wanting a hobby project than for investment purposes. Unless you feel passionate about being a landlord I think certainly think twice.

Evan3020

I just thought that we are entering an era of 0% interest rates and money printing and that an asset might be better than having loads of cash.