On the home run to retirement - give me your top tips!

barnstar2077

Albermarle said:

Spogchait said:

@barnstar2077 we just got a dog but part of me was thinking that if the dog wasn’t around in 10 years it would free us up to travel!  Despite that thought,  I’ve been amazed how rewarding having a dog is and how it gets you out of the house and meeting people, there’s a real community of dog walkers.  I’d recommend it to anyone.

I will retire next year but the dog is getting a bit old , so just when I have more time for walkies , maybe he will not be around anymore. On the other hand it is quite restrictive having a dog so when the inevitable happens I will see how it works out for a year or two before thinking about getting another one.

I too am a bit concerned about the restrictions, I know I wouldn't want to leave my dog alone if I could help it.  It won't be an easy decision to make when the time comes and I am finally in a position to have one, 

Hopefully you will be retired in time to have some extra walks with your pet before the inevitable mate.

I know it isn't a popular view, but I really do believe that time is the only true commodity.  If I could afford to retire today I would do.  Our family, friends and pets are not getting any younger, and nor are we.  I can't wait for the opportunity to spend more time with them.  Work just gets in the way of making memories.

Retireinten

A couple of points I've picked up that might be worth considering or worth clarifying (for yourself, not necessarily the thread):
- Have you worked out how much you want income wise each year in retirement (net). I haven't spotted this in the thread. How does this compare to your DB income plus (eventually) your state pensions.  If there is a gap between the two values then you need to have a plan to address the gaps. 
- I'm not sure if you're DB is worth £20k now to you or £20k in 10 more years - in other words, have you accrued £20k in the scheme at the age of 49 or is this the value after another 10 years in the scheme? I assume these figures are in today's money so any values quoted will at least be subject to inflation increases.  
- I know you're a high earner but by how much over the higher rate threshold after your pension contributions are you? If you can increase your contributions to pay basic rate tax (via the AVC route - sal sacrifice + tax free lump sum makes this worthwhile), then you may be able to transfer £1,250 of your husbands tax allowance.
- Definitely worth paying £2,880 in to a schene for your husband and taking the £3,600 back. It's free money!

cfw1994

barnstar2077 said:

Albermarle said:

Spogchait said:

@barnstar2077 we just got a dog but part of me was thinking that if the dog wasn’t around in 10 years it would free us up to travel!  Despite that thought,  I’ve been amazed how rewarding having a dog is and how it gets you out of the house and meeting people, there’s a real community of dog walkers.  I’d recommend it to anyone.

I will retire next year but the dog is getting a bit old , so just when I have more time for walkies , maybe he will not be around anymore. On the other hand it is quite restrictive having a dog so when the inevitable happens I will see how it works out for a year or two before thinking about getting another one.

I too am a bit concerned about the restrictions, I know I wouldn't want to leave my dog alone if I could help it.  It won't be an easy decision to make when the time comes and I am finally in a position to have one, 

Hopefully you will be retired in time to have some extra walks with your pet before the inevitable mate.

I know it isn't a popular view, but I really do believe that time is the only true commodity.  If I could afford to retire today I would do.  Our family, friends and pets are not getting any younger, and nor are we.  I can't wait for the opportunity to spend more time with them.  Work just gets in the way of making memories.

That last paragraph nails it for me.  Time is the single thing we cannot earn any more of!

MarkCarnage

A few points from a fellow Scot (or do you just live and pay tax here  ? 
It sounds like you should keep that DB pension to me. Different maybe if the TV was really compelling, and/or you had other DB pensions or life limiting illness. However, none of that seems to be the case. It is the secure underpin of everything else. 
The tax relief on adding to your pension seems compelling to me. I would add as much as you can while you can. Who knows how long that tax privilege will last? You will then have a decent pot to do as you wish with. If you can take the tax free cash from your AVC pot then do so absolutely. 
I stopped full time work at 55, did part time consultancy for 3 years, then took DB pension about a year or so early. Now doing a couple of paid Trustee roles for large pension funds - about 30-40 days a year in total. Also doing various other unpaid roles to keep brain and body active.  Particularly relevant in this current wretched year when plans to travel were shelved. Have managed to get a bit more fishing done, doubled my allotment size and look after a cricket ground too...
I manage my own SIPP and ISA portfolio too, and my wife's. I'm very fortunate. I vowed not to work on too long as my father died a month after retiring aged 65. 
Good luck! 

Spogchait

Hi @MarkCarnage. I’m afraid I’m not technically Scottish, although I’ve been living here a long time and my Grandad was Scottish!  I’m definitely going to do more AVCs now and also get a SIPP going for the husband. 

@Retireinten The just over £20k is what it is projecting as what I will be paid in retirement.  I think it’s actually £23k.
Others I know have transferred out and one was advised that the transfer value was ‘too good to refuse’.  But I will take a view when the times comes, hopefully from a better position of knowledge on pensions - I’m a novice.  Plus lots can change in 10 years.