54 and tired of work!!!

Grumpy_Old_Duffer
Grumpy_Old_Duffer Posts: 689 Forumite
First Post First Anniversary Combo Breaker
in Pensions, annuities & retirement planning
Considering early retirement next year (55th Birthday) when I believe I can start drawing my full State Pension (please correct me if I'm wrong) and hopeful get EVR from my employer, and some severance pay.

I have some private pensions & investments which I don't want to start drawing until I'm 60 and then again at 65, but in the meantime I want a 'simple' job as I'm tired of the stress & hassle of middle management.
  1. Is there a job market (PT or FT) out there for 55+ year olds? Some Expertise in Computer Modelling using EXCEL!
  2. What jobs are people doing who have been in a similar situation?
  3. Have you found it worthwhile money wise?
  4. Have you found it worthwhile lifestyle wise?
  5. What pitfalls might there be?
My wife is currently in the process of applying for ER on the grounds of ill health, so it would be nice to join her and start living & doing things before we are too old & haggard!!!
It has taken about 4,500,000,000 (4.5 billion) years for the Earth to form as it is now .........
and it'll only take about another 100 years for mankind to really **** it up!!!!

Comments

  • tanith
    tanith Posts: 8,091 Forumite
    First Anniversary Combo Breaker
    Grumpy old duffer I don't think you can collect your pension till you are 65, where did you get the idea that it would be ok to claim in now? I am sure someone will correct us both .....

    I am in the process of applying for ER on the grounds of ill-health and its come as a bit of a surprise to be honest, but now I am getting used to the idea it doesn't seem too bad... I will struggle for the next couple of years till I can claim my State Pension at 60 but will continue to pay my NI stamp to help boost my pension as much as possible . My OH is still working as we have a mortgage still to pay so he is not in the fortunate position of being able to contemplate ER .......

    I have looked into part-time working and to be honest it doesn't pay well but I have found something that looks promising and that I will enjoy and also help out others..... and at least pay my way when it comes to bills and mortgage.....
    #6 of the SKI-ers Club :j

    "All that is necessary for evil to triumph is for good men to do nothing" Edmund Burke
  • Grumpy_Old_Duffer
    Grumpy_Old_Duffer Posts: 689 Forumite
    First Post First Anniversary Combo Breaker
    tanith wrote:
    Grumpy old duffer I don't think you can collect your pension till you are 65, where did you get the idea that it would be ok to claim in now?

    State Pension Forecast https://secure.thepensionservice.gov.uk/statepensionforecast/
    It has taken about 4,500,000,000 (4.5 billion) years for the Earth to form as it is now .........
    and it'll only take about another 100 years for mankind to really **** it up!!!!
  • CIS
    CIS Posts: 12,260 Forumite
    Name Dropper First Post First Anniversary
    You cant draw your state pension until 65yrs even when you've achieved the full pension, if your a man, for women it varies between 60 and 65 .
    I no longer work in Council Tax Recovery but instead work as a specialist Council Tax paralegal assisting landlords and Council Tax payers with council tax disputes and valuation tribunals. My views are my own reading of the law and you should always check with the local authority in question.
  • chesky369
    chesky369 Posts: 2,590 Forumite
    "Effectively, you could stop work at the end of this year, claim your autocredits from 2007-2012 and get a full pension."

    CIS - why did you say this to G old D in the thread below. He/she has obviously taken it to heart.
  • Grumpy_Old_Duffer
    Grumpy_Old_Duffer Posts: 689 Forumite
    First Post First Anniversary Combo Breaker
    CIS wrote:
    You cant draw your state pension until 65yrs even when you've achieved the full pension, if your a man, for women it varies between 60 and 65 .

    Hi CIS,
    So these 'What if' scenarios show what?
    I'm confused, because when it asks 'What If' you retire early, and you put-in the relevant data, what are these figures actually showing me?

    Pension breakdown
    19-Jan-07 .... 19-Jan-17
    Basic Pension
    £84.25 ......... £84.25
    [FONT=Arial, sans-serif]Payable Additional Pension[/FONT]
    £0.18 ........... £0.18
    [FONT=Arial, sans-serif]Graduated Pension[/FONT]
    £3.06 .......... £3.06
    Estimated total weekly State Pension
    £87.49........... £87.49

    I thought it was showing me, that if I retired early next year my State Pension would be the same now as in 2017...... or is that partly right, and what it's actually saying is that if I retired next year I wouldn't gain, or lose, anything on the State Pension when it's due to paid in 2017 i.e. all NI contributions payed whilst in FT employment between now and 2017 have no influence on the State Pension.
    It has taken about 4,500,000,000 (4.5 billion) years for the Earth to form as it is now .........
    and it'll only take about another 100 years for mankind to really **** it up!!!!
  • CIS
    CIS Posts: 12,260 Forumite
    Name Dropper First Post First Anniversary
    You can stop work and claim your autocredits but you still cant draw your state pension at 65, effectively you need 44yrs , once you've got these you can stop work and wait out until that days comes and you can live like a king:rotfl:
    I no longer work in Council Tax Recovery but instead work as a specialist Council Tax paralegal assisting landlords and Council Tax payers with council tax disputes and valuation tribunals. My views are my own reading of the law and you should always check with the local authority in question.
  • CIS
    CIS Posts: 12,260 Forumite
    Name Dropper First Post First Anniversary
    What its saying is that by 17th jan 2007 you will have accrued the most basic pension you are going to achieve (44yrs)and that cant get any higher, you may accrue more S2P if you remained in work past 2007, but no more basic state pension (your says you wont, are you S/E ?).

    Effectively anyone could give up work at 60 (44yrs conts)a nd enjoy the next 5 years in retirement, but still unable to actually draw their pension until 65.

    Once 44 years is accrued , any liability to pay NI must be honoured, even if if it cant increase your basic state pension (it can potentially increase your S2P), until you turn 65.
    I no longer work in Council Tax Recovery but instead work as a specialist Council Tax paralegal assisting landlords and Council Tax payers with council tax disputes and valuation tribunals. My views are my own reading of the law and you should always check with the local authority in question.
  • Grumpy_Old_Duffer
    Grumpy_Old_Duffer Posts: 689 Forumite
    First Post First Anniversary Combo Breaker
    CIS wrote:
    You can stop work and claim your autocredits but you still cant draw your state pension at 65, effectively you need 44yrs , once you've got these you can stop work and wait out until that days comes and you can live like a king:rotfl:

    Damn, and there was me thinking of a life of luxury!!
    It has taken about 4,500,000,000 (4.5 billion) years for the Earth to form as it is now .........
    and it'll only take about another 100 years for mankind to really **** it up!!!!
  • CIS
    CIS Posts: 12,260 Forumite
    Name Dropper First Post First Anniversary
    You might get luxury now but at 65 you'll be able to live happily on your #87 - are you going to start looking for that nice carribbean beach house now ?
    I no longer work in Council Tax Recovery but instead work as a specialist Council Tax paralegal assisting landlords and Council Tax payers with council tax disputes and valuation tribunals. My views are my own reading of the law and you should always check with the local authority in question.
  • missile
    missile Posts: 11,684 Forumite
    Name Dropper Photogenic First Post Combo Breaker
    You can draw a private pension at any age under certain circumstances e.g. ill health, but you need to prove it. You cannot draw "protected rights" private pension until 60 or state pension until 65
    "A nation's greatness is measured by how it treats its weakest members." ~ Mahatma Gandhi
    Ride hard or stay home :iloveyou:
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