Early-retirement wannabe

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  • gfplux
    gfplux Posts: 4,985
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    My husband said if he dies while he is employed there I would get 4 times his salary.

    So, does that mean we should wait to get life insurance after he leaves work or would it be easier to get extra life insurance while we were younger?

    It can be important that the pension and death in service trustees at the company know clearly and in writing that you are the intended beneficiary.
    Early scemes left it entirely in the hands of the trustees. Some peoples family lives are very complicated (divorce, 2nd relationship and or 2nd marriage) It helps everyone to have that clear.
    There will be no Brexit dividend for Britain.
  • Wednesday2000
    Wednesday2000 Posts: 7,281
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    gfplux wrote: »
    It can be important that the pension and death in service trustees at the company know clearly and in writing that you are the intended beneficiary.
    Early scemes left it entirely in the hands of the trustees. Some peoples family lives are very complicated (divorce, 2nd relationship and or 2nd marriage) It helps everyone to have that clear.

    I will definitely go through the pension paperwork today and check that.:)
  • westv
    westv Posts: 6,060
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    westv wrote: »
    Still no clarification re location. I am the only one of 11 that this affects and it pi**es me off!

    Just been told today that my role will move 30 miles outside London from 1/7/18. I left it with them to see what flexibility is available as it would currently double the cost of and add several hours to my weekly travelling.
    If needs be I could just walk away but I'd rather not do that just yet.
  • Deneb
    Deneb Posts: 420
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    westv wrote: »
    Just been told today that my role will move 30 miles outside London from 1/7/18. I left it with them to see what flexibility is available as it would currently double the cost of and add several hours to my weekly travelling.
    If needs be I could just walk away but I'd rather not do that just yet.

    I decided to go when they told me I was moving to Stevenage. That got me out of the OMY syndrome rut that I had slowly been sinking into :)
  • LHW99
    LHW99 Posts: 4,135
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    Wednesday2000 do you / can you get ESA? I think that provides NI credits.
  • westv
    westv Posts: 6,060
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    westv wrote: »
    Just been told today that my role will move 30 miles outside London from 1/7/18. I left it with them to see what flexibility is available as it would currently double the cost of and add several hours to my weekly travelling.
    If needs be I could just walk away but I'd rather not do that just yet.
    Deneb wrote: »
    I decided to go when they told me I was moving to Stevenage. That got me out of the OMY syndrome rut that I had slowly been sinking into :)

    Now 55.
    Ideally I would have wanted to get to 58. Pension pot is currently around £300k with a PPF saved DB starting at 60 of around £5k.
    Also my wife wants to carry on working and will have the benefit of CS pensions starting in 12 years and 19 years.
  • Deneb
    Deneb Posts: 420
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    westv wrote: »
    Now 55.
    Ideally I would have wanted to get to 58. Pension pot is currently around £300k with a PPF saved DB starting at 60 of around £5k.
    Also my wife wants to carry on working and will have the benefit of CS pensions starting in 12 years and 19 years.

    Ah, I went at 60. Had a DB pension in payment since I was 54 so basically lived off that and shoved my salary into a SIPP for 6 years, intending to bridge the gap until SPA.

    Now 10 months into retirement also with a second smaller DB pension and I haven't touched the SIPP. I keep telling myself that I should start spending more, but it's difficult to alter the mindset from years of saving and investing as a priority.

    Mrs D is currently 58 and still works part time, intending to retire at 60 also. One of my biggest successes has been to convince her to also save into a SIPP, although that doesn't stop her from spending just about everything else that's left faster than she earns it!

    I hope everything works out for you.
  • atush
    atush Posts: 18,719
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    mgdavid wrote: »
    hope that wasn't a Freudian slip ! :D


    No it was typing in the dark in a hotel room cuz everyone else is asleep lol.
  • gfplux
    gfplux Posts: 4,985
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    westv wrote: »
    Now 55.
    Ideally I would have wanted to get to 58. Pension pot is currently around £300k with a PPF saved DB starting at 60 of around £5k.
    Also my wife wants to carry on working and will have the benefit of CS pensions starting in 12 years and 19 years.

    21 years ago at 52 I was forced out. Looking back it was the best thing that ever happened to me. Otherwise I would have hung on and on and on.
    There will be no Brexit dividend for Britain.
  • crv1963
    crv1963 Posts: 1,372
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    gfplux wrote: »
    21 years ago at 52 I was forced out. Looking back it was the best thing that ever happened to me. Otherwise I would have hung on and on and on.


    This is interesting, I have had several colleagues retire before the scheme NRA due to their unhappiness at changes in workload/ roles and work base, to a person they all state that they are much happier now. Some took quite a hit with pension reduction but still say they took the right decision.


    I think that when looking at pension saving, retirement planning and finances in general, we sometimes lose sight of the main goal- to be happy/ healthy/ contented as well as secure.


    I think morale in the workplace is as important as the actual salary. I have several colleagues who repeatedly state their general unhappiness but refuse to either seek another post or to retire but simply say "I'll do one more year then go". Having in the last month had two funerals for colleagues who died in their 50s, both within 6 months of retiring, I'm placing time with Mrs CRV and our dogs ahead of my need to work on and on. I've re-evaluated and I'm going to make sure I don't fall into the OMY trap!
    CRV1963- Light bulb moment Sept 15- Planning the great escape- aka retirement!
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