Retirement Advice

[SwingsitlikeHogan]

I retired at 56 but lost 5% for every year I went early so 45% Of my pension.
I was well paid at the time and wife was working.

you can’t just play golf all the time you really need something to do.
I went back part time in turf maintenance.

if you have the money great if you don’t then it’s not viable.
like most things it comes down to personal circumstances.
but one thing I know I hardly spend anything now (after essential)as going to work does cost money.
mortgage paid is the big one. Paid that off straight away.

Mortgage: We paid off our mortgage but after a few years took out another one to spend on our property.

We took the view (though my wife took a bit of convincing about this) that we could afford the interest only monthly payments out of our pensions and we were investing the loan in our property - effectively moving money from a pension investment pot into a property investment. That having a mortgage was, in itself, not a big deal - at least not for us.

I have absolutely no concerns or hang-ups that we have a mortgage (though my wife does sometimes mention it) as we know we can clear all or much of it as we might choose at any time if the impact on our pension income relative to expenditure became seriously problematic.

We have used someone else’s money to give us something in our house that we could never previously (nor in fact even now) afford though that we have wanted for many years - whilst keeping the capital we have for spending on special things for ourselves in our retirement and for helping out our children.

I recognise of course that much of the reason we can take this view on having a mortgage is our ages - my state pension kicks in next year and that easily covers our mortgage monthly payments; pretty decent pension income (comfortable but not extravagant); and the significant amount of equity we have in our property (Loan to value about 20%).

But bottom line is that we now have in our house and in retirement, exactly what we have wanted for many years and that we love - and having a mortgage? So be it.

 

[paddyjk]

Have a whole load of posts been deleted?

 

[Lord Tyrion]

Not that I can see, deleted posts can still be seen by mods. Saying that, I'm still new to this game so I wouldn't swear to it.

 

[Hobbit]

Not that I can see, deleted posts can still be seen by mods. Saying that, I'm still new to this game so I wouldn't swear to it.

Mods see everything that’s posted, even if it gets deleted.

 

[paddyjk]

Nope deffo missing posts

 

[BrianM]

Nope deffo missing posts

There is no missing posts on this thread.

 

[Deleted member 21784]

Maybe your getting confused with the housing thread

Same person started them and it over lapped with retirement stuff

 

[paddyjk]

There is no missing posts on this thread.

Ok from @PNWokingham s other thread about housing then.

 

[paddyjk]

Maybe your getting confused with the housing thread

Same person started them and it over lapped with retirement stuff

Yeah probably.

 

[Skytot]

I’m 59 in May so pension thoughts & thoughts of retiring are becoming more frequent now. I’ve had a personal private pension since I was 23 .It’s with the Pru and they are forecasting about £180k when it matures in 3 yrs time , I will be 61.
I’m a carpenter and starting to feel the aches and pains in my back & knees so I think my body will tell me when it’s time to retire… In a ideal world I want to go 3 days a week when I’m 60/61 . I wish I would have put more money into my pension but everyone can say that, lots of lads I work with don’t have any sort of pension. My house is paid for , just need golf fees , beer money,holidays, food , bills. Looks like working till I’m 67 then