jim8flog
Journeyman Pro
I worked in the insurance industry and it was seeing what happened to so many men over 60 and under 70 (notably quite a few that died shortly before or after retiring) that made me plan for early retirement.
Retirement
- Thread starter Crazyface
- Start date
I worked in the insurance industry and it was seeing what happened to so many men over 60 and under 70 (notably quite a few that died shortly before or after retiring) that made me plan for early retirement.
rudebhoy
Q-School Graduate
Absolutely. Even if I make it to 80, there is no way I'll be spending the same amount then as I do now in my early 60s.
Plus I don't see the point of dying with a bulging bank balance. Mortgage and cars are paid off, the daughter has a place of her own which is paid for. The wife is 9 years younger than me, so likely to outlive me by a good few year, but she will get 2/3rds of my current pension as a widow's pension, so everything is taken care of financially.
rudebhoy
Q-School Graduate
I had two close friends who died within a month of each other, both were in their 50s. I hadn't even thought about retiring until then, but that was a real wake up call. I hatched a plan to get out asap, it took a year, but I retired a week after my 54th birthday. Best thing I ever did.
Yup, more and more I'm looking to go early, and just think about fudging along once I get past 70 when you don't need as much funds to get bye
You're right in my zone, I'm thinking 60 and then I'll pull the trigger, I won't have a big pension pot, but rather have my time for me than a heap of money later when I can't enjoy itThere still seems to be an "insistence" on the part of some pension organisations that you should take just 4% of your pot per year.....but this totally misses the fact that many folks sadly wont make it beyond the 20th year of retirement or, their health/mobility suffers so they become far less active and need far less money in the later years. I'd rather have a little bit more money in the early years when i'm healthy enough to enjoy it.
soon to be 58, soon to be replaced at work by a low cost Romanian, considering options as to what to do come year end.
Your first sentence tho, I'm noticing a change in the wind, some are now saying go as soon as you can
Mudball
Assistant Pro
I think I will have to work for atleast 10 more years… mainly because of mortgage and kids finding jobs. Just put a massive crater into savings by extending the house. It will take a few years to recoup.
In theory, we could downsize in 5 and retire. Hopefully kid will find a job and be replaced by a boy/AI/offshore even before they start their careers.
Unlikely to see state pension, because they keep moving the age. Most likely kick the bucket before that
In theory, we could downsize in 5 and retire. Hopefully kid will find a job and be replaced by a boy/AI/offshore even before they start their careers.
Unlikely to see state pension, because they keep moving the age. Most likely kick the bucket before that
Captain_Black.
Well-known member
I hope the Chancellor isn't reading this thread!
A few months ago I heard him in an interview pleading with early retirees to get off the golf course & get back to work.
Fat chance of that, once you've tasted retirement, there is no going back.
I've never heard anyone say, I wish I hadn't retired.
I've certainly done my bit, let someone else have a go.
A few months ago I heard him in an interview pleading with early retirees to get off the golf course & get back to work.
Fat chance of that, once you've tasted retirement, there is no going back.
I've never heard anyone say, I wish I hadn't retired.
I've certainly done my bit, let someone else have a go.
We'd a Sales manager about five years back who stayed past retirement age, then was made redundant anyway at 66, he was raging, he was a right grippy bugger, took all the supplier golf day invites to himself etc, and all he could see was missing out on freebies.
He came back a couple months later to see everyone, and like you said, was loving life and wished he'd gone sooner. Nowt as funny as folks
Bunkermagnet
Journeyman Pro
Thats very easy to say when you're a desk jockey. After 42 yrs on the tools and working around peoples kitchens, there is no way I want to prolong my working life more than I have to.
Our financial advisor asked us what we would be doing in retirement. We gave him a list of things we wanted to fit in. His response was “you won‘t need anything like the same spending power by the time you hit 75-80. Don’t think the requirement is linear.”
And he’s not wrong. We do less now than when we retired 5 years ago. I expect it will be less again in 5 years time.
pendodave
Tour Rookie
I job share. Week on/off.
I have enough time to do what I want, plus the mental and social advantages of staying at work.
I realise not all jobs suit this, but a bit of imagination/ flexibility on both sides seems lacking in the market atm.
Same with "I can't do my job any more". It is possible (or even beneficial) to do something completely different.
I have enough time to do what I want, plus the mental and social advantages of staying at work.
I realise not all jobs suit this, but a bit of imagination/ flexibility on both sides seems lacking in the market atm.
Same with "I can't do my job any more". It is possible (or even beneficial) to do something completely different.
Skytot
Well-known member
How much does a review with a Financial Advisor cost ? If you don’t mind me asking
A lot won’t charge anything, making their money once you actually follow their advice and invest - certainly ones I have seen in the past haven’t charged me just for a review.
Skytot
Well-known member
Same here , I’m nearly 59 and been a carpenter since I left school. I rattle with Ibuprofen at the moment. Best I can hope for is going 4 days when I get to 61 ( full maturity of my pension) .
rudebhoy
Q-School Graduate
I pay 1.34% of the value of my portfolio for the FA to actively manage it, this includes an annual face to face review. I’ve been using the same firm for the last 9 years, pretty happy with the service they provide and the results they have achieved.
PhilTheFragger
Provider of Entertainment for the Golfing Gods 🙄
The big costs come if you are advised to change pension providers.
Ie come out of a final salary scheme like I did ( Barclays) and into a personal pension with a pension company (ie Prudential )
In my case, I paid about £7000 (came out of my pension pot, so I didn’t have to cough up a penny), it’s a percentage of your pot value. The professional indemnity insurance premiums are huge.
I feel that I got great advice, it has repaid itself many times over, I have an annual review to make sure everything is on track and I haven’t changed my retirement date. Etc
Red devil
Well-known member
Got that at our place. Couple of lads doing it, looking at it myself. Do you do the earlies or the lates?
pendodave
Tour Rookie
Our work isn't as binary as that, so I do a bit of everything and so does my other half.
When I started (about 4 years ago) I found it really hard to track down anyone to do it with. A very small c conservative workforce. Now people can see that it's A Good Thing, it's become a lot more popular.
Hence my remarks above. In general, my observation is that people are far too inflexible about how they might earn a living. There's many ways to skin a cat.
Red devil
Well-known member
I take it by your moniker you're on the rail?
Skytot
Well-known member
Thanks PhiltheFragger & Rudebhoy for your replies. I’m self employed so private pension which I’ve had for 36 yrs . Don’t think it’s anything to compare with some of members pensions on this thread but it’s something . Think my forecast £180k with the Pru. I think I will probably need a FA when I finish paying into my pension in 2 years time.
