Pensions

[flook]

Yep you always tend to get the comments that if you work in an office environment then its easy. Might be if you work as a receptionist but not if you are working in a high pressure environment, on multiple projects, particularly if its safety critical where getting it wrong and fixing it later isnt an option.

If you do anything highly technical you know that by the time you hit your mid 50s you're nowhere near as sharp as what you were in your 30s, no matter how bright you are.

Theres a reason why air traffic controllers for instance in the US are retired off at 56.

Exactly this. My memory recall was my superpower until my mid 50’s then suddenly it wasn’t. Job suddenly becomes twice as hard at. That point

 

[Gareth Barry Conlon]

it was a bit odd tbh, I seemed to go from being the youngest in the office to the oldest in the space of about 5 minutes :/

Same I was the upcoming management talent for many years. And then quite quickly I was just another middle aged white bald man in the office.

Yep you always tend to get the comments that if you work in an office environment then its easy. Might be if you work as a receptionist but not if you are working in a high pressure environment, on multiple projects, particularly if its safety critical where getting it wrong and fixing it later isnt an option.

If you do anything highly technical you know that by the time you hit your mid 50s you're nowhere near as sharp as what you were in your 30s, no matter how bright you are.

Theres a reason why air traffic controllers for instance in the US are retired off at 56.

Agree. I've said that I'd love to semi retire to a more active job without the pressure and mental load. Maybe even a driving job, something to get me out and about. I'm 25 years into a career sat at a computer every day. It's done me no good.

 

[pluto]

Aee there rules for giving cash from lump sum to wife for her isa so we can max out tax free options
Also rules for gifting to adult children living at home, is there a limit. I thought I read 1K a year somewhere per child.

 

[Bluesince1979]

Cut your cloth accordingly and just enjoy your retirement, spending your life worrying about when you retire isn't good.

You need less when you have retired, unless you retire really early in which case get a fuckin' job already.

My mantra too.
I dont put enough aside, i know that. But i live very much for now, we go away a fair few times a year, its not an extravagant life at all. Im not into new cars. I like designer clothes but buy a lot off vinted , so i dont consider myself irresponsible at all and we do save.
But ive also seen too many people not make retirement age. I also have a life long pal who has been obsessed with saving and thinking about retirement all his working life but its been to his detriment and hes missed out on so much and now at 51 and inching towards his lucrative retirement , he hasnt learnt to enjoy life and wont enjoy his retirement either.

Its a fine line

I do a physical job that i wont be able to do forever but i also find it very difficult to do nothing , ive always felt retirement isnt really for me. Id get a job in waitrose if needs be

 

[Kompany Car]

Aee there rules for giving cash from lump sum to wife for her isa so we can max out tax free options
Also rules for gifting to adult children living at home, is there a limit. I thought I read 1K a year somewhere per child.

If you are married then you can gift away to your wife, your money is hers and vice versa or should I say your money is hers and her money is hers.

When it comes to kids and gifts you have a personal allowance of £3000 per year and can use any unused allowance from the previous tax year. Gifts however are small sums if upto £250. You can gift more if they get married upto £5k as a one off. This is all outside of income tax and Inheritance tax.

But you can give away as much as you want, as long as you survive 7 yrs afterwards its classified as outside inheritance tax. The only thing you can fall foul of is deprivation of assets if you need social care, which is an mine field but if you're fit and healthy then shouldn't be a problem.

The best option and one that I have done for years is gifts out of surplus income. To put it simply you can gift away to your kids a regular amount (but it must be regular eg. every month) of money if you can demonstrate that it doesn't affect your standard of living. You do need to keep detailed records as well, but its a great option if you want to support your kids and can afford to do it.

This is a helpful guide if you want to go down that route.

https://www.gabyhardwicke.co.uk/bri...n order for a gift,one year with another; and

 

[denislawsbackheel]

Aee there rules for giving cash from lump sum to wife for her isa so we can max out tax free options
Also rules for gifting to adult children living at home, is there a limit. I thought I read 1K a year somewhere per child.

You can give as much as you want to anyone free of any tax but there might be inheritance tax issues for your estate if
a) you are rich enough to be bothered by it
And
b) you live less than 7 years.

You can give your wife anything you want and it’s hers to do with as she pleases.

 

[Blue Maverick]

If you are married then you can gift away to your wife, your money is hers and vice versa or should I say your money is hers and her money is hers.

When it comes to kids and gifts you have a personal allowance of £3000 per year and can use any unused allowance from the previous tax year. Gifts however are small sums if upto £250. You can gift more if they get married upto £5k as a one off. This is all outside of income tax and Inheritance tax.

But you can give away as much as you want, as long as you survive 7 yrs afterwards its classified as outside inheritance tax. The only thing you can fall foul of is deprivation of assets if you need social care, which is an mine field but if you're fit and healthy then shouldn't be a problem.

The best option and one that I have done for years is gifts out of surplus income. To put it simply you can gift away to your kids a regular amount (but it must be regular eg. every month) of money if you can demonstrate that it doesn't affect your standard of living. You do need to keep detailed records as well, but its a great option if you want to support your kids and can afford to do it.

This is a helpful guide if you want to go down that route.

https://www.gabyhardwicke.co.uk/briefing-notes-and-faqs/inheritance-tax-exemption-for-gifts-out-of-surplus-income/#:~:text=In order for a gift,one year with another; and

Could you send this to my dad he’s got shit loads and I need to finish my campervan off ;)

 

[DenisLawBackHeel74]

Yep you always tend to get the comments that if you work in an office environment then its easy. Might be if you work as a receptionist but not if you are working in a high pressure environment, on multiple projects, particularly if its safety critical where getting it wrong and fixing it later isnt an option.

If you do anything highly technical you know that by the time you hit your mid 50s you're nowhere near as sharp as what you were in your 30s, no matter how bright you are.

Theres a reason why air traffic controllers for instance in the US are retired off at 56.

Funny you should say that. I’m 53 next week and I’ve just come off the back of traveling for work last three weeks….walking to my house last night I was thinking of how tired I am these days, and twenty years ago I’d have been smashing these long work stints..

 

[Blue Maverick]

Funny you should say that. I’m 53 next week and I’ve just come off the back of traveling for work last three weeks….walking to my house last night I was thinking of how tired I am these days, and twenty years ago I’d have been smashing these long work stints..

I noticed when I got to around 48 and doing shift work basically for 30 years that my body was slowly saying stop, I was struggling like fuck towards the end with sleep patterns etc. Watching the Ozzy Osborne documentary and how he basically died after retiring at 76, so if he had been normal that’s around 9 years retired, a lifetime of toil for 9 fucking years and many don’t even live that long, I know a few recently who haven’t even made 70. Finish as early as you can, even if it means slightly spending less on luxury items, enjoy your health whilst you can, my dad is 80 now and is fucked with Parkinson’s and a host of other illnesses, it’s awful to see but he’s had this for 10 years he’s glad he took early retirement at 60 otherwise whats the point.

 

[East Level 2]

Just crunched some numbers and my drawdown pension with Royal Life has risen 5.45% over the last 10 months (allowing for withdrawals). Not too bad considering it's a low risk fund.

 

[RobMCFC]

I noticed when I got to around 48 and doing shift work basically for 30 years that my body was slowly saying stop, I was struggling like fuck towards the end with sleep patterns etc. Watching the Ozzy Osborne documentary and how he basically died after retiring at 76, so if he had been normal that’s around 9 years retired, a lifetime of toil for 9 fucking years and many don’t even live that long, I know a few recently who haven’t even made 70. Finish as early as you can, even if it means slightly spending less on luxury items, enjoy your health whilst you can, my dad is 80 now and is fucked with Parkinson’s and a host of other illnesses, it’s awful to see but he’s had this for 10 years he’s glad he took early retirement at 60 otherwise whats the point.

I know it depends on your job, but the idea that you can't enjoy your life while you are working and everything will be sweetness and light when you retire feels a bit off.

I generally enjoy my job but like anybody there are times when I wish I could pack it in - I try to ride out those times and think of the advantages that my job brings: more money which means plenty of foreign holidays, and health care, which is currently paying for my prostate cancer treatment.

If your body says "stop", then yes, it's definitely time to slow down, and you are correct about the many people who don't reach 70 or even retirement age. Which is why, although I'm putting a bit in my retirement pot, I'd rather have more money now to enjoy with my family whilst I am still fit enough. I check my pension values every 3 months and I'll know when the time is right to drop down to 3 days and then fully retire, assuming that health doesn't intervene first.

 

[Blue Maverick]

I know it depends on your job, but the idea that you can't enjoy your life while you are working and everything will be sweetness and light when you retire feels a bit off.

I generally enjoy my job but like anybody there are times when I wish I could pack it in - I try to ride out those times and think of the advantages that my job brings: more money which means plenty of foreign holidays, and health care, which is currently paying for my prostate cancer treatment.

If your body says "stop", then yes, it's definitely time to slow down, and you are correct about the many people who don't reach 70 or even retirement age. Which is why, although I'm putting a bit in my retirement pot, I'd rather have more money now to enjoy with my family whilst I am still fit enough. I check my pension values every 3 months and I'll know when the time is right to drop down to 3 days and then fully retire, assuming that health doesn't intervene first.

Which is great if you can do it but many are now caught and I include myself in this as the Gen Z sandwich generation, you have kids on one side who can’t leave home due to spiraling costs of houses or you’ve had them late in life and are still young and also looking after elderly parents, trying to juggle work with that is nigh on impossible without burnout, I’m lucky I could retire early as trying to help my parents, running a teenager around and working would’ve tipped me over the edge.

 

[Bluesince1979]

Which is great if you can do it but many are now caught and I include myself in this as the Gen Z sandwich generation, you have kids on one side who can’t leave home due to spiraling costs of houses or you’ve had them late in life and are still young and also looking after elderly parents, trying to juggle work with that is nigh on impossible without burnout, I’m lucky I could retire early as trying to help my parents, running a teenager around and working would’ve tipped me over the edge.

Thats me. 51 and 3 kids, youngest 2 are 13 and 10. Best ways up ive another 15 years of them at home.

My mrs is a 45 year old teacher and will retire at 58 which will time it about right but i dont honestly see myself in retirement. I wont have a pot of cash to go on cruises and the thought of doing nothing frightens me.

Ive been trading 18 years and have regular clients for all that time.
Ive seen it loads that a bloke (women deal better with retirement better than men in my opinion) retires at 65, doesnt really have plans, says hes done his bit and is putting his feet up.
I go a year later and he hasnt aged 1 year, hes aged 5 years. Convinced himself hes an old man.
Seen that in more situations than i care to remember

 

[roubaixtuesday]

Have just handed in notice to retire next spring. Will be just shy of 57.

Youngest is 20 now and nearly through Uni, middle one just got a graduate job and eldest working away.

Have been paying well over odds into pensions for years too enable flexibility to do this if we want; plan is to cycle round various bits of Europe while we still can. Spain and Portugal in spring.

Was precipitated by a couple of friends dying suddenly very young, my brother and another friend having heart attacks last year, and a health issue myself.

A bit nervous now tbh.

 

[Millwallawayveteran1988]

Which is great if you can do it but many are now caught and I include myself in this as the Gen Z sandwich generation, you have kids on one side who can’t leave home due to spiraling costs of houses or you’ve had them late in life and are still young and also looking after elderly parents, trying to juggle work with that is nigh on impossible without burnout, I’m lucky I could retire early as trying to help my parents, running a teenager around and working would’ve tipped me over the edge.

With hindsight, having a child at the age of 42 is something I would have avoided. I am running around like a blue arsed fly at the age of almost 57 with a stroppy teenage girl giving me loads of lip. Not good! I have had the parent issue too but my mum died a few years ago. My FIL is poorly now though with Parkinso/Dementia so my wife has it but she went part time last year which has eased things a little. It is hard though. Life is just non stop all the time!

 

[flook]

Thats me. 51 and 3 kids, youngest 2 are 13 and 10. Best ways up ive another 15 years of them at home.

My mrs is a 45 year old teacher and will retire at 58 which will time it about right but i dont honestly see myself in retirement. I wont have a pot of cash to go on cruises and the thought of doing nothing frightens me.

Ive been trading 18 years and have regular clients for all that time.
Ive seen it loads that a bloke (women deal better with retirement better than men in my opinion) retires at 65, doesnt really have plans, says hes done his bit and is putting his feet up.
I go a year later and he hasnt aged 1 year, hes aged 5 years. Convinced himself hes an old man.
Seen that in more situations than i care to remember

The key to retirement is having something you enjoy that you can afford to do multiple times a week, better if it aids you in staying healthy (ie some form of exercise). It's no good reaching retirement age without a plan and waiting for the good times to roll up, you've got to find them, and know what/where they are before you retire.

 

[Kompany Car]

Funny you should say that. I’m 53 next week and I’ve just come off the back of traveling for work last three weeks….walking to my house last night I was thinking of how tired I am these days, and twenty years ago I’d have been smashing these long work stints..

You're right, travelling a lot for work is a young man's game. I spent a few years flying all over the place. Wasn't uncommon in a two week stint that I would do Madrid, Helsinki, Västerås (Sweden) and Pittsburgh, with Berlin sometimes thrown in for good measure. Dont think I'd survive that these days.

Now Im happy when one of the team gets all excited if there is a project somewhere outside the UK and they are chomping at the bit to go, really can do without spending my life sat in airports on a weekend.

 

[hampshireblue]

Yep you always tend to get the comments that if you work in an office environment then its easy. Might be if you work as a receptionist but not if you are working in a high pressure environment, on multiple projects, particularly if its safety critical where getting it wrong and fixing it later isnt an option.

If you do anything highly technical you know that by the time you hit your mid 50s you're nowhere near as sharp as what you were in your 30s, no matter how bright you are.

Theres a reason why air traffic controllers for instance in the US are retired off at 56.

It's interesting that when I started in ATC in 1979 there were many controllers working between 60-65. Now, the average retirement age is around 55-56. Not mandated as it is in the US. The incidious effects of shift work, especially nights, catches up with people when they get beyond 50. When the ability to take a personal pension becomes 57, I suspect the average retirement age will push up to that age.

The US are looking at making going at 56 voluntary as they are so short of controllers, probably with a manadatory age of 59-60.

 

[Bluesince1979]

The key to retirement is having something you enjoy that you can afford to do multiple times a week, better if it aids you in staying healthy (ie some form of exercise). It's no good reaching retirement age without a plan and waiting for the good times to roll up, you've got to find them, and know what/where they are before you retire.

The pal i mentioned in a previous post eho has been obsessed with retirement and will be in 3/4 years time…
I asked him what the plan is. He said “theres always something to do round the house”. Is there? In a 3 bed semi?
Theres no plan.

Ive implored him to start getting away, buy a gaff in spain.. something!!!!

 

[Blue Maverick]

With hindsight, having a child at the age of 42 is something I would have avoided. I am running around like a blue arsed fly at the age of almost 57 with a stroppy teenage girl giving me loads of lip. Not good! I have had the parent issue too but my mum died a few years ago. My FIL is poorly now though with Parkinso/Dementia so my wife has it but she went part time last year which has eased things a little. It is hard though. Life is just non stop all the time!

Is the same mate had mine at 42 she’s just turned 13 tbh she’s a good kid, I’ve seen worse! If I’d had a kid with the first wife they’d bee in their 30s now, second one is a lot younger than me so the kid thing was almost inevitable I’d resigned to not having any, I’d be a damn sight richer I know that ha ha, but I wouldn’t be without my daughter. The parent thing is the hardest my mums a trooper but my dad is fucked she’s doing her best with him and I try to help out round the house but he’s a stubborn fucker so if it’s anything “personal” he won’t let me my mum has to do it.