Retirement...when, how old and how much??

I was in between jobs this summer so decided to put my feet up for a couple of months. My god the bank account drained faster than the Swamp at the 6-1. Reckon I had about 5 years of funds in the bank and my pensions at the rate I was spending so that’s not going to get me to retirement at 67. Only short by about 8 years. Bit of a downer that, and getting a new job took ages and pissed me off a bit, so can’t risk that again.
 
Bill Walker said:
Got a shop in Surfers that may interest you

View attachment 58214
Click to expand...

dronefromsector7G said:
Here’s your favourite

View attachment 58215
Click to expand...
Ten-Weird-and-Unusual-Shop-Names-That-Make-You-Look-Twice-10.jpg

I see that and I raise you...
 
Retired at 48, bored by 48.5, now do 3 days a week. It's ok retiring young but seeing as all of my mates are working you end up bored shitless. Started going to record fairs around the country but spending outstripped income!

Now have a decent balance. 24 hours a week. Rest of the time dog walking and record buying.

Oh...Pension not touched. Still adding to it with the job which is nice.

Another 4 years and then I'll be done. 60 will see me living in Orkney and pottering.
 
paulchapo said:
I wrote on this a while back. When I took early retirement I had six years until I could draw the state pension. I took my navy pension early, which was enough to pay the bills, food, football and a few nights out. I was mortgage free. My savings paid for holidays etcetera. I've not regretted it for one minute. Almost three months abroad every year, no travel and work stress, the freedom to do whatever I want everyday. This financial crisis has hit me as hard as everyone but hopefully it will pass soon. On the plus side I had some good news. I anticipated I wouldn't get a full state pension due to being contracted out for a number of years. I was pleasantly surprised to find out I will get the maximum. Happy days.
Click to expand...
Can I ask why you will be getting a full state pension now, is it be because you worked extra years?
 
Im not near retirement age now but if I was, I'd be considering an annuity at these rates.

For each £100K = £7,191 a year – up from £4,989 in October last year.

I'm hoping to retire in 8-10 years with £300K in the pot, so to use a third of the pot for the security of a guaranteed £7K a year would probably be worth it for me. Don't know what the pensions experts think.

www.theguardian.com

Annuities: rates on guaranteed pension income soar 44% in a year

Previously unfashionable product falls back into favour as people seek security amid financial turmoil
www.theguardian.com www.theguardian.com
 
RobMCFC said:
Im not near retirement age now but if I was, I'd be considering an annuity at these rates.

For each £100K = £7,191 a year – up from £4,989 in October last year.

I'm hoping to retire in 8-10 years with £300K in the pot, so to use a third of the pot for the security of a guaranteed £7K a year would probably be worth it for me. Don't know what the pensions experts think.

www.theguardian.com

Annuities: rates on guaranteed pension income soar 44% in a year

Previously unfashionable product falls back into favour as people seek security amid financial turmoil
www.theguardian.com www.theguardian.com
Click to expand...
Annuity rates have indeed risen dramatically this year and will again become an option for people looking for a secure guaranteed income. Fixed term annuities are starting to look more attractive too.
 
Blue Maverick said:
Can I ask why you will be getting a full state pension now, is it be because you worked extra years?
Click to expand...

I haven't got a clue. I applied for my estimate from the pensions department six years ago and they estimated I'd get £615 a month on reaching retirement age. It said I was contracted out for a number of years and if I hadn't been I would have received an extra £46 a month. Perhaps I didn't understand it fully. Anyway I eventually went online and they sent me my actual amount I would get and it was £805 a month. It was a pleasant surprise. I paid in 43 years national insurance before I took early retirement.
 
The online prediction from the pensions agency is predicated on continuing to pay NI contributions up to retirement date.
 
denislawsbackheel said:
The online prediction from the pensions agency is predicated on continuing to pay NI contributions up to retirement date.
Click to expand...
You mean not the max 35 year stamp? I’ve done 37 but because of opt out I (along with many others)knew nothing about it’s saying pay another 3 years to get full amount however I don’t think it’s that much difference in the long run
 
The max 35 means nothing for people who crossed two regimes.
It only applies to those starting work since 2016 when opting out was abolished.
I paid 35 years plus but because of opting out I get far less than my Mrs. she was able to buy the 6 extra years to get her the max pension.
Your prediction should state what you have qualified for and what you could get if you keep paying.
They are very helpful when you phone them and will tell you what, if any benefit, buying extra years will get you.
As a rule of thumb every extra year you buy will have paid for itself by year 3 of retirement.
 
You must log in or register to reply here.
Unread Posts

Don't have an account? Register now and see fewer ads!

SIGN UP
Back
Top