Retiring

cityontheup said:
Thanks for the reply, my wife and I are both 60 and looking to retire, we still have a relatively high mortgage but we part own a property in Florida that we wish to start using. After reading your post we could pay down our mortgage to £50k like yourself use the company pensions we are now receiving to pay the monthly charges. This may then allow us to stay in Florida for a few months then come back to the UK and stay in our house here. The only issue is the costs of the house whilst we are in the US, such as utilities and council tax.
Click to expand...
I'm no financial expert pal but to me it's eminent sense, by continuing to make high mortgage payments you're just leaving more money behind when you pop your clogs. It's taken the pressure of me, I'm £460 a month better off and have put circa £15k into my ever growing pension pot. I had a financial blip a few years ago but this puts me back on track, life's for living, I'm never going to have the liquidity some on here have but I'll be able to fully retire in 18 months, play golf, have a couple of holidays and a couple of nights out per week plus going to City of course.
 
hammocity said:
I'm no financial expert pal but to me it's eminent sense, by continuing to make high mortgage payments you're just leaving more money behind when you pop your clogs. It's taken the pressure of me, I'm £460 a month better off and have put circa £15k into my ever growing pension pot. I had a financial blip a few years ago but this puts me back on track, life's for living, I'm never going to have the liquidity some on here have but I'll be able to fully retire in 18 months, play golf, have a couple of holidays and a couple of nights out per week plus going to City of course.
Click to expand...
Good for you pal all the best, thanks for the info
 
A slight tangent for the retirement thread but I wanted to get a little advice. I retired from my job as an automotive account manager at the start of the first lockdown and I've been happy since, returning to golf, regular cycle rides and generally being free to do whatever I like with SWMBO. I was approached by my former customer earlier this year as they wanted me to consider joining their team, using the skills I developed while managing their EMEA account for my last employer... That opportunity hasn't totally materalised yet because they are working on internal re-structuring and currently there is no way they can accommodate me into the team... The approach was heart-warming and I felt like I could do another year or two if the money was right and then hang my boots up for good... It would have been working because I wanted to and not because I had to....

Fast forward to the end of last month and another old acquaintance calls me. The company he is working with to grown their automotive network in EMEA want somebody with a good working knowledge of automotive equipment and installations, the exact area I was involved with before I retired.... Long story short, I signed an NDA and I've since seen their equipment list / requirements and it's very similar to the equipment list for my last customer. I'm very confident that I could build a list of vendors or even partner with my last employer to deliver what this new company wants as it's the exact same field (but for a different manufacturer) as my last account.

The new company want me to deliver consultancy to them and have asked for a "fixed price quote" for this. I assume that this means I will offer consultancy but any essential travel etc. will come out of my hourly / day rate. I've got zero experience of consultancy so that's where I need guidance. How easy is it to set up as a self-employed consultant or is this unnecessary... I know I can help this company with my experience but I'm not sure I can be bothered with the whole setup company / self-employment scenario if that's what is needed....
 
Ive just upped my AVC to 125/week and my mortgage by 200/month

I'm determined to make age 55 realistic.I can hopefully then cope for 5 years when two other Defined schemes kick in.
 
Bluemanc100 said:
A slight tangent for the retirement thread but I wanted to get a little advice. I retired from my job as an automotive account manager at the start of the first lockdown and I've been happy since, returning to golf, regular cycle rides and generally being free to do whatever I like with SWMBO. I was approached by my former customer earlier this year as they wanted me to consider joining their team, using the skills I developed while managing their EMEA account for my last employer... That opportunity hasn't totally materalised yet because they are working on internal re-structuring and currently there is no way they can accommodate me into the team... The approach was heart-warming and I felt like I could do another year or two if the money was right and then hang my boots up for good... It would have been working because I wanted to and not because I had to....

Fast forward to the end of last month and another old acquaintance calls me. The company he is working with to grown their automotive network in EMEA want somebody with a good working knowledge of automotive equipment and installations, the exact area I was involved with before I retired.... Long story short, I signed an NDA and I've since seen their equipment list / requirements and it's very similar to the equipment list for my last customer. I'm very confident that I could build a list of vendors or even partner with my last employer to deliver what this new company wants as it's the exact same field (but for a different manufacturer) as my last account.

The new company want me to deliver consultancy to them and have asked for a "fixed price quote" for this. I assume that this means I will offer consultancy but any essential travel etc. will come out of my hourly / day rate. I've got zero experience of consultancy so that's where I need guidance. How easy is it to set up as a self-employed consultant or is this unnecessary... I know I can help this company with my experience but I'm not sure I can be bothered with the whole setup company / self-employment scenario if that's what is needed....
Click to expand...
It's quite simple really to set up and run a ltd company but whether that's the right option for you is tricky to say without knowing what they mean by consultancy. Do they just want to book you as and when they need you, or will they be saying they have a project that runs 3 months, for example?

If you're unsure, then just use an umbrella company to handle your pay. You'll be taxed as a normal employee so base your rate on that. Some accountancy firms run umbrella services and they can give you advice on whether it's worth going Limited.
 
Bluemanc100 said:
A slight tangent for the retirement thread but I wanted to get a little advice. I retired from my job as an automotive account manager at the start of the first lockdown and I've been happy since, returning to golf, regular cycle rides and generally being free to do whatever I like with SWMBO. I was approached by my former customer earlier this year as they wanted me to consider joining their team, using the skills I developed while managing their EMEA account for my last employer... That opportunity hasn't totally materalised yet because they are working on internal re-structuring and currently there is no way they can accommodate me into the team... The approach was heart-warming and I felt like I could do another year or two if the money was right and then hang my boots up for good... It would have been working because I wanted to and not because I had to....

Fast forward to the end of last month and another old acquaintance calls me. The company he is working with to grown their automotive network in EMEA want somebody with a good working knowledge of automotive equipment and installations, the exact area I was involved with before I retired.... Long story short, I signed an NDA and I've since seen their equipment list / requirements and it's very similar to the equipment list for my last customer. I'm very confident that I could build a list of vendors or even partner with my last employer to deliver what this new company wants as it's the exact same field (but for a different manufacturer) as my last account.

The new company want me to deliver consultancy to them and have asked for a "fixed price quote" for this. I assume that this means I will offer consultancy but any essential travel etc. will come out of my hourly / day rate. I've got zero experience of consultancy so that's where I need guidance. How easy is it to set up as a self-employed consultant or is this unnecessary... I know I can help this company with my experience but I'm not sure I can be bothered with the whole setup company / self-employment scenario if that's what is needed....
Click to expand...
You are not supposed to set up a company and work self employed if you only have one Customer, info here:

www.search.co.uk

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Bluemanc100 said:
A slight tangent for the retirement thread but I wanted to get a little advice. I retired from my job as an automotive account manager at the start of the first lockdown and I've been happy since, returning to golf, regular cycle rides and generally being free to do whatever I like with SWMBO. I was approached by my former customer earlier this year as they wanted me to consider joining their team, using the skills I developed while managing their EMEA account for my last employer... That opportunity hasn't totally materalised yet because they are working on internal re-structuring and currently there is no way they can accommodate me into the team... The approach was heart-warming and I felt like I could do another year or two if the money was right and then hang my boots up for good... It would have been working because I wanted to and not because I had to....

Fast forward to the end of last month and another old acquaintance calls me. The company he is working with to grown their automotive network in EMEA want somebody with a good working knowledge of automotive equipment and installations, the exact area I was involved with before I retired.... Long story short, I signed an NDA and I've since seen their equipment list / requirements and it's very similar to the equipment list for my last customer. I'm very confident that I could build a list of vendors or even partner with my last employer to deliver what this new company wants as it's the exact same field (but for a different manufacturer) as my last account.

The new company want me to deliver consultancy to them and have asked for a "fixed price quote" for this. I assume that this means I will offer consultancy but any essential travel etc. will come out of my hourly / day rate. I've got zero experience of consultancy so that's where I need guidance. How easy is it to set up as a self-employed consultant or is this unnecessary... I know I can help this company with my experience but I'm not sure I can be bothered with the whole setup company / self-employment scenario if that's what is needed....
Click to expand...
It's ridiculously easy and if you think you're going to be earning more than £35k pa, you can also set yourself up vat registered
I did this for 13 years, worked self employed for one company for an agreed fixed weekly fee
 
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