Don't worry about IR35, that's well on the back burner, was the big investigative issue before Covid struck but I think you will be well aware of that.
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Retiring
- Thread starter blue moon rising
- Start date
Nellies left peg
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Fair play to you, hope you have a long and happy retirementI worked as a printer on shift work until I was 32 years old then started my own business.
SWP's back
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No way you’re 68!Retired 4 years ago at the age of 64 but had only worked 4 mornings a week from the age of 32.
Do as little as you can for as much money as you can and enjoy your freedom and your life.
If you are lucky enough to do it, it`s great.
Hows the golf going bud?
SWP's back
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You can’t sell it buddy I’m afraid.Quick question for someone who may know..
I am currently in receipt of a widowers pension for life from the dept of education.
Is it possible to sell this pension or do I have to keep taking it? It is currently 8k per year and , God willing, I would expect to live another 25-30 years.
I understand if I did this I would lose out in the long run but I fancy paying off my mortgage early and living a less stressful existence (mortgage is by far my biggest expense).
Is it possible to “sell it” ??
(I doubt it is but thought I’d ask)
Jacked my job in a couple of months back at 47.
£6k a year comfortably covers all my essential outgoings (I'm more than happy living a very boring and unsociable life)
As it stands I should have enough income/draw down from savings and investments to see me through to 65 when I can take my full company pension.
Who knows, it might not work out, if we do get rampant long term inflation or my investment income starts underperforming, but I'm happy to give retirement a go for now and see how things pan out.
At worse I might have to get a little part time job of just a few hours a week at some point in the future if things do start to look a bit tight but I'm hoping I shouldn't have to.
£6k a year comfortably covers all my essential outgoings (I'm more than happy living a very boring and unsociable life)
As it stands I should have enough income/draw down from savings and investments to see me through to 65 when I can take my full company pension.
Who knows, it might not work out, if we do get rampant long term inflation or my investment income starts underperforming, but I'm happy to give retirement a go for now and see how things pan out.
At worse I might have to get a little part time job of just a few hours a week at some point in the future if things do start to look a bit tight but I'm hoping I shouldn't have to.
flook
Well-Known Member
Jacked my job in a couple of months back at 47.
£6k a year comfortably covers all my essential outgoings (I'm more than happy living a very boring and unsociable life)
As it stands I should have enough income/draw down from savings and investments to see me through to 65 when I can take my full company pension.
Who knows, it might not work out, if we do get rampant long term inflation or my investment income starts underperforming, but I'm happy to give retirement a go for now and see how things pan out.
At worse I might have to get a little part time job of just a few hours a week at some point in the future if things do start to look a bit tight but I'm hoping I shouldn't have to.
6k??? that's.....frugal living. Wouldn't cover the food bill for her indoors and myself :/
ChicagoBlue
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You can live on £16.44 per day?Jacked my job in a couple of months back at 47.
£6k a year comfortably covers all my essential outgoings (I'm more than happy living a very boring and unsociable life)
As it stands I should have enough income/draw down from savings and investments to see me through to 65 when I can take my full company pension.
Who knows, it might not work out, if we do get rampant long term inflation or my investment income starts underperforming, but I'm happy to give retirement a go for now and see how things pan out.
At worse I might have to get a little part time job of just a few hours a week at some point in the future if things do start to look a bit tight but I'm hoping I shouldn't have to.
I’m not quite sure how, but well done!
What does everyone have income and assest wise to take early retirement, people are right about work I seen that 3 years ago I used to work loads but don’t know
i really want to retire early had 3 weeks of furlong recently and it gave me a glimpse of what I want but I really don’t have a clue what I will need
I have a house I rent out which has 5 or 6 years left that worth around 130 and get 515 a month in rent so not sure if I should sell it or keep it , invest the monthly rent into a pension and then have the income still if I sell invest into funds and pension fund , have around 40 k in a pension and I think around 250 a month goes into this im 39, around 20 k in funds , I save around 100 a month into this and will increase it to 250 next year plus around 1500k though over time a year
i really want to retire early had 3 weeks of furlong recently and it gave me a glimpse of what I want but I really don’t have a clue what I will need
I have a house I rent out which has 5 or 6 years left that worth around 130 and get 515 a month in rent so not sure if I should sell it or keep it , invest the monthly rent into a pension and then have the income still if I sell invest into funds and pension fund , have around 40 k in a pension and I think around 250 a month goes into this im 39, around 20 k in funds , I save around 100 a month into this and will increase it to 250 next year plus around 1500k though over time a year
r.soleofsalford
Well-Known Member
No way you’re 68!
Hows the golf going bud?
Unfortunate I am 68 Sam.
The golf isn`t great. I`m still playing but last year I was playing off 14 which was my 1st handicap I got in 1983.
I`m off 18.2 now, after 25 year off single figures and it pisses me off. I`ve struggled with illness since 2010 which has cause me breathing and joint problems meaning I can only play with the use of a buggy and in the dryer and warmer months.
As lots on here have come to realise old age and the shit that comes with it can be a bit of a ****.
Keep playing as long as you can and enjoy playing great couses in great weather.
Pete
paulsimpson
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Great post. A lot of wisdom in there.Nice one well done you on catching them out and doing well out of it as a result.
You're absolutely right we're all just a number at the end of the day. I like the old saying, "Put your hand into a bucket of water/sand and then pull it out. The gap that's left is how much you'll be missed when you're gone."
There are a number of reasons why I took early retirement. One big one was seeing about ten fellow shipmates I knew die around the fleet before the age of sixty in a short space of time. Some of those flogged themselves to death and put the company first. Some I had tried to tell to ease off or quit, a few could have done so but didn't. When I was going one said, "If you stayed another four years you'd earn X amount of thousands extra, going now you'll be spending it " I replied " Yes but I'd have to sacrifice another four years of my valuable time doing so."
A couple of months ago one ex shipmate had decided to take voluntary redundancy that was being being offered due to covid. He had met a lovely younger lady on a golfing holiday in Portugal and was going to relocate over there and draw his navy pension. The travel restrictions were delaying the move much to his frustration. One morning he went to play golf and in the clubhouse later he felt unwell, ending up in hospital. Nobody thought it was serious, he posted a picture of himself on the hospital trolley saying they were transferring him to the heart unit. Everyone was ripping the piss out of him. I was on holiday in Tenerife and the next morning got a text to say he'd died. He was 56, no history of heart trouble or any illness.
Never wait or delay, do what makes you happy, you'll always get by. Too many flog themselves to death for a retirement utopia they never get to see.
Champions again in 2012
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I retired on Friday after 43 years continuous service. My wife retired late last year. We're both 61. I'm looking forward to the next chapter in my life and adopting a more relaxed lifestyle. I know I will keep very busy in the summer months but have my doubts about not getting bored in winter but if I think that could happen I would consider taking a 4, 5 or 6 month contract
Great post. A lot of wisdom in there.
Thanks mate, it comes hard earned and with age. Some of the guys no longer with us I told to leave the stress behind, enjoy life. They were too brainwashed and fixated on "One more year" for this great retirement these extra years were going to get them but never did. Sad really.
6k??? that's.....frugal living. Wouldn't cover the food bill for her indoors and myself :/
I honestly wouldn't consider it frugal, or maybe I'm just used to the life I now live.
I can still afford to run a car on that budget, still afford decent quality premium brand food.
I'm mortgage free and just spent £50k having my house fully renovated so that shouldn't need any major expense in the next 15 years.
Did have a more expensive lifestyle in the past of flash cars and socialising but I'm well over that now! More than happy just spending my time walking, cycling, going for drives out locally.
Here's the basic figures, don't think I'm missing out anything obvious?...
council tax - £1000
utilities inc broadband - £1000
Weekly shopping -£2,400
car running inc petrol -£600
unexpected expenditure - £500-£1000
I honestly wouldn't consider it frugal, or maybe I'm just used to the life I now live.
I can still afford to run a car on that budget, still afford decent quality premium brand food.
I'm mortgage free and just spent £50k having my house fully renovated so that shouldn't need any major expense in the next 15 years.
Did have a more expensive lifestyle in the past of flash cars and socialising but I'm well over that now! More than happy just spending my time walking, cycling, going for drives out locally.
Here's the basic figures, don't think I'm missing out anything obvious?...
council tax - £1000
utilities inc broadband - £1000
Weekly shopping -£2,400
car running inc petrol -£600
unexpected expenditure - £500-£1000
Utilities including broadband only £1,000 a year?? I'd estimate it must be double that. Does that include gas, electricity and water rates, all of which are extortionate?
r.soleofsalford
Well-Known Member
I`m not saying it`s the only way or the right way but other than a mortgage, try and keep as debt free as possible. Whatever you get, pay cash for, otherwise you`ll find lots of your hard earned will be going to service your debt. When I 1st got a mortgage in 1976 you received tax relief on it which made a mortgage a must have. Then they brought out Miras in the early 80`s which gave you tax relief on the 1st £30,000. I thought it was time to pay off the part of my mortgage I wasn`t getting tax relief on. As the government reduced Miras and the tax relief I paid my mortgage off.
My Thought`s
While you have debt you are in danger. Rising interest rates, dip`s in the world economy leading to job losses and as I said servicing your loans.
Make an attempt to become debt free as quickly as is reasonably possible. Make it that everything you have you own. I know neighbour`s who have lost everything because of ill health and being overly indebted. First thing to go were 1 of the car`s they leased, then the 11 properties they were paying mortgages on. Finally when one man died the last car they were leasing and the house they were living in were gone. His partner of 12 years ended up with nothing as his debt`s were bigger than his assets. This isn`t uncommon, it can happen because of health or economic change. Stop working for your debt provider and work for yourself.
My Thought`s
While you have debt you are in danger. Rising interest rates, dip`s in the world economy leading to job losses and as I said servicing your loans.
Make an attempt to become debt free as quickly as is reasonably possible. Make it that everything you have you own. I know neighbour`s who have lost everything because of ill health and being overly indebted. First thing to go were 1 of the car`s they leased, then the 11 properties they were paying mortgages on. Finally when one man died the last car they were leasing and the house they were living in were gone. His partner of 12 years ended up with nothing as his debt`s were bigger than his assets. This isn`t uncommon, it can happen because of health or economic change. Stop working for your debt provider and work for yourself.
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I`m not saying it`s the only way or the right way but other than a mortgage, try and keep as debt free as possible. Whatever you get, pay cash for, otherwise you`ll find lots of your hard earned will be going to service your debt. When I 1st got a mortgage in 1976 you received tax relief on it which made a mortgage a must have. Then they brought out Miras in the early 80`s which gave you tax relief on the 1st £30,000. I thought it was time to pay off the part of my mortgage I wasn`t getting tax relief on. As the government reduced Miras and the tax relief I paid my mortgage off.
My Thought`s
While you have debt you are in danger. Rising interest rates, dip`s in the world economy leading to job losses and as I said servicing your loans.
Make an attempt to become debt free as quickly as is reasonable possible. Make it that everything you have you own. I know neighbours who have lost everything because of ill health and being overly indebted. First thing to go were 1 of the car`s they leased, then the 11 properties they were paying mortgages on. Finally when one man died the last car they were leasing and the house they were living in were gone. His partner of 12 years ended up with nothing as his debt`s were bigger than his assets. This isn`t uncommon, it can happen because of health or economic change. Stop working for your debt provider and work for yourself.
Yes lots of people fall into similar traps. I was brought up by parents that paid as they went and didn't owe anybody. It was a good lesson. The only mistake they made was down to my dad being stubborn and refusing to buy their own house in spite of my mum nagging him to do so. He always mentioned that the council covered all the upkeep and repairs of the house and if they bought one they'd be responsible. Many years later they did end up buying their council house in the right to buy scheme at a greatly reduced price. This means they have managed to live very well in their old age as a result
r.soleofsalford
Well-Known Member
Yes lots of people fall into similar traps. I was brought up by parents that paid as they went and didn't owe anybody. It was a good lesson. The only mistake they made was down to my dad being stubborn and refusing to buy their own house in spite of my mum nagging him to do so. He always mentioned that the council covered all the upkeep and repairs of the house and if they bought one they'd be responsible. Many years later they did end up buying their council house in the right to buy scheme at a greatly reduced price. This means they have managed to live very well in their old age as a result
Yep buying rather than renting is the only way to go IMO. Neither of my grandparent owned their own home. Can you imagine how much of their income they lost by renting.
Yep buying rather than renting is the only way to go IMO. Neither of my grandparent owned their own home. Can you imagine how much of their income they lost by renting.
It was madness but people were very traditional and set in their ways back then. I held off buying my own house until I was ,35 but it was the best thing I did. I paid it off eight years early and could have done it earlier if I'd wanted. Even at its peak I think I was paying less mortgage repayments than most people were rent. I feel sorry for the youngsters today most will never get onto the ladder.
Broadband - Smarty, excellent unlimited 4g - £18 a monthUtilities including broadband only £1,000 a year?? I'd estimate it must be double that. Does that include gas, electricity and water rates, all of which are extortionate?
Water Meter bills - average £320-£350 a year (and I have 2 showers a day!)
Electric - average £400 a year
No mains gas where I am and I don't like the house too hot anyway so hardly ever have the leccy wall heaters on, plus I get lots of free wood for my logburner, more than I need.
Broadband - Smarty, excellent unlimited 4g - £18 a month
Water Meter bills - average £320-£350 a year (and I have 2 showers a day!)
Electric - average £400 a year
No mains gas where I am and I don't like the house too hot anyway so hardly ever have the leccy wall heaters on, plus I get lots of free wood for my logburner, more than I need.
Okay. I dipped out on not getting a water meter fitted years ago, mine is something like £56;a month and I live on my own.