Retiring

[denislawsbackheel]

Read the small print very, very carefully!

 

[route46]

Definitely worth getting 2 more full years in to qualify for potentially £50 a week. @route46 go onto the gov.uk website to check your qualifying years, some of those very early years might not be full years.

And don’t forget you can you only make up 6 years missing NI contributions.

Cheers for the info

 

[Millwallawayveteran1988]

on the topic of retiring. Have income protection with LV, well have had it for 2 years now. Wanted to ask others, if its worth it or not? 40 pounds a month, which will pay me 1500 a month till im 65. Im 42 now, and dont have much savings. So incase I break a leg or semi-retire due to uncontrollable circumstances, im guaranteed that income along with state benefits.

Like any insurance, the likelihood of needing it is slim but if you do.....

A client of mine had a heart attack when he was 47 and had he not been in a sporting arena at the time with paramedics etc he would have died. He hasn’t been able to work since and receives £2000 a month from his policy and has done for 15 years. He is glad he carried on with it. Having said that, the vast majority of people are back at work within 6 months.

 

[Millwallawayveteran1988]

This is the thing ... retire and do what? I have a pal who retired at 55. He does fuck all and at 58 is a boring old man now. Sits there feeling smug that he retired but basically is unhappy

I think the 55 age is a nice one to pass if you are financially able to retire, as it means you hold all the aces when it comes to work. I would have no problem telling my bosses to shove it up their arse once I pass that age if they give me any shit. I doubt I will retire then but I may drop a day at 55 and another around 58. I quite like working but would like a better work/life balance. My old fella died at 61 and that really plays on my mind. I have been bringing up kids since I was 24 (2 marriages and 17 year age gap between them) working full time without a break since 18 and there are a lot of things I want to do but haven’t been able to. The plan is to see every European capital and get the train to other places around that country, ideally on my own. Few days away, explore, have a nightcap or five and then home. The missus can stay at home and carry on working as she is younger and would spoil it!

 

[Bluesince1979]

I agree with this. I know plenty of blokes who retired that age and turned into miserable and prematurely old people. Not good for you

I guess if you are a keen golfer or have a camper van or etc etc then great. But this fella doesnt. He does nowt other than tell everyone hes retired.

not for me

 

[Bluesince1979]

I think the 55 age is a nice one to pass if you are financially able to retire, as it means you hold all the aces when it comes to work. I would have no problem telling my bosses to shove it up their arse once I pass that age if they give me any shit. I doubt I will retire then but I may drop a day at 55 and another around 58. I quite like working but would like a better work/life balance. My old fella died at 61 and that really plays on my mind. I have been bringing up kids since I was 24 (2 marriages and 17 year age gap between them) working full time without a break since 18 and there are a lot of things I want to do but haven’t been able to. The plan is to see every European capital and get the train to other places around that country, ideally on my own. Few days away, explore, have a nightcap or five and then home. The missus can stay at home and carry on working as she is younger and would spoil it!

Mate if you have a plan great. And i get the thing about your dad dying so young.

my point , and maybei didnt clarify this, is retire ... and do what! If you have nothing to do.. nothing Planned, then whats the point.

you just turn old quicker

 

[Millwallawayveteran1988]

Mate if you have a plan great. And i get the thing about your dad dying so young.

my point , and maybei didnt clarify this, is retire ... and do what! If you have nothing to do.. nothing Planned, then whats the point.

you just turn old quicker

Totally agree with that. My FIL is in this boat. Retired 12 years ago and basically for 12 years has woken up, got dressed, had breakfast, walked to the shop, read the paper, had lunch, watched the news at 1pm, watched a load of programmes like Escape to the Country, gone for a 30 min walk, had tea, watched the news again at 6, bit of TV, watch the 10pm news, bed x 364 days a year for 12 years. he deviates from that routine once a week when he goes shopping with the MIL as she can’t drive and maybe once a month when they visit someone. He looked a young 60 when he retired. He now looks 80.

That doesn’t appeal to me.

 

[Tommy_Catons_Perm]

I have made my living on Betfair for the past 15 years...

I am not classed as employed or self employed, I don't have to pay tax on my Betfair winnings and I neither pay NI, I don't claim any benefits....So in reality I am not sure what I am classed as.

Will I even get a state Pension when I hit 67?

Can I put into a private Pension?

Up till the age of 75, anybody and everbody can pay up to £2880 per year into a private pension and get tax relief at marginal rate making a total pension contribution of £3600. That's free money from the government and a 25% return on your investment.

 

[denislawsbackheel]

And if you are a non tax payer or £3600 below the tax threshold and over 55 you can cash it in every year and repeat every year.

 

[andyhinch]

I think the 55 age is a nice one to pass if you are financially able to retire, as it means you hold all the aces when it comes to work. I would have no problem telling my bosses to shove it up their arse once I pass that age if they give me any shit. I doubt I will retire then but I may drop a day at 55 and another around 58. I quite like working but would like a better work/life balance. My old fella died at 61 and that really plays on my mind. I have been bringing up kids since I was 24 (2 marriages and 17 year age gap between them) working full time without a break since 18 and there are a lot of things I want to do but haven’t been able to. The plan is to see every European capital and get the train to other places around that country, ideally on my own. Few days away, explore, have a nightcap or five and then home. The missus can stay at home and carry on working as she is younger and would spoil it!

If you’ve got enough to keep you occupied it takes a lot of stress out of your life, I stopped at 46, love it, don’t have much money and can’t take my pension, but can get to the pub and football, the odd holiday, I don’t need much more in my life, ever been more content