Retirement options ?

budge

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Anyone on here taken the plunge into retirement recently ? I'm in a bit of a dilemma on whether I can afford to retire early this year. I'm in a job that I no longer enjoy but obviously it pays the bills. My pension pot has surprisingly grown quite well this year but not enough to provide a decent annuity with the abysmal rates available.
Just wondering if anyone has gone down the drawdown route ? It looks very tempting.

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kimbo

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It was something I looked forward to but unless you can keep busy all the time I would advise getting a part time job either voluntary or something that pays enough to subsidise your fishing. Have a few months off first.
Also you're a long time dead, so if there was anything you dreamed of doing do it now while you can. Old age creeps up on you very quickly when you stop work.
 

Hoddom

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Drawdown is all well and good but in the longer term it’s never a great move.
equity release to pay for a few years of active retirement touring the rivers of Lola before taking the pension might be an idea depending on your circumstances
 

keirstream

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Does anyone buy annuities any more?
They generally offer pitiful returns compared to the investment / bond options which have been doing well enough for me.
I wouldn't do anything without seeing an F. A. first.
Well worth the time, effort and fee. (y)
I partially retired around 3 years ago and it is the best thing I ever did. I had the opportunity many years ago and decided I was too young.:eek:
Perish the thought.;)
I have kept a consultancy going which pays the fishing trips and beer moneys and still leaves me plenty free to bum around and as many weeks away as I want although I do take my laptop but only for emergency work.
If you can get part time work with enough behind you in reserve don't hesitate.
Delivering prescriptions, a Greeter with B & Q, anything with no pressure is just the ticket.:D
 
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marty31

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What is retirement??? Don`t recognise that word.
I thought like that! But at 63 in june i am beginning to think differently! The work seems to get harder, and the winters colder! And the taxman more heavy handed, just maybe after 47 non stop years in construction its getting to the time! The saying goes "your a long time dead"
 

Chicharito

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I was lucky enough to take voluntary redundancy in 2015 after 38 yrs employment with one of the major banks based in the UK. I have a reasonable pension which pre Covid was boosted by dividend income. The last 12 months have been difficult as the dividends which normally account for a third of my income have totally dried up.
If you are the sort of person that has loads of interests and seldom are at a loose end then retirement will be a doddle. If you live for your work ( I never did!), you will struggle. I used to work shifts for most of my working life and always found things to do in my spare time which I had a lot of when my other half was working.
 

barbonboy

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For what it's worth, budge, I was lucky enough to take early retirement at 49. The company I worked for were getting rid of people in a certain age bracket. I went on my company pension at 50, I'm now 71. Took a little part time job, 2 days a week driving a van. If you can afford it, go for it.. Good luck, and happy retirement. 👍
 

Chicharito

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I thought like that! But at 63 in june i am beginning to think differently! The work seems to get harder, and the winters colder! And the taxman more heavy handed, just maybe after 47 non stop years in construction its getting to the time! The saying goes "your a long time dead"
Do it!
 

budge

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It was something I looked forward to but unless you can keep busy all the time I would advise getting a part time job either voluntary or something that pays enough to subsidise your fishing. Have a few months off first.
Also you're a long time dead, so if there was anything you dreamed of doing do it now while you can. Old age creeps up on you very quickly when you stop work.
Yeh it's something I've noticed a bit. We have good friends who retired a few years ago and just stagnated at home and became old overnight. Don't intend doing that just yet.

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westie4566

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Can't speak for myself, God knows when I'll manage to take that option. But one thing that two periods of not working due to C19 has shown is that I miss going out to see my customers. Yup, I'm bored witless!

My old man retired at 60 after 46 years service with the good old GPO (yeah he did start aged 14!). His health wasn't great at the time. retirement took all the stress away and he and my late Mum enjoyed a great retirement. Never off the top of the road and multiple holidays a year. Even after my Mum died in early 2008 Dad never stopped and carried on with the same lifestyle, He made it until 3 months after his 87th b'day and that was down to the big C. Up until 8 months before his death you still couldn't keep him from being out and about - his only humph was he couldn't spend November and March every year somewhere warm due to his illness😂

So, if you've enough to fill your time and it can be financially viable, then go for it and enjoy!(y)
 

salarchaser

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Its a real balancing act, time while young enough to do what you want to, but having enough cash to do it and see out your days. Problem is, you dont know that that is.
Been speaking to our Financial Advisor for a couple years about the tipping point.
Certainly, annuities are a thing of the past. For my personal pensions I'll be going down the draw down path.
Have a couple Defined Benefits schemes which I wont touch for a few more years though. For one scheme I'm considering the buy out option, then draw down.
It does come down to personal circumstance, appetite for risk and needs.
Speak to a Financial Advisor before doing anything.
 

Bonito

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The perfect life providing you have both the means and the interests to stopping boredom - 11 years for me now. Ony the person concerned will know when the time is right

Good on you, I could have 6 years back at 65 but, but, but. At work I get to design and build all sorts of fishing rods, talk and discuss fishing with anglers, in normal times travel to test out fishing rods and basically mess around with, well?? fishing rods at my own pace, no boss except her indoors.
 

marty31

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Its not quite set in stone yet paul! But nearly, have to live off the juce of a cinder! Pick blackberries, mushrooms, steal turnips and tatties out of fields, so that we have foodand making a pest of myself regarding the fishing, with daily visits i cannot see any problems!! Other than the possibility or probability of a divorce!
 

Rennie

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I'd love to get out!, a lifetime of shift and conti shifts patterns, I've contributed to pension scheme's since 21 and I'm 63 later this year.
With the mess covid has caused every where my pensions are just about worthless and I'm going to be relying on the govt. scheme at 66.I am not at all looking forward to another 3 years of conti shifts, 12 hrs stints are no fun and I can do without sat and sun working, never mind night shifts and bank holidays etc.
The only thing keeping me is the time off, coupled with the brass which pays the bills and fuels the life style.
I keep looking to get out, but unless things start to improve, I'm stuck in the rut. I'll try an advisor again this year, but the sums just never add up.
Pedro.
 

budge

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some good bits of advice there guys, i think the time is right for me, i just need a bit of financial advice and planning. Not sure where you get totaly unbiased financial advice though ? whenever i have tried it there always seems to be a hard sell at the end. I dont really need to draw my private pensions just yet and my son has suggested doing a couple of days a week with him in his gardening business which would be great.
Its a shame it has come to this as i loved the job i do and saw it as something to see me through to old age until recently. New senior management and this covid crap have probably helped tip me over the edge.
 

budge

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I'd love to get out!, a lifetime of shift and conti shifts patterns, I've contributed to pension scheme's since 21 and I'm 63 later this year.
With the mess covid has caused every where my pensions are just about worthless and I'm going to be relying on the govt. scheme at 66.I am not at all looking forward to another 3 years of conti shifts, 12 hrs stints are no fun and I can do without sat and sun working, never mind night shifts and bank holidays etc.
The only thing keeping me is the time off, coupled with the brass which pays the bills and fuels the life style.
I keep looking to get out, but unless things start to improve, I'm stuck in the rut. I'll try an advisor again this year, but the sums just never add up.
Pedro.
I dont envy you Pedro, I have been through the 12 hour conti shifts and weekend working etc most of my working life. I made the decision never to do them again a good few years ago after walking out of a job and havent missed the money at all. I realised that i was living my lifestyle to suit my earnings rather than earning just enough to suit my lifestyle and killing myself in the process.
Have you checked your pension pots recently ? I was fearing the worst after the past 12 months but was amazed to see my latest statement that shows a decent growth.
 

budge

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Good on you, I could have 6 years back at 65 but, but, but. At work I get to design and build all sorts of fishing rods, talk and discuss fishing with anglers, in normal times travel to test out fishing rods and basically mess around with, well?? fishing rods at my own pace, no boss except her indoors.
I doubt i would be looking to pack it in either with a job like that ! Good on you, sounds perfect.
 

salarchaser

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Not sure where you get totaly unbiased financial advice though ?
It is a minefield.
Was fortunate to find ours through word of mouth.
She set up my private pension when I became self employed.
Its invested through St James Place. Her commission comes out of the management of that pot. Outside that, I dont pay anything. Get a full financial review every 12 months. She profiled spending with savings with pensions including risk. Gives a view of any shortfall / excess of income over expenditure and how savings plug any gaps.
Allows you to model where your tipping point is.
Its not straight forward and there are rogues out there.
As for boredom, plenty hobies beside the fishing.
Over the last few years with self employment, I took a few periods of time off to test the water.
 

budge

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It is a minefield.
Was fortunate to find ours through word of mouth.
She set up my private pension when I became self employed.
Its invested through St James Place. Her commission comes out of the management of that pot. Outside that, I dont pay anything. Get a full financial review every 12 months. She profiled spending with savings with pensions including risk. Gives a view of any shortfall / excess of income over expenditure and how savings plug any gaps.
Allows you to model where your tipping point is.
Its not straight forward and there are rogues out there.
As for boredom, plenty hobies beside the fishing.
Over the last few years with self employment, I took a few periods of time off to test the water.
i was self employed but found myself spending most of my time working at the same place, they made me an offer i couldnt refuse and thats how i ended up in this job. It worked great until recently as i was left to run things the way i wanted. The problem now is i have people with little understanding of the job who want it done their way. Seems to be the way of the world now.
 

rawson

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You really do need to talk to an Independent F.A who will look at all aspects of your lifestyle current and future commitments and needs. I took advice initially from a F.A recommended to me by my building society/bank. Then transferred to another F.A recommended by friends after I dabbled a bit in stocks and shares. Initial consultations are generally free and they will explain the processes involved so suggest you go to a couple. You have to remember that they will want to know all aspects of your financial affairs and how averse you are to risk.
Drawdown may be an option once all the facts are known.
 

salarchaser

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i was self employed but found myself spending most of my time working at the same place, they made me an offer i couldnt refuse and thats how i ended up in this job. It worked great until recently as i was left to run things the way i wanted. The problem now is i have people with little understanding of the job who want it done their way. Seems to be the way of the world now.
I worked for big companies for a large part of my working life but got fed up with company politics.
Managed to get the last one to make me redundant and became an independent. Then did similar roles for a number of companies without getting dragged into the politics. When the contracts were up I'd go somewhere else for a bit.
We run a small flock of sheep as a hoby, so plenty to keep us busy and pays its own way. Different type of sh!t to deal with.
 

tenet

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I was in financial services for 30 years running my own business. You really need sound independent financial advice and now that I'm retired these past 12 years use Hargreaves Lansdown who are superb. I have no connection whatsoever with the company but am really impressed with their professionalism. Whatever you decide give banks and or building societies a wide berth. The same applies to company representatives.
Drawdown is great but usually works well if you have other investments .
 

ACW

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I could have retired some 5 or more years ago ,pride and a boss that needed my expertise kept me from doing so .
I now regret not having grabbed the extra time to enjoy a lot more fishing ,my copd makes a full days fishing a stressfull outing .will be back on the resser bank once tempratures hit15%c, but will be moving daed slow!
 
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