i could retire today

[rupert123]

rolandrat - 2009-07-25 3:58 PM

 

nobody has mentioned the dreaded TAX MAN.

 

What about him Roland?

 

You do make well thought out points Brian but if you really behave like this you must be the most boring bloke on earth. Do you seriously work out every penny like this before you do something, dammed if I do just get on with it and if it does not work do something else. Who said retirement is not reversable, at least two posts on this thread people have said they have gone back to work partime. I figure if I need some money can always earn some, although I admit those who have always worked for a company or some sort of public sector job would probably find the concept of thinking for themself a challenge.

[Guest Tracker]

Good old Rupert - still unable to make a point without having a dig I see?

 

The point about going back to work part time is that you do it because you WANT to not because you HAVE to and in the sure and certain knowledge that if you don't enjoy you can pack it up and do something else - and believe me there is a world of a difference!

 

There is an old Scottish saying - many a mickle maks a muckle - and for us this is how we saved for all those years.

 

It may have meant we drove an Escort instead of a BMW for several years and had old vans not shiny new ones - but so what - I can afford both a new BMW and a new van now and have absolutely no regrets that we did the right thing for us!

 

We are all different and what is good for one does not suit another so maybe we can glean the bits that we do like from each other and just politely ignore the bits that don't appeal to us?

 

 

[Mel B]

rupert123 - 2009-07-25 5:40 PM

 

rolandrat - 2009-07-25 3:58 PM

 

nobody has mentioned the dreaded TAX MAN.

 

What about him Roland?

 

You do make well thought out points Brian but if you really behave like this you must be the most boring bloke on earth. Do you seriously work out every penny like this before you do something, dammed if I do just get on with it and if it does not work do something else. Who said retirement is not reversable, at least two posts on this thread people have said they have gone back to work partime. I figure if I need some money can always earn some, although I admit those who have always worked for a company or some sort of public sector job would probably find the concept of thinking for themself a challenge.

 

I suppose I fall into the 'always worked for [the same] company' hole - having worked in University admin since I was 18, in various jobs, you do get 'used' to how things work there and acquire a hell of a lot of knowledge, so leaving something like that can be quite daunting, more so, I would think, than a job that you've only held for a few years - others will have to give their opinions on that.

 

Unfortuantely, the younger you intend to 'retire' the more planning you have to do, not doing so is very silly IMO. If you have a good, well paid job, giving up the sort of money that comes in is going to be 'trying' at first, you can't simply pop out and buy what you want without much thought - not that we do I hasten to add but some people do and don't bat an eyelid. There's probably no way they will be able to live like they were (unless they are very fortunate) once retired so this is one of the 'tough' decisions that has to be made - do you spend as you want but keep working, or tighten your belts a bit but get your freedom ...

 

In the present economic climate you cannot bank on being able to get another job, there are plenty of people out there already trying to get jobs so the odds are stacked against you already. We have already discussed the possibility that we might, if things did get tight, do the odd bit of work here and there, but hopefully what we have put in place financially will mean that we don't have to. I know I could easily get a temporary job back at the University if I wanted to, or go temping elsewhere, but I really wouldn't want to, I'd rather do something more mundane, like shelf stacking etc. Once I leave I don't want to have to use my little grey cells to the extent I do now ... it hurts tooo much! :D

 

I agree, though, that you do need to have something to do otherwise you'll crawl the walls with boredom once at home all day. I'll probably do some art type things, something I've never had the time (or energy) to do, or do some voluntary/charity work - whatever I do, at least I'll be able to do it when I want without others dictating to me ... such freedom.

 

Brian makes some very valid points and some people, unfortunately, won't have thought of some of the issues he mentions. In the end, though, to what extent you take your planning is up to you as, after all, you're the one who has to live the life you then choose, if doing little planning is what you want, then that's fine, if others want more 'assurance', then that's fine too.

[Mel B]

rolandrat - 2009-07-25 3:58 PM

 

nobody has mentioned the dreaded TAX MAN.

 

I did!!! Well, in relation to selling our second property. You do have to be careful about your retirement income, you don't want to end up being taxed because you get toooooooo much! It does happen.

 

Continuing on with Clive's comment about what he'd do if he was skint, we'd pretty much do the same, I'd love to do another self-build but hubby won't let me as I think he likes our nice big van too much, but if I had to I'd start doing one tomorrow! Ooooo, I do miss the smell of the varnish etc .... :D

[Syd]

rupert123 - 2009-07-25 5:40 PM

 

rolandrat - 2009-07-25 3:58 PM

 

nobody has mentioned the dreaded TAX MAN.

 

What about him Roland?

 

You do make well thought out points Brian but if you really behave like this you must be the most boring bloke on earth. Do you seriously work out every penny like this before you do something, dammed if I do just get on with it and if it does not work do something else. Who said retirement is not reversable, at least two posts on this thread people have said they have gone back to work partime. I figure if I need some money can always earn some, although I admit those who have always worked for a company or some sort of public sector job would probably find the concept of thinking for themself a challenge.

 

Hi rupert123

I have met a lot of people in Spain, who like you do not worked things out carefully beforehand and are now having to walk away from their £15,000 to £150,000 investments, loseing everything while the careful and NON-boring people that I also met, like Brian, are still living the good life out there.

Doesn't that tell you something

[602]

Hi,

 

How many people get to heaven , and say "Gosh, I wish I'd worked longer?"

 

Many years I got a book from the library about Motor Caravans. The author mentioned two couples he had met on the ferry. The first were an old couple, who had retired early (looked like they needed to) sold their house, and had bought a posh new campervan to take a holiday before sorting out the rest of their lives.

 

The second couple were full of life, not enough hours in the day to enjoy themselves, only returning to UK, because their boring investments were getting out of hand. They were driving a dilapidated camper van, sink ripped out, replaced with plastic bowl, etc. Looked like they were going to enjoy life for another 100 years so.

 

The author compared these two couples, but you have probably already guessed ........ same couple, same van, different lifestyle.

 

602

[derek500]

The author compared these two couples, but you have probably already guessed ........ same couple, same van, different lifestyle.

 

Perhaps it's too early but I didn't!!

[rolandrat]

the reason I mentioned the Tax man was because if you take on work after you have retired the tax man re-adjusts your tax code and you don't half pay more tax. I am a retired hgv adr tanker driver and I do casual call out work for my previous employer and an agency, if I said yes to every phone call I receive I would be working 24 hours a day. Last week for instance I payed just under £300 tax for a weeks work so I'm going to restrict the work I'm offered. When my wife retires at Christmas then we will be able to live the dream and forget about WORK once and for all. :-D :-D :-D

[Brock]

Employees in my office get a retirement course at 58. This helps them prepare. Those that leave and keep in touch can fall into two general camps.

1. Leave at 60 or before. Enjoy the first few years. Look and feel younger. Then begin to miss the sense of purpose, being needed, having an impact on life. Return structure to their life by getting a part time job - sometimes back with us, or some other fulfilling past-time that has a meaning.

2. Those who work until 65 age quickly from 60. From about 63, they start to lose interest in work because they have to retire at 65. However, these are the ones who when they do retire, never look back and comfortably adjust to the life of leisure.

Despite pensionable age being 60 and most people having a full pot, a surprising number continue to work beyond 60.

The advice from all the retired I talk to is retire when you no longer have the urge to get up and come into work and/or when you cease to enjoy your job. And can afford to live a reasonable life.

[breakaleg]

You Have a point, but just look at my brother and myself, as far as I know, we both have the same parents, bought up in the same way, my brother is five years older than me.

 

I had to retire at 47, if i could have clicked my heals together on hearing the company say, we will put you up for Earlie retirement i would have done.

 

My brother on the other hand, is horrified that i was happy to Finnish work, and he will probably go on working until he is 80.

 

Now he has his own business and obviously loves it, me, I just worked an average of 60 hours week, for someone else. (no the wages were not fantastic, but the pension scheme was pretty good)

 

We had a senior officer from the council come to our house once, spent two hours drinking tea, and done very little else, told me he loved his job and didn't ever want to retire, wonder why?

 

But your right about finding something to occupy your mind, I'm chairman of a local neighbourhood forum now, and it keeps me very occupied.

Pete

[rupert123]

Syd - 2009-07-25 11:34 PM

 

rupert123 - 2009-07-25 5:40 PM

 

rolandrat - 2009-07-25 3:58 PM

 

nobody has mentioned the dreaded TAX MAN.

 

What about him Roland?

 

You do make well thought out points Brian but if you really behave like this you must be the most boring bloke on earth. Do you seriously work out every penny like this before you do something, dammed if I do just get on with it and if it does not work do something else. Who said retirement is not reversable, at least two posts on this thread people have said they have gone back to work partime. I figure if I need some money can always earn some, although I admit those who have always worked for a company or some sort of public sector job would probably find the concept of thinking for themself a challenge.

 

Hi rupert123

I have met a lot of people in Spain, who like you do not worked things out carefully beforehand and are now having to walk away from their £15,000 to £150,000 investments, loseing everything while the careful and NON-boring people that I also met, like Brian, are still living the good life out there.

Doesn't that tell you something

 

OK lets get a couple of things straight here. I did not actually say Brian was boring, have never met him so how would I know, suggest you go back and read my post again. Second I know two couples who retired some years ago having carefully worked it all out and are now struggling for money, it happens whether you work it out or not. What I find hard to understand is why they just sit and moan about it and fail to do anything. The idea that you save all your life for retirement is great if it works out and you live to have a long and happy one. What about if you go without to save for thirty years and a few weeks after you retire you fall ill and cannot enjoy it, this happens to. No live life when you can be it at twenty or seventy, we all plan a little ahead I guess but I have never understood and never will people who go through life saving and going without in the hope they can have a good retirement. If you do it, as Rich seems to have done, fine it was the right thing to do but a chance I have never been ready to take.

[derek500]

rolandrat - 2009-07-26 10:47 AM

 

the reason I mentioned the Tax man was because if you take on work after you have retired the tax man re-adjusts your tax code and you don't half pay more tax. I am a retired hgv adr tanker driver and I do casual call out work for my previous employer and an agency, if I said yes to every phone call I receive I would be working 24 hours a day. Last week for instance I payed just under £300 tax for a weeks work so I'm going to restrict the work I'm offered. When my wife retires at Christmas then we will be able to live the dream and forget about WORK once and for all. :-D :-D :-D

 

If you're younger than 65, you won't pay any or more tax than anyone else. If you've overpaid, it will be rebated at the end of the year.

 

If of course you have a very good pension and your additional work took you into the top rate tax bracket, you will of course pay more.

 

Perhaps they gave you an emergency code or taxed you on the full amount without any allowances?

 

Say you earned £1500 for the week's work, that would make you a top rate tax payer if you earned that every week. Perhaps you were taxed on that basis?

 

 

 

 

 

 

[vindiboy]

I was able to get made redundant at 55 after working for the same company for 31 years and got my company pension at that time albeit reduced, I lost a lot of money ,but the 10 years of freedom Iv'e enjoyed has more than made up for a reduced pension, Mr Brown wrote me the other day and told me of my State pension and asked me if I wanted to defer it till I was seventy, fat chance of that, I could be dead by then so he's giving me it from October.As for getting bored, there are not enough hours in the day for me and I don't do any work of any kind. I just wonder where the day has gone sometimes. So I would say to any one who can get out of the rat race early. Go for it it's great. :-o :-o

[Syd]

Hi Rupert 123

OK, Lets not fall pout over this as I was simply putting over another point of view.

One big problem that this country currently faces is that there are far too many people who have not, and will not, plan ahead to make provision for their later life when the earnings stop.

Prefering to live now and worry later is ok now but can turn out to be not much fun later. Of course there is always the exception to every rule but it simply cannot be denied that the majority of people who are enjoying life to the full after earnings stop are the people who have planed ahead and not to do so is by far the riskier course than doing so

[rolandrat]

A work colleague of mine retired at 65 after many years loyal service and I asked him what he was going to do and he said that he was taking his wife on a cruise. On the cruise he took ill and had to return home, he went to his GP who sent him straight to hospital for tests, from there he was admitted to the local hospice, they had diagnosed an aggressive brain tumour and given him 10 days to live. When I found out I returned to the depot, parked my tanker and went up to Lancaster to see him, I was met by his wife who confirmed the diagnosis. On the tenth day he passed away poor sod, never had the chance to enjoy his retirement or spend any quality time with his dear wife. all the time I knew him he never had a day off through sickness so it just goes to show that you don't know what's around the corner. His funeral took place on a lovely sunny day in his village church. Bless you Billy.

[rupert123]

Syd - 2009-07-26 3:18 PM

 

Hi Rupert 123

OK, Lets not fall pout over this as I was simply putting over another point of view.

One big problem that this country currently faces is that there are far too many people who have not, and will not, plan ahead to make provision for their later life when the earnings stop.

Prefering to live now and worry later is ok now but can turn out to be not much fun later. Of course there is always the exception to every rule but it simply cannot be denied that the majority of people who are enjoying life to the full after earnings stop are the people who have planed ahead and not to do so is by far the riskier course than doing so

 

OK Syd I completely disagree with your point of view, that is part of what forums are about, but certainly will not fall out over it. What I will agree to is that their are to many 'layabouts' who rely on handouts.

 

Regards

Henry

[Brian Kirby]

rupert123 - 2009-07-25 5:40 PM

rolandrat - 2009-07-25 3:58 PM nobody has mentioned the dreaded TAX MAN.

What about him Roland? You do make well thought out points Brian but if you really behave like this you must be the most boring bloke on earth. Do you seriously work out every penny like this before you do something, dammed if I do just get on with it and if it does not work do something else. Who said retirement is not reversable, at least two posts on this thread people have said they have gone back to work partime. I figure if I need some money can always earn some, although I admit those who have always worked for a company or some sort of public sector job would probably find the concept of thinking for themself a challenge.

Since you ask Rupert, no I do not work out every penny - but then neither did I suggest that Clayton should go that far.  However, I would suggest anyone should consider, to whatever extent gives them confidence, their foreseeable future costs and income before they give up work.  Doing it is a bit boring, but it does not make those who do it boring, just bored while they are doing so.

Neither did I state that retirement is irreversible, just that for many this will prove the case.  Work is not so easily come by when over 50, well paid work even less so.  Besides, from his post, Clayton is not proposing to retire so that he will be driven back to work to make motorhoming ends meet, but to go where, and when, he chooses - and for that he needs control over his costs, and sufficient income.  Present planning for future happiness?  Then again, what of those with professional qualifications, who must keep their knowledge up to date.  Try walking back into those kinds of jobs after a few years of retirement.  A close friend might just take you on, but short of that, no chance.

In your earlier post you said you couldn't contemplate working to provide for your retirement.  However, also from that post, it seems you have done just that, albeit you may not see it in that way.  You say you are doing up a flat that you own, to sell.  The flat seems not to be your main home, and I assume you acquired it legally, and presumably paid for it.  Was not the purchase of that flat, and the others you also appear to own, the savings, or investments, that are now providing at least some of your retirement income?

We do not know Clayton's circumstances, or what he does for a living, but I suspect he will not share your life experiences, knowledge, assets, personality, interests, or anything much else.  We are all different, and we must all find our own solutions to realising our future plans.  Clearly, your approach works for you, but it will not necessarily translate to work for others. 

I'm an inveterate planner, partly because that is what I have spent my working life doing.  I enjoy the planning, and then watching the plans coming to fruition.  That does not mean I spend my time in a straight-jacket, because that is not how a good plan works.  It sets out the broad objectives, and outlines the strategy for getting to them.  It proves that the desired objectives are achievable, but does not restrict you to any one way of achieving them.  Once you know it will work, you can "wing" the rest, in the knowledge that if things go a bit awry you can always come back to the plan.  Simples, really.  :-)

[Brian Kirby]

Sorry, double post - and that wasn't planned!! :-)

[Syd]

Just throwing yet another consideration into the melting pot.

 

OK, you spend now without planning for the future, just in case you do not live long enough to enjoy the benefits of planning for the time when earning ends

 

tell me when your end comes what then happens the other main person in your marrage if you do die without making provision for the future, is that the end of your responsibilities, do you both automatically both die together, does she not need income, or what??

[Brian Kirby]

You use the Indian tradition, Syd.  She just gets chucked onto the pyre!

[rupert123]

Syd - 2009-07-26 8:26 PM

 

Just throwing yet another consideration into the melting pot.

 

OK, you spend now without planning for the future, just in case you do not live long enough to enjoy the benefits of planning for the time when earning ends

 

tell me when your end comes what then happens the other main person in your marrage if you do die without making provision for the future, is that the end of your responsibilities, do you both automatically both die together, does she not need income, or what??

 

Cannot speak for you Syd but my wife is certainly not 'the little woman', she is her own person and we have worked together and decided on the next move together all our married life. I have never considered myself the provider we are an equal partnership and always make the big decisions jointly.

[mike 202]

I have retired and am trying to persuade my brother to retire as soon as possible, he wants to spend time in Spain with us in the winter months. He is 59 so I asked him if he could survive on half pay until he is 65 - his reply was OF COURSE I COULD.

 

So I suggested that he lives the next 2 years on 1/2 of his pay, puts the rest into savings accounts + plus some of his current savings and Bingo he can retire at 62. Easy ain't it - All depends on what you want out of life "The Golden Dollar or Golden Sunshine"

 

Will he do it ?? - currently it is under review. I hope he goes for it.

 

[starvin marvin]

Clive - 2009-07-25 9:05 AM

 

Who was it who said "I spent lots on boozing, gambling and sex - and the rest I just wasted".

 

 

C.

 

It was George Best.

 

There is a story of Bestie being in a hotel room with the newly crowned Miss World and a waiter delivering room service; see's them both in bed surrounded by thousands of pounds of casino winnings, and say's in shock "George where did it all go wrong!"

[602]

Hi,

 

Alternatively, you could be made redundant tomorrow ........... Problem solved for you.

 

Am I right in believing that you stop paying NI contributions at 60? And so does your boss? Maybe thats why B&Q employ wrinlies?

 

602

 

602

[Tomo3090]

You can now voluntarily stop paying N.I. contributions once you have worked and payed them for 30 years, but you have to ask and you don't get over payments back.