Beach Hut
Brighton Bhuna Boy
Good valid point about downsizing as may release more cash, something as yet to be considered in the Hut household however three years down the line from retirement haven't spend any of the tax free lump sum
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[Misc] Retirement
- Thread starter Tim Over Whelmed
- Start date
Good valid point about downsizing as may release more cash, something as yet to be considered in the Hut household however three years down the line from retirement haven't spend any of the tax free lump sum
Yep, I did. Took a modest final salary scheme (result of my first 16 years of work) out and stuck it in a SIPP - at the time was offered 40x the projected pension as a lump sum. Invested it fairly aggressively and it’s performed pretty well so far. So much more flexibility and protection for the family doing things this way, but need to be very clear on the downside risks and implications - also it’s becoming increasingly difficult to actually do it now as advisors are reluctant to provide the advice due to the regulatory risks (and you have to get advice if the pot is over £30k).
jakarta
Well-known member
In our case:
1. Mortgage already paid off.
2. No Children so we can squander whatever we have on ourselves! It was exotic holidays - pre COVID...
3. Downsizing - we have a pretty modest house and have agreed we both love where we live and (health dependent) we will both be carried out.
Cowfold Seagull
Fan of the 17 bus
Definately this. I've been to places like Porto, Split, and Thessoniliki. All travelling midweek, out of season for 4 night mini breaks. Facinating cities they are too.
happypig
Staring at the rude boys
Vilamoura you say....
I'm actually spending less on impulse buys now than I did when I was working; I only buy stuff I need (apart from still buying the odd penknife).
Seagull58
In the Algarve
it really warmed the street up
https://algarvedailynews.com/news/20146-bar-in-vilamoura-is-torched-by-hooded-men
I also quickly realised the eyewatering amount I was spending by simply going to and being at work - rail fare (couldn't take advantage of an annual ST so was either £130/week or £50/day), breakfast, lunch, multiple coffees, regular drinks/meals after work and loads of spending when away on business travel that wasn't 'claimable'.
- Thread starter
- #68
Thank you
- Thread starter
- #69
Good tips, thank you
- Thread starter
- #70
Great decision! Packed it in myself about 18 months ago (at 54) and haven’t regretted it for a single second. Don’t play football because I’m shot and would get instantly injured anyway, but in terms of other ‘tips’, be aware it takes a little while getting your head around the availability of time (which I never had when working) and the fact you don’t need to rush everything or overfill your weekends trying to do too much. I initially felt guilty realising it was 10am and all I’d done some days was read the paper and drink coffee. Anywhere you want to go is likely to be much more pleasant midweek. Other key thing I did was take on a voluntary role with a local charity - would highly recommend this, it’s incredibly fulfilling. Even as a main board trustee and sitting on 3 committees I reckon it’s maybe 15-20 hours a month max.
Been travelling a fair bit since pandemic restrictions have started to lift and have a few other trips planned ahead - typically trying to do 2 x 10/11 day ‘proper’ holidays, a couple of European city breaks (Budapest a couple of weeks ago was fantastic), a golf trip and maybe 5-6 UK short breaks every year, plus some more bucket-list type trips soon hopefully. Apart from that, can’t believe how quickly the last 18 months have gone……running, fishing, walking, travelling and even done quite a bit of decorating which I pretty much never did when working
Your plans pretty much replicate mine, at the moment.
Barry Izbak
U.T.A.
I called it a day last May.
Very lucky to have been able to do so, and loving it.
I have a couple of part time jobs. One of them, one day in a pub.
But time to travel, see family, enjoy life.
Well done. Enjoy
Very lucky to have been able to do so, and loving it.
I have a couple of part time jobs. One of them, one day in a pub.
But time to travel, see family, enjoy life.
Well done. Enjoy
Blue Valkyrie
Not seen such Bravery!
I didn't realise so many people retired early.
My plan is still to work until 67, although when I get close to that, if a reasonable redundancy/early retirement incentive is offered then of course I'd take it.
My plan is still to work until 67, although when I get close to that, if a reasonable redundancy/early retirement incentive is offered then of course I'd take it.
If you're, er, packing a few kilos, you could join Man v Fat football every week at Sussex Uni. I'm 65 and have been playing every week, it's reasonably competitive without being totally full-on.
I'm also tentatively winding up to play rugby again. There's a Vets team at Hove and I'm wondering whether I'm fit enough for it. But if you fancy a bit of egg-chasing, that's always an option.
Retirement is a dream for me. I'll still be working in ten years time, I reckon. But good luck to you
- Thread starter
- #74
I think it depends on what lifestyle you want in your retirement, where you are in terms of debt / costs and age.
I think a pot of around £300k will give you appx £10k per annum.
You're right, it's a much easier decision when mortgage and pot is sorted, of course.
Hi.
When the high risk equity funds hit a severe and sustained dip (now), do you take very early action or stay relaxed in seeing it out (taking the long view).
I’ve got investments in that area.
I’ve a private investor friend (big sums) and another friend also with a 7-figure pot who gives total wealth management control to Cazenove’s. In both cases, they’re very early movers out of high risk equities eg Feb 20 and Sept 21, then they move back in soon afterwards. They’ve benefitted hugely.
Not sure if it was luck or knowledge/intelligence.
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- #76
I sold my business twelve months ago and was offered the opportunity to continue in the business which I've done for the last year but had a Prostectomy last year, and during recovery, caught COVID, and was in a bad way in hospital. Massive wake up call, life's too short and want to do some more adventurous / physical holidays and trips before I get much older.
Luckily sorted financially so it was an easy decision.
jakarta
Well-known member
I have feeling it may be several lunchtimes in a pub when I'm done & dusted!
- Thread starter
- #78
Retirement is but a dream for most of us. Decent pensions closed 20+ years ago now
I'll be dead before I can afford to retire. My son will inherit £1m of house and a shit load of old cars, guitars & scooters to deal with
£1m house, sell it and live off of the interest?
- Jul 10, 2003
- 25,865
I have about 70% high(ish) risk. I know that if I was more active (my IFA does tell me
) I could get better returns but I'm afraid my investment strategy is similar to my football supporting one, sit tight and hope for the best.It's got me lower half premier, so not bad in both cases.
Yep, it's definitely 'taking the long view' like what you said
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- Thread starter
- #80
Hotels or AirBnB?