[Help] Retirement

pearl said:

Many thanks for your help. I've done my homework (so to speak), to quote young man I spoke to "Jesus Christ! You're more organised than me!" (hope he wasn't recorded).
Their deal is the best deal and the best option for me.
Maybe I need to be a bit more patient, thanks again

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Tim Over Whelmed said:

Has anyone done any walking in Scotland (probably Lochs) in the Summer, any ideas on good routes, accom etc?

At the moment I'm thinking of going by train / bus, be up there for around 5-7 days.

I'd prefer Pub BnB rather than camping (don't do that) and won't do bunks (sharing sleeping areas etc).

Thinking around lochs not too hilly so about 15-18 miles a day.

All ideas very welcome, and thanks in advance.

P.S. Don't tell the missus, haven't fully communicated this plan yet

Thought I was making a new thread .... may go on a computer course instead!

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NooBHA said:

Do the Borders and take in Selkirk Jedburgh etc - I think the towns are nicer and it is definitely less hilly

https://getoutside.ordnancesurvey.co.uk/local/jedburgh-scottish-borders

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Driver8 said:

Insurance Companies are obliged now to make sure that you know all your options when taking benefits. At the very least you should shop around for the best annuity rate (assuming an annuity is actually best for you) but you have many other options now, including the ability to just draw the whole fund out as a lump sum.

PM me if you are not sure what to do or speak to a local IFA.

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LlcoolJ said:

It's a way off but I'm a little confused about annuities.

Say you had a load of cash/property, could you sell up and use the money to buy an annuity, despite the assets not previously being in a pension fund?

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Driver8 said:

You could, it would be something called a purchased life annuity which is taxed differently, but it is unlikely to be the best way to invest your money. Annuity rates are closely linked to interest rates so, like interest rates, they are pretty much as low as they have ever been.

As with investing any money always take proper independent advice. If something sounds too good to be true it undoubtedly is. There are sadly too many scams around these days.

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Driver8 said:

You could, it would be something called a purchased life annuity which is taxed differently, but it is unlikely to be the best way to invest your money. Annuity rates are closely linked to interest rates so, like interest rates, they are pretty much as low as they have ever been.

As with investing any money always take proper independent advice. If something sounds too good to be true it undoubtedly is. There are sadly too many scams around these days.

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Weststander said:

Friends told me last week that millionaire businessmen they know in Brighton and north Sussex, with awful (proven) business/tax histories, are running guaranteed 8% bond schemes for pensioners. Sold through a Brighton boiler room call centre. There are no assets, other than the funds in from the first victims, it’s therefore an illegal pyramid scheme.

The FCA are or have closed it down, but not before people have possibly lost their life savings.

Disgusting.

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Weststander said:

Several distant employers are unknowingly paying people 'working from home' to tap away / read on NSC for half their day.

I suspect that they're larger employers, as small business owners are paranoid (rightly so) that p-taking goes on.

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Weststander said:

Friends told me last week that millionaire businessmen they know in Brighton and north Sussex, with awful (proven) business/tax histories, are running guaranteed 8% bond schemes for pensioners. Sold through a Brighton boiler room call centre. There are no assets, other than the funds in from the first victims, it’s therefore an illegal pyramid scheme.

The FCA are or have closed it down, but not before people have possibly lost their life savings.

Disgusting.

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Papa Lazarou said:

My current pension is very good (22% non contributory) but the job is a real challenge, so is staying in a difficult job worth a good chunk into a pension pot each month?

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Jack Straw said:

It all depends on what you want to do e.g. holidays, or things you wish to buy, combined with your regular financial outgoings - all obvious stuff, but when it comes to retiring, it does get you thinking.
I retired three years' ago. It's really strange to start with having worked for forty four years with a routine but as time gets on, in my case, I've developed my own domestic routine. I don't get my State Pension for another three years, and I assume you won't get yours for another sixteen? If you can cover all your outgoings and even if you have to dig in to any savings as I have done to get by until the State Pension kicks in, surely not having to work is everyones' dream, especially if it's getting you down.
A friend of mine said "How many people on their death-bed said that they wished that they had worked longer?".
It can be weird when you pack up work and you find time on your hands with nothing planned. You need to understand that you don't have to be doing anything. If I get in to that position now which is rare, I do a crossword, look on the computer or whatever. It's not long before you have to do something else.
I volunteer for the Butterfly Conservation Society which has involved cutting down small trees and making bonfires. Great fun! My friend has just moved house and I am re-landscaping her garden. Time is flying and I've tailored my spending to just get by. In three years' I get a £ 600 a month "pay-rise"!

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Tim Over Whelmed said:

Names, via PM of course, to protect innocent people of course, not because I'm really nosey!

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Jack Straw said:

It all depends on what you want to do e.g. holidays, or things you wish to buy, combined with your regular financial outgoings - all obvious stuff, but when it comes to retiring, it does get you thinking.
I retired three years' ago. It's really strange to start with having worked for forty four years with a routine but as time gets on, in my case, I've developed my own domestic routine. I don't get my State Pension for another three years, and I assume you won't get yours for another sixteen? If you can cover all your outgoings and even if you have to dig in to any savings as I have done to get by until the State Pension kicks in, surely not having to work is everyones' dream, especially if it's getting you down.
A friend of mine said "How many people on their death-bed said that they wished that they had worked longer?".
It can be weird when you pack up work and you find time on your hands with nothing planned. You need to understand that you don't have to be doing anything. If I get in to that position now which is rare, I do a crossword, look on the computer or whatever. It's not long before you have to do something else.
I volunteer for the Butterfly Conservation Society which has involved cutting down small trees and making bonfires. Great fun! My friend has just moved house and I am re-landscaping her garden. Time is flying and I've tailored my spending to just get by. In three years' I get a £ 600 a month "pay-rise"!

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Weststander said:

I’ll find out for you, I was told told all the names and the businesses. There are 2 businesses - the ultimate people behind the ‘bonds’ and the glorified call centre (boiler room) based in Brighton & Hove. May take a while.

You’re not part of such of a business set up are you? ... I don’t fancy being knee capped.

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dejavuatbtn said:

Much about retirement is whether or not you fully own your property because repayments/rent is a huge proportion of income. If your house is paid off, it is possible to survive comfortably on a hugely reduced income.

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Knocky's Nose said:

I asked my Father in Law the same question a few years ago. He says his days are full and he's always busy. He farts around in the garden, taking the dog out on long walks, going to the gym (he's 74 !!) plus he has a very regimented daily routine (up, breakfast, dog, check shares, mid morning cuppa, garden, lunch, etc etc)

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