discussion Retiring - but not shy!

[Gern]

That's it for me workwise folks!

Owing to some complicated rules about unemployment benefits, private pensions and part-time work contracts, I've been forced into taking early retirement. Not sure I'm totally happy about it as I usually enjoy my teaching jobs - even though they're not without problems - but it seems it's the best option I have.

Still, more time for modelling so it can't be all bad. I even got to make some progress with my Shilka over the last few days - pics later.

PS I may be able to do some teaching jobs after next March when I officially move onto my State Pension. I'll have to see how I feel then.

 

[eddiesolo]

Congrats...maybe Dave

Now be careful you don't get under the missus feet more than normal

 

[papa 695]

Happy retirement Dave

 

[Ian M]

Welcome to the club Dave. I hope that you enjoy your 'retirement'.

 

[col68]

Hi Dave I'm in a similar situation myself and unfortunately the novelty soon wears off.
I've started looking for a job to keep me occupied

 

[Gern]

Thanks guys.

Si - Too late! She buggered off years ago.
Ian & Ian - I certainly intend to!
Colin - I think you're probably right but any work I might find between now and next March could cost me both my private pension and any benefits I can claim. Sounds awful claiming benefits as well as a private pension but the powers that be have that covered. Every pound of my pension will be subtracted from my benefits until I can officially retire. Could be worse though. The government will only be stealing one year of my pension - lots of folk have lost much more.

 

[col68]

At the minute Dave I only sign on to keep my n.I contribution right as my pension doesn't allow me to claim any benefits. I've never been unemployed since leaving school many many many moons ago and its taking some getting used to

 

[yak face]

Enjoy yourself dave im sure youve got a couple of kits stashed away to keep you busy!!

 

[Guest]

Depends on the individual and their circumstances. What tiny bit of works pension I accrued is just pocket money on top of my state pension, all taxed of course. However, for me, it was the best thing I could have done. I hated my job and I now realised I was suffering a lot more stress than I thought I was. Always had a 'who cares' attitude when the shite hit the fan at work but it has taken me over six months to finally relax. It would be nice to earn more money but I have no thoughts about returning to work. I value my health and what is left of my sanity too much.

 

[papa 695]

I like my job, but as soon as the bank manager say's I've enough to retire I am.

 

[spanner570]

Nice one Dave. Best of luck.

I was self employed all my working life, so never knew what a steady wage was like....

I've been retired for a few years now and it's great. No private pension. I was too busy spending what I should have put into one having fun!

All I have is the State Pension, my first ever steady 'income' - and I couldn't be happier. Over and over again I get asked that daft question, "What do you do with your time?" There is always something to do, people to meet, somewhere to see. ( I can travel all over Wales on the bus for now't.)

If I want to do things, I do things. If I feel like doing nothing, I can do that too. It's my time and my choice. No alarms, no working with idiots, no back stabbers.

So, Dave - Milk this new freedom all you can. Life is a short one and now you have the chance, take it.

Best wishes
Rev. Billy Graham (Ret)

 

[monica]

Happy retirement Dave,enjoy

 

[Gern]

Tony - Just one or two! As I don't seem to have much on my plate at the moment, I've started to put together another spreadsheet listing my stash (I lost my last one when my 'puter crashed last year). Maybe I'll post it up when it's done.

Graham - Like you I only have a small pension. It's just annoying that the government is taking even that away. I still don't think it's right that I should have to use my savings (two years ago I even had to sell off part of my stash to help pay the bills) to make up my unemployment benefits - which I paid for via my tax and Nat Ins. - when someone who has no savings receives full benefits.

Ian - Be careful if you decide to retire early - you might find yourself in the same boat as me and end up using your own money to make up your pension.

Ron - Ain't hindsight wonderful! I'm wishing now I'd spent all my pennies like you - instead of saving them so the government can take them away from me! It is good to be away from alarm clocks and time commitments, although I'm not one for travel and socialising I can still find plenty to do - maybe I'll even get back to writing crosswords again. Who knows if I'll get bored in the future? Who cares?

Moni - Thanks.

 

[Ian M]

I just stopped working! Stress got to me good and propper and ended with being burnt out.
So we moved to the countryside and live cheap. Pension...Hmm. Never been so bloody busy since I stopped work. lol

 

[yak face]

Tony - Just one or two! As I don't seem to have much on my plate at the moment, I've started to put together another spreadsheet listing my stash (I lost my last one when my 'puter crashed last year). Maybe I'll post it up when it's done.

Maybe it was the amount of information on the last spreadsheet that frazzled the computer!

 

[BarryW]

Depends on the individual and their circumstances. What tiny bit of works pension I accrued is just pocket money on top of my state pension, all taxed of course. However, for me, it was the best thing I could have done. I hated my job and I now realised I was suffering a lot more stress than I thought I was. Always had a 'who cares' attitude when the shite hit the fan at work but it has taken me over six months to finally relax. It would be nice to earn more money but I have no thoughts about returning to work. I value my health and what is left of my sanity too much.

Graham and others affected - you should only pay tax on gross income above £11,000 this year. If your pension is being taxed at source without any other income then check to make sure the total gross amount takes you over £11k, if not then you should claim back overpaid tax. Also make sure you are only taxed on the surplus above £11k at 20% (or 40% over gross income of £43,000, higher taxes are payable at £100k at an effective rate of 60% initially). As you are probably aware no N.I. is payable on pension or investment income.

Whatever you do dont use the tiny amount of interest on bank savings as income in retirement. Apart from it being a very small amount the capital will be losing purchasing power steadily as a result of inflation. Even if the interest is not spent and rolled up your savings will still struggle to hold it real value. You do need these accounts for accessing capital and emergency money so they do have a place. There are ways to get a decent income from investment plus capital/income growth but I am afraid you need advice for that and regulations prevent me from saying more on here. You could see an adviser local to you who can understand your circumstances.

Sorry - I dont mean to do an advert, just trying to help.

 

[tanktrack]

Dave -relax and chill out , for a while anyway

 

[tr1ckey66]

Enjoy your 'retirement' Dave.

Cheers
P

 

[colin m]

Nice one Dave, I hope it all works out. Just promise me one thing please, stay away from day time TV. It rots the brain, allegedly.

 

[Gern]

Ian - I can't say I didn't suffer with stress at times but it was never so bad that it outweighed the benefits of working.

Tony - my stash wasn't THAT big! What caused my 'puter to crash was a so-called security program I downloaded to try and stop some bugger who'd hacked my email account. I did it on the advice of my email provider and it not only didn't cure the problem, it 'blue screened' my computer so I had to reset everything to factory condition losing all my files.

Barry - it's not tax that's the problem. During the last few years I've had a succession of teaching jobs through agencies. These jobs only pay for the time you're actually in a classroom, so in between jobs I had to claim unemployment benefits (except for the 9 weeks each year when colleges were shut for half-terms, Easter etc when I was neither paid by the college, nor in receipt of benefits because I had an employment contract and was technically unavailable for work and therefore couldn't claim benefits either).

Due to my age, I couldn't claim Job Seeker's Allowance and Universal Credit had not 'rolled out' into the Midlands. I was therefore forced to claim a thing called Pension Credit. This is paid at the same rate as the State Pension but is means tested. The rules also state that I must claim any private pension that I have, and income from this is deducted from my Pension Credit. If I hadn't got a Private Pension, I would receive the full amount of Pension Credit.

The other issue is that as I'm claiming a Teacher's Pension, I am no longer allowed to work as a teacher. So between the government's rules on unemployment and the pension company's rules I have effectively been forced to retire 12 months early. So not only are they taking money away from me, they're also stopping me earning any!

Happy days!

Steve, Paul and Col - as far as I'm aware the situation I'm in will only last 'til next March when I can claim my State Pension instead of Pension Credit. After that, I'll have no stoppages and should get the full income from both my pensions. Meanwhile I have enough to pay my bills with a tiny bit left over for hobbies so no worries!

As for daytime TV - I only watch a couple of hours a week at night - when the theoretically 'good stuff' is on - so the naff daytime stuff won't be a problem!