Retirement.....what next?
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and it highlights what pension 'freedom' really is all about. Raising money.
For all sorts of reasons, the overwhelming majority of young earners in today's society don't have a pension (very few of them have property either). This has simply got to be fixed, and whilst today's measures will have virtually no impact on the problem, they are a long-overdue step in the right direction.
Both pension and the property market need massive, and sustained, surgery or this country has no future.
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I'm not intending to try it out but from one news report, I gathered that should an eligible person "cash in" their pension for the maximum lump sum and subsequently blow the lot by the age of 70 (for example), they would still be able to claim a means tested benefit/pension.
It doesn't sound right, so did I get the wrong end of the stick?
It doesn't sound right, so did I get the wrong end of the stick?
P6Driver - I understand that is the case and indeed, given it is their lump sum/pension savings they have accrued, what they choose to do with it is up to them. They are no different than the less well prepared/fortunate who didn't have that money saved in the first place. I also understand the State Pension is not means tested (although you need to qualify by paying NI for 33 years for the full amount). The means testing comes under the Pension Credit part of the payment, designed to help those not able to survive on the State Pension they receive. Re the earlier question about service and State pension being X+Y, I think there is a bit of jiggery pokery re the SERPS element so in fact you get X+Y-Z where if you didn't have the service pension you'd get Y+Z?
My old man discovered this on his State pension age and wasn't best pleased!!
My old man discovered this on his State pension age and wasn't best pleased!!
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P6,
From last year, there was a concerted drive within g'ment to regard the basic state pension as a right and not a benefit, because it has been earned to varying degrees by people paying National Insurance Contributions. It'll be a different matter for various other means tested benefits. DWP rolled out guidance a couple of weeks ago, warning that if you blow it, don't come crying to us.
https://www.gov.uk/government/upload...p-benefits.pdf
I see that Nicola Sturgeon has been arguing again, this morning, that as life expectancy north of the border is lower, Scotland will be exempt from increases in the state pension age. Fair enough. Given that life expectancy for military retirees is generally lower too, should they also be exempt. Coming soon - a personalised retirement age, based on the results of a DNA and contingent on you wearing a gym/sports tracker..
TOFU,
Yes, to a point. Accrued money attributable to tax relief should be ring fenced. The rest, well.. why not cash some of it in if that's what you want? Given the number of silver surfers around here, I'm expecting to see lots more 3 year old Merc SLs on the roads this summer. Just as soon as the cruise has been completed of course. Notwithstanding that, it's the next scandal of course!
From last year, there was a concerted drive within g'ment to regard the basic state pension as a right and not a benefit, because it has been earned to varying degrees by people paying National Insurance Contributions. It'll be a different matter for various other means tested benefits. DWP rolled out guidance a couple of weeks ago, warning that if you blow it, don't come crying to us.
https://www.gov.uk/government/upload...p-benefits.pdf
I see that Nicola Sturgeon has been arguing again, this morning, that as life expectancy north of the border is lower, Scotland will be exempt from increases in the state pension age. Fair enough. Given that life expectancy for military retirees is generally lower too, should they also be exempt. Coming soon - a personalised retirement age, based on the results of a DNA and contingent on you wearing a gym/sports tracker..
TOFU,
Yes, to a point. Accrued money attributable to tax relief should be ring fenced. The rest, well.. why not cash some of it in if that's what you want? Given the number of silver surfers around here, I'm expecting to see lots more 3 year old Merc SLs on the roads this summer. Just as soon as the cruise has been completed of course. Notwithstanding that, it's the next scandal of course!
Yes, it is permitted. I sit with a serving Colonel
Thread Starter
Gents
many thanks for your input.....you've come up with some real pearls of wisdom........and I mean some real pearls of wisdom!!! I'm only 50 so I can't imagine I'll be twiddling my thumbs for too long. I want to put something back into society if that doesn't sound cheesy......I mentored in the Fire Service (both formally and informally!) so I'd love to help those less fortunate than I am. Either that, or somehow try to get involved in aviation one way or another.......I'm not a million miles from the Yorkshire Air Museum at Elvington so that might be something to consider. It's only been 8 days so it sort of feels like I'm on leave, but I keep waiting for some kind of emotional melt down but I haven't had time for that yet.......I'm too busy!
Thanks again gents.
MD
many thanks for your input.....you've come up with some real pearls of wisdom........and I mean some real pearls of wisdom!!! I'm only 50 so I can't imagine I'll be twiddling my thumbs for too long. I want to put something back into society if that doesn't sound cheesy......I mentored in the Fire Service (both formally and informally!) so I'd love to help those less fortunate than I am. Either that, or somehow try to get involved in aviation one way or another.......I'm not a million miles from the Yorkshire Air Museum at Elvington so that might be something to consider. It's only been 8 days so it sort of feels like I'm on leave, but I keep waiting for some kind of emotional melt down but I haven't had time for that yet.......I'm too busy!
Thanks again gents.
MD
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Approaching 50 and enjoying my second career. Beard grown, no bull**** tolerated, (another) final salary pension, lots of holidays, freedom to retire any time from now until I'm 70, although in reality shortly after my mortgage is paid off and my sons' (10 & 7 yrs old) uni' fees are covered.
Of my 1990 - 2012 time inside on balance I enjoyed about 3/4, but I don't miss much about it any more.
Of my 1990 - 2012 time inside on balance I enjoyed about 3/4, but I don't miss much about it any more.
Last edited by Willard Whyte; 8th Apr 2015 at 07:54.
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I left after 23 years, and not a moment to soon. I enjoyed most of the time I spent in, not all of it. But, I'm glad I joined.
I left, and never looked back. If I'm honest, I don't actually enjoy flying anymore either.
The RAF (Fast Jets), is for young men and you will know when it's no-longer worth the effort. I'm having a great life on the 'outside', enjoy it!
I left, and never looked back. If I'm honest, I don't actually enjoy flying anymore either.
The RAF (Fast Jets), is for young men and you will know when it's no-longer worth the effort. I'm having a great life on the 'outside', enjoy it!
Al R
The money lost in defering the OAP, allowing for 40% Tax, is regained in about 7 years at 131.2% with 20% Tax. Rather than my financially incontinent ex-wife spending it, I am now halfway to getting it back, and all for me!
It depends how optimistic you are about your future. I personally hope to equal my Great Grandfather who retired from the Wiltshire Police, at 50, as an Inspector and claimed 46 years full pension.
The money lost in defering the OAP, allowing for 40% Tax, is regained in about 7 years at 131.2% with 20% Tax. Rather than my financially incontinent ex-wife spending it, I am now halfway to getting it back, and all for me!
It depends how optimistic you are about your future. I personally hope to equal my Great Grandfather who retired from the Wiltshire Police, at 50, as an Inspector and claimed 46 years full pension.
Thread Starter
Mopardave,
I think you've answered your own question with the last comment of your post!
And believe me, it won't change! Enjoy your retirement!
I think you've answered your own question with the last comment of your post!
And believe me, it won't change! Enjoy your retirement!
For those of us who were always paid to do their hobby, 'work' is never a burden. I've just turned 60, so sadly no more single-pilot public-transport for me - I really miss the police, air-ambo and lighthouse support stuff.
However, after a brief (2 year) interlude with my previous (excellent) employer in their training office, teaching multi-engine and IR, I have now found my way into my ideal way of life. Mon-Fri, starting at 9 and never finishing after 5 (unless massive amounts of overtime are paid), I get paid for flying modern light twin helis at <30 feet around the delightful UK countryside. Managed 4 hours 50 minutes today - no paperwork, no secondary duties - bliss!
Who needs to retire when you can have this much fun and have people throw money at you?
However, after a brief (2 year) interlude with my previous (excellent) employer in their training office, teaching multi-engine and IR, I have now found my way into my ideal way of life. Mon-Fri, starting at 9 and never finishing after 5 (unless massive amounts of overtime are paid), I get paid for flying modern light twin helis at <30 feet around the delightful UK countryside. Managed 4 hours 50 minutes today - no paperwork, no secondary duties - bliss!
Who needs to retire when you can have this much fun and have people throw money at you?
Interesting comments by some.
Mopardrive - retiring @ 50 cannot be good for anyone - mentally, that is. You are far far too young to do sweet FA @ 50. Every single person I have met who has 'tried' to retire @ 50 has found life "challenging" to say the least. Great for the first 'X' years but they all tell me that after that they are struggling to stay sharp...if that is the right description. Yes of course it's great fun doing very little daily, answering to no-one, tinkering with your hobby, charity, interests but the common thread with all of them is that they miss the daily 'challenges' that work brought, the interaction with other humans on a professional basis, the problems that needed resolving and so on. OF course there is a time to say goodbye to all that, even for filthy rich people, but 50 is ridiculous - you become a nuisance not a nicety.
Willard: With a 7 year old, you are going to be working until you are 65 then???
I guess there is no 'ideal' age to retire. Each to their own, but I would suggest that there is a 'minimum' age to retire and in this modern age of medicine and welfare - 50 is way way too young assuming you have 20+ years of healthy time ahead of you.............
As they say: "One Life - Live It"!
Thud: You seem to have struck gold. We have a roughly similar background but now I am driving a desk in aviation rather than flying one! Enjoy!
Mopardrive - retiring @ 50 cannot be good for anyone - mentally, that is. You are far far too young to do sweet FA @ 50. Every single person I have met who has 'tried' to retire @ 50 has found life "challenging" to say the least. Great for the first 'X' years but they all tell me that after that they are struggling to stay sharp...if that is the right description. Yes of course it's great fun doing very little daily, answering to no-one, tinkering with your hobby, charity, interests but the common thread with all of them is that they miss the daily 'challenges' that work brought, the interaction with other humans on a professional basis, the problems that needed resolving and so on. OF course there is a time to say goodbye to all that, even for filthy rich people, but 50 is ridiculous - you become a nuisance not a nicety.
Willard: With a 7 year old, you are going to be working until you are 65 then???
I guess there is no 'ideal' age to retire. Each to their own, but I would suggest that there is a 'minimum' age to retire and in this modern age of medicine and welfare - 50 is way way too young assuming you have 20+ years of healthy time ahead of you.............
As they say: "One Life - Live It"!
Thud: You seem to have struck gold. We have a roughly similar background but now I am driving a desk in aviation rather than flying one! Enjoy!
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As one who 'retired' at 50, I have no complaints about the last 20 years.
Busy enough, without being told what to do on a daily basis.
Sufficient intellectual stimulation to defer senility for a while.
Enough free time/cash to indulge my/our interests.
I think the biggest positive was having the freedom to choose what to do each day, juggling the mix of desires and essentials and ensuring the week's "To Do" list was completed in a timely manner ... and not having to worry too much if things slipped to right a bit. Although looking at this desk, awash with various pieces of paper and a fairly long "To Do", I may be slacking a bit - I shall have to speak to myself sternly.
Busy enough, without being told what to do on a daily basis.
Sufficient intellectual stimulation to defer senility for a while.
Enough free time/cash to indulge my/our interests.
I think the biggest positive was having the freedom to choose what to do each day, juggling the mix of desires and essentials and ensuring the week's "To Do" list was completed in a timely manner ... and not having to worry too much if things slipped to right a bit. Although looking at this desk, awash with various pieces of paper and a fairly long "To Do", I may be slacking a bit - I shall have to speak to myself sternly.
I shifted to occasional, part-time work at 45, and am completely retired at 52. I have too much to do to have time for work!
I guess the key question is, do you know what you will do with your time? If you do, you should be trying to 'retire', i.e. achieve future financial security, as fast as possible. I achieved this by building my own house, learning the skills as I went along. Personally, I knew what I would do after my working life was over when I was 18, but I guess most don't.
I guess the key question is, do you know what you will do with your time? If you do, you should be trying to 'retire', i.e. achieve future financial security, as fast as possible. I achieved this by building my own house, learning the skills as I went along. Personally, I knew what I would do after my working life was over when I was 18, but I guess most don't.
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I think that one vital ingredient in the fulfilment that retirement has to offer comes long before you actually retire. I am aware of people; often high fliers in the command chain, who if you take the military away from them, nothing remains. These people will find their retirement date an impossible hurdle to navigate. Upon my own retirement, a good friend emailed me with these comments: "Welcome to the rank of all ex-officers"; and whilst those who know me well reckon that I stopped being 'military' some time ago, I have the rest of my life to juggle the many interests and hobbies that I have accumulated other the years. ..... and the comments about mental as well as physical challenges are valid. I was rubbish at languages at school, yet found over the years picking up colloquial verbal language very easy. I am now going to embark on academic Russian; for no other reason than... I can! .... and I am going to visit some of those countries that have thus far have been on a forbidden list. I have already done Cuba for example.
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One important consideration for the recently retired couple is to allow each other their own space. My significant other has her own snug to which she can retire, eat chocolate and watch some of her medical programmes on TV while I watch manly adventure things downstairs.
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Thomas coupling, you argue strongly that ‘retiring @ 50 cannot be good for anyone.’ If that is what you feel is necessary in order to achieve mental stimulation or feel some sense of purpose, then good luck Sir! I retired from the RAF two and a half years ago at age 55 and have no desire to seek paid employment. Now pursuing educational, charitable and social activities the major challenge is how to select and achieve chosen purposes whilst balancing the limited time available. Struggling to stay sharp? I don’t think so….
Sorry if this sounds a little punchy, it must be time for the medication....
Sorry if this sounds a little punchy, it must be time for the medication....