Wednesday, 5 July 2017

Photo 37

I had a letter through the post today from my pension company informing me I was fast approaching retirement. Talk about suddenly feeling old.

Their query of whether I was on the right track for the retirement I wanted made me think, well if they mean do I have enough fabric, wool, baking ingredients and free time to potter around doing what I want in my autumnal years, then yes, I am definitely on the right track. 

Of course, that's not what they meant at all. Their question had far more boring connotations and was obviously financially loaded. Normally I file anything like this in my "still a spring chicken, can't be bothered dealing with that now so I'll look at it later" pile then in a few weeks bin it thinking "plenty of time left to think about that".

Only this time, seeing my retirement age of 55 in black and white it suddenly didn't seem that far away, so I had a read.

According to the paperwork my fund will be worth a nice amount by 2022 and I can do 3 things with it. Take is as a one-off payment, take regular payments from the fund or get a regular income for the rest of my life. 

I've worked out that if I opt for an income for the rest of my life I'd have to live until I was well over 100 to get my lump sum back. With my medical history and the none too life changing monthly income being predicted I think I will live dangerously and take the whole lot. 

Decision made for now, I've filed it under "done and dusted". I do love my simple filing systems :). Now I'm getting back to practicing retirement which today has included knitting and wandering around the garden admiring my sweet peas.

So, who's still young enough to file anything like this in a 'deal with later' pile, who's fast approaching retirement like myself and needs to start thinking about this sort of thing and who's already there and enjoying every minute of it? 

               


xxx




22 comments:

  1. I know it's wrong but I don't like to dwell too much on financial matters. It would probably go on my deal with it later pile even though it really shouldn't.
    If I run out of wool in I'll head your way! 😉 We could get Sadie to decorate our retirement home and we can sit around knitting to our heart's content. XX

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    1. Now that's what I call a retirement plan Jules. Tea, cake, knitting, sewing and friends. I'd invest my money into that plan in a shot :)

      I'm the same as you, I can always find something better to do than read financial stuff. I'm good with the household budget and bills but anything that needs thinking about properly I pass over to Mark. xx

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  2. It does seem like a minefield! I left my job in the NHS at 50 - 3 years ago - as I could take my NHS pension from 50. I took a lump sum and a monthly pension for the rest of my life. It's a smallish monthly amount - you couldn't live on it - but it comes in useful. It was very straightforward dealing with NHS pensions agency. I do a bit of self-employed work as and when I want. I feel a bit guilty sometimes though as poor old hubby still has to work to pay the bills!!

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  3. My predicted monthly amount really isn't worth bothering with Mrs, I'd be better off taking the lump sum and doing something with it. One of our neighbours was/is a theatre nurse. She retired but still works 2 or 3 days for an agency and more often than not back at the hospital she used to work at. If you're anything like me, you might not work but I bet you don't sit down for long on a day with all the jobs that need doing :) xx

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  4. oof,I do not like letters like that! Like the ones from the NHS or other companies going on about health checks and stuff, making you feel old as soon as you read it! Tosh!

    I would have just handed it over to Bill to sort out. We have this ongoing joke that I only deal with nice post and he deals with all the nasty stuff.
    I love Jules's idea of me decorating the retirement home so you can all sit around knitting. Just as long as everyone is on board with pink and fairy lights, we'll all be ok!

    xx

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    1. Yep same here. I just hand the boring stuff to mark who seems to take great delight in reading the small print. Then I say to him 'explain it to me in less than 5 minutes' (my attention span for such matters lol). Hope you are on the look out for our retirement decor! Xx

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  5. Be careful because when you opt to take the whole lot you'll only get 25% tax free. The rest you'll pay 20% tax on after your annual personal allowance. I retired last year at 60 and I took my civil service pension which was straight forward but I also had a private pension from the 80's that had various stipulations. I took 25% and the rest in an income because it was enhanced not because of illness but because it has a clause relating to market value.

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    1. Yes, I will need to look into it in more detail nearer the time Tania and see what the best deal for me really is. For now though I have a basic grasp on it which is more than I did at the beginning of the week, although I expect Mark will deal with the real nitty gritty. It's just nice to feel a little bit more knowledgeable after spending years pushing it to the back of my mind. xx

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  6. Already there and enjoying every minute of it! Except for the ageing creaky joints. 68 now, gosh 68, it hits home when you say it, on my way to 70. Still youthful in mind although the memory isn't what it was! What was the question again?!

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    1. Glad you're enjoying your retirement Jan. The 'older' generation seem so much younger these days and still full of vim and vigor - more than the younger generation if truth be told who seem to sleep and lollop along through life at times.

      I still feel like a 21 year old although but don't always quite function on all cylinders - a definite case of the spirit is willing but the flesh is weak! xx

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    2. One thing about you is that you reply to comments - this is very much appreciated. How lovely to have that two way communication thing going on, rather than posting a comment and wondering if it's even been read.

      I'm sure you must have been brought up to have extremely good manners! Have a lovely evening, just cooling off here after a warm day. Not too far from you, about 10 miles or so.

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    3. I just think if somebody takes the time and trouble to leave a comment the least I can do is reply, it seems rude not to and is a little bit like holding a one-way conversation. I know some bloggers have so many comments that it probably isn't possible to reply to everybody but the couple that I read that do that have actually told people they can't reply to everybody so at least they know.

      I have been brought up to be polite - if I'm not blogging for one reason or another I even tell people that to save them the time of looking because everybody's time is precious.

      Plus I'm a right chatterbox so replying sort of comes naturally :) xx

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    4. I agree with Jan and feel more like we're having a conversation when the blogger replies or makes a comment to your comment. Bloggers who don't reply are a bit off-putting I feel. Obviously there are exceptions when a blogger has posted a controversial post and the comments are huge.

      Joan (Devon)

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  7. Garry is older than me so he had gone through all this before I had to. We are both in the same pension plan so he knew exactly what I had to do, made it much easier for me!

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    1. I'm rubbish with things like pensions Janice. I'm not interested although I know I should be but there are so many other nice things to think about instead. Thankfully Mark is good with things like this so I tend to pass them over to him. My contribution is making him a brew while he mulls over the detail. xx

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  8. I think I'm going to have to work another 21 years until I retire. Well, until I get my pension from the Council! Fingers crossed for a lottery win!

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    1. Oh yes, the number of teachers affected by that little rule change at school was unbelievable. I'm not being rude to the 'older' generation of teachers but honestly what primary school child wants a teacher who's pushing 70 and vice versa, who wants to be dealing with primary school children at that age.

      It will be like going back in time when all the teachers seemed really old, only in this case they genuinely will be lol.

      If I win the lottery I will send you some so you can retire and join me, Sadie and Jules in our retirement home xx

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  9. I am suddenly at that age and I find it both exhilarating and frightening. How did I get this age so fast?

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    1. I know what you mean Lynn. One day you're in your 20's begrudgingly paying into a pension because you'd rather be doing something else with your money, the next you're retiring and patting yourself on the back for being so sensible haha.

      My letter said I'd chosen a retirement age of 55 - I have no recollection of doing that whatsoever, but I'm not going to argue with them. I'm sure they're right and if they're happy to pay out I'm happy to have it.

      I'm sure retirement for you will be more exhilarating than frightening. The 'older' generation seem to have much more fun than the younger ones these days :) xx

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  10. I gave up my job in 2010 to become a childminder to Ruby with plans to go back to work once I wasn't needed for that any more. I am now a reluctant retiree as finding a job round here was impossible.
    Some days I love being at home and other days I hate it.
    Hugs-x-

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    1. I know a lot of grandparents do that these days Sheila and they don't get paid for it either, but it's a big sacrifice and often I suspect not truly appreciated - although in no way am I saying that's the case with your family.

      Yes, plans to go back to work don't often come to fruition do they. Even if I wanted to work again I know on paper I would look terrible - 50 years old and I've had a heart attack - probably not the top of anybody's employement list.

      It's the mundane groundhog day things that get on my nerves about being at home, but then again I'm glad I'm my own master and not working to somebody elses clock - I think I'd struggle with that these days. xx

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  11. Congratulations on approaching retirement age! I have been toying with the idea of retiring in about 1 year's time. I need to attend a retirement seminar offered by my employer to learn about what I need to be aware of. My primary concern at the moment is my medical benefits (my insurance is through my employer, since we don't have the equivalent of your NHS).

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