Can we retire please? How much money do you really need need?

[Minxy]

Thanks yes I just checked 8.9.2032 on my 67th birthday. Phew I though for a second another year had been slipped on.

May I be the first to wish you a happy 67th birthday and retirement!

 

[Paul Wilkins]

Yes but you can’t just opt out of paying can you if you have already paid for the required number of years?

Unfortunately, you can't. Not unless you are able to drop your salary below the threshold for paying NI.

 

[Paul Wilkins]

I had a free consultation with a guy from the Governments 'Pensionwise' team last week. The advise give was excellent. I would recommend anyone who is coming up to or thinking of retiring to speak to one of the Pensionwise advisers before you cash in your chips. They may tell you something you didn't consider.

 

[Nasher]

I had a free consultation with a guy from the Governments 'Pensionwise' team last week. The advise give was excellent. I would recommend anyone who is coming up to or thinking of retiring to speak to one of the Pensionwise advisers before you cash in your chips. They may tell you something you didn't consider.

An excellent idea - but IMO if you can, do it a couple years before your planned retirement, that gives you time put everything in place

 

[jeffcav]

Cant find my Woolworths shares on any lists......anyone know how they are doing??

Woolworths is still going fine in Germany, dont know about the shares though.

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[Howard B]

I had a free consultation with a guy from the Governments 'Pensionwise' team last week. The advise give was excellent. I would recommend anyone who is coming up to or thinking of retiring to speak to one of the Pensionwise advisers before you cash in your chips. They may tell you something you didn't consider.

Just booked an appointment, cheers for the heads up.

 

[Fragle]

You can only apply to transfer £1250 of spouses unused tax allowance to yourself?

Marriage Allowance

Marriage Allowance allows you to transfer some of your Personal Allowance to your husband, wife or civil partner: what you get and how to apply for free.

www.gov.uk

Latest update


Returned home today to a little Cheque from HMRC £950 Thank you very much

The form took 5 minutes to fill in. 2 days later I received a message to say my code had changed. less than 2 weeks for the cheque

 

[ElddisNotElvis]

Latest update


Returned home today to a little Cheque from HMRC £950 Thank you very much

The form took 5 minutes to fill in. 2 days later I received a message to say my code had changed. less than 2 weeks for the cheque

Wow. Happy days and I’m so pleased you have had a good result. Thing is, if nobody tells you about it, HMRC certainly don’t!

Enjoy your windfall.

 

[Nasher]

Latest update


Returned home today to a little Cheque from HMRC £950 Thank you very much

The form took 5 minutes to fill in. 2 days later I received a message to say my code had changed. less than 2 weeks for the cheque

Begging letter on it's way

 

[Minxy]

Begging letter on it's way

Forget the letter ... I'm on my way there already ... essential travel ... you bet ya!

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[Bluemanc100]

Only 11 months into my retirement following (voluntary) redundancy at 56 and I’ve been offered a job by my old customer... I know that the job will be challenging but I’ve been offered it as I have the skills required. I need to discuss the package but I think I’m going to go for it..

Sue is now almost 7 years post diagnosis for Lymphoma but she’s been retired for most of that time and is crucially stable at present

Sue thinks I should go for it while Covid is lurking as it’s home based (predominantly) and the financial returns (minus a hefty tax bill) will bolster the savings. She can also devote some time to spend with her Mum who is local but not getting any younger (85) so it feels like a win win.

I’m quite excited that I’ve been asked to be honest

 

[Rosemary1]

Only 11 months into my retirement following (voluntary) redundancy at 56 and I’ve been offered a job by my old customer... I know that the job will be challenging but I’ve been offered it as I have the skills required. I need to discuss the package but I think I’m going to go for it..

Sue is now almost 7 years post diagnosis for Lymphoma but she’s been retired for most of that time and is crucially stable at present

Sue thinks I should go for it while Covid is lurking as it’s home based (predominantly) and the financial returns (minus a hefty tax bill) will bolster the savings. She can also devote some time to spend with her Mum who is local but not getting any younger (85) so it feels like a win win.

I’m quite excited that I’ve been asked to be honest

Remember they want you, they approached you so make them work for it with your package/salary.

 

[Bluemanc100]

Remember they want you, they approached you so make them work for it with your package/salary.

That's the part I hate to be honest. The person who has built a plan around me joining them has really put their neck on the line. I realise that I'm expected to negotiate but I really don't want to create an issue if I am over-ambitious.. I suppose they can only say no

I am hoping they will make me an offer I can't refuse without any pushback from me

 

[Paul Wilkins]

That's the part I hate to be honest. The person who has built a plan around me joining them has really put their neck on the line. I realise that I'm expected to negotiate but I really don't want to create an issue if I am over-ambitious.. I suppose they can only say no

I am hoping they will make me an offer I can't refuse without any pushback from me

Fantastic news. Remember.. its on your terms. They are the ones wanting you back. Tell 'em you might be able to squeeze them in three days a week.

 

[Bluemanc100]

Fantastic news. Remember.. its on your terms. They are the ones wanting you back. Tell 'em you might be able to squeeze them in three days a week.

A flippant comment but I was actually thinking about a four day week... I need to make them buy into that idea, once things settle then I will be looking to drop a day... I may speak to the person who devised this new plan and asked me about the role first... See what she thinks about the idea

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[Paul Wilkins]

A flippant comment but I was actually thinking about a four day week... I need to make them buy into that idea, once things settle then I will be looking to drop a day... I may speak to the person who devised this new plan and asked me about the role first... See what she thinks about the idea

Sorry if you think I was being flippant, but if you want to be hauled back into the 9 to 5, then let them walk all over you. Business is business. I'm guessing you'd rather be back working full time than enjoying your retirement. Personally, I'd be somewhat tougher. Who are you doing this for? You or the company?

 

[Bluemanc100]

Sorry if you think I was being flippant, but if you want to be hauled back into the 9 to 5, then let them walk all over you. Business is business. I'm guessing you'd rather be back working full time than enjoying your retirement. Personally, I'd be somewhat tougher. Who are you doing this for? You or the company?

Sorry, I assumed you were being flippant but you are bang on.. I don't want to be working all the hours.. the employer definitely wants their pound of flesh (I know from experience when they were my customer) but I have to manage expectations as you have pointed out...

I'm doing this for me at the end of the day so if they can't offer me something that will suit then It isn't going to work.

 

[Puddleduck]

Sorry, I assumed you were being flippant but you are bang on.. I don't want to be working all the hours.. the employer definitely wants their pound of flesh (I know from experience when they were my customer) but I have to manage expectations as you have pointed out...

I'm doing this for me at the end of the day so if they can't offer me something that will suit then It isn't going to work.

If you aren't happy you won't do your best work which will be lose - lose. We were lucky - eventually. I was medically retired / made redundant which was a huge shock. Martin was then able to cut his work down to 4 days a week, then three, then two and then retire completely. He was alreadu working from home more than he was in the office (and still heading the "league table" of fee earnings).

I don't miss working for a living at all now.

 

[Bluemanc100]

If you aren't happy you won't do your best work which will be lose - lose. We were lucky - eventually. I was medically retired / made redundant which was a huge shock. Martin was then able to cut his work down to 4 days a week, then three, then two and then retire completely. He was alreadu working from home more than he was in the office (and still heading the "league table" of fee earnings).

I don't miss working for a living at all now.

I don't miss working either but this could be a no-brainer with the tail end (hopefully) of Covid still affecting the way we live. If the package is right then a year or two will fly by and I'll still be just under 60...

The dialogue re the package will be key...

 

[gerrym11]

I don't miss working either but this could be a no-brainer with the tail end (hopefully) of Covid still affecting the way we live. If the package is right then a year or two will fly by and I'll still be just under 60...

The dialogue re the package will be key...

What a lovely position to be in, good luck!

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[kevenh]

Remember, they know you are retired and {that you likely} may not want to go back at all, let alone 3 or 4 days.
Although obviously not fully across the details, I expect they know it could be 3 days that work best for both sides.

edit: clarity

 

[Cheshirecat57]

A flippant comment but I was actually thinking about a four day week... I need to make them buy into that idea, once things settle then I will be looking to drop a day... I may speak to the person who devised this new plan and asked me about the role first... See what she thinks about the idea

I dropped to 4 days 3 years ago and now to 3 days Jan 2020
Sometimes still feel like I am doing same work in 3, BUT the Fri-Mon weekend is Fantastic

 

[Pablo19]

I don't miss working either but this could be a no-brainer with the tail end (hopefully) of Covid still affecting the way we live. If the package is right then a year or two will fly by and I'll still be just under 60...

The dialogue re the package will be key...

Congratulations on the job offer. In my opinion you need to be either very self-motivated or doing a job that you really like if you are in the fortunate position of being "able" to retire. I'm a couple of years older than you but started my current job a couple of years ago. I'm not quite in the position I want to be to retire just yet and will probably end up doing another 3 or 4 years depending on how investments go post covid and brexit. I am already thinking about when I might be in a position to reduce to 4 days a week though! I do enjoy my job but have been in the industry since leaving school so do get a bit bored at times!

 

[Carpmart]

Fair play to you. I couldn’t see anyway back after I’d made the switch. I’m 52 and handing my three months notice in on 28th July after my half year bonus is paid. I am really struggling this year with work, purely as I am in a position that I now do not ‘need’ to work. If it wasn’t for Covid, I would have retired already, but frankly there is no point. So full respect to you even considering going back!

 

[Chipster]

Fair play to you. I couldn’t see anyway back after I’d made the switch. I’m 52 and handing my three months notice in on 28th July after my half year bonus is paid. I am really struggling this year with work, purely as I am in a position that I now do not ‘need’ to work. If it wasn’t for Covid, I would have retired already, but frankly there is no point. So full respect to you even considering going back!

Good on you! Best of luck. Hopefully I’ll be done at or least have an option to be done before 55. That’s the master plan.

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[TheMachMan]

Good on you! Best of luck. Hopefully I’ll be done at or least have an option to be done before 55. That’s the master plan.

Ditto. I’ve just reached this milestone and will be asking for reduced days soon. If not will leave and and decide what I fancy doing next.

 

[kevenh]

55 this May & already agreed I can go to a 3 day week with my employer from 1st June!!
Initially on a 6 month trial that means I can opt back to full time if desired. Then permanently part time from then.

My role is customer facing so I need to be flexible and the solution is a rolling flexible month with a basic aim of just working Mon - Wed when I can.

 

[Garfields]

What you decide is up to you obviously
Only thing I would add is something someone posted earlier in this thread
Every extra year you work is one less you get in retirement

 

[bigtwin]

I was actually thinking about a four day week..

Up to you of course but I’d be pitching for your four day week on whatever your previous full time salary was. If you wanted to pitch for more then fair play to you but that would be my minimum opening gambit.

Ian

 

[Silver-Fox]

Only 11 months into my retirement following (voluntary) redundancy at 56 and I’ve been offered a job by my old customer... I know that the job will be challenging but I’ve been offered it as I have the skills required. I need to discuss the package but I think I’m going to go for it..

Sue is now almost 7 years post diagnosis for Lymphoma but she’s been retired for most of that time and is crucially stable at present

Sue thinks I should go for it while Covid is lurking as it’s home based (predominantly) and the financial returns (minus a hefty tax bill) will bolster the savings. She can also devote some time to spend with her Mum who is local but not getting any younger (85) so it feels like a win win.

I’m quite excited that I’ve been asked to be honest

Sounds a good opportunity.
If it were me I’d got for it and order a Morello

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