New pension rules

[Covenant]

The governments new proposals mean that you can do pretty much what you want with your pension pot. Assuming you're not going to blow it on wine, women and fast cars, are you going to buy a boring old annuity or try something a bit more adventurous?

[Macca]

What pension pot?

My plan for old age is to rob petrol stations with a sawn off shotgun :)

if I did have one I would take it all in a lump sum and spend most of it on drink and drugs. The rest I would just squander.

[MikeMusic]

Best pension I ever heard of...

Bloke running a hotel I think it was, could have been a conference centre, in the 70s

Sells up, leaves the country, took all the money with him

Tax, what tax ?

[Macca]

Yep - rip everyone off and move to Argentina. That can work.

[Covenant]

Well I want to spend as much time as I can in sunny parts of the world whilst keeping a toe-hold in the UK for family connections and NHS reasons. So maximising my pot is high on my list of things to do! I have been sticking money in since I was 21 but it is depressing how little it produces. Thank God I am married to a teacher with a decent pension.

[Roy S]

I've worked in Local Government for 35 years & I was 55 on the 4th March. They change the lgps legislation on 1st April 2014 to allow you to retire & take your pension at 55, I'm handing my notice in on the 2nd April, happy days! :cool:

[Barry]

What pension pot?

My plan for old age is to rob petrol stations with a sawn off shotgun :)

if I did have one I would take it all in a lump sum and spend most of it on drink and drugs. The rest I would just squander.

Ah the George Best approach!

[Marco]

What pension pot?

My plan for old age is to rob petrol stations with a sawn off shotgun :)

if I did have one I would take it all in a lump sum and spend most of it on drink and drugs. The rest I would just squander.

Top man! :respect:

Our 'pension pot' is tied up in the property market (our portfolio currently stands at four properties - all owned outright).

I've never believed in lining the pockets of financial advisors (although I know that Barry has a good one) or insurance companies, as they're all out to look after No1 - and I certainly wouldn't rely on the pittance the government provides, paid at a ridiculous age where all you're fit for is pissing inside incontinence pads.

Nope, forget that bullshite - you have to generate your own 'pension pot', via whatever means possible, or face old age in poverty!

Marco.

[Roy S]

a ridiculous age where all you're fit for is pissing inside incontinence pads.




Hope not at 66

[Ninanina]

Certain life experiences change your thoughts about money, pensions and all of that sort of thing .....

SO I live for TODAY and MAYBE for tomorrow but after that things will sort themselves out... kinda thing... I know that might not be the RIGHT way of doing things but that's where I am at the moment.. with my current thoughts... ;)

[Marco]

Hope not at 66

If you're daft enough to work until then! ;)

Marco.

[Roy S]

If you're daft enough to work until then! ;)

Marco.

Finished in a couple of months then I'm off time travelling in distant galaxies :yay:

[Covenant]

I like working. Don't want to retire anytime soon.

[Tim]

Hope not at 66
My Dad is 90 in three weeks so if 66 is a ridiculous age to start drawing a pension, he's doing alright I reckon?

I'm retiring next year at 57 and don't plan to work again, unless I get really bored. But I reckon I will have plenty to do fiddling around with a darned Garrard 401 . . . what have I done :doh:

[Marco]

I like working. Don't want to retire anytime soon.

Each to their own, Jerry. I guess it depends on how 'married' you are to your job. I'd far rather retire early and spend time with family and friends, enjoying myself, where my time is 100% my own :)

Marco.

[Marco]

My Dad is 90 in three weeks so if 66 is a ridiculous age to start drawing a pension, he's doing alright I reckon?


Lol - good on him, Tim! Nice one :)


I'm retiring next year at 57 and don't plan to work again, unless I get really bored.

That's just a nice age to retire. Beyond that, for me, unless you have no other option, is madness... I'm 48, and already semi-retired. I wouldn't dream of working beyond the age of 55.

TBH, I could close my art business now, stop working, and just sit and collect rental money from the properties we own. Incidentally, that situation didn't land on my plate either!

I'm in that fortunate position through having worked like a dog building up my business when I was younger, in order to secure my future, not lining the pockets of an insurance company, nonsensically dreaming of some 'big payout' when I'm old and grey, which in reality will never happen...

Most likely, Del will be quitting her job as a senior college lecturer within the next year and doing part-time private tuition from home, which will be much less stressful for her, and more lucrative, although she loves teaching. It's the only reason she works at all, although I don't see her carrying on for much more than another three years. After that, we'll be spending much more time in Tuscany, drinking the Chianti from our vineyard! :cheers:

Marco.

[walpurgis]

I retired early in 2009 and have been pottering about since, just doing whatever the hell I feel like, much happier than carrying on working to earn money for some big business. I still have the cash to do what I like within limits, I have reasonably modest tastes in most things, so I don't spend a fortune. If the need should arise I'll supplement my pensions with a bit of wheeling and dealing. I became a pensioner officially last July, but I still like doing most of the silly stuff I was doing when I was twenty (don't get caught these days though).

[Tim]

After that, we'll be spending much more time in Tuscany, drinking the Chianti from our vineyard!
Like the sound of this, that's what retirement is for.

Surprised you didn't pick up on this comment about my 401 :lol:

[Roy S]

pottering

Looking forward to 'pottering' ( what is it exactly?)

[Tim]

Looking forward to 'pottering' ( what is it exactly?)


(UK) 'To potter', to be gently active doing various things in an almost aimless manner.

[Marco]

Like the sound of this, that's what retirement is for.

Surprised you didn't pick up on this comment about my 401 :lol:

Yes, I've caught bits of your thread in Idle Vice. I shall be following your progress there with interest! ;)

Marco.

[Tim]

I shall be following your progress there with interest! ;)
Can of worms is a phrase that springs to mind!

[walpurgis]

Looking forward to 'pottering' ( what is it exactly?)

In my opinion, 'pottering', is doing just what you feel like doing at whatever pace suits you!

The best thing about my life now is that I have absolutely nobody to answer to or who can get away with telling me what I should be doing (mind you, I've always done my own thing and used to be castigated at work for my singular approach, but always got away with it 'cos I was the best they had at what I did)).

[Marco]

In my opinion, 'pottering', is doing just what you feel like doing at whatever pace suits you!


Like having a nice slow 'shankette' first thing in the morning [chuff, chuff], before the cream boy arrives...? :eyebrows:

Marco.

[walpurgis]

Like having a nice slow 'shankette' first thing in the morning [chuff, chuff], before the cream boy arrives...? :eyebrows:

Marco.

"Wank". I seem to remember that word back in the dim and distant past. Can't remember what it means now though, must ask the girlfriend next time she's playing with my flexible friend.

[Marco]

Girlfriend? Is that the term they use now in massage parlours? :D

;)

Marco.

[Ninanina]

Well I'd consider myself 'retired' at 51 really

After many years kind of at my peak of computer programming I take it much easier these days and look after someone less fortunate than myself. I guess that's my job now really...

[walpurgis]

Girlfriend? Is that the term they use now in massage parlours? :D

;)

Marco.

Damn! The bugger's sussed me out again. How does he do it? ;)

[Roy S]

So 'pottering' could equate to 'wanking'? Got no problem with that just have to watch I don't start growing hair on my palms

[walpurgis]

Well I'd consider myself 'retired' at 51 really

After many years kind of at my peak of computer programming I take it much easier these days and look after someone less fortunate than myself. I guess that's my job now really...

I must admit Bev, I was more or less 'ticking over' at work for the last eight to ten years of my employment. I'd got it all well pinned down and relied on other good people to tie the job all together. Most of the time I had little real disruption to the smooth flow I'd established. Being a basically lazy, but crafty bugger, I cut all the corners that held me up.

[walpurgis]

So 'pottering' could equate to 'wanking'? Got no problem with that just have to watch I don't start growing hair on my palms

My palms have splinters in and just don't ask where they are from! :eyebrows:

[Ninanina]

Sounds a bit like my own experience Geoff over the past couple of years, apart from I would never call myself lazy...far from it to be honest....but one learns to wind down a bit

Like I say I now look after someone who is quite ill and I consider that my JOB in life now....;)

[walpurgis]

I now look after someone who is quite ill and I consider that my JOB in life now....;)

I know what you mean. My mother in law is not very well, she's very old and frail and not entirely in posession of all her marbles. She also lives ninety miles away, consequently there's been a hell of a lot of constant chasing about and organising, just to make sure everything is there for her to be safe and cared for.

[Ninanina]

I know what you mean. My mother in law is not very well, she's very old and frail and not entirely in posession of all her marbles. She also lives ninety miles away, consequently there's been a hell of a lot of constant chasing about and organising, just to make sure everything is there for her to be safe and cared for.

I know where you are coming from, unfortunately mine is only in their 60's, and has leukemia. How he keeps cheerful is anyone's guess.... a better person than I'll ever be :(

[The Barbarian]

Retiring at 55! very interesting :eyebrows: nuvver 9 year yet then :rolleyes:

[Macca]

My job is like a hobby to me, I would only give it up if I came into a lot of money and I could no longer justify getting out of bed every morning when the alarm goes off. It keeps me occupied in the daytime. I used to work from home just from mid-day until 1700 hrs Monday to Friday and the rest of the time was my own but I got a bit bored with that so went back to working for the man again. I suppose in ten years time at 55 if I make it that far I might feel differently about it.

[Covenant]

Each to their own, Jerry. I guess it depends on how 'married' you are to your job. I'd far rather retire early and spend time with family and friends, enjoying myself, where my time is 100% my own :)

Marco.
Dont get me wrong Marco, I do have stress in my job. If I miss something in a Homebuyer report or valuation I can get the pants sued off me. But looking back on my working life, I have enjoyed 95% of it and would miss it if I gave up now. I will probably give it up when I can't climb into a loft anymore.

[Puffin]

The difficulty as you get near to retirement age is how to manage your finances as to length of time you have left, and whether or not you may go "silly" in the coming years. Quality of life and your health is something that is vital to enjoying yourself. You could amass a fortune, have a stroke or get Alzheimers and then your fucked. So, at 59 how do we play it? If you have savings (unless you have millions) the "pot" that looks substantial is likely to get whittled away very quickly if you have to call on it. I have several private pensions and some that were accrued whilst in employment. The total of these is not really a lot.

Mrs Puffin is of the mind that you must not touch any savings until it is really necessary and so to spend them now, while we are fit and still able to work is not the time. I suffer with depression and my mood can swing from despair to mild contentment in the space of seconds. I fear that we may get it all wrong and leave it too late to enjoy the fruits of our labours. Mrs Puffin's aunt was of the opinion that she would live forever. She lasted about 10 years longer than her husband and they ate shit, grew their own veg and he could mend anything, so they saved a fortune. They were tight and could have given gifts over the years before they died to avoid IHT. On her death she "left" £140,000 to the tax man. Bizarre really when her husband used to pore over his tax returns to make sure he never paid more than necessary - and he always got the figure right!

[Tim]

Well I'm going to spend a portion of my pension pot, holiday, new car, some new furniture, new kitchen/bathroom in my Dad's flat and some additional Hi-Fi. Going to leave enough for the future, but intend to also enjoy what I can just in case I don't last as long as I hope to! I know you shouldn't wish your life away, but I really detest my job and can't wait to walk away from it.

[MikeMusic]

Well I'm going to spend a portion of my pension pot, holiday, new car, some new furniture, new kitchen/bathroom in my Dad's flat and some additional Hi-Fi. Going to leave enough for the future, but intend to also enjoy what I can just in case I don't last as long as I hope to! I know you shouldn't wish your life away, but I really detest my job and can't wait to walk away from it.
If I may be so bold....
Don't buy a new car or new furniture. Ebay, often collect only has stupid bargains. Some stuff still wrapped or in boxes.
Even kitchen and bathroom stuff can be sourced at silly prices.
Holidays can be done at great prices if you select carefully (says the bloke who took his last holiday in 1989)

Please do yourself a favour and get a job you enjoy, even if you earn loadsamoney.

[Tim]

If I may be so bold....
All fair points Mike, but I have worked at doing something since I started my first paper round at I think 12 or 13. I've been in 'full-time' employment now for nearly 39 years and it's time to chill and relax. I have pretty much traveled everywhere I want to and just want to go to Austin in March and Nashville in Sept every year. I've lived in rental property for over 12 years and want a nice place of my own and to put my stamp on it with nice things, not hand me downs. I've worked all my life to get here, now I'm going to enjoy it. I don't want another job or need one after I retire. If things go as planned I will have more than enough to live on. I'm single, have no dependents so if I don't spend it, it will have all been for nothing. And I'm sure as shit not going to leave it all to a cats home or the taxman! I also cannot leave my current job without suffering a huge financial penalty, so I cannot just go and get another one.

I'm happy to lead a simple life now and fully indulge my passion of music. I would if I got bored 'possibly' consider working for myself, but it would have to be something to do with music. I have a backup plan on that front, if I should need more money, but to be frank, I just want to enjoy life and potter about now, as I too enjoy pottering ;)

[MikeMusic]

Ebay and others can supply some very nice stuff that looks or even is brand new at a fraction of the real price
Then what you can do is spend the dough on the real stuff like hifi, albums and maybe even a house
:)

[Tim]

Ebay and others can supply some very nice stuff that looks or even is brand new at a fraction of the real price
Then what you can do is spend the dough on the real stuff like hifi, albums and maybe even a house
:)
All taken care of Mike, I am inheriting my Dad's place and I only need a couple of bits for my Hi-Fi.
There's no way I'm going to buy secondhand furniture from eBay I'm afraid, I would rather build it myself. Unless it was an antique I particularity wanted, but I don't do antiques anymore either - you are forgetting I'm Captain Tidy ;)

[MikeMusic]

All taken care of Mike, I am inheriting my Dad's place and I only need a couple of bits for my Hi-Fi.
There's no way I'm going to buy secondhand furniture from eBay I'm afraid, I would rather build it myself. Unless it was an antique I particularity wanted, but I don't do antiques anymore either - you are forgetting I'm Captain Tidy ;)

They do have new too ......... often a cock up and never even unwrapped or being sold new by a retailer

[Tim]

I'll bear that in mind Mike, thanks for the tip http://i173.photobucket.com/albums/w63/greatgig/thumbsup.gif (http://s173.photobucket.com/user/greatgig/media/thumbsup.gif.html)

[The Barbarian]

You should not wish your life away but boy i cannot wait till im 65

[MikeMusic]

I'll bear that in mind Mike, thanks for the tip http://i173.photobucket.com/albums/w63/greatgig/thumbsup.gif (http://s173.photobucket.com/user/greatgig/media/thumbsup.gif.html)

Just remembered...
if you are buying a bed
the most comfortable, possibly anywhere, Vi Spring

[Tim]

the most comfortable, possibly anywhere, Vi Spring
Yup, love those mattresses/beds - I have been a pocket sprung boy for awhile now, you get the sleep you pay for ;)

[Marco]

All fair points Mike, but I have worked at doing something since I started my first paper round at I think 12 or 13. I've been in 'full-time' employment now for nearly 39 years and it's time to chill and relax. I have pretty much traveled everywhere I want to and just want to go to Austin in March and Nashville in Sept every year. I've lived in rental property for over 12 years and want a nice place of my own and to put my stamp on it with nice things, not hand me downs. I've worked all my life to get here, now I'm going to enjoy it. I don't want another job or need one after I retire. If things go as planned I will have more than enough to live on. I'm single, have no dependents so if I don't spend it, it will have all been for nothing. And I'm sure as shit not going to leave it all to a cats home or the taxman! I also cannot leave my current job without suffering a huge financial penalty, so I cannot just go and get another one.

I'm happy to lead a simple life now and fully indulge my passion of music. I would if I got bored 'possibly' consider working for myself, but it would have to be something to do with music. I have a backup plan on that front, if I should need more money, but to be frank, I just want to enjoy life and potter about now, as I too enjoy pottering ;)

What a superb outlook on life, Tim - we're most certainly on the same page!! :thumbsup:

Marco.

[Barry]

If you're daft enough to work until then! ;)

Marco.

Unfortunately Marco, some people may have no choice.

[Marco]

Indeed, Barry - hence the tongue-in-cheek smiley :)

Marco.

[Barry]

Indeed, Barry - hence the tongue-in-cheek smiley :)

Marco.

Sorry - I mistook the 'tongue-in-cheek' smiley to be an expression of smug self-satisfaction. Apologies, message misunderstood. :o

[Marco]

No worries - it just shows how easily smilies can be misundertood!! :eek:

Marco.

[MikeMusic]

Yup, love those mattresses/beds - I have been a pocket sprung boy for awhile now, you get the sleep you pay for ;)

I thought it was good in the showroom.
To sleep on is just perfect - and I thought I had a comfy bed before that - no chance

[Joe]

No worries - it just shows how easily smilies can be misundertood!! :eek:

Marco.

It's why I never use the fuckers.

On topic: the best advice is to find a job you enjoy so much you don't spend your life looking forward to the day you can stop doing it. If you can't find such a job, make as much money as you can, as fast as you can, then stop working.

[Marco]

On topic: the best advice is to find a job you enjoy so much you don't spend your life looking forward to the day you can stop doing it. If you can't find such a job, make as much money as you can, as fast as you can, then stop working.

In essence, I agree with your sentiments. However, in the UK, folks are way too obsessed with working, to the extent that they work some of the longest hours in Europe, and as a result have some of the poorest 'work/life balances'. I simply don't get folk who are 'wedded' to their job... Surely there's more to life than that? If not, it's a rather sad existence...

In my opinion, much like buying hi-fi equipment, in relation to enjoying music, working should only ever be a means to an end (to reach a point, ASAP, where you can stop, relax, and spend more time with your friends and loved ones) - never as an end unto itself.

Trouble is, too many folk here are living lives way beyond their means, and so have to work forever to pay off their debts!! :doh:

Marco.

[Tim]

Trouble is, too many folk here are living lives way beyond their means, and so have to work forever to pay off their debts!!
http://i173.photobucket.com/albums/w63/greatgig/thumbsup.gif (http://s173.photobucket.com/user/greatgig/media/thumbsup.gif.html)

[Covenant]

So, trying to steer back to the subject, has anyone got any ideas about alternative pension provision? For example you can put your ISA into peer to peer lending schemes. A bit more risky but better returns than in cash.

[MikeMusic]

So, trying to steer back to the subject, has anyone got any ideas about alternative pension provision? For example you can put your ISA into peer to peer lending schemes. A bit more risky but better returns than in cash.

Buy the biggest house you can sensibly manage.
When you need some dough trade down and/or move somewhere cheaper

[Marco]

Buy the biggest house you can sensibly manage.


"Sensibly manage", Mike, is the key - and even that could prove disastrous. What happens if you buy this huge house, with an equally huge mortgage, at a time when you salary is such that you can comfortably afford it, only later to be made redundant or forced to stop working, due to ill health? You have to think what could happen in the future...

Regardless of the fact that your circumstances have changed, the bank will still want their dosh every month, so what happens then??

Selling houses and moving somewhere to downsize isn't always an easy or practical thing to do, especially if you have to be near your place of work or where the kids go to school - and in the meantime if you can't find the money from somewhere to meet the mortgage repayments, that's a quick route to having your home repossessed and getting kicked out onto the streets!

That's part of the problem today: folk want to live in 'big fancy houses', in 'posh areas', which realistically are beyond their means (fuelled by an insatiable desire to 'better themselves') - and not only that, have cars parked on the driveway to match, not to mention all the other fripperies, associated with suburbia by the aspiring middle-classes, especially when 'Hyacinth' next door 'educates' your wife on the joys of keeping up with the Jones's!

Far better, IMO, to live a simple life, in a house that's either rented or bought, which would always be affordable, regardless of whether your financial circumstances were good or bad, not trying to be someone you're not. You'll sleep far better at night that way and have much less stress.

In the good times, you simply save the money you don't spend, to ensure that if or when the bad times come, you've got funds aside to get out of trouble, plus in the meantime also have some money aside to enjoy life, rather than being mortgaged up to the hilt and tying a noose around your neck for most of your life, whilst working yourself into an early grave, attempting to fund a lifestyle you can ill afford.

Do that, and you might even be able to afford to retire early, too! ;)

Marco.

[Covenant]

Don't agree about the house. I have that already and am mortgage free. ATM there is no indication of my two grown up kids leaving (although one is at uni) so need to keep the space. Realistically, if you down size you will buy the best you can afford, taking into account stamp duty etc, you wont make that much.

[Marco]

Each to his or her own, Jerry :)

For me the most valuable asset in life, apart from good health, isn't money or possessions, but contentment - and most important of all, living a life that's stress-free, where the majority of your time is your own to do with as you please.

That, together with having a relaxed and happy home life, is very important to me. The last thing I'd want is to have to work like a dog until I'm in my late 60s, paying off a huge mortgage, or continually having arguments with my wife or partner over money, due to the stress of being in debt (and trust me, there are plenty of folk like that)! :nono:

If you can manage to pay off your mortgage early, and enjoy life without the pressure of debt, then that's cool, but it doesn't always happen. I guess I'm just one of those people who, if at all possible, don't like owing anyone a penny, especially banks and financial institutions - or worse, the Inland Revenue!

I like to wake up in the morning with a smile on my face, looking forward to the day ahead, not dreading it, like some folk...

Marco.

[MikeMusic]

Sensibly manage is it.

I first became aware of people over extending themselves at (Rank) Xerox.
Successful salesman had bought a nice big house, based on 'what he was earning'

What he was earning had a massive commision element built in.
Guess what ?
and he had to sell up

[MikeMusic]

Don't agree about the house. I have that already and am mortgage free. ATM there is no indication of my two grown up kids leaving (although one is at uni) so need to keep the space. Realistically, if you down size you will buy the best you can afford, taking into account stamp duty etc, you wont make that much.

It's a pension alternative and the risks are what you make them.
Usually houses are a rising market and I've done well since starting on the ladder.
Could have done better and if I was into some risk taking may have done better or worse
:)

I only spend dough on the one house, buying music and hifi. With everything else I am 'careful'
We live in an expensive areas so could move away, go for the same size house and have dough left over.

[Joe]

So, trying to steer back to the subject, has anyone got any ideas about alternative pension provision? For example you can put your ISA into peer to peer lending schemes. A bit more risky but better returns than in cash.

Well, I'm not a financial adviser, but the ones I've spoken to all give more or less the same advice: don't put all your eggs in one basket; get a good balance between risk and reward, and be prepared to move your money around.

More risk will always mean more rewards; it depends how much you can afford to lose if it all goes pear-shaped, and whether you can ride out the occasional fall in income/capital or whether you need more or less the same income month-by-month.

So, boringly, I'd say speak to an IFA before investing large amounts in anything risky, particularly if it's something complex. As one wit put it: 'In every deal there's a sucker. If you can't work out who the sucker is, it's you'.

[MikeMusic]

I like to wake up in the morning with a smile on my face, looking forward to the day ahead, not dreading it, like some folk...


If I don't start with a smile it's soon there doing yoga with the System 1 delivering superb sounds. (Gets better and better, I love it)

[MikeMusic]

Well, I'm not a financial adviser, but the ones I've spoken to all give more or less the same advice: don't put all your eggs in one basket; get a good balance between risk and reward, and be prepared to move your money around.

More risk will always mean more rewards; it depends how much you can afford to lose if it all goes pear-shaped, and whether you can ride out the occasional fall in income/capital or whether you need more or less the same income month-by-month.

So, boringly, I'd say speak to an IFA before investing large amounts in anything risky, particularly if it's something complex. As one wit put it: 'In every deal there's a sucker. If you can't work out who the sucker is, it's you'.

The IFA I speak to knows a lot more than I do which is exactly what I want :)
Recommendations are good, but flesh them out with some results or what at least sounds like good advice

[Covenant]

Well I thought all you clever people would have loads of bright ideas and sneaky ways of filling your pension pots. But there again, if you are that clever you're not going to tell everyone about it!