Day Posted April 24 Share Posted April 24 6 hours ago, Ram-Alf said: Now retired fulltime...I'm 68 today 😊 🎂 and I find life is great and I enjoy everyday 👍 Happy Birthday, good luck getting 68 candles in a cake, will have to turn the smoke alarms off if you manage it! Ram-Alf, admira and Reggie Greenwood 2 1 Link to comment Share on other sites More sharing options...
Tamworthram Posted April 24 Share Posted April 24 8 hours ago, admira said: 3 more days for me and then I'm done; giving it all up at 58 so a fair few years early. Any tips and advice from those that have done it? I've worked full time since I was 16 so I know it's going to be life changing but unsure what to expect! I retired early a couple of years ago and I know it's an old cliché but I'd say make sure you keep busy. Most of us dream of doing more travelling which may happen but is probably only going to occupy you for a few weeks of the year. Similarly with hobbies. You're not likely to spend as much time as you think on hobbies (in my experience). So, the way I keep busy is to volunteer as a trustee for two charities (Citizens Advice and a local grade 2 listed building and it's estate) and as a business advisor with a nationwide sporting charity. This enable me to still do the type of work I quite enjoy, finance, governance, business planning and project management (financial not building related) without committing to which days I work (other than attending meetings of course). Believe me, most charities are crying out for trustees. ariotofmyown, cstand, ketteringram and 2 others 5 Link to comment Share on other sites More sharing options...
Day Posted April 24 Share Posted April 24 5 hours ago, Day said: Following you on Instagram, I find it hard to believe you work full time on top of the social life and travelling you do! Always a hotel, festival, gig or something going on, can’t see you being a feet up and slippers on kinda guy that’s for sure. Just got in, opened Instagram, top post he’s at another gig. Most active pensioner going 😂 admira, cstand, Mucker1884 and 1 other 4 Link to comment Share on other sites More sharing options...
ketteringram Posted April 25 Share Posted April 25 9 hours ago, Day said: Following you on Instagram, I find it hard to believe you work full time on top of the social life and travelling you do! Always a hotel, festival, gig or something going on, can’t see you being a feet up and slippers on kinda guy that’s for sure. Indeed. Not sure how @admira fits work in. He's like the polar opposite to me. Don't collect anything. Don't do holidays. Zero social life. No desire to change any of those 😀 admira 1 Link to comment Share on other sites More sharing options...
admira Posted April 25 Author Share Posted April 25 14 hours ago, Day said: Following you on Instagram, I find it hard to believe you work full time on top of the social life and travelling you do! Always a hotel, festival, gig or something going on, can’t see you being a feet up and slippers on kinda guy that’s for sure. And another gig tonight! 🙂 Link to comment Share on other sites More sharing options...
admira Posted April 25 Author Share Posted April 25 5 hours ago, ketteringram said: Indeed. Not sure how @admira fits work in. He's like the polar opposite to me. Don't collect anything. Don't do holidays. Zero social life. No desire to change any of those 😀 Easy - I'm a council worker! ketteringram, Crewton and Stive Pesley 3 Link to comment Share on other sites More sharing options...
TimRam Posted April 25 Share Posted April 25 (edited) On 24/04/2024 at 15:20, Reggie Greenwood said: Put as much as you can afford in and then pray Liz Truss doesn’t become PM again Put as much as you can afford in and then pray Liz Truss or Gordon Brown doesn’t become PM again ftfy https://www.thisismoney.co.uk/money/comment/article-13041677/HAMISH-MCRAE-Time-fix-Gordon-Browns-pension-errors.html Edited April 25 by TimRam GB SPORTS 1 Link to comment Share on other sites More sharing options...
FlyBritishMidland Posted April 25 Share Posted April 25 On 24/04/2024 at 15:15, Scott129 said: I'm 31 so can't offer any insight into retirement, but I do have a question about pensions (if I may hijack this thread). The typical advice is to take the age at which you started putting into a pension, halve it as a percentage, and save that much of your pay each month. So, for example, if you start at 30, you save 15% every pay check up until retirement age. And that should be enough to live comfortably upon retirement. Does that stack up with what people have done? I'm not going to ask people the size of their pension pot, but it would be interesting to hear perhaps what's needed as a multiplier/percentage of their salary. Also, any other financial advice for retirement? Like others have said, put in as much as you can afford. Also, make the most of your employers contribution too. I’m lucky that my company puts in a decent percentage, doubling my contribution up to a maximum percentage. I make sure I get the full amount from them. Is it salary sacrifice? If so, you won’t pay tax on your contributions and that’s an added benefit. Link to comment Share on other sites More sharing options...
Bob The Badger Posted April 25 Share Posted April 25 On 24/04/2024 at 12:54, Premier ram said: Happy Birthday mate , here’s to many more Well tbf, not many of us in this thread are going to get many more, but a belated happy birthday to @Ram-Alf anyway. Let's hope we both have a handful. Ram-Alf 1 Link to comment Share on other sites More sharing options...
Ram-Alf Posted April 25 Share Posted April 25 59 minutes ago, FlyBritishMidland said: Like others have said, put in as much as you can afford. Also, make the most of your employers contribution too. I’m lucky that my company puts in a decent percentage, doubling my contribution up to a maximum percentage. I make sure I get the full amount from them. Is it salary sacrifice? If so, you won’t pay tax on your contributions and that’s an added benefit. We were given an extra option of a salary sacrifice pension with Prudential, It was closed after 6 months through cost to RR, I get £11 a year for life with no increase with the added bonus of giving HMRC 20% of this Link to comment Share on other sites More sharing options...
Grumpy Git Posted April 25 Share Posted April 25 You shouldn't pay income tax on any pension contributions, period. Link to comment Share on other sites More sharing options...
Ram-Alf Posted April 25 Share Posted April 25 6 minutes ago, Grumpy Git said: You shouldn't pay income tax on any pension contributions, period. If my memory serves me right as this was some 15/16 years ago, The pension money was taken off your gross monthly wage...before the rest was taxed 🤷♂️ Link to comment Share on other sites More sharing options...
Elwood P Dowd Posted April 25 Share Posted April 25 I’m retired and I still pay tax 😩😩😩 Link to comment Share on other sites More sharing options...
Crewton Posted April 25 Share Posted April 25 7 minutes ago, Elwood P Dowd said: I’m retired and I still pay tax 😩😩😩 You don't pay NICs though, so it ain't all bad news. Of course, anyone who buys vatable goods or services pays tax too. Link to comment Share on other sites More sharing options...
BaaLocks Posted April 26 Share Posted April 26 18 hours ago, Grumpy Git said: You shouldn't pay income tax on any pension contributions, period. You should, if you didn't pay tax at source. What is infuriating though, is that you get taxed on what you earn, taxed on what you save and taxed on what you spend. And, for all of this, I genuinely struggle to see anything of equivalent value that I get for it (I pay for most services I receive, from bins to roads and opt out of many others - e.g. dental. I don't mind much of it going to others less able but I can't even see that these days). It is a complete and utter scam - any party that wants to sweep to a landslide victory at the next election just have to promise transparency on government spending and where your taxation goes and they'd have the HoC to themselves. Link to comment Share on other sites More sharing options...
Phoenix Posted April 26 Share Posted April 26 What I find infuriating is that the basic tax relief for us ancient crincklies hasn't changed in years, and isn't likely to for a while. The state pension is not taxed at source and is set against the basic tax allowance. It has now risen to the point that it now exceeds the tax allowance. The effect of this is that I am now on a K tax code, i.e., negative tax relief on my company pension. Happy days. Enjoy your retirement. Link to comment Share on other sites More sharing options...
Elwood P Dowd Posted April 26 Share Posted April 26 53 minutes ago, Phoenix said: What I find infuriating is that the basic tax relief for us ancient crincklies hasn't changed in years, and isn't likely to for a while. The state pension is not taxed at source and is set against the basic tax allowance. It has now risen to the point that it now exceeds the tax allowance. The effect of this is that I am now on a K tax code, i.e., negative tax relief on my company pension. Happy days. Enjoy your retirement. Personal tax allowance is frozen until 2028 😩 I was alway very careful to provide for my old age, it was the tax efficient thing to do, I never factored in that they would freeze the personal tax allowance. Link to comment Share on other sites More sharing options...
Ram-Alf Posted April 26 Share Posted April 26 34 minutes ago, Elwood P Dowd said: Personal tax allowance is frozen until 2028 😩 I was alway very careful to provide for my old age, it was the tax efficient thing to do, I never factored in that they would freeze the personal tax allowance. The Government giveth with one hand and taketh with the other 🙄 In todays world we have to be a little cute on how to get a deal, Save a couple of quid and enjoy our retirement, It's the younger ones that will be seeing the chickens coming home to roost and I wish them well 👍 Crewton 1 Link to comment Share on other sites More sharing options...
Brammie Steve Posted April 26 Share Posted April 26 On 24/04/2024 at 11:12, admira said: 3 more days for me and then I'm done; giving it all up at 58 so a fair few years early. Any tips and advice from those that have done it? I've worked full time since I was 16 so I know it's going to be life changing but unsure what to expect! Make a clean break with work. Don’t keep “nipping in for a chat” Any activities groups or voluntary work you may get involved with needs to be unconnected with the type of work you were paid for! You have retired! Enjoy it! You’ll soon wonder how you found the time to go to work! sheeponacid, Elwood P Dowd and Crewton 2 1 Link to comment Share on other sites More sharing options...
Phoenix Posted April 26 Share Posted April 26 (edited) 1 hour ago, Elwood P Dowd said: Personal tax allowance is frozen until 2028 😩 I was alway very careful to provide for my old age, it was the tax efficient thing to do, I never factored in that they would freeze the personal tax allowance. Me too. I actually worked in the Company's Pension Department so I always considered myself savvy with regard to my own pension. Of course, while we bemoan the grasping hands of the current government, let us not forget that bundle of laughter, Gordon Brown. At a single stroke, in his first budget after becoming chancellor of the exchequer, he eventually obliterated company pension schemes by withdrawing the tax credits on dividends to a tune of £5 billion a year. That's £5,000,000,000. It's estimated that this has now taken about £250 billion out of company pensions, over 20 years. Of course, what few company pension schemes are left hold hardly any British shares, so that particular cash cow has gone to the knacker's yard. Edited April 26 by Phoenix Carl Sagan, Elwood P Dowd, Wolfie20 and 1 other 2 2 Link to comment Share on other sites More sharing options...
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