# Retirement



## spursfan

Mooring guys and girls..
looks likely that after 33 years with my company, I will be either made redundant or take a voluntary package in the next 12-18 months.
this is part of Openreach's major reorg in closing down most of the offices on the South and South east of England.
I do have choices in that I could apply for jobs outside on the tool but they are not what I would call local and to be quite honest, with the way the company are treating their staff I am thinking of taking the plunge and taking a package when the next package comes along, apparently they will be offering them on a regular basis.
The company are point blank refusing to speak to the union when it comes to redundancy terms and office closure which will affect thousands of people in the South.
the 6 new offices that are being finished as we speak are no where near me, nearest one is Birmingham, over two hours plus each way and very little in the way of work/homelife balance, would be out of the front door at 5 am and get home at 7-8 every night, so not realistic TBH.

Now 60 , 61 in October, so will be near to 62 by the time they make decisions about office closure.
mortgage is paid off, no outstanding debt, so am asking for any little bits of advice on how to get ready for retirement, any little gems etc.

Kev


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## nbray67

Good luck with it all Kev but do they not allow working from home for your role?

I thought COVID had made many companies look into this option based on the last 12mths of telling people to stay home.


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## Andy from Sandy

I didn't get ready for retirement, I was working full time and then just stopped working.

I used to be a very keen angler and then switched to radio controlled models. I have a bike and go to meet ups and ride outs when it suits.

During the time when I would be working I really do just chill. I don't fret that I might be wasting time. I have found a couple of forums where I can help others by doing their research for them.

I tend to find one job to do a day. I hadn't done any decorating for so long that it was quite easy to take more than a few days to paint a room.

As of right this moment I am looking forward to first practice at Portugal GP and typing this!


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## kingswood

they'll have to consult with the Union for redundancies. your rep should be keeping you in the loop.

depending on the package you could be in for a winner. its not uncommon to be offered 3/4 weeks pay per year served if they really want to downsize. the prison service offered this a few years ago. people due to retire in the next few where literally paid off until retirement to stay at home. 

statutaory redundacy is one week per year served unto 20 years total. 

after 33 years grafting and at 62/63 I'd see this as a nice opportunity to get a few quid out of them and enjoy you're retirement. lifes to short


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## RS3

One of my guys is retiring soon and has just been sent on a 2 day retirement training course which he said was excellent and gave him loads of options he didn't realise he had. I shall ask him more and if he has any literature from it.


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## The Cueball

I retired at 37... went traveling for the first 6 months or so to relax..

Then went to sleep for while..

Then traveled...

rest of the time was spent pottering about, doing DIY... I found it pretty hard to deal with as technically I could do "anything"... but I was so burnt out I just sat about most of the time.

That lasted for a few years, and now I'm back to what I would consider a part time nice easy, stress free job just to keep me ticking over...

I guess I'm saying.. be easy on yourself and keeping finding little odd jobs to do and do things you enjoy..

:thumb:


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## spursfan

nbray67 said:


> Good luck with it all Kev but do they not allow working from home for your role?
> 
> I thought COVID had made many companies look into this option based on the last 12mths of telling people to stay home.


Yes, been at home since lockdown began, working in conservatory at moment.
problem is they bare closing 274 offices in the south east and south, that is almost all offices!!
only 6 offices, all around 4000 people will house the staff, Bristol, Cardiff, Birmingham, leeds, Glasgow and Belfast.
I have been told that I cannot apply for the nearest one, which is Birmingham, as it's too far away, approx. 2.30 hours each way, so not doable travelwise.
so looking at what has happened over the last year has made me realise that i dont want to be old when I retire, two guys I know at work died, one at 67 and the other at 71, so their pension pot will be sucked up into the company coffres, they both had no one to leave it too! such a shame.
so taking with Jackie, she says go for it, you can do the house up:wall: bless her!!


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## spursfan

The Cueball said:


> I retired at 37... went traveling for the first 6 months or so to relax..
> 
> Then went to sleep for while..
> 
> Then traveled...
> 
> rest of the time was spent pottering about, doing DIY... I found it pretty hard to deal with as technically I could do "anything"... but I was so burnt out I just sat about most of the time.
> 
> That lasted for a few years, and now I'm back to what I would consider a part time nice easy, stress free job just to keep me ticking over...
> 
> I guess I'm saying.. be easy on yourself and keeping finding little odd jobs to do and do things you enjoy..
> 
> :thumb:


Cheers Cuey, always sound advice from you:thumb:

Kev


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## baxlin

My only advice would be, if possible, to cut down the working week from 5 to 4 days - probably a midweek day, so it is different to the weekend. Retirement is a big change from working full time, so anything to ease the transition will help. Go on any courses available - some may be thinly disguised sales seminars, but some won’t be.

I’ve been retired for nearly 5 years now, and only in the last couple of weeks can I remember being bored. And I think lockdown might have something to do with it...

Really hope you can get a good package, and enjoy the best job you’ve ever had!


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## spursfan

kingswood said:


> they'll have to consult with the Union for redundancies. your rep should be keeping you in the loop.
> 
> depending on the package you could be in for a winner. its not uncommon to be offered 3/4 weeks pay per year served if they really want to downsize. the prison service offered this a few years ago. people due to retire in the next few where literally paid off until retirement to stay at home.
> 
> statutaory redundacy is one week per year served unto 20 years total.
> 
> after 33 years grafting and at 62/63 I'd see this as a nice opportunity to get a few quid out of them and enjoy you're retirement. lifes to short


yep, approx. 1 years pay for a voluntary leavers package, forced redundancy a bit lower.
it was 2 years pay a while back before all this started, we are talking thousands being affected as BT took on a lot of staff in 88/89 and now we are all getting to that retirement age. I am now seeing this as a good time to retire, spot of fishing, a very clean car:detailer: and just relax and enjoy before I get to the age when I cant do those things.

Kev


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## Soul boy 68

I'm at least 10 years away before I can consider retiring, my mortgage is payed off and so it should after 27 years. One thing is for sure that when the time comes, the enemy and I will move out in to the country for a more slower pace of life. As mentioned I like the idea of a retirement course but I'll be keeping busy and take up a hobby and getting out and about for sure. Best of luck :thumb:


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## bluechimp

Best of luck mate, I hope it works out.

Just make sure you take care of yourself.


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## Andyg_TSi

Few thing to consider:

1. How much do you bring home net per month at the moment

2. If you have a company pension, can you take your pension early and if so, how much would you get per month on early retirement? And how will that affect your overall pension package, on taking early retirement, as opposed to taking it at your projected proper pensionable age

3. Whats the difference between your monthy income from points 1 & 2

4. Could you work part time for "say" 2 or 3 days per week utilising your skills to make up any difference between income, assuming, of course you want to maintain your lifestyle after you pull tbe trigger


Just things to consider


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## Mikesphotaes

I took early retirement when I was 52 and never regretted a moment!

It's easy to get worried about boredom but never been a problem for me.


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## suds

Yep, you should be able to take your accrued pension immediately, lump sum and annuity if you wish (slightly reduced because you take it early) and don't forget after 30+ years you can claim 6 months worth of New Style Jobseekers allowance based on your national insurance payments :thumb:
A little part time job for two years in a supermarket (staff discount after probationary period) just to ease you in to retirement and the £100 pw would be pocket money towards a holiday or even pay for a new car


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## packard

A lot said, on a different line..

Start getting copies now of your internal policies over redundancy, re employment protocol , leave policies get everything you can save it / print it.

Start going through your paperwork now, last contract, job spec etc get it all ready.

Start a folder now of any comms they send you a complete timeline of everything, inc any verbal comms with your boss etc.

If you are in union, get the meeting in with them now.


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## noddy r32

I think if the money side of things work out I.e package deal , I would do it as it’s been said life is to short so make the most it and you be able to do the things you want to do 😊
Hope you get a deal mate 👍


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## Tykebike

I would speak to a pension planner who is a member of the Financial Conduct Authority (FCA) to plan for your future. I was fortunate to do so at a time when the law changed so that I had a choice and didn't have to take an annuity (what a confusing term to the uninitiated). I took up an offer of an hour's free face to face consultation which turned out to be 90mins and then saw the light and signed up for their services. Just make sure they are members of the FCA.


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## Taxboy

I'm guessing you're on a final salary pension so that makes life a little simpler. 

If so your main decision will be either take your pension / lump sum now with actuarial reduction or take the redundancy and live off that. When the money from that runs out you can then take your pension but the reduction will be lower. Again until you see the offer you won't be able to crunch the numbers.

On the retirement front I think the most difficult thing is to getting into the mindset that you actually want to stop work. It sounds as though you have made that leap in your mind. I retired 4 years early last August and haven't regretted it at all.

On a financial perspective I'd suggest running a detailed spreadsheet for ALL your expenditure now and keeping that up to date - it really does focus the mind and provided me with comfort that I could afford to leave the world of work. The other thing is the currently very low interest rates so you may wish to look around at places other than the bank for some of your lump sum to give a half decent return.

Other than that good luck and I hope it all works out well for you

Sent from my moto g(7) plus using Tapatalk


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## Caledoniandream

It’s not always about the money, I retired in 2014, but decided to take a slow pace (my own) low pressure job in 2015.
Missed the interaction and the reason to go out bed.
You can only mow the lawn so many times, and only fish so many days.
A few of my friends died reasonably quick after retirement, don’t know if the wife killed them, or after 30 years in the force (police, or air) having to do some work ordered by the other half did it, but it worried me not to have a reason to go out of bed.
Everyone is different, some people thrive in retirement, some wilt, I meet due to my work a lot of people from the mothering industry, who while in retirement doing the odd day here and there. 
It keeps the brain sharp, the mind engaged and the body flexible. 
If you can enjoy retirement, if you cannot, make it work and do something even voluntary support to organisations.


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## Alan W

Do we have any Pension Planners or Independent Financial Advisers on DW?

Alan W


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## Rundie

I retired 4 years ago at 50, love not having to answer to anyone and do my own thing. Got plenty of hobbies and interests so never get bored.


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## Tykebike

Taxboy said:


> On a financial perspective I'd suggest running a detailed spreadsheet for ALL your expenditure now and keeping that up to date - it really does focus the mind and provided me with comfort that I could afford to leave the world of work. T


I've done the same thing and what surprises me is how many insurances we have!
I add a new sheet every year and find that it helps to keep track of increases which helps when negotiating reductions.


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## idrobbo

I was fortunate to get voluntary redundancy when I was 54, having done 37 years. I walked away from work & have never looked back, I did dabble in a bit of taxi driving for a friend, but otherwise have done nothing other than domestic jobs and enjoyed myself playing a lot of golf, and polishing my cars.

In my opinion the 1st thing is to decide whether you have a need to work (financial and/or personal), or want to work, or just want to do something totally different, e.g. volunteering or getting more involved in a leisure activity (for me I got involved at my golf club).

From a financial point of view I would hope your company give you access to some form of support to help with any decisions on how to handle your pension, if not then you may wish to find a good advisor. Have a look around government websites, they will tell you what broad options you may have.

One area to think about is National Insurance contributions for your state pension, you can check your entitlement online (gov.uk) & see if it is up to date, and whether you may have to pay some amount to fill any gaps. As I had retired early I had to make payments to get up to the maximum possible.

Hope all this helps, make sure you take your time and don't rush into anything.

(Edit, have a look at this thread as well https://www.detailingworld.co.uk/forum/showthread.php?t=425052)


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## garage_dweller

Regarding NI contributions I believe the maximum for full state pension is 35 years. 


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## spursfan

Thanks guys for all the replies, fair bit to consider, moneywise we will be taking a bit of a hit but nothing drastic, there is support from a pension firm called Wealth at Work, will be booking in another meeting with them when I know dates etc..
also looked at part time work, maybe something in the forestry commission or similar.
Failing that, if I need to get part time work, there are a few places where you don't have to think too hard, so ideal really.
Would only be for a few years until my state pension and Jackies comes into effect, hers in 2 years, mine in 6, so not a massive problem to be honest.
Then there is the her mums place, she is 87 now and that will be shared with Jackie and her brother, don't like thinking about it that way but it is a fact, that would certainly see us financially in a good place.
Overall, all the replies were useful, so thanks all:thumb:


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## woodycivic

Caledoniandream said:


> It's not always about the money, I retired in 2014, but decided to take a slow pace (my own) low pressure job in 2015.
> Missed the interaction and the reason to go out bed.
> You can only mow the lawn so many times, and only fish so many days.
> A few of my friends died reasonably quick after retirement, don't know if the wife killed them, or after 30 years in the force (police, or air) having to do some work ordered by the other half did it, but it worried me not to have a reason to go out of bed.
> Everyone is different, some people thrive in retirement, some wilt, I meet due to my work a lot of people from the mothering industry, who while in retirement doing the odd day here and there.
> It keeps the brain sharp, the mind engaged and the body flexible.
> If you can enjoy retirement, if you cannot, make it work and do something even voluntary support to organisations.


I think thats great advice.

I'm still way off retirement (40 this year) but over the years its scary how many people i know who had relatively good health when working full time only for them to completely stop and then their health took a downturn.

Ok, it may have been coincidence and some on here have embraced retiring and not working anymore, but i do believe that many would benefit massively from having a part time job or doing something voluntarily that means they have a reason to get up on a morning. Mentally i think i will need to do some form of work or have projects on the go to keep me mentally and physically occupied when i am at the point of retiring.


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## Andy from Sandy

Just to cheer you up you will still be subject to taxation if your pension and other monies is higher than £12,500.

This is where a financial adviser should be able to limit your tax liabilities.


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## init6

spursfan said:


> Thanks guys for all the replies, fair bit to consider, moneywise we will be taking a bit of a hit but nothing drastic, there is support from a pension firm called Wealth at Work, will be booking in another meeting with them when I know dates etc..


Sorry I'm late to this party, I jumped last October (2 year deal - sorry) and haven't regretted it. Be aware that Wealth at Work products are quite expensive. My wife got a consultation with them and when we compared costs with other providers they were substantially more expensive. Their advice is worthwhile, but they do try to sell their products (free lunch and all that). Make sure you compare other options before signing anything.


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## Teamleader 21

I'm another one who left work early, at 58 i was so fed up after doing shifts since 18 and the company being crap. I got into a disagreement during one nightshift with a Manager, i went home and the wife asked what was up? I said i'm off to bed and if i wake up in the same fettle i'm chucking it. I did and during the following nightshift, gave my 4 weeks notice. Management called me in Monday morning, i'd sent emails on the Friday night to them what i was doing. They asked if i'd reconsider giving it another 6 months to allow them to train someone up and i would also benefit from having an extra 9 days holidays by virtue of an agreement between Management & my Union. I said no, i was going to be off for the rest of my life so 9 days makes no difference whatsoever. I left 4 weeks later after a last nighshift on Friday night, got in my car and the radio was playing 'The Final Countdown' rather apt i thought. No regrets at all and talking to the lads i worked with their all wishing they could do the same. I do wonder how i fitted work in with all the business of looking after the Grandkids, housework etc.


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## baxlin

Andy from Sandy said:


> Just to cheer you up you will still be subject to taxation if your pension and other monies is higher than £12,500.
> 
> This is where a financial adviser should be able to limit your tax liabilities.


Managed to boost mine a bit as Mrs B wasn't using her full Personal Allowance, so transferred 10% to me.

+1 for a financial adviser (but then I would say that as I was one...)


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## spursfan

Andy from Sandy said:


> Just to cheer you up you will still be subject to taxation if your pension and other monies is higher than £12,500.
> 
> This is where a financial adviser should be able to limit your tax liabilities.


lot higher, on to our financial guru at work, he knows his stuff.:thumb:


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## spursfan

init6 said:


> Sorry I'm late to this party, I jumped last October (2 year deal - sorry) and haven't regretted it. Be aware that Wealth at Work products are quite expensive. My wife got a consultation with them and when we compared costs with other providers they were substantially more expensive. Their advice is worthwhile, but they do try to sell their products (free lunch and all that). Make sure you compare other options before signing anything.


BT or Openreach?
yeah, I know about Wealth at work, that is why I am just getting the advice from the seminars they hold.
looking at a friend of my brothers who is a financial consultant, he deals with my brothers finances as he is a self employed Carpenter.
My brother says he knows his stuff and he is willing to give me advice free and if anything needs doing then it's a smaller payment than he would normally charge, so seems the way to go.
Still no dates set for office closures yet, seems that Covid restrictions are putting a dampner on Openreach's plan to open up the big offices with a full capacity, so more likely to keep a fair few working at home until the restrictions are going to be lifted completely, if they ever do!!


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## Andy from Sandy

It is for an adviser to give best advise but since 2015 there is no need to have a specific product from which to derive a pension most notably an annuity.

My money is invested all over the world to diversify eggs in the basket but held by one company. From that pot of money I decide how much I want to take, the rest stays invested and hopefully offsetting what I take.

I would guess if you are in very good health and expected to live "forever" and you have a final salary / defined benefits type pension someone might try and make it look very attractive to transfer it.


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## 121DOM

I would guess if you are in very good health and expected to live "forever" and you have a final salary / defined benefits type pension someone might try and make it look very attractive to transfer it.[/QUOTE]

To add to Andy's comment above , a lot of final salary schemes are enhancing transfer values to try and get shot of their liabilities. So be careful not to jump quickly at transferring a final salary scheme. I've used a couple of advisors over the years and have never had anyone recommend transfer . They have said they would like to as they get a huge upfront bung ( which reduces your fund value !! ) plus annual fees from it whilst the scheme remains with them.

I'm like a few of the others on this thread , lucky enough to have thrown the towel in very early. Just over 5 years now and still not had time to buy a DA .

I think that keeping a spreadsheet of your spends so you have a clear view of your real spend V what you think you spend is some of the best advice you'll ever get.

Best of luck 

Sent from my iPhone using Tapatalk


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## fatdazza

Interestingly under current rules, pension transfer advisers must charge the same for advice irrespective of whether they offer positive (i.e. transfer out of a defined benefit scheme) or negative advice (remain with your DB scheme). The Pensions Regulator has really clamped down on advice firms and views the best decision for the majority of people to remain in their DB schemes. 

Indemnity insurance for advisers has rocketed and there are now fewer players in the market.

Costs of obtaining full advice is very costly (can be between 2% and 3% of the transfer value). Most advisors now offer “basic” advice at low or no cost, but this cannot be used to transfer a fund value of £30k or more. The basic advice may be to proceed to full advice, however there is still a risk that for those wishing to transfer that the full advice may be not to transfer and you face a big bill if you do not transfer (and you cannot fund that from your pension pot).


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## SadlyDistracted

> 121DOM said:
> 
> 
> 
> I would guess if you are in very good health and expected to live "forever" and you have a final salary / defined benefits type pension someone might try and make it look very attractive to transfer it.
> 
> 
> 
> To add to Andy's comment above , a lot of final salary schemes are enhancing transfer values to try and get shot of their liabilities. ...
Click to expand...

Have you ever known of a company/coporate do the best thing for the employees as opposed to themselves/shareholers.? (unless it's your own company..) ergo that's why final salary/ defined benefit schemes have been phased out by most employers:speechles


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## tmitch45

Interesting read and best of luck to you op I hope it works out!

One thing that sticks out to me is all those people who retired around their 50's. Firstly fair play to you all but how did you do it? Did you start planning in your 20s and 30's that you would want to pay off your mortgage early etc and over pay, did you invest and have large savings etc. Did you have a work and private pension? No judgement from me at all and I know personal finance is very personal but if anyone is prepared to share their story or what they would do if they could do it again and maybe retire earlier I would really like to hear from you.

I'm a youngster at 46, I've worked all of my life except university x2. I work for the NHS where I've paid into their pension scheme for 21 years, we still have a chunk to go on our mortgage but do have reasonable. I'm looking at options like property and investing but I'm not sure which way to turn. I'm burnt out in my work and the though of another 10-20 in this post will finish me off so I feel I need to act now to accelerate the time to retirement.


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## garage_dweller

tmitch45 said:


> Interesting read and best of luck to you op I hope it works out!
> 
> One thing that sticks out to me is all those people who retired around their 50's. Firstly fair play to you all but how did you do it? Did you start planning in your 20s and 30's that you would want to pay off your mortgage early etc and over pay, did you invest and have large savings etc. Did you have a work and private pension? No judgement from me at all and I know personal finance is very personal but if anyone is prepared to share their story or what they would do if they could do it again and maybe retire earlier I would really like to hear from you.


I'm 54 and I'll be retiring either this year if I get made redundant (fingers crossed) or in 2.5 years if not. I didn't plan it in my 30's.

We paid our mortgage a couple of years ago, my wife was a teacher so has a good pension, I sold a flat I'd bought for my mum and made a good profit on that so put it into a stocks and shares ISA, I bought a flat in Aberdeen 25 years ago as I worked there for a year and I've rented it out since. When I retire I'll sell that and invest the money into stocks & shares isa. I also have a reasonable private pension and I'll reinvest my lump sum to give me more income on my savings.

So our monthly income will be made up of

Drawdown from my pension - won't need to touch that for a few years yet though. 
Income from my stocks & shares ISA. 
Wife's pension
Income from my wife's stocks & shares ISA. 
Then obviously state pension, some way off yet though.

that will give us a joint income of around £4k a month, excluding state pension, but we won't need that much so we'll take less from the ISA's

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## tmitch45

garage_dweller said:


> I'm 54 and I'll be retiring either this year if I get made redundant (fingers crossed) or in 2.5 years if not. I didn't plan it in my 30's.
> 
> We paid our mortgage a couple of years ago, my wife was a teacher so has a good pension, I sold a flat I'd bought for my mum and made a good profit on that so put it into a stocks and shares ISA, I bought a flat in Aberdeen 25 years ago as I worked there for a year and I've rented it out since. When I retire I'll sell that and invest the money into stocks & shares isa. I also have a reasonable private pension and I'll reinvest my lump sum to give me more income on my savings.
> 
> So our monthly income will be made up of
> 
> Drawdown from my pension - won't need to touch that for a few years yet though.
> Income from my stocks & shares ISA.
> Wife's pension
> Income from my wife's stocks & shares ISA.
> 
> that will give us a joint income of around £4k a month, but we won't need that much so we'll take less from the ISA's
> 
> Sent from my iPad using Tapatalk


Thanks for the insight and your other post. It looks like I really need to start looking at stocks and shares ISAs as a home for our savings.


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## garage_dweller

tmitch45 said:


> Thanks for the insight and your other post. It looks like I really need to start looking at stocks and shares ISAs as a home for our savings.


Definitely, there is a risk of course but as a long term investment that risk is minimised. Compound interest is a wonderful thing 

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