I have finally decided that I am going to retire, I am looking at October next year, I will be 63 & will have served over 40 years in the Prison service, wonder if anybody will notice I’ve gone.
Actually I don’t think I will, I believe I will be busier than ever & when I’m not I’ll be out on the bird.We will, you will have a lot more time to argue with Beaker
My experience is simply I have no idea how I used to fit work in.I have finally decided that I am going to retire, I am looking at October next year, I will be 63 & will have served over 40 years in the Prison service, wonder if anybody will notice I’ve gone.
Saga contacted me 12 years ago, I’ve never respondedMy experience is simply I have no idea how I used to fit work in.
Haven't even got time for the traditional fortnight laying on a beach this year!
At least you will be of Saga age when you pack up - the biggest challenge I had was that all the local 'retirement' activities are aimed at people,significantly older than me - nothing wrong with that but not where I want to be.
Sam an aside, if your pension scheme allows it I would suggest you consider chucking as much as you can into it until you pack upI have finally decided that I am going to retire, I am looking at October next year, I will be 63 & will have served over 40 years in the Prison service, wonder if anybody will notice I’ve gone.
I have already drawn my lump sum & get a Monthly payment with a slight abatement, I am actually paying more into pensions now than I have ever done but have built up another fairly decent lump sum. When the field is sold we’ll be looking at buying a house to do up, (found one but they’ve rejected our first offer) we’ll probably move into that one then buy some flats or houses close by to rent out.Sam an aside, if your pension scheme allows it I would suggest you consider chucking as much as you can into it until you pack up
Be careful with the tax on a 'doer upper' - apologies if sucking eggs......second property attracts higher rate stamp duty and Capital Gains Tax on sale..as does rental property (and this apparently is going to ease the crisis in the rental market). Not saying it isn't worth the trouble, just need to be sure eyes wide open! Oh, and don't forget you have the pleasure of paying council tax on a doer upper and empty rental property. The stupid council down here wouldn't even agree to waive council tax on a derelict property they were selling while it was being rebuilt...it is still for sale and derelict after I offered to take it on over two years ago!!I have already drawn my lump sum & get a Monthly payment with a slight abatement, I am actually paying more into pensions now than I have ever done but have built up another fairly decent lump sum. When the field is sold we’ll be looking at buying a house to do up, (found one but they’ve rejected our first offer) we’ll probably move into that one then buy some flats or houses close by to rent out.
While not wish to be seen to be offering advice, I would suggest that this is not the best use of pension funds.....I have already drawn my lump sum & get a Monthly payment with a slight abatement, I am actually paying more into pensions now than I have ever done but have built up another fairly decent lump sum. When the field is sold we’ll be looking at buying a house to do up, (found one but they’ve rejected our first offer) we’ll probably move into that one then buy some flats or houses close by to rent out.
We were actually discussing it this morning & we are now more inclined to buying to sell rather than rent, the sale of our own house & downsizing will release enough funds to get startedWhile not wish to be seen to be offering advice, I would suggest that this is not the best use of pension funds.....
The most efficient way is to actually sell up and move into the one you are renovating...no tax implications on the way in (iem'secomd property stamp duty) sale....however hmrc 'reserve the right' to review and tax profits made by 'serial doer uppers'....seen clients (rightly) caught out on this.We were actually discussing it this morning & we are now more inclined to buying to sell rather than rent, the sale of our own house & downsizing will release enough funds to get started
Just do it mate...... Best thing I ever did.... Only trouble is I am busier than ever !!I have finally decided that I am going to retire, I am looking at October next year, I will be 63 & will have served over 40 years in the Prison service, wonder if anybody will notice I’ve gone.