mary1947

Reaching Maturity

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Thanks for the reply Phil,I could officially retire in October of this year but circumstances have changed for me now employment wise,I am hoping I can get this just as my last company payment to me is made so I have continuity,that should see me through to october unless of course there is an option to retire six months early

 

Rog

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You can draw your company pension any time you choose after age 55 even if you're working. You will, of course, have to pay tax at your marginal rate on any withdrawals over and above your tax free cash. You do, though, have a personal allowance of £11,500 before paying any tax. Be aware that your state pension is added to your company pension when calculating your gross income for tax purposes. If your affairs are slightly complex (other income etc.) it would be best to consult an independent financial advisor. You do need to nominate beneficiaries from the pension fund residue should you die - which one day you will! All the relevant information can be found on the internet and your company pension provider must give you full details. Oh - and execute a will if you have not already done so.

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I did this but it's not an easy calculation.

Some factors to consider:

How much will the pension reduce by

How many years will it take to reach the 'break even point'

How long will you be around to collect it

What effect will it have on any survivor pension

How much will inflation (it's higher than interest rates for the foreseeable future) erode the benefit of having a 'nest egg'

Will the full pension take you into a higher tax bracket.

There are other things to take into account but much depends on personal situation

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Yes, all of the above. This why professional advice from an IFA is worth taking. Best if you can find one by personal recommendation. 

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Thanks Phil,will check it out

 

Rog

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Another one dependant on you circumstance is the married tax allowance. If either partner is earning/getting under the personal allowance of £11,500 they other partner can use some of it to reduce their tax bill, saves me just over £200 per annum.

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Mrs P retired years ago

 

Rog

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SWMBO is has been retired for a few years, with her state pension and a small council pension is falls below the limit. I there for can take the amount she falls below the limit by and apply it to my tax bill.

 

If you lady receives less than £11,500 per annum you should even be able to get it back dated for two years I believe, so you are due a tax rebated.

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Right on, Michael.  Seems to me like visiting the dr. too often is a recipe for getting hospitalized anyway.  ;)

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I'm not really sure what 'maturity' is. 

 

At 68 I don't think I'll ever have all of the answers.  Just a better set of questions.  I do worry about anyone who thinks the answers are all obvious and simple...

 

We all get older.. if we're lucky..  Whether we grow up is another matter..

 

I do quite like the fact that in the last few years I've noticed strangers treat me slightly differently.. They are strangers and don't know me. so they can only go on my appearance. 

 

I could tell myself they see an old bloke who should be humoured..  But I choose to believe they see an intellectual giant with a 'mature' yet perfect physique and the looks of a Greek God...  :)

 

I can dream......

 

My wife thinks I am losing the plot...  I'm absolutely certain that she is....

 

This could get interesting.. :laugh:

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I've sure realized that the older I get the less I seem to know!

 

I've lost count of the times when talking to folks I have to say, "I don't know."   I'm think of shortening to just IDK.  Might be quicker.:wacko:

 

I haven't noticed that anybody treats me differently, yet.  Maybe I'm just too dense to notice or care.

 

Went to a funeral yesterday.  I find I am paying more attention to such things. :mellow:

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Dance as if no were watching

sing as if no one were listening

and live every day as if it were your last

 

 

Tish Provest.......

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My Grandma was over 80....and still did'nt use glasses........she drank straight out of the bottle.............:rolleyes:

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#90

 

I'm 60 later this year and don't need glasses ....yet! Hearing is perfect. Can touch my toes without cheating. I'd never drink out of a bottle though. Stopped doing that when I was 6 months old!  :rolleyes:

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Reaching maturity? Not there yet. Probably in reverse so may never get there. Got back on my bike at 55 but had gone completely deaf. Cochlear implant sorted the hearing and also won the veterans BAR at cycling. When I was 60 I thought I could do anything - superb age. Family, sport and job all OK. 70 was pretty good too, After busting my hip just changed competitive sport from cycling to rowing and family doing great.

70- Eye operations made it possible to see better than I have seen all my life! Late 70's? Well just had mates around for cidre thisafto. Very interesting company - scouser physicist and retired headmaster. Lively and varied conversation. Off to Ireland with mates on Saturday. Guiness barrel already set up in the cottage. We are quite silly out there and don't catch many fish - maturity - nah boombox2

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I exercise every morning without fail. Up,down, up, down,  and then the other eyelid, ;-) 

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I watch Mrs C doing her aerobic exercises each morning, bleddy well tires me out I can tell ya !

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Only joking about the 'eyelids'...........i still do a bit of excercise......at a Gym where i do some work.......plus the odd kick-about football.......and walks in Derbyshire when i push mesen........but despite not being as active as i once was i feel lucky at my age that i don't have a weight problem and am still lithe limbed, can still do a handstand and run short distances without getting out of breath,despite my bad habits,............i believe for me anyway,being an early riser getting showered and out every morning dressed properly keeps you young......along with being a person who loves good banter' and sense of humour,but most importantly being able to laugh at yourself     smile2

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On April 9, 2017 at 6:50 PM, loppylugs said:

I've sure realized that the older I get the less I seem to know!

 

I've lost count of the times when talking to folks I have to say, "I don't know."   I'm think of shortening to just IDK.  Might be quicker.:wacko:

 

There's a saying, Dave...

"The sign of intelligence is

that you are constantly

wondering. Idiots are always

dead sure about everything" ;)

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11 hours ago, benjamin1945 said:

,but most importantly being able to laugh at yourself     smile2

 

I don't need to do that... 

Everybody else does it for me... :rotfl:

 

Col

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You know you've reached maturity when you 'Bump' into cousin who was a Bridesmaid at your Wedding ,who is now a Pensioner herself,which i did this morning in 'you've guest  it Bulwell'........not seen her for about ten years,and we waxed lyrical about our respective Mams who were sisters with tears in our eyes...........

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