marsh man Posted April 20, 2023 Report Share Posted April 20, 2023 12 minutes ago, billytheghillie said: Interesting read, I recently retired in December 2022, had to wait for 66th to get my pension. I thought about staying on and doing another year or two, but thought sod it, i have worked for 51 years solid since the age of 15. Best thing i have ever done, found my health has improved and the mrs has said my mannerism has changed dramatically. Like you i wish i had done it at 50, but my pension pot wasnt big enough. Funny enough i have just been offered about 3 month work, i said okay cash in hand, but he said no, it goes through the books. So sod that, the tax man has had enough off me, i can live without it, just more time for shooting and fishing 👍 Health is another reason to take in consideration , we are not all built the same and touch wood I haver suffered from depression or mental health , but being a jobbing bricklayer is physical work and after many , many years it can and do take it's toll , one day you might be plastering a big ceiling and the next floor tiling , in my 50s my back started to play up and the doctor just kept putting it down to wear and tear which in a way it was , they say hard work don't hurt you , maybe but it do wear you out , if I had carried on in my 60s I could have easily damaged it beyond repair , so although I still get a certain amount of back ache it don't stop me from doing anything within reason , it just take more time , but then again that is something you are not short of , no point in having a fat bank book but through work related ill health you cannot no longer enjoy it . MM Quote Link to comment Share on other sites More sharing options...
oowee Posted April 20, 2023 Report Share Posted April 20, 2023 12 minutes ago, marsh man said: Health is another reason to take in consideration , we are not all built the same and touch wood I haver suffered from depression or mental health , but being a jobbing bricklayer is physical work and after many , many years it can and do take it's toll , one day you might be plastering a big ceiling and the next floor tiling , in my 50s my back started to play up and the doctor just kept putting it down to wear and tear which in a way it was , they say hard work don't hurt you , maybe but it do wear you out , if I had carried on in my 60s I could have easily damaged it beyond repair , so although I still get a certain amount of back ache it don't stop me from doing anything within reason , it just take more time , but then again that is something you are not short of , no point in having a fat bank book but through work related ill health you cannot no longer enjoy it . MM ^^^^^^ This. My wife finishes work tomorrow. She has been offered work for Nov at £1500 a day sounds great but 45% tax but more important as you say no point having a fat bank book, but through work related ill health you cannot no longer enjoy it. Quote Link to comment Share on other sites More sharing options...
daveboy Posted April 21, 2023 Report Share Posted April 21, 2023 If it makes you feel better you pay tax on your pension but you paid into it tax free. Quote Link to comment Share on other sites More sharing options...
Robden Posted April 21, 2023 Report Share Posted April 21, 2023 12 hours ago, billytheghillie said: Good luck in getting some dosh back, but in my experience the tax man wont even give you a whiff of his ****. A few years ago, the taxman owed me money. Not only did they pay it back, but also some interest as well. Quote Link to comment Share on other sites More sharing options...
marsh man Posted April 21, 2023 Report Share Posted April 21, 2023 10 hours ago, oowee said: ^^^^^^ This. My wife finishes work tomorrow. She has been offered work for Nov at £1500 a day sounds great but 45% tax but more important as you say no point having a fat bank book, but through work related ill health you cannot no longer enjoy it. What we tend to forget is , that retirement don't suit everybody , for various reasons some people dread the thought of retiring , it might be financial reasons , no other interest apart from work , missing there work mates and even worrying what the company is going to do without them . I love the freedom to do what I want and when I want , I am also lucky I enjoy the countryside and live on the edge of it , we have to understand that a lot of people live in towns and have to plan a trip to go by the sea side or a day in the countryside , when I first finished work we made full use of our bus passes , it made a change to sit on the bus without worrying about hitting the car in front , we visited just about every small town in Norfolk and several more in other counties all for free . People often ask me what I do with all my time , and I reply , as little as possible , my day normally start early with taking my dog out for at least an hour , coming back home for a bite to eat and reading the local paper , then pottering about in the house or garden till dinner where we watch the news and have another cuppa , this then lead to my ( free ) time where I please myself what I do , normally it is a run out ( two miles ) to the estate where I worked and check out the different fields where I expect to see Pigeons and when I find a few I then chose an afternoon when the weather is kind and have a few hours shooting . Pretty boring to some , but this is what I like and that is all what really matter , what I don't advise is sitting indoors all day watching daytime television , get out while you can as your freedom will not last forever , enjoy it while you can . Sermon over for today MM Quote Link to comment Share on other sites More sharing options...
JohnfromUK Posted April 21, 2023 Report Share Posted April 21, 2023 21 minutes ago, marsh man said: What we tend to forget is , that retirement don't suit everybody , for various reasons some people dread the thought of retiring , it might be financial reasons , no other interest apart from work , missing there work mates and even worrying what the company is going to do without them . I love the freedom to do what I want and when I want , I am also lucky I enjoy the countryside and live on the edge of it , we have to understand that a lot of people live in towns and have to plan a trip to go by the sea side or a day in the countryside , when I first finished work we made full use of our bus passes , it made a change to sit on the bus without worrying about hitting the car in front , we visited just about every small town in Norfolk and several more in other counties all for free . People often ask me what I do with all my time , and I reply , as little as possible , my day normally start early with taking my dog out for at least an hour , coming back home for a bite to eat and reading the local paper , then pottering about in the house or garden till dinner where we watch the news and have another cuppa , this then lead to my ( free ) time where I please myself what I do , normally it is a run out ( two miles ) to the estate where I worked and check out the different fields where I expect to see Pigeons and when I find a few I then chose an afternoon when the weather is kind and have a few hours shooting . Pretty boring to some , but this is what I like and that is all what really matter , what I don't advise is sitting indoors all day watching daytime television , get out while you can as your freedom will not last forever , enjoy it while you can . Sermon over for today MM I am much the same. Retired at a couple of months under 60 under (semi) voluntary early retirement. I live in the country and have lots of interests, old house to 'care for', large(ish) garden to try and keep in check, small amount of part wooded land, I have rejoined the dog owning fraternity (after a 10 year gap). I enjoy cooking, am a natural 'collector' interested in the old guns, early technology, antiques and general 'collectables'. Shoot (game) occasionally and fish even more occasionally, shoot a few clays for fun only. Two (or more) dog walks a day, cook my meals everyday, mow/garden in season, participate in some collectors forums/societies. The only usual 'retirement pass time' that I don't enjoy or participate in is travel. Never appealed to me (had to do a bit before I retired) and my holidaying is visiting friends for a fish and shoot together annually in Scotland. Quote Link to comment Share on other sites More sharing options...
Old Boggy Posted April 21, 2023 Report Share Posted April 21, 2023 49 minutes ago, marsh man said: What we tend to forget is , that retirement don't suit everybody , for various reasons some people dread the thought of retiring , it might be financial reasons , no other interest apart from work , missing there work mates and even worrying what the company is going to do without them . I love the freedom to do what I want and when I want , I am also lucky I enjoy the countryside and live on the edge of it , we have to understand that a lot of people live in towns and have to plan a trip to go by the sea side or a day in the countryside , when I first finished work we made full use of our bus passes , it made a change to sit on the bus without worrying about hitting the car in front , we visited just about every small town in Norfolk and several more in other counties all for free . People often ask me what I do with all my time , and I reply , as little as possible , my day normally start early with taking my dog out for at least an hour , coming back home for a bite to eat and reading the local paper , then pottering about in the house or garden till dinner where we watch the news and have another cuppa , this then lead to my ( free ) time where I please myself what I do , normally it is a run out ( two miles ) to the estate where I worked and check out the different fields where I expect to see Pigeons and when I find a few I then chose an afternoon when the weather is kind and have a few hours shooting . Pretty boring to some , but this is what I like and that is all what really matter , what I don't advise is sitting indoors all day watching daytime television , get out while you can as your freedom will not last forever , enjoy it while you can . Sermon over for today MM My retirement date at 65 couldn`t have come quicker and I wished that I could have afforded to retire earlier. Been retired now for 10 years and those years have just flashed by. One of my rules upon retiring was not to watch day time television and so far I have kept to that with the exception of maybe a really rainy day when, like MM ,I sometimes watch the midday news. All the jobs around the house and garden, which before had to be done at weekends, can now be done at my leisure and when it the weather suit. Someone once said to me "Never put off until tomorrow, what you can possibly put off until the day after". I make a point of going pigeon shooting at least once a week but that is purely to get out, so if it`s a blank day, that doesn`t worry me as there`s always something of interest to look at in our wonderful countryside. My trip out this week on the edge of the marsh on some poor rape with the wind in the wrong direction resulted in just one pigeon, but I saw several buzzards, two marsh harriers and a hen harrier, so well worth the effort. However, like Marshman, my shooting is very local to me and I am out most days having a look round for flight lines, feeding pigeons etc. Today looks pretty grim currently so I am hoping that the Met office have got it right that it`s going to brighten up later as the garden is in dire need of some TLC. OB Quote Link to comment Share on other sites More sharing options...
shaun4860 Posted April 21, 2023 Report Share Posted April 21, 2023 I knew a bloke who was a company man through and through. They sort of forced him to retire through ill health and every time we saw him he would say that the company still hadn’t contacted him for advice or whatever. We just told him that at the end of the day he was a number on a payroll. I was planning on working into my pension age but we now have a new manager so soon as November 2026 comes I’m off. Quote Link to comment Share on other sites More sharing options...
Dave at kelton Posted April 21, 2023 Report Share Posted April 21, 2023 I was going to finish in November last but decided I needed some brain work and company asked if I would do a day a week. Decided to accept as it does keep me mentally active and tops up the state pension without having to dip into the private pension that has been hammered by the poor markets over the last two years. I find plenty of things to keep me going and through the season pick up three days a week anyway. I very soon decided that working full time is not all it’s cracked up to be! Quote Link to comment Share on other sites More sharing options...
enfieldspares Posted April 21, 2023 Report Share Posted April 21, 2023 On 20/04/2023 at 11:05, TOPGUN749 said: You will have the state pension added to your other income and will pay 20% tax on everything over £12570 a year,and 40% on anything that goes above about £50,000. You could have deferred the state pension for a year or more if you wanted to and then you would receive an extra 5.8% for every year deferred,though you end up getting taxed even more.The National insurance of course stops at age 66,which is a positive. I wouldn’t defer a £10,600 pension myself,because with only a 5.8% gain after a year it would take about 20 years to get that back again. Thank you. I will be sixty-six in November. Good advice. Thank you. On 20/04/2023 at 11:56, benbobailey said: On the subject of pension deferral, although a small annual increase is gained, it will take many many years to catch up on the lost £ 9000 or £10000 per annum. Not usually financially sensible to save a few quid tax. Although everyone's circumstances are different. Regards Thank you. I will be sixty-six in November. Good advice. Thank you. Quote Link to comment Share on other sites More sharing options...
steve_b_wales Posted April 21, 2023 Author Report Share Posted April 21, 2023 (edited) On 20/04/2023 at 11:56, benbobailey said: On the subject of pension deferral, although a small annual increase is gained, it will take many many years to catch up on the lost £ 9000 or £10000 per annum. Not usually financially sensible to save a few quid tax. Although everyone's circumstances are different. Regards I decided to draw my pension straight away. Knowing my luck, I'd drop dead within 6 months. Edited April 21, 2023 by steve_b_wales Quote Link to comment Share on other sites More sharing options...
steve_b_wales Posted April 21, 2023 Author Report Share Posted April 21, 2023 Apparantly, my yearly state pension (£9784:80) is being taken off my personal allowance of £12750:00 so I will pay tax on everything above £2965:20. I suppose it works out the same(?) Quote Link to comment Share on other sites More sharing options...
Wilts#Dave Posted April 21, 2023 Report Share Posted April 21, 2023 2 minutes ago, steve_b_wales said: Apparantly, my yearly state pension (£9784:80) is being taken off my personal allowance of £12750:00 so I will pay tax on everything above £2965:20. I suppose it works out the same(?) Same difference yes. You’d not pay any tax if the pension was your only form of income, but will do if you earn over the tax threshold including your pension. Quote Link to comment Share on other sites More sharing options...
Minky Posted April 21, 2023 Report Share Posted April 21, 2023 (edited) How many times is it that bloke thought that they were indispensable to the company and yet the company carried in like a ship going on its way. How many times is it that a newbroom manager who hasn't got a clue comes in and blokes who knew the score suddenly decided to finish up taking their knowledge and skills with them. This is happening now as so many have had an interruption to their working life due to covid. Only the other week the News reporter was asking a bloke out on the golf course what the government could do to get blokes like him back to work.? His reply was nothing. About 6 months after I retired my old workplace collapsed and the remaining staff were all made redundant. Nothing to do with my retirement. . Blamed on covid etc. Did I give a monkeys. Naah.. not my problem. See yah ole mates. They contacted me for assistance but I wasn't available. Shame. Oh dear, how sad, never mind. Edited April 21, 2023 by Minky Quote Link to comment Share on other sites More sharing options...
A.R.P. Posted April 21, 2023 Report Share Posted April 21, 2023 I have just had a letter informing me i have a increase of 25 pence a week as i am now 80,20 pence after tax.What can you buy for 20 p?? Quote Link to comment Share on other sites More sharing options...
marsh man Posted April 21, 2023 Report Share Posted April 21, 2023 43 minutes ago, A.R.P. said: I have just had a letter informing me i have a increase of 25 pence a week as i am now 80,20 pence after tax.What can you buy for 20 p?? Tell yer what , that got me thinking , I can't remember the last time I bought anything for 20p , at that rate it would take me six weeks to save up for my morning news paper which cost £1.20 What grieved me a bit was I struggled to stay alive till I was 75 to get a free television licence and they then stopped it , Did you get yours for a year or two ? Quote Link to comment Share on other sites More sharing options...
TOPGUN749 Posted April 22, 2023 Report Share Posted April 22, 2023 21 hours ago, A.R.P. said: I have just had a letter informing me i have a increase of 25 pence a week as i am now 80,20 pence after tax.What can you buy for 20 p?? I can remember my Grandfather getting that extra 25p in 1976, with inflation it should be £3 now,but tight government won’t change it! Quote Link to comment Share on other sites More sharing options...
oldypigeonpopper Posted April 22, 2023 Report Share Posted April 22, 2023 On 21/04/2023 at 09:21, marsh man said: What we tend to forget is , that retirement don't suit everybody , for various reasons some people dread the thought of retiring , it might be financial reasons , no other interest apart from work , missing there work mates and even worrying what the company is going to do without them . I love the freedom to do what I want and when I want , I am also lucky I enjoy the countryside and live on the edge of it , we have to understand that a lot of people live in towns and have to plan a trip to go by the sea side or a day in the countryside , when I first finished work we made full use of our bus passes , it made a change to sit on the bus without worrying about hitting the car in front , we visited just about every small town in Norfolk and several more in other counties all for free . People often ask me what I do with all my time , and I reply , as little as possible , my day normally start early with taking my dog out for at least an hour , coming back home for a bite to eat and reading the local paper , then pottering about in the house or garden till dinner where we watch the news and have another cuppa , this then lead to my ( free ) time where I please myself what I do , normally it is a run out ( two miles ) to the estate where I worked and check out the different fields where I expect to see Pigeons and when I find a few I then chose an afternoon when the weather is kind and have a few hours shooting . Pretty boring to some , but this is what I like and that is all what really matter , what I don't advise is sitting indoors all day watching daytime television , get out while you can as your freedom will not last forever , enjoy it while you can . Sermon over for today MM Hello, nice post MM, 👍 Quote Link to comment Share on other sites More sharing options...
billytheghillie Posted April 22, 2023 Report Share Posted April 22, 2023 On 21/04/2023 at 20:32, A.R.P. said: I have just had a letter informing me i have a increase of 25 pence a week as i am now 80,20 pence after tax.What can you buy for 20 p?? Save up your 20p for 5 weeks then get into Poundland, you will have a blast! Quote Link to comment Share on other sites More sharing options...
Bigbob Posted April 22, 2023 Report Share Posted April 22, 2023 On 21/04/2023 at 20:32, A.R.P. said: I have just had a letter informing me i have a increase of 25 pence a week as i am now 80,20 pence after tax.What can you buy for 20 p?? I retired at 60 i get a fair lump of my pension from my last job at the uni , but my 20 years in the mod i mostly loose to tax just told me i am getting another £20 a month so will probably loose that in tax , So when i get my old age pension in 5 years i cant see me getting that either . They told me last year i had under paid my taxes by £500 so this year i would loose 2k off my married mans allowance so take what you can as early as you can as said we make full use of our free bus passes no paying for parking saves a bit , and i dont have to do things in a rush now if its raining i can wait till the next dry day Quote Link to comment Share on other sites More sharing options...
marsh man Posted April 23, 2023 Report Share Posted April 23, 2023 9 hours ago, Bigbob said: I retired at 60 i get a fair lump of my pension from my last job at the uni , but my 20 years in the mod i mostly loose to tax just told me i am getting another £20 a month so will probably loose that in tax , So when i get my old age pension in 5 years i cant see me getting that either . They told me last year i had under paid my taxes by £500 so this year i would loose 2k off my married mans allowance so take what you can as early as you can as said we make full use of our free bus passes no paying for parking saves a bit , and i dont have to do things in a rush now if its raining i can wait till the next dry day In all fairness do we over worry about money when retirement is looming up , I am not saying everyone but most of us get our fianaces in order way before retirement , our biggest debt like a lot of others was our mortgage , I worked my socks off until I paid it off in just over half the time , holidays didn't bother me and I remember one year I took my holiday to help a mate build an extension and got well paid , I smoked till I was in my mid 30s and even then it was getting expensive so I stopped overnight and have never touched another cigerete , drinking was the same , because I was using a motor every day of my life and working some nights I cut out a lot of going into the pub mainly because I was going off achohol and believe it not I didn't like a room full of smoke , that will show you how long ago that was Then as the years rolled by our daughter got married and left home so that just left the two of us , we were both working full time and were manageing to save money , my second hand cars were bought in cash at what I could afford at the time so to cut a long story short we never went into debt. So when that day finally arived where I could hang up my trowel we were debt free and had a few bob each in the bank , I say each as my wife have got her own bank account and I have got mine , plus we have a account for all household bills , this again might not work for everyone but it work for us and we never mind what each of spend on whatever we want . Now with the cost of living going through the roof it could well be harder for the younger folk than when we were the same age , but if we were that age I do believe by carefull planning we would have cooped . MM Quote Link to comment Share on other sites More sharing options...
benbobailey Posted April 23, 2023 Report Share Posted April 23, 2023 10 hours ago, Bigbob said: I retired at 60 i get a fair lump of my pension from my last job at the uni , but my 20 years in the mod i mostly loose to tax just told me i am getting another £20 a month so will probably loose that in tax , So when i get my old age pension in 5 years i cant see me getting that either . They told me last year i had under paid my taxes by £500 so this year i would loose 2k off my married mans allowance so take what you can as early as you can as said we make full use of our free bus passes no paying for parking saves a bit , and i dont have to do things in a rush now if its raining i can wait till the next dry day Unless your income is large enough to reach the next level tax bracket, you will only pay 20% tax on any amount above you personal allowance. No different to any one else except you do not pay national insurance. you will still have 80% of your income, not a bad position to be in and many would be happy with that. Yes it is frustrating and annoying to pay tax but the governments need to raise income to successfully run the country for our benefit.( how they spend the money is another matter!). regards Quote Link to comment Share on other sites More sharing options...
Wilts#Dave Posted April 23, 2023 Report Share Posted April 23, 2023 49 minutes ago, benbobailey said: Unless your income is large enough to reach the next level tax bracket, you will only pay 20% tax on any amount above you personal allowance. No different to any one else except you do not pay national insurance. you will still have 80% of your income, not a bad position to be in and many would be happy with that. Yes it is frustrating and annoying to pay tax but the governments need to raise income to successfully run the country for our benefit.( how they spend the money is another matter!). regards As above, it’s hardly a bad position to be in (retiring at 60 also)….if you’re earning above the 50k threshold to really be affected by tax then you’re even less hard done by 😂 Quote Link to comment Share on other sites More sharing options...
A.R.P. Posted April 23, 2023 Report Share Posted April 23, 2023 On 21/04/2023 at 21:22, marsh man said: Tell yer what , that got me thinking , I can't remember the last time I bought anything for 20p , at that rate it would take me six weeks to save up for my morning news paper which cost £1.20 What grieved me a bit was I struggled to stay alive till I was 75 to get a free television licence and they then stopped it , Did you get yours for a year or two ? I did get a couple of years but as you say they moved the goal posts.I took early retirement in 1996 aged 53 and have not worked since.Going out tonight to look at a new rabbit permission.This saying summs me up perfectly as i have a brilliant family, {i am a rich man and one day i will have a lot of money } Regards A.R.P. Quote Link to comment Share on other sites More sharing options...
JohnfromUK Posted April 23, 2023 Report Share Posted April 23, 2023 2 hours ago, marsh man said: most of us get our finances in order way before retirement I think here we are a rather 'non typical' sample of the public. Most here may well be true, but I very much doubt it applies to the general public at large. Before I retired I worked in industry (as an employee starting 'at the bottom' and ending up as a reasonably senior level, and at a slightly above average salary) and chose at the age of 30 to start my own 'free standing' pension scheme (in addition to schemes from my various employers) which I kept paying into up to retirement. On a slightly educated guess, around 10% or less were contributing to separate pensions and (a fairly low number) were making additional voluntary contributions into our employers schemes. Quote Link to comment Share on other sites More sharing options...
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