The retirement thread.
- Thread starter NoGutsNoGlory
- Start date
First question should be .. Do I have a shit ton of money?Thank you. What do I do now?
Whatever you think is enough.. just double that . ie a shit ton
Interesting thread....Swiss T - thats really for your financial adviser to comment on....
My/our personal history....
Both me and the other half have paid in to company pensions (usually the miniimal amount) for the last 40 or so years...i know nothing about pensions...dont understand any of it to the point that if anything came through the door with the word pension on it, it went into a drawer....
About 15 years ago or so the bank randomly called me and said "youve got a premier account, we can assign you a pensions advisor". Up til that point if we bought life insurance or anything like that we'd hand over docs to said person and we'd never see them again....but the bloke from the bank turned up one thursday afternoon...i handed him a 2ft high pile of docs and he sighed and said "ill have a coffee with 2 sugars"
1 in the morning he finished...whittled it down to a 1" pile - we signed some papers for him to look after it and he left at that point i thought i had 3 pensions somewhere in the ether....i had 6. Two weeks later he rang and said "remember me....just been made redundant by the bank. Would it be possible to look after your pension as im going into business by myself" up til that point no one had ever done anything for us and here we are today. My only advice to anyone is get yourself a financial guy....we dont directly give him any money....he just takes a thin slice from the fund. If id have met him 10 years previous....id absolutely be retired now...
So all he effectively does is shift our fund round to wherever is making the most money....we sign a doc saying he could agressively invest our money and its paid off well.
Ironically next month...hes retiring and i will miss him cos hes a great laugh...
My/our personal history....
Both me and the other half have paid in to company pensions (usually the miniimal amount) for the last 40 or so years...i know nothing about pensions...dont understand any of it to the point that if anything came through the door with the word pension on it, it went into a drawer....
About 15 years ago or so the bank randomly called me and said "youve got a premier account, we can assign you a pensions advisor". Up til that point if we bought life insurance or anything like that we'd hand over docs to said person and we'd never see them again....but the bloke from the bank turned up one thursday afternoon...i handed him a 2ft high pile of docs and he sighed and said "ill have a coffee with 2 sugars"
1 in the morning he finished...whittled it down to a 1" pile - we signed some papers for him to look after it and he left at that point i thought i had 3 pensions somewhere in the ether....i had 6. Two weeks later he rang and said "remember me....just been made redundant by the bank. Would it be possible to look after your pension as im going into business by myself" up til that point no one had ever done anything for us and here we are today. My only advice to anyone is get yourself a financial guy....we dont directly give him any money....he just takes a thin slice from the fund. If id have met him 10 years previous....id absolutely be retired now...
So all he effectively does is shift our fund round to wherever is making the most money....we sign a doc saying he could agressively invest our money and its paid off well.
Ironically next month...hes retiring and i will miss him cos hes a great laugh...
To say to any young'uns on here....
1. Take the company pension if its offered.
2. Get financial guy.
3. Get said financial guy to start a private pension and stick in there (if your right at the start) 20 quid or so.
Weve done the above for our 3 kids. One of them has a job and does the above the other 2 we pay the token amount until they get off on their feet. They know what our fund is worth and for literally no work (you dont even see the money go from your account) its quite staggering (to us) and they can see that....and its one of the rare things that theyve taken on board and can see the tangible results.
1. Take the company pension if its offered.
2. Get financial guy.
3. Get said financial guy to start a private pension and stick in there (if your right at the start) 20 quid or so.
Weve done the above for our 3 kids. One of them has a job and does the above the other 2 we pay the token amount until they get off on their feet. They know what our fund is worth and for literally no work (you dont even see the money go from your account) its quite staggering (to us) and they can see that....and its one of the rare things that theyve taken on board and can see the tangible results.
My broker semi retired this year I bought my first house with him at 20 years old and my pension was set up at 22 so im now 28 years paying into a low risk pot so I have a very nice pension which I can take at 60 .. im 50 now but luckily he helped me buy a couple of rentals and I own my own factory all with no mortgages... he was a golden ticket to a young skitz but also kicked me in the balls when I mentioned more risky ventures .. he literally save me from bankruptcy by being a proper adviser
My broker semi retired this year I bought my first house with him at 20 years old and my pension was set up at 22 so im now 28 years paying into a low risk pot so I have a very nice pension which I can take at 60 .. im 50 now but luckily he helped me buy a couple of rentals and I own my own factory all with no mortgages... he was a golden ticket to a young skitz but also kicked me in the balls when I mentioned more risky ventures .. he literally save me from bankruptcy by being a proper adviser
Risky ventures you say...did it involve multiple holidays in South America every year?
Ironically, a shit ton and a crap ton are polar opposites.
TBH we were pretty relaxed....its strange as when it comes to large financial decisions weve been (being brutally honest) fast and loose...our first house was completely fucked (front door was nailed on) - took a high risk 15 year endowment mortgage....when we moved we got 15k back right when the word endowment was a swear word 20 years ago bought the house for 33k sold it for 165 that being said we worked our arses off for 9years renovating it....we ploughed that straight back into converting the basement in our new house...where we are now...
When we took the pension questionnaire 15 odd years ago we ticked "agressive" for pretty well everything and its monumentally paid off.....
When we took the pension questionnaire 15 odd years ago we ticked "agressive" for pretty well everything and its monumentally paid off.....
I started my pension late in life so I went the other way with a high risk pension. 9/10. It has paid off for me and makes more each month than I draw. The risk is when it drops it can be huge losses but it has always come back strongly.My broker semi retired this year I bought my first house with him at 20 years old and my pension was set up at 22 so im now 28 years paying into a low risk pot so I have a very nice pension which I can take at 60 .. im 50 now but luckily he helped me buy a couple of rentals and I own my own factory all with no mortgages... he was a golden ticket to a young skitz but also kicked me in the balls when I mentioned more risky ventures .. he literally save me from bankruptcy by being a proper adviser
I also have a very good FA.
My brief was I wanted my savings back anything extra was a bonus... the biggest bonus was me taking my money back off the tax man, property was my salary in retirement in my plans either way the pension being something i could write tax off into.. I could retire now but I've no interest in it with all the holidays I take and for the next couple of years I want to see all my kids on the property ladder so it will eat up the rental income
I never sit still and my job is very active i don't think im built for retirement.. if you said this to me at 25 you would have got a slap
but its the truth for now ...
I've always kept myself busy as I hate sitting around but winter is harder when the weather is poor and I can't go outside. I got myself some gym equipment and a heavy bag and I use them if I've got nothing to do.
That is where my place in the canaries really comes into its own.. I never do more than 5 or 6 weeks of bad weather
When eventually I lose my dog I'll go abroad for long spells in the winter.That is where my place in the canaries really comes into its own.. I never do more than 5 or 6 weeks of bad weather
We done the same ,we lost both our dogs about 3 years ago and I refused to get another as it makes travelling so much easier
Our retirement pad has to have a massive garage....my plan is to buy a crash damaged v8 of some sort (RS6 is my fave) and while the hours away learning and repairing it...
Mrs Hell won't let me 
Talking to pension geezer, who seems very cautious, I'm walking back from 65 to 64 and hopefully 63 next year. If that process keeps up I'll be done at 62
Talking to pension geezer, who seems very cautious, I'm walking back from 65 to 64 and hopefully 63 next year. If that process keeps up I'll be done at 62
I retired in April, 3 months after my 57th birthday.
I have 10 years before my state pension kicks in, but I'm fine.I have 2 pensions from my previous employment of 34 years. One is a Final Salary scheme and the other is a pension I took out with them when they closed the Final Salary scheme about 6 years ago. I was hammering in additional contributions for about 5 years into the new pension, with a quite aggressive portfolio choice (Mainly US equities). I take my full payment from the FS scheme and a few hundred from the other as a top up. My 2nd pension had to be moved into another product when I retired, and I have continued in the most aggressive portfolio. This one is continuing to grow nicely, outweighing my monthly withdrawals buy a margin.
This fluctuates, but I remember somebody saying it was like playing with a yo-yo on an escalator. People focus on the yo-yo, and panic when they see a drop. You should focus on the escalator (and only every so often)
Everything is now paid off, I have no mortgage, debt or payments for anything. The only thing I have to pay for is the monthly bills and the odd treat. All investments are maxed out. I bought myself a few things that I said I would when I retired, but that was always the plan.
As for time, it's an old cliche, but I don't know how I ever found time to go to work. I'm always busy, but there is nothing wrong with doing nothing sometimes. I no longer have the dread of going to work (which it was for the last 2 years). I'm sleeping better and feel a lot better in myself.
Retirement.......I can highly recommend it.
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In 2006 I was buying into an apartment development in Dublin he got me the money through my normal bank but my own house was part of the deal, it would secure nearly 2 million of debt on the family home. He Sat me down and told me it was an awful fucking idea ... I was proper pissed at him but my wife who never questioned me financially said. "Jay, brendan has always looked out for your best interests just think about his advice " 18 months later Ireland was in a full on recession and my future business partner lost absolutely everything and even now has never recovered .. as I said he saved my baconRisky ventures you say...did it involve multiple holidays in South America every year?
I think that will eventually happen and when I hate going to work I will jump ship. Being self employed im never under pressure to please anyone so I think this helps to certain extent plus because im not stuck for money I can choose my work.. the body will age regardless so this may also be a factor .. enjoy your retirement rob great to hear it suiting you palI retired in April, 3 months after my 57th birthday.
I have 2 pensions from my previous employment of 34 years. One is a Final Salary scheme and the other is a pension I took out with them when they closed the Final Salary scheme about 6 years ago. I was hammering in additional contributions for about 5 years into that with a quite aggressive portfolio choice (Mainly US equities). I take my full payment from the FS scheme and a few hundred from the other as a top up. My 2nd pension had to be moved into another product when I retired, and I have continued in the most aggressive portfolio. This one is continuing to grow nicely, outweighing my monthly withdrawals buy a margin.
This fluctuates, but I remember somebody saying it was like playing with a yo-yo on an escalator. People focus on the yo-yo, and panic when they see a drop. You should focus on the escalator (and only every so often)
Everything is now paid off, I have no mortgage, debt or payments for anything. The only thing I have to pay for is the monthly bills and the odd treat. All investments are maxed out. I bought myself a few things that I said I would when I retired, but that was always the plan.
As for time, it's an old cliche, but I don't know how I ever found time to go to work. I'm always busy, but there is nothing wrong with doing nothing sometimes. I no longer have the dread of going to work (which it was for the last 2 years). I'm sleeping better and feel a lot better in myself.
Retirement.......I can highly recommend it.
Thats pretty well what im shooting for.....just gotta wait 6 years!!! bugger.I retired in April, 3 months after my 57th birthday.
I have 2 pensions from my previous employment of 34 years. One is a Final Salary scheme and the other is a pension I took out with them when they closed the Final Salary scheme about 6 years ago. I was hammering in additional contributions for about 5 years into that with a quite aggressive portfolio choice (Mainly US equities). I take my full payment from the FS scheme and a few hundred from the other as a top up. My 2nd pension had to be moved into another product when I retired, and I have continued in the most aggressive portfolio. This one is continuing to grow nicely, outweighing my monthly withdrawals buy a margin.
This fluctuates, but I remember somebody saying it was like playing with a yo-yo on an escalator. People focus on the yo-yo, and panic when they see a drop. You should focus on the escalator (and only every so often)
Everything is now paid off, I have no mortgage, debt or payments for anything. The only thing I have to pay for is the monthly bills and the odd treat. All investments are maxed out. I bought myself a few things that I said I would when I retired, but that was always the plan.
As for time, it's an old cliche, but I don't know how I ever found time to go to work. I'm always busy, but there is nothing wrong with doing nothing sometimes. I no longer have the dread of going to work (which it was for the last 2 years). I'm sleeping better and feel a lot better in myself.
Retirement.......I can highly recommend it.
Im pretty sure GameStop is going to blow up eventually...i think thatll be my early ticket out....i love the blanket press beating they get - search for "Forget Gamestop" quite literally thousands of news posts over the last 5 years....5 years ago there were something like 40mil in debt...today 10billion in the green....and theyre just about to buy ebay... (not offical yet) but im pretty sure thats the way its going...awesome.
Interesting reading; would love to hear more peoples story & perspectives.
I see a few have found a good FA; I don’t use one but have a meeting tomorrow. I had one a few years ago but didn’t hear from him for 5 years. Took some advice on that & claimed enough fees back to renovate our bathroom. Spoke to a few since but just don’t trust them & their fees seem way too high; especially for transfers. Why the heck do they deserve anything for that!!
I see a few have found a good FA; I don’t use one but have a meeting tomorrow. I had one a few years ago but didn’t hear from him for 5 years. Took some advice on that & claimed enough fees back to renovate our bathroom. Spoke to a few since but just don’t trust them & their fees seem way too high; especially for transfers. Why the heck do they deserve anything for that!!
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