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ANN

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thinking about retirement

by ANN » Thu Jul 16, 2015 9:49 am

Hi there

I am completely new to this forum, and am intending to retire in 15 months time.
People say to me "what on earth will you do with your time"!!
Is that a sad indication of today's high-pressure lifestyle, when all we do is go to
work??
I would love to hear retiree's views on that.
Ann
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Peter

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Re: thinking about retirement

by Peter » Thu Jul 16, 2015 8:32 pm

Ann, a very big welcome to 50 Plus

Everybody that I know that's retired says the same thing, namely:
"I don't know how I found the time to work." :o

It sounds crazy but it really is true. ;)

First of all spend some time simply chilling and relaxing :roll:

Soon you'll find that you're spending and enjoying
more time with family and friends. :lol:

Then you spend time doing those things that you always won't to do
and a few that you never thought of.

And suddenly a whole new world has opened to you
and you'll be saying:
"I don't know how I found the time to work." :P

The wonderful thing is that you've got 15 months
to think, dream and prepare. :)

ENJOY! :P
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Joan

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Re: thinking about retirement

by Joan » Fri Jul 17, 2015 5:07 pm

Welcome aboard Ann

I'll start with a morbid bit. :(

Have you written a will
Have you got all your financial affairs in order
and do your next of kin know where all your financial documents are stored?
Funeral sorted etc
When you're no longer around somebody will have to 'close' your estate
so make it as easy as you can for them.

And now for the fun bit. - planning your retirement. :D

Here are a few suggestions to start you off: :idea:
1 list your family & friends especially those that you haven't seen for a long time and visit them
2 list your interests, hobbies, talents, etc.
3 list things you'd like to do but haven't done for whatever reason
4 list the countries & places that you'd like to visit
5 find out what's going on in your local community, particularly with reference to items 1 & 2 above
6 consider some local volunteer or charity work
7 local clubs, societies, groups, etc. Maybe start one for your particular interest if nothing available
8 start a business, possibly utilising one of your interests or talents
9 love Google because it's a mine of useful information
10 start a Facebook or Twitter page and let people know what you're doing
11 keep posting on 50 Plus, both now in the planning stage and once you've retired
12 include exercise and meeting people
13 ensure that your brain is kept active
14 mix with younger people

Above all, enjoy this planning stage :geek:
and let your mind go with the flow

Buy yourself a lovely notebook and use it to create a personal Retirement Manual :P
Possibly a good starting point would be the above 12 points.

Above all, enjoy this planning stage :lol:
and let your mind go with the flow

Remember that "It's your Attitude, not your Birth Certificate that determines your age."
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ANN

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Re: thinking about retirement

by ANN » Sat Jul 18, 2015 1:24 pm

Thank you to everyone who replied to my post: I really appreciate the advice. I had not thought of some of
those ideas. They do make a lot of sense. I am 59 years old, and (money permitting), hope to retire at aged
60. Unfortunately, I do not get my state pension until another 6 years from then, due to being born in 1956 !!
I think a lot of people have to stay working until state retirement age, because of lack of money, and this is so
unfortunate. I do have some health issues, as many of us do, so want to retire as soon as financially possible,
so that I can enjoy my retirement for longer. We have decided to sell our family home, and buy a smaller one,
which we will rent out to supplement our company pensions. Thus releasing some capital also. We have
also decided to spend the winter months in the more temperate climate of southern Spain where rental property
is very inexpensive. I would love to hear anyone's views on this, thanks Ann
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Andrew Krajewski

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Re: thinking about retirement

by Andrew Krajewski » Fri Jul 24, 2015 11:02 am

I taught for 30 years
rising in the profession
to the 'lofty' status of Assistant Deputy Head.

I started building a property portfolio about 8 years ago
and my buy to let income
exceeds
my teacher's pension!

So you're definitely on the right track
and do feel free to contact me if you'd like to talk further.

Wishing you well in your retirement.
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ANN

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Re: thinking about retirement

by ANN » Fri Aug 07, 2015 4:03 pm

Hi Andrew

Thank you so much for your reply. I apologise for the delay in replying but have been away from home, due
to the death of my elderly father in law. Your advice is very useful, especially in today's climate of low interest
rates. Am I correct in thinking that tax is paid on all income earned in this way? thanks. Ann
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Andrew Krajewski

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Re: thinking about retirement

by Andrew Krajewski » Thu Sep 03, 2015 7:16 pm

Ann

Please accept my apologies for not replying sooner
I've been on holiday

Unfortunately you are correct
Income Tax is payable on rental income
as well as on pensions
as well as on investment interest
as well as on ....
etc etc

As a buy to let investor myself
I'm very happy to chat it all through with you
if that would be useful.
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ANN

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Re: thinking about retirement

by ANN » Thu Sep 10, 2015 9:44 am

Thank you for your reply Andrew. I will have several questions to put to you
about buy to let properties. I will compile a short list when I get time, if that's
o.k. with you. Actually, I have just thought of one:
we will retire in 12 months time, so would it be best to buy any property now,
whilst we both have an income, or wait until after we have retired, and possibly
pay less tax? My husband is self-employed, and I am a civil servant.
thanks, Ann
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Andrew Krajewski

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Re: thinking about retirement

by Andrew Krajewski » Tue Sep 15, 2015 8:40 pm

Ann
in order to obtain a buy to let mortgage
at least one of you
must be able to show a minimum annual income of £25k
which can include pensions as well as salary.

My advise would be to buy asap because
prices are rising
and worse
mortgage criteria are constantly changing
and you might not be eligible in 12 months time
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Lynnbutterworth

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Re: thinking about retirement

by Lynnbutterworth » Fri Aug 05, 2016 10:51 pm

Retirement is wonderful the only problem is that with retirement you gain lots of time and possibilities but less money to able to to use the time and explore the possibilities.
I am 55 and receive my work pension because I was medically retired, I still wanted to do something to earn an extra income but on my own terms and found an opportunity in Network Marketing and haven't looked back. Possibilities aren't always something we've considered in the past.
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