• Welcome to the new B.I.R.D. Forum. Please be sure to read the "New Member / New Registered ? Please Read" thread in the Coffee Shop. This contains some important information. To become a full member ( £5.90 a year ) simply click on your user name near the top on the right I hope you enjoy the new site ................ Jaws ( John )

Time goes by

derek kelly

The Deli lama
Club Sponsor
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.
 

Squag1

Can't remember....
Club Sponsor
We will, you will have a lot more time to argue with Beaker:D
 

Me!

Utterly retired
Club Sponsor
No, but there will be post there for you after you have gone. Retired a year ago at 47. Bloody marvellous it is. Now self employed as I got a drop bored but only do a day or two a week at best...
 

Malone

Been there, and had one
Club Sponsor
I stopped working 3 years ago, not able to retire just yet, and I can fill my free time nicely. I play golf 3 days a week taking my Labrador along for her long walkies, then do a bit in the garage fettling the bikes and motorhome. If you can do it go for it.
 

andyBeaker

Moderator
Staff member
Moderator
Club Sponsor
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.
My 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.
 

derek kelly

The Deli lama
Club Sponsor
My 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.
Saga contacted me 12 years ago, I’ve never responded
 

Lee337

Confused Poster
Club Sponsor
I will be forcibly retired from the Civil Service after 32 years next August, but at 57 I think I'll need to find something else to do for a few years.

No sitting around for me as I think the Mrs has a few projects lined up around the house while I look for more gainful employment.
 

andyBeaker

Moderator
Staff member
Moderator
Club Sponsor
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.
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
 

derek kelly

The Deli lama
Club Sponsor
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
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.
 

andyBeaker

Moderator
Staff member
Moderator
Club Sponsor
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.
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:rolleyes:). 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!!

And my advice if you go into rental is to employ a good agent....well worth the 10% or so they charge...although I have managed to get 8% due to surplus capacity in the market round here.
 

andyBeaker

Moderator
Staff member
Moderator
Club Sponsor
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.....
 

derek kelly

The Deli lama
Club Sponsor
While not wish to be seen to be offering advice, I would suggest that this is not the best use of pension funds.....
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
 

andyBeaker

Moderator
Staff member
Moderator
Club Sponsor
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
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.

All,relies on a stable housing market though, also seen clients put a lot of effort and money into,returns and walk,away with nothing when it comes to sell.....all,seen many make a shed load of profit...!!

Nothing is certain!!
 

Jaws

Corporal CockUp
Staff member
Moderator
Club Sponsor
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.
Just do it mate...... Best thing I ever did.... Only trouble is I am busier than ever !!
 
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