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Retirement.


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All going well I hope to be done by 60. Trying to get the mortgage paid off really early then put most of that money into a private pension. 

If it goes tits up at my current work then I doubt I'll ever retire. I'll probably be dead long before state pension age after it continues to rise. 

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4 hours ago, tamthebam said:

I was born after the Boomers. 

Retirement? What's that then... 

I often wonder what's going to happen to all the folk in privately rented places, with no real possibility of buying a place.

Will the government need to shell out colossal sums in housing benefits or will these people just never be able to retire? Maybe both of those things will happen.

Maybe I'm missing something but it seems like a big problem on the horizon that none of the parties are talking about.

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3 hours ago, houston_bud said:

I often wonder what's going to happen to all the folk in privately rented places, with no real possibility of buying a place.

Will the government need to shell out colossal sums in housing benefits or will these people just never be able to retire? Maybe both of those things will happen.

Maybe I'm missing something but it seems like a big problem on the horizon that none of the parties are talking about.

I have a home maintenance business, mostly rental places - I see a lot of "older" people living in private rentals and I sometimes wonder how the hell they continue to pay the rents - If you have a mortgage, you should have a plan to pay it off, then have more disposable income (or lower bills) in retirement.

I honestly cant see how a lot of these people - many self emp - will cope esp when their Old Age Pension is about the same monthly figure as their rent.

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1 hour ago, Leith Green said:

I have a home maintenance business, mostly rental places - I see a lot of "older" people living in private rentals and I sometimes wonder how the hell they continue to pay the rents - If you have a mortgage, you should have a plan to pay it off, then have more disposable income (or lower bills) in retirement.

I honestly cant see how a lot of these people - many self emp - will cope esp when their Old Age Pension is about the same monthly figure as their rent.

Quite concerning. Could be that a lot of people will just work until they drop dead.

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I'm on the countdown, finish up just before I go to Germany hence no return flight booked. Feels weird to be honest despite planning and looking forward to it for a while. Planning an extended trip to Australia after New Year so the logistics of that will be the main focus for the next few months and will take it from there. Still deciding whether to "future proof" our current home or move. That's next years project.

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  • 2 weeks later...

Another year until the boy enters full time education/free babysitting, and we’re still just about getting by on my wage alone. As soon as he is in there the missus will be out looking for something close to full time and with a bit of luck we’ll put away the vast majority of what she earns for as long as we can get away with it. I’m still hopeful of retiring at 60 at the latest but it will take a bit of effort on our part as well as an element of good luck with health and the like. Worst case scenario is still that we sell up and have to move back to Scotland to take advantage of the purchasing power of the currency here.

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6 hours ago, Leith Green said:

Will that be "ok" financially?

It will be incredibly tight until I can claim my teacher's pension from Scotland, probably not until I'm 67, so 7 and a bit more years I believe (I'm 60 this year)

I will have to investigate.

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4 hours ago, Raidernation said:

It will be incredibly tight until I can claim my teacher's pension from Scotland, probably not until I'm 67, so 7 and a bit more years I believe (I'm 60 this year)

I will have to investigate.

You should be able to claim your lump sum now.

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On 12/04/2024 at 18:54, Raidernation said:

Re P&B Hospital thread, I might have to retire if we can't fix the issue(s). 😪

16 hours ago, Raidernation said:

It will be incredibly tight until I can claim my teacher's pension from Scotland, probably not until I'm 67, so 7 and a bit more years I believe (I'm 60 this year)

I will have to investigate.

11 hours ago, Zen Archer (Raconteur) said:

You should be able to claim your lump sum now.

If you are able, be careful re: US tax rules with a lump sum. If it is allowable, a direct rollover would be the best option, assuming they’ll let you place it into a fund that lows access for you under the 59 1/2 rule. I watched an ex-spouse piss away an extra 10% + the 33% marginal rate for the amount when she withdrew everything incorrectly.

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16 hours ago, Raidernation said:

yeah, thanks. I'm not planning to do anything without professional advice.

"Fiduciary" is what you want then. Look for an advisor who follows "fiduciary standards" and avoid anyone who touts "suitability standards". There's a massive difference, and in your situation you can't afford some ejit advisor selling you a product because he makes money and its "designed for 60+". Good luck mate! 

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  • 3 weeks later...

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