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By *tella Heels OP TV/TS
over a year ago
west here ford shire |
Okay so most you know I haven’t been well and still having major back issues, so I have the option to retire on my private pension scheme, cash lump sum and enough to pay me about £10 pa for around 22 yrs
Should I take it?
I can work if I want, maybe go part time and my mortgage would be gone.
Other thing I have to consider what’s my life expectancy?
I could carry on working, but I’m depressed I don’t sleep and would have to keep working full time..
What you guys think? |
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By (user no longer on site)
over a year ago
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"Okay so most you know I haven’t been well and still having major back issues, so I have the option to retire on my private pension scheme, cash lump sum and enough to pay me about £10 pa for around 22 yrs
Should I take it?
I can work if I want, maybe go part time and my mortgage would be gone.
Other thing I have to consider what’s my life expectancy?
I could carry on working, but I’m depressed I don’t sleep and would have to keep working full time..
What you guys think?"
Maybe use a better calculator? |
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"Okay so most you know I haven’t been well and still having major back issues, so I have the option to retire on my private pension scheme, cash lump sum and enough to pay me about £10 pa for around 22 yrs
Should I take it?
I can work if I want, maybe go part time and my mortgage would be gone.
Other thing I have to consider what’s my life expectancy?
I could carry on working, but I’m depressed I don’t sleep and would have to keep working full time..
What you guys think?"
£10K per year plus part time work or work from home is worth looking at. |
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10k pa isn't too bad if mortgage is paid. Council tax may be an issue.? The earlier you take your pension the less you get. Will not working help your depression? Or make it worse? Would wife still be working? |
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By *tella Heels OP TV/TS
over a year ago
west here ford shire |
"Depends what ambitions you have left in life and how much that woyld cost. If you just want a wuiet easy life and are happy to forgo any expensive holidays, new cars etc then go for it. "
Well I’m not allowed to get sunburnt around my head or neck, so hot summer hols are a no no really, I have a luxury 4x4 and can still work
Also have an income from engineering commission sourcing parts in China |
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Lots of variables in there.
The first thing I would be asking is if your employer has done all reasonable adjustments for you to keep on working? If not - why not? Of course this does depend somewhat on your job.
If you can work part time or reduce your hrs how will this impact on your monthly wage? Will it compare with what you could budget on if you did retire?
Would your lump sum be enough of a cushion for any future financial problems or carry you through beyond the 22yrs you've quoted
Quality of life - do you really want to retire or would a change of job be more appropriate?
If you leave work are your social connections good?
Lots to think about - I don't envy you x |
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By *tella Heels OP TV/TS
over a year ago
west here ford shire |
"Lots of variables in there.
The first thing I would be asking is if your employer has done all reasonable adjustments for you to keep on working? If not - why not? Of course this does depend somewhat on your job.
If you can work part time or reduce your hrs how will this impact on your monthly wage? Will it compare with what you could budget on if you did retire?
Would your lump sum be enough of a cushion for any future financial problems or carry you through beyond the 22yrs you've quoted
Quality of life - do you really want to retire or would a change of job be more appropriate?
If you leave work are your social connections good?
Lots to think about - I don't envy you x"
Oooh good advise |
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By (user no longer on site)
over a year ago
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It all depends on your outgoings but its possible to live off it if you are not paying for housing.
you could alternatively look at working 2 more years and seeing what you will have coming in over a shorter period if you can do 2 more years it may be the best option for those little extra luxurys. |
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By (user no longer on site)
over a year ago
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Similar circumstances for me tbh, though for different reasons. I have a nasty feeling that I might be made redundant due to collapse in construction market due to the B word.
I'd like to downsize and release some capital too but housing market has gone tits up too so that is looking less and less likely.
I'm trying to hang on in there but not looking great at all  . awwwwwwwwww bugger LOL. |
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By (user no longer on site)
over a year ago
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You can't put a price on happiness, but if your suffering physically and you'd be in a better place not working.. why not go for it. As you've said you'd be ok as no mortgage and you've already got transport etc. Many many people manage on much less and if you decide to retire, you'd have more time for other things, perhaps even some volunteering etc so you don't become isolated. I don't know your situation in depth obviously. It's a no brainer as far as I'm concerned. You need to think about what's best for you.. x |
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By *lan157Man
over a year ago
a village near Haywards Heath in East Sussex |
in due course you will have a state pension as well and you should find out if you are going to receive the maximum and if not how do you ensure that you will get more ( there are ways including making contributions for a few more years ) |
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By *r laidbackMan
over a year ago
London & New Brighton |
"Lots of variables in there.
The first thing I would be asking is if your employer has done all reasonable adjustments for you to keep on working? If not - why not? Of course this does depend somewhat on your job.
If you can work part time or reduce your hrs how will this impact on your monthly wage? Will it compare with what you could budget on if you did retire?
Would your lump sum be enough of a cushion for any future financial problems or carry you through beyond the 22yrs you've quoted
Quality of life - do you really want to retire or would a change of job be more appropriate?
If you leave work are your social connections good?
Lots to think about - I don't envy you x"
Very accurate evaluation into the situation, you sound like you know what your talking about, i was about to say all of what you said hee hee you just got there 1st thats all, but i hope you figure it out, maybe you take a holiday to chill and weigh up all the options, good luck |
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By *alcon43Woman
over a year ago
Paisley |
Would you get your state pension or would you need to wait for it?
Quality of life is more important. Speak to a financial advisor and discuss your options. There’s always voluntary work to keep skills and meet people. See if your entitled to any help with Council Tax.
Life is too short to live it in misery and pain. Do what makes you happy and improves your quality of life. |
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By *hechapMan
over a year ago
Derry |
Take it and check to see if its wortwhile for you to work as pensions are taxable even though the money was already taxed when you earned it...
Apparantly the government are planning over the next 16yrs that you must work until you are 75 before you get the state pension...
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