I am off this year when I turn 55 after 39 years at the same PLC. Landed a very fortunate DB exit in 2021 which means I can go now (rather than at least working until I am 60) with better access to more money when I need it and can enjoy it rather than waiting until I am sat in my arm chair for the DB pension to catch up. Not for everyone and there are risks with a DB exit, but for me being able to pass on my pension rather than it halve if anything happened to me and disappear if we both go was a huge factor. Cannot wait to start my third life stage and enjoy it whilst we are both fit and well enough to really take the benefit. Good luck and good fortune to all who make the leap this year.
My story as well. Got to wait until 2025. Silly CETV quote I couldn't refuse in 2020. Took that and put into a SIPP. The whole pass it on, I flip flop over. Thinking more about helping my boy out over the next 20 yrs little and often than having a possible large SIPP pot to pass on. Any inheritance my wife and I get will help us out but think passing a lot of that on through to our son will be the way we go.
@@terrybrown3486 leaving my pension untouched for another few years will also allow me to transfer it if CETV values improve again with lower interest rates, should they get slashed again…..
Congrats on your upcoming retirement and thanks for watching. It's a big step, but one you should be very proud to have reached especially at 55. Wishing you the best. 🙌
@@terrybrown3486 good luck for your future retirement. I have been counting down since July 2021, can say it certainly speeds up as you near the time to go, 2025 will be here before you know it.
Very good point you make In my opinion in uk Benenden Health are good £13 a month for anyone just need to start it 6 months before you retire as only after 6 months can you start to clam if you get ill. Fast tracks you compared to NHS standard waiting times I believe
Thanks for the information, How much do you charge % in terms of a pension pot or finance porfolio and yearly costs on going. Reason I ask ask this could have an impact on someones retirement fund - understand the pro advise and the software you use and you have to make a living from this. Can you also tell me the advise as in what you charge for additional advise when that is needed, is there more cost for this, thanks
Apart from the bucket strategy, are there other "Retirement going/gone wrong" mitigation and/or remediation strategies and actions. Any videos on this subject. Ways to earn additional income that are 'retiree' friendly etc. Claiming benefits in older age if things really go down the pan?
At 55 I’ve just opted to take voluntary redundancy, it’s not so much to retire but to get away from a toxic work environment. The redundancy package is around 75k and I believe access to a 30k per year DB pension without reduction as it’s a redundancy. If I can get a get a good job on a similar salary I think I’ll opt to delay taking my pension until I’m 60 when I’ll also pick up a small army pension. Hopefully delaying my DB pension will see it increase and might look at a combined 40k pension at 60…🤔
Think delaying taking pensions for it to increase is a false benefit. Get it as soon as possible even at a reduced amount on DB. It will increase each year and it is in your pocket from 55 to 60. For me having money to use at 55 to 60 will be well used at your most healthiest you will ever be!
@@terrybrown3486 thanks Terry, I think I need financial advice. If I do get the job I hope to it’d mean the full amount of my pension would be raked at the higher tax band whereas if I delay taking it to 60 it’d be taxed at the lower rate in retirement…🤔
Interesting question, ‘more money or more time?’ “What would you choose?” I’m 62, well paid and not in a hurry to retire (wife is 55 and doesn’t want to 🤷🏻♂️) I don’t actually need any more money than I have saved/invested now, and people keep telling me I should retire So right now I’m happy to choose money over time Good video, thanks
Interesting! Just goes to show how individual it is. Congrats on reaching financial independence! Wishing you the very best for retirement (when it comes) and thanks for watching. 🙌
@@PrinciplesPersonalFinance hi George, thanks for replying. I’m an IT contractor, mostly WFH. The way I see it is, on Friday I’m earning and at home, after retiring, on Monday I’m not earning and still at home Wife doesn’t want to retire yet and she probably won’t let me go on a world cruise by myself 😂 So right now I’m not aching to do something else I’ll decide in October I reckon Have a great 2024 !
@@tonyh1460but we men die before our women! I am in a similar situation but there is no way I will wait for wife to reach 60 and ready to retire and me to die at work. I encourage you to be more selfish and take the cruise ASAP because later you may not be able to!!
Great Video and very timely.
Thank you! Grateful for your support. 👏
Happy New Year, Principles Personal Finance! Thanks for another great video; I look forward to your creativity helps in 2024.🎯
Thanks David, Happy New Year to you as-well!
As ever, very grateful for your support! 🙌
Lifespan v Healthspan, I like that point, very sobering graph, as you say something to seriously consider I agree is a must to understand
Absolutely! Something which is too easily forgotten.
Thanks for watching. 👍
I am off this year when I turn 55 after 39 years at the same PLC. Landed a very fortunate DB exit in 2021 which means I can go now (rather than at least working until I am 60) with better access to more money when I need it and can enjoy it rather than waiting until I am sat in my arm chair for the DB pension to catch up. Not for everyone and there are risks with a DB exit, but for me being able to pass on my pension rather than it halve if anything happened to me and disappear if we both go was a huge factor. Cannot wait to start my third life stage and enjoy it whilst we are both fit and well enough to really take the benefit. Good luck and good fortune to all who make the leap this year.
My story as well. Got to wait until 2025. Silly CETV quote I couldn't refuse in 2020. Took that and put into a SIPP. The whole pass it on, I flip flop over. Thinking more about helping my boy out over the next 20 yrs little and often than having a possible large SIPP pot to pass on. Any inheritance my wife and I get will help us out but think passing a lot of that on through to our son will be the way we go.
@@terrybrown3486 leaving my pension untouched for another few years will also allow me to transfer it if CETV values improve again with lower interest rates, should they get slashed again…..
Congrats on your upcoming retirement and thanks for watching.
It's a big step, but one you should be very proud to have reached especially at 55. Wishing you the best. 🙌
@@terrybrown3486 good luck for your future retirement. I have been counting down since July 2021, can say it certainly speeds up as you near the time to go, 2025 will be here before you know it.
@@terrybrown3486CETV values are way down these days. I am waiting for them to recover again as I hit 55 in 5 months.
What i dint consider before i retire was the fact i might have to pay formy own heathcare.
Very good point you make In my opinion in uk Benenden Health are good £13 a month for anyone just need to start it 6 months before you retire as only after 6 months can you start to clam if you get ill. Fast tracks you compared to NHS standard waiting times I believe
@@clewis5220 fast tracking the NHS is why there such a long waiting list we look down on queue jumping in the UK
Thanks for the information, How much do you charge % in terms of a pension pot or finance porfolio and yearly costs on going. Reason I ask ask this could have an impact on someones retirement fund - understand the pro advise and the software you use and you have to make a living from this. Can you also tell me the advise as in what you charge for additional advise when that is needed, is there more cost for this, thanks
Apart from the bucket strategy, are there other "Retirement going/gone wrong" mitigation and/or remediation strategies and actions. Any videos on this subject. Ways to earn additional income that are 'retiree' friendly etc. Claiming benefits in older age if things really go down the pan?
At 55 I’ve just opted to take voluntary redundancy, it’s not so much to retire but to get away from a toxic work environment. The redundancy package is around 75k and I believe access to a 30k per year DB pension without reduction as it’s a redundancy. If I can get a get a good job on a similar salary I think I’ll opt to delay taking my pension until I’m 60 when I’ll also pick up a small army pension. Hopefully delaying my DB pension will see it increase and might look at a combined 40k pension at 60…🤔
Think delaying taking pensions for it to increase is a false benefit. Get it as soon as possible even at a reduced amount on DB. It will increase each year and it is in your pocket from 55 to 60. For me having money to use at 55 to 60 will be well used at your most healthiest you will ever be!
@@terrybrown3486 thanks Terry, I think I need financial advice. If I do get the job I hope to it’d mean the full amount of my pension would be raked at the higher tax band whereas if I delay taking it to 60 it’d be taxed at the lower rate in retirement…🤔
@@Steve-he3cn If you are still working then agree don't have your pension income being taxed.
Interesting question, ‘more money or more time?’
“What would you choose?”
I’m 62, well paid and not in a hurry to retire (wife is 55 and doesn’t want to 🤷🏻♂️)
I don’t actually need any more money than I have saved/invested now, and people keep telling me I should retire
So right now I’m happy to choose money over time
Good video, thanks
Interesting! Just goes to show how individual it is.
Congrats on reaching financial independence! Wishing you the very best for retirement (when it comes) and thanks for watching. 🙌
@@PrinciplesPersonalFinance hi George, thanks for replying. I’m an IT contractor, mostly WFH. The way I see it is, on Friday I’m earning and at home, after retiring, on Monday I’m not earning and still at home
Wife doesn’t want to retire yet and she probably won’t let me go on a world cruise by myself 😂
So right now I’m not aching to do something else
I’ll decide in October I reckon
Have a great 2024 !
@@tonyh1460but we men die before our women! I am in a similar situation but there is no way I will wait for wife to reach 60 and ready to retire and me to die at work. I encourage you to be more selfish and take the cruise ASAP because later you may not be able to!!