Early Risers.

[Ohmisterporter]

Morning all, a frosty start here today but blue sky for a change. The school I went to was a "football in Winter and cricket in Summer" type. Being asthmatic I couldn't run around enough to be good at footy but cricket gave a chance to stand around a lot so it was my favourite. After a trial for the school team the games master put a friendly arm on my shoulder and said "Geoffrey, you are the complete un-all-rounder. Can't bowl, can't bat, can't field". I knew I was in trouble when he called me Geoffrey. Nobody did that except my mother and then I knew I was definitely in trouble. 

Enjoy the day folks.

[BoD]

 I can't even follow rugby on TV now, the rules have changed so much since the '60s.

 

 

Yes, I believe some young bounder picked up the ball and started running with it.

[Rugd1022]

Morning all,

 

Hope it isn't too wet wherever you are folks - my heart goes out to anyone affected by all this flooding business, I can only imagine what the reality of it is like. I had a text on the works mobile last night telling me to check this morning whether my job from Oxford was running or not - alas it's been caped due to no loco being available and the flooding at Port Meadow means the line may well be shut anyway by the time I've finished typing this.

 

Stay safe chums

[The Stationmaster]

Morning, and it is sunny on Fraggle Rock, the local folk are in shorts.....almost.  It was a frosty start to the day, only the second frost for us this winter.

 

Inspection hell to re-start later today, there was an 'intervention' going to happen this morning on high, I suspect this may just tip the balance into 'unrestricted departmental warfare'.  That may result in one partner withdrawing funding.........then it'll hit the fan.

 

On the up side, I have been investigating voluntary redundancy (available), also taking my superannuation in March, (@ 55) and have been offered the possibility of part time work in a very interesting proposal that was made to me recently, although that isn't a necessary add on, but a nice one if it comes off.  All together this would reduce my income rather but also reduce my outgoings as it will pay off our mortgage.  If events over the next few weeks don't end to my satisfaction, I can just walk away without any debt hanging - a nice position to be in, as I didn't realise until we did the sums I was in such a strong position.  Tempted.....time will tell, but it makes me feel a lot happier than I did that's for sure.

Early retirement has its advantages if you can make the money situation work out.  I left my 'big railway' job at the grand old age of 52 with not only a big reduction in income but also a heftily reduced pension as a result of going so early.  But a couple of spells of bad illness and an increasing disenchantment with our ever changing private ownership plus the end of between up to 90 minutes commuting each way daily had its attractions.  And using the pension lump sum to clear off the mortgage had the excellent effect of reducing our nett income - which is the one that really counts - by no more then £10 per week (and as it happened I made far more than that by doing occasional consultancy work).

 

To be honest if the politics and stupidity are getting you down and your nett income is abetter than survival level it's quite a good idea to go provided you also have something to keep up your interest and occupy some of your time, but the decision really depends on what you want out of life, not what someone else did with theirs.

[trisonic]

I agree with what Mike said. But you really, really have to plan for the unexpected in monetary terms.......That took a huge chunk out of the cash settlement I negotiated with EMI. Be careful of promises they often blow away in the night.

 

Best, Pete.

[Shedman5]

 

On the up side, I have been investigating voluntary redundancy (available), also taking my superannuation in March, (@ 55) and have been offered the possibility of part time work in a very interesting proposal that was made to me recently, although that isn't a necessary add on, but a nice one if it comes off.  All together this would reduce my income rather but also reduce my outgoings as it will pay off our mortgage.  If events over the next few weeks don't end to my satisfaction, I can just walk away without any debt hanging - a nice position to be in, as I didn't realise until we did the sums I was in such a strong position.  Tempted.....time will tell, but it makes me feel a lot happier than I did that's for sure.

It was a happy day when I sat down and did the sums!!

 The reduction in income after calculating the tax I would have been paying on the difference plus no NI contributions then no mortgage was not as great as it appeared to be. It was a no brainer really, best decision I have made.

Everyone's circumstances are different but for me going early was the right choice!

Nice to know you have the option!

[iL Dottore]

Some people seem to be under the misapprehension that being a gentleman or a hooligan are mutually incompatible. People are regarded as Gentlemen because of income or status not their manners.

Don

I must beg to differ, there are numerous tomes of chivalry that describe the attributes of a parfait knighte and wealth is rarely mentioned, if at all. Granted, to meet your chivalrous obligations you needed a fair number of gold sovereigns, but manners, courtly bearing, bravery, courage, duties and responsibilities were (are?) the important things.

 

Status, however, I agree plays a role in being a "Gentle-man" but status could be earned or gained (hence Shakespeare's Henry V saying in the famous St Crispin's day speech "be he ne'er so vile, this day shall gentle his condition").

 

Many of the public schooled politicos currently in Parliament on BOTH sides of the despatch box may have money, but are certainly no gentlemen. Some, dare I say it, are just oiks with a trust fund or a wodge of £50 notes....

[trisonic]

It was a happy day when I sat down and did the sums!!

 The reduction in income after calculating the tax I would have been paying on the difference plus no NI contributions then no mortgage was not as great as it appeared to be. It was a no brainer really, best decision I have made.

Everyone's circumstances are different but for me going early was the right choice!

Nice to know you have the option!

Unfortunately it is not a "no-brainer" - with the benefit of hindsight I would have arranged things differently, see my post.

One of the big things I missed was knowing I could stride off a plane anywhere in the World with the knowledge that EMI was right behind me. It suddenly becomes a lot more lonely....

 

Best, Pete.

[Shedman5]

As I said Pete everyone's circumstances are different, sometimes I do look back in hindsight and wish I had done this and that but hey thats life.

 

I understand your comment One of the big things I missed was knowing I could stride off a plane anywhere in the World with the knowledge that EMI was right behind me. It suddenly becomes a lot more lonely....

 

Wherever I was I knew I had a global company behind me and in any country I could get support if needed, but that was always going to end at some point. It does take some getting use to though.

 

Only advice I would add to those considering retirement is make sure you have a decent sum locked away for emergencies.

 

Its a big decision and one not to be taken lightly but I don't regret it at all, life's to short and we are only here once or so I am led to believe!

[New Haven Neil]

I'm not rushing into anything, and it may not come to pass if the politics are sorted out with some common sense, but the option remains open.  I should also point out Mrs H also earns a respectable salary (the same as mine as it happens) so the percentage reduction in our combined incomes isn't that great.  Of course as we pay a lot less tax the advantages there aren't so great...

 

Should the part time offer come to pass, then the real world income won't be hugely less.

[Gruffalo]

Neil, I had a choice at a couple of years older than you - my employers wanted me to start spending a few years in China to support some of their mega contracts. That didn't appeal to me and when the UK arm (by whom I was paid) said they wanted tpo move me into the German arm, I thought the time had come to stop being an acquiescent pawn and to start looking after No1. OK, the sums were a little harder but ultimately, the very company who wanted me to work in China came back and offered me occasional (and profitable) short term contracts that have seen me through quite well and that has meant I haven't needed to draw my pensions early so no reductions.

 

In my case, it worked well. I know of others for whom the same can be said and only one person for whom it didn't work so well but that was more for domestic circumstances.

 

Good luck, whichever way you choose to jump - just let them make all the running rather than you feeling that you have to prompt things unless you are really comfortable that you have the best offer you will be made.

[Barry O]

Over my career I ended up changing jobs due to :

no future career Progression

Chance to move back to leeds

Being asked to move to Newcastle  while still chasing work for the business around the world

falling out with my big boss

Fed up with commuting every weekend to somewhere 90 miles away.....

 

I was given a financial offer I couldn't refuse - then due to family circumstances so far I haven't had to dive into my pension...

 

Work it out Neil and go with your head not your heart... With me it was fortunate that i could change when I did as I ma sure it has affected my health.

 

Best regards

 

Barry

[Oldddudders]

My father retired at 65, having been widowed at 64 yrs and 1 month. I retired at 55, and was widowed at 63 yrs and 10 months. Deb and I had years of doing what we liked, my parents did not. Think about it.

[Gruffalo]

Ian's comment is very wise, even though one never wishes for a relationship to end in such a sad way.

[Debs.]

Yes, I believe some young bounder picked up the ball and started running with it.

 

A dreadfully caddish and beastly act! ............`certainly not cricket!

Edited February 10, 2014 by Debs.

[edcayton]

Neil, make absolutely certain that the conditions of the redundancy and early retirement will allow you to do the part-time work if that is what you want.

What I will say is that if you carry on working with the same team you may find resentment that you "got the deal" and they didn't. The working atmosphere will certainly change.

 

Ed

[The Stationmaster]

Neil, make absolutely certain that the conditions of the redundancy and early retirement will allow you to do the part-time work if that is what you want.

What I will say is that if you carry on working with the same team you may find resentment that you "got the deal" and they didn't. The working atmosphere will certainly change.

 

Ed

Not just that but there is also the tax situation.  THe first £30,000 of a redundancy payment in Britain is tax free, the rest is taxed as current year's income.  However if you can back to work - on whatever basis - for the employer who made you redundant you are then liable for tax on the first £30,000 as well.  No doubt different 'over there' but a sensible idea would be to check it out if it hasn't already occurred to you (explanations of 100% legal ways to mitigate the risk are available ).

[AndyB]

Neil,

I was offered a healthy voluntary redundancy package at the age of about 42. Agonised over the decision quite a lot before accepting. 

It was a real step into the unknown, having not been out of employment for 20 years and with a young family.

 

What swung it for me was the chance to do something I wanted to do, life after all is too short to stick a job you don't like.  

Regrets? Sometimes, but on balance it was a great move.

 

The other thing to do is sit back and figure out what job would really make you satisfied and fulfilled. Take your time on this and don't fall into the trap of trying to do something very similar because it is familiar and fits your skill set. Perhaps try something new that you never thought you'd get the chance to do. Be prepared to spend some of the money on retraining to achieve your goal.     

 

One practical thing to watch out for is if the lump sum is staged, so you might think you're going to pay off the mortgage in one hit but in fact if they split it over 2 or 3 payments several months apart then you'll be eating into the lump sum a little quicker than you imagine. Others have mentioned the tax hit, too. Do your sums carefully.

 

Good luck! Andy

[Ian Abel]

Morning everyone - blistering -24 here today, and bright and sunny again (talk about tedious!!)

 

We're now confirmed as having a "typical hardy Minnesota winter" according the the boffins/numbers folks.

We've got 39 inches of snow since the snow season started, about 5 (I think) more than average already, and cracked the 32 year record for number of days below 0F (minus bloody cold C) so far this winter, with probably 2-3 more THIS WEEK YET, before it warms a little for a couple of days.

 

Retirement would be nice, but don't see it happening in my lifetime <sigh>, some bad hits during the couple of recessions here and getting a couple of kids through University, results in me expecting to work for some time yet - Mrs did start taking her Social Security this past year though, and works part-time.

We hope the house as an investment will pay off, and by downsizing in a couple of years should result in maybe semi-retirement possibilites at least and maybe better.

For now, so long as I have the flexibility to work from home most of the time, and can take time for a few days break frequently, and a vacation, I can enjoy what I'm doing, but there's always the unknown, and that's the hardest thing to brace for...

 

Look on the bright side, any day you wake up and can get out of bed, is a good day - happy Monday ER friends (do I qualify to call you that now/yet??).

[skipepsi]

My father retired at 65, having been widowed at 64 yrs and 1 month. I retired at 55, and was widowed at 63 yrs and 10 months. Deb and I had years of doing what we liked, my parents did not. Think about it.

My uncle Harry retired at 65 and died two weeks later..

My Dad retired at 62 through ill health but didn't die until he was 72.

Edited February 10, 2014 by skipepsi

[DDolfelin]

I would recommend the advice of a trusted professional where large sums and the consequences are concerned.

It's also someone to blame and, hopefully, take the consequences on their Insurance if things go wrong.

That's why they can charge the fees.

[colin penfold]

Colin is older than I suspected.....Lloyd George knew my father indeed (see Flavio's post).

 

Have a quiet night, Ian.  Just woken by a SnowPlow.

 

Best, Pete.

there was I thinking the comment was original! The man was not oscar wilde, he was a cad, a boundah and a fraud. You'd expect better from a rugby playing accountant

[edcayton]

I would recommend the advice of a trusted professional where large sums and the consequences are concerned.

It's also someone to blame and, hopefully, take the consequences on their Insurance if things go wrong.

That's why they can charge the fees.

 

Sorry DD, but i do not trust financial "experts" as far as I can throw them. If they were that clever they would have made themselves rich and not need to work any more. Or are they sharing their expertise because they care?

 

Neil is clearly intelligent and capable of doing his own sums, and I'm sure has sensible friends he can talk to-people with no vested interest in particular schemes (or "products" as they insist on calling them).

 

Ed

[New Haven Neil]

Neil, make absolutely certain that the conditions of the redundancy and early retirement will allow you to do the part-time work if that is what you want.

What I will say is that if you carry on working with the same team you may find resentment that you "got the deal" and they didn't. The working atmosphere will certainly change.

 

Ed

 

 

Doesn't apply Ed, I'm not thinking of going back into Government.  The offer is in a very different direction indeed.

[New Haven Neil]

Neil,

I was offered a healthy voluntary redundancy package at the age of about 42. Agonised over the decision quite a lot before accepting. 

It was a real step into the unknown, having not been out of employment for 20 years and with a young family.

 

What swung it for me was the chance to do something I wanted to do, life after all is too short to stick a job you don't like.  

Regrets? Sometimes, but on balance it was a great move.

 

The other thing to do is sit back and figure out what job would really make you satisfied and fulfilled. Take your time on this and don't fall into the trap of trying to do something very similar because it is familiar and fits your skill set. Perhaps try something new that you never thought you'd get the chance to do. Be prepared to spend some of the money on retraining to achieve your goal.     

 

One practical thing to watch out for is if the lump sum is staged, so you might think you're going to pay off the mortgage in one hit but in fact if they split it over 2 or 3 payments several months apart then you'll be eating into the lump sum a little quicker than you imagine. Others have mentioned the tax hit, too. Do your sums carefully.

 

Good luck! Andy

 

 

Mostly covered Andy - payment in one lump, tax laws different here.

 

The annoying thing is I like my job, but the way in which we are funded is probably about to have a sea change due to a falling out at high levels - which will certainly change some ways that the team is structured, and this may be a small change or it may be very large indeed.  What I'm not prepared to be is messed about, I have been made redundant twice before so I know how it all works, but this time I am of an age where my circumstances are a lot stronger.  If the new deal isn't to my liking, I'm off.  Health isn't brilliant, I'm not from a long lived family.....etc. Life's too short.

 

As for financial advisers, I wouldn't have a *&^%$£ mortgage if I had ignored them rather than taken their advice years ago......so my view is somewhat jaundiced.  They're only in it for their cut IMHO.  First against the wall.