I hope the speed at which life rushes past is an indicator that I am enjoying life. I am but I wouldnt mind if it lasted a while!
And so to further remind me that I am rushing towards old age at a rate of knots my pension statement arrived this week. My statement tells me how much I would get for my company pension if I left the business now and then retired at 65. It also gives you the amount you can expect if you stay in the current position until 65. I also emailed the pension company and asked for some idea of what I would get if i left at 60.
Its unlikely to go up any more because I am pretty much at the top of my tree, except for director and that's not for me. To get a payrise, other than the standard annual little rise which we occasional get, my job would have to change considerably
I haven't decided on when to retire yet but i thought it might be handy to share the process which used to help my decision making.
I took my current monthly budget and removed any payments which I wont have when I retire, like kids mobile phones, mortgage, second car costs.
I created three columns each with the same costs and then subbed in the income figures from:
Retire @ 60 and take full pension
Retire @ 60 and take a lump sum of £100k and reduced pension
Retire @ 60 but this is the amount of state pension and company pension I would get at 67
Retire @ 65 and take full pension
Retire @ 65 and take a lump sum of £100k and reduced pension
Retire @ 65 but this is the amount of state pension and company pension I would get at 67
Oh dear, so many possibilities. My current thought is play it by ear. I can certainly manage at sixty but I am far more in the jam at 65.
Maybe plan some additional income to add into the mix will make it easier.
I also need to remember that I very much like my job, my company is super flexible (so I have a month off at the end of the summer & work from home one day a week) and I work for an organisation that houses people and provides car and support services, so heavy on the feelgood factor. So its not like I am barking on the exit door.
So much to think about but I like it all set out in a spreadsheet
I am sure anyone who reads will be sick and tired of my bad news stories but this week, or actually last week, is the worst. I saw an emai...
So Fahed’s employers called the staff all to a meeting last week to say they have all been overpaid. yippee. Apparently the system wasn’t wo...
My lovely work friend Trisha had problems with her first chemotherapy session. It was down hill from there. We lost her on Sunday morning. T...