What made you UNHAPPY today!

[Barrykearley]

4 minutes ago, Alfa2Evora said:

Took the Evora for her final run before a winter lay-up. I really didn't want it to end, which is probably why I left the house at 9am to take a quick turn through to Glasgow for the monthly Tartan Tarmac breakfast meet and didn't arrive home until 7 hours and 200 miles later.

200 miles ? 7 hours ? - that's less than 30mph - I was sure they were quicker than that 

[Alfa2Evora]

I was at the breakfast meet (which is less than 20 miles from my house) until nearly 1 o'clock so the rest of the mileage, on mostly B-roads, was in the space of 3 hours.  .

[Alfa2Evora]

Being of 'that certain age', my pension provider has today sent me an updated projection of what I can expect to retire with in 3 years time.

In the words of Robbie Williams when he landed his record deal, "I'm rich beyond my wildest dreams".......................................NOT!!! 

To continue enjoying a lifestyle approaching that to which I'm accustomed from my current salary, I would need to have something close to £2m invested in my pension pot, and then live until I'm at least 106 to be able to withdraw all that I've put in.

Whatever they're on, can I just invest the entire sum that I have actually saved in some of that instead?

[C8RKH]

You have a lifetime pension pot limit these days of £1m to contend with David so growing a pot to £2m will be tough!    Unless of course you are someone who who reaches the heights of a CEO in a major bank, totally screws up said bank, its investors, its customers and workers and the economy and then of course you get much more!  Or you are one of the many Public Sector workers on final salary, inflation proof, gold leafed schemes who have nothing to worry about.

The issue is with the annuity rates - you used to get some £8/9k per annum per £100k (very rough approximation) in your pot, these days it is more like £4-5k so almost 50% down. The upside is that that is because interest rates and inflation have been so low so you are benefitting from that now.

You can of course wait for the annuity rates to rise as the interest rates rise, or, opt for income draw down and hedge your bets.

The government moans about the cost of care for the elderly, but since New Labour those responsible enough to save for their retirement have been penalised to pay for those selfish bar stewards who have not and spent it as they have gone.  Some fair deal that eh?

As an aside though, even the very best final salary schemes will only net you forty 60ths of your final salary - so two thirds - and that's the maximum of the very best non executive schemes.  If you achieve half your salary in retirement that should still be a very good retirement as going to work actually costs you money too.

Interest rates up. Annuity rates up. And I'll be quite happy thank you.  Not sure my free spending friends with their big mortgages and car loans will be as chuffed though lol.

[Alfa2Evora]

When I retire I intend going on a Grand Tour in the Lotus so that'll cost more than going to work, .

£1 of annual pension for every £41.50 invested? I'd have been better off stashing it all under the mattress!

[C8RKH]

Depends on how long you think you'll live.

I'm taking my 25% tax free lump sum. Draw down from what is left and doing equity release for maximum value of the house.

I'm the divorcing the wife. Splitting it all 50:50 and I'm going to drink and whore myself to death from 65 to 75. The rest I'll waste on petrol for the Lotus.

If I'm lucky and have planned it well will die just as the cash runs out. If not. Well hey ho I live in Scotland so free personal care, a free bus pass and a free care home for life. And if I register as an alcoholic I'll get a weekly booze allowance too.

Can't wait.

[pete]

Need to live long enough to retire first

[Barrykearley]

As soon as I can pull any cash out of my pension pot - the lots coming out and I’ll spank it on anything I fancy.

i simply don’t and won’t trust any banker to deal with my future.

[Dave Eds]

Yeah - 45% tax on the 75% that isn't tax free if that bit is over the threshold of £150k and after your personal allowance. Might as well up your buy in prices on doer uppers mate!

[Colin P]

Lucky enough to have a good number of years of 60ths Final Salary (and still linked to my actual salary on retirement) before they closed the scheme. No point adding to the company contributions moving forward because of lifetime allowance so instead bought a house for the kids (21,18 and 12), in order of priority:

1) gets 21 y/o car off the drive, so I won't have a car parked in front of the garage/400 any more 

2) gets them on the housing ladder within zone 6

3) that's their lot - wife and I can spend the rest guilt free

4) means at the right time the wife and I can retire somewhere where the house prices are not so ridiculous and it's not so overpopulated

5) they won't be living at home, so we won't have their food bills to pay in retirement (the house was probably the cheap option, especially as the eldest seems to think my booze is fair game!)

Downside, I've had to do 80% of the work renovating the place, was supposed to be teaching /overseeing them how to do it , now if I can just fit that kitchen we can kick him out........

[oilmagnet477]

On ‎09‎/‎11‎/‎2017 at 14:31, C8RKH said:

I'm the divorcing the wife. Splitting it all 50:50

So what are you going to do with half an Evora? Do you get it at weekends and Bank Holidays and take it to the zoo and McDonalds?

[Bibs]

She gets the +0

[Kimbers]

Spent the day doing spreadsheets, comparing CAP values to Stand in Values and doing paperwork. My life is full (of crap).

[clivef38]

Made redundant on Thursday and got another better job this morning. Result not to bad for a 67 year old mechanic/ technician.

[Bibs]

Onwards and upwards, well done

[ramjet]

On 10/6/2017 at 02:31, mayesprit said:

Sad day. Two Ambulances and a Helicopter couldn't save my Mum. Emergency services all do a fantastic job and they tried and tried right up to the end but I guess they don't get to win them all. 

 

My condolences Ian. Lost my mum years ago when we decided to turn off her life support. Really hard. Lost my mother-in-law 5 days before Christmas two years before losing my mum.

Thoughts are with you.

-------------------------------------

Plasterboard.

Useless, silly wall lining product.

Whoever came up with this should be taken out the back and dismembered.  

[oilmagnet477]

11 hours ago, clivef38 said:

Made redundant on Thursday and got another better job this morning. Result not to bad for a 67 year old mechanic/ technician.

Top work Clive, well done mate!

[johnpwalsh]

Last couple of weeks we have been losing boiler pressure in the heating system. Had engineer out after I couldn't find the fault, and no signs of leaks.

This morning get up to a freezing cold house, go check said boiler, and yep. No pressure again. Pressurised the system and watched gauge go down. So obviously a leak somewhere and getting worse. So floorboards up and down I go. So in the crawl space I am getting a nice warm shower with a fine mist spray. And yes you guessed it, the bloody leak is in the most inaccessible place that can be found, behind a dwarf wall for the bay window which you cant get into. Solution, lift lounge carpet, disconnect radiator pipe and drop down through the floor. Extract said pipe in the crawl space, cut, replace section and feed back up through the floor. Bleed system and Mrs W is happy. We have heating again. Perfect opportunity to tell her I spent some of my hard earned which was put away for Lotus parts upgraded to Gold membership. Result X2. Every cloud has a Silver lining. 

[pete]

well done John,did the lotus position come in handy ?

[johnpwalsh]

12 hours ago, pete said:

well done John,did the lotus position come in handy ?

Several times thanks Pete.Not nice under the house in freezing condition's sitting in cold water though.

[pete]

Not a good week and now been done for speeding,84 in a 70. Can take a driver awareness course but Dorset appear to be the only constabulary where you have to travel to them to take it instead of your nearest. So a 250 mile round trip and a lost day or take the points.

[Dan E]

Really, I thought 84 was ok, I always pass police cars at 80 never had a problem. Take the missus away and do the course, 

[pete]

That's what got me the ticket in the first place

[Barrykearley]

What passing a Police car ?? @Bibs will tell you that’s not a good idea ?

[Dave Eds]

Got done at 81mph last April on the M4 at midnight. Speed awareness course offered if not done one in the previous 3 years. Yeah right! Took the 3 points and gave them £100. We won 3-1 at Swansea so wasn't too upset. A guy I know got done on the way there and on the way back lol.

A couple of weeks later they started the pay related fines and 6 points. Think on your earnings you are literally royally Hewitted Pete!