2007-10-10 03:21:55 · 11 answers · asked by ALAN B 2 in Business & Finance ➔ Personal Finance
Start planning how you are going to spend ALL that free time and if your money will support that lifestyle. Retirement is a major change and it needs an adjustment in attitude.
2007-10-10 03:32:33 · answer #1 · answered by Outside the box 6 · 0⤊ 0⤋
Contact Dept. Work & Pensions and claim your state pension.
Contact all the Companies you used to work for, and contributed to a Company pension, and get Statements of Benefits.
For each, decide if you want to claim the Pension 'now' (some increase in value more if you leave them longer - others do not).
If you are claiming 'now', decide if you want the 25% Tax Free lump sums (most people do) and do you want to take their Annuity 'offer' or transfer via Open Market Option into a SIPP or to buy an Annuity from a better provider (usually 'no' if it's a Final Salary type pension, often 'yes' if it's Money Purchase).
If your Pensions are complex & worth a lot of money, you really should consider consulting an Independent Financial Advisor ...
2007-10-10 20:16:35 · answer #2 · answered by Steve B 7 · 0⤊ 0⤋
Word from a person who retired 2 years who is kicking himself now because I listened to my wife. I tried several times to find part time work and there is nothing out there now,
2007-10-10 03:31:42 · answer #3 · answered by Anonymous · 0⤊ 0⤋
With all due respect, you probably should have started planning for this about 30 years ago. If you do not have the financial means to live without working then obviously you'll have to continue working. Your other option would be to scrape by on social security. Good Luck!
2007-10-10 03:26:27 · answer #4 · answered by wabstein 2 · 1⤊ 1⤋
To get your state pension you have to claim it it is not automatic but if you dont need the income think about defering it as the 'investment' return could be interesting. Its certainly safer than cash in he bank! Also if you have a lump sum read last sundays sunday times re fsa registrations
2007-10-10 09:13:42 · answer #5 · answered by Anonymous · 0⤊ 0⤋
the first thing I would do is figure out a budget and see if you can adhear to it lets say in dec or jan....figure what medical u will need eliminate as many bills now as you can...If you are going to finance anything do it before you retire
2007-10-10 03:30:52 · answer #6 · answered by Anonymous · 0⤊ 0⤋
If you haven't already done so, contact the Department of Work and Pensions. They will send you details of the amount of pension you are entitled to, and (in January) a form asking where you would like it paid.
2007-10-10 03:29:06 · answer #7 · answered by Anonymous · 1⤊ 0⤋
Firstly contact your super fund they can give you details and leads..... Happy retirement!
2007-10-10 03:27:41 · answer #8 · answered by holly 7 · 0⤊ 0⤋
start looking for volunteer jobs. apply to be a magistrate; consider Samaritans
2007-10-10 03:34:53 · answer #9 · answered by Anonymous · 0⤊ 0⤋
Put your feet up and do whatever you want youve earnt it
2007-10-10 03:30:25 · answer #10 · answered by bullet_2k4 3 · 0⤊ 0⤋