Flooding on the tracks had the trains moving a 5 miles per hour (about 8 kilometers per hour) on Thursday evening.
F announced her resignation (as in retirement) from her job today. The decision had pretty much been made but the commuting experience this week really 'put a tin hat on it'
End date is still 7 months away but that will pass more quickly than she wants it to; so many things to fit into 7 months.
First - a very thorough review of the finances! Gulp.
You mean Fs finances I'm guessing? Now I'm wondering about that NZ property..
ReplyDeleteWell yes - Mr B doesn't have finances. Ideally I would like to start building in NZ without having to first sell the house in UK. His parents both being in fragile states of health Mr B will need to stay on in UK longer than F. His dad was fiercely independent until mid last year and we have become acutely aware of his sudden sense of aloneness as his mobility took quite a nose dive in the last few months. There is also that thing I haven't attended to which is reducing the risk exposure on pension investments as retirement steams into view. The whole pension thing feels beyond my capacity to fully understand it - and as a person educated in law and financial management it worries me that if I feel that way, how does the bulk of the population manage the decision-making on their pension investments?
DeleteIt will be worth it, F.
ReplyDeleteI retired early on a reduced occupational pension but I don't regret it. We managed OK for 6 years until my state pension kicked in to make up the shortfall.
I'm hoping to do a bit of agency work to keep things afloat while I work out the ideal time to start drawing down on pension investments. I have lumps of stuff - like a small forest - from which income will appear all at once and give us a tax headache all in one year, some shares in my employer which I have to cash up on leaving, an assortment of pension funds, and to counter that, the knowledge that the UK won't pay me a state pension no matter how many years I have contributed to National Insurance because I will not be in UK when I reach that age. (And a partner with little or no income and only state pension to rely on in due course - which he too will not get when he moves to NZ!) Stopping work will be a huge saving in commuting costs (and time) and allow me to budget more time and less cost on household and property maintenance, meals, recreation and holidays etc. The main thing is that I want to pursue activities I am passionate about while I still have health and energy to do so.
DeleteWhy don't you work from home or start a gardening maintenance business?
ReplyDeleteI get a Brit state pension (tiny) despite living in the US. Have they changed the rules? I hadn't lived in the UK for decades when I found out about it, applied, and have been drawing for years. It's tiny, and reduces my social security payment, reciprocal agreement, but oh well.
ReplyDeleteWell, I can thoroughly recommend it, but we did not have anything like NZ complications and finances were in good order.
ReplyDeleteHari OM
ReplyDeleteThat's it set now... and I read your responses to others and feel ya. My Aussie state pension is no longer reciprocated as once was the case; to claim it I would have to be back in OZ for two years resident again. ... decisions, decisions... YAM xx
Taking the decision to retire is a big step. Yours seems to be quite challenging. It is unfair that you - and Mr B - will not benefit from schemes to which you have contributed.
ReplyDeleteI think I may be getting a headache just trying to understand all the stuff that she said about your pensions and all of that. Bob has been retired since he was 62 and he’s now 87 and I’ve been retired since I was 62 and I’m 79. But we lived in our country and we get our Social Security checks which is not really enough to live on if that’s all you have but we have savings in my 401(k) and now I’m wondering if we move to another country if our Social Security check would continue not that we’re going to just wondering good luck with all the plans
ReplyDeleteYes, it would. There are people who've moved to countries where their ss will go further. I draw a British pension in the US, so I'm puzzled about f's findings on this.
DeleteNZ has an agreement with British government that it will pay universal pensions to brits living in NZ, and Brit government reimburses them (MR B will fall into this category). It means (or has meant) that the British government saves a lot of money. If I could draw a British pension and exchange it I would have come out ahead. I am entitled to a NZ universal pension because (a) I am a New Zealander and (b) the British government will contribute to the NZ government paying me. Age for paying pensions in NZ is going up one year every so often. It means that I will not be eligble for pension in NZ until I am 67 as I understand it.
DeleteI now the first reaction is to think oh how will I do this, or how will we manage that.
ReplyDeleteBut honestly see it as an adventure. Yes the paperwork and red tape is a nightmare. Is there like an agency that helps you through all of this. We have a great financial adviser who’s on it. Maybe find one who specialises in retirement.
I am sure you will be enjoy a very full retirement. Congratulations on handing in your notice. We took the.firsr.steps a few.months ago. Arilx
ReplyDeletelol I sort of guessed you’d feel this way after describing your travels or rather round the town non travels the other day. Another stage of life is ahead of you now.
ReplyDeleteIs the problem with ‘the pension’ that you weren’t born in the UK. Maybe you’ll qualify for a NZ one when the time arrives.
In the mean time - I’m sure you’ll cope - that is once you sort out the red tape that seems to accompany any person retiring in any country in the world.
Mr B ‘should’ receive his UK pension in NZ unless there is a different agreement. Ours (UK age/state pension) is paid but classed as income so reduces our Aussie one but strangely our superannuation/private pension payments aren’t
We were in our early 30s when we came here so it’s a % amount and I’m of the opinion that anything is better than nothing- The £ paid never varies (set figure from day one) but exchange rates do so the A$ received is never the same also no rise when uk pensions go up.
Cathy - I don't know what arrangement the UK and Aus governments have about pensions. NZ pays a universal pension to ex-pat Brits living in NZ - and British government reimburses. It has meant a considerable saving for the British government in the past......). In any event I will not have paid National Insurance for 33 years so I wouldn't get a full British pension anyway.
DeleteCongratulations on the decision. I'm sure you won't regret it. But prepare for seven moths of colleagues quizzing you about "what are you going to do when you retire?" It's a question I tired of pretty quickly, and if only I'd known I'd have told them I'd be locked down at home for much of the first year, like everyone else...!
ReplyDeleteNo doubt F probably feels that a load has been lifted off her shoulders, sometimes you have to do that. Try driving through Auckland City traffic, it's even worse than it use to be.
ReplyDeleteI too have every confidence that you'll enjoy a full and rewarding (and hopefully long) retirement. And in the highly unlikely event you find yourself under-occupied, I can recommend getting a wire-haired fox terrier puppy!
ReplyDeleteCheers, Gail..