On the scrap heap at 49.

[johnfox]

hi all,just asking what would you do if you were in my shoes.
i have been made redundant from a MOD (civillian) job.
i was a training officer based mainly outside the uk,i have been pensioned off,although my pay off deal is excellent.
i do not have to work at all now as my lump sum payment is better than my usual monthly pay packet.
the job i was doing the retirement age is 30 years of service.so the offer they made to me was good.
i can draw my pension next year,final salary so its ok.
i owe no money at all,opps a lie forgot to pay london congeston charge last month.
i cannot go into any profession similar to last one,some severe conditions i had to agree to.
so what would you do if you were in my situation.

 

[breezer]

start your own company.

doing what i dont know

 

[johnfox]

brezzer,thanks for reply.
i have a decent pension plus money banked,the pension will take a 40% tax deduction monthly from me,ok but i have been lucky.
at the monent i am wanting to hear from people if i am doing the correct thing as i do not have to work,i have enough money till i move on to another world.

 

[ColJack]

open a bar abroad somewhere?

open a bar here for that matter..

 

[Pensdown]

i do not have to work at all now as my lump sum payment is better than my usual monthly pay packet..

i can draw my pension next year,final salary so its ok.

i owe no money at all,opps a lie forgot to pay london congeston charge last month.

i cannot go into any profession similar to last one,some severe conditions i had to agree to.

so what would you do if you were in my situation

 

[ColJack]

hey, I'm out of work... fancy starting a house renovation company, I'll be your sparky.. I'm sure there are other trades out of work that frequent this forum too...

come on guys, sign up.. we found a sponsor..

 

[big-all]

my suggestion is you get a good accountant as a lump sum should not occur a 40% reduction as it should be used in the pension or capital towards a franchise or simmilar so attracting no or greatly reduced tax

 

[Agile]

Its usually possible to take about 25% of a pension fund value tax free subject to many complicated rules and age limits of being over 50..

Then there is redundancy lump sum with a tax free amount depending on age I think.

Its a very complicated subject. A friend of mine at the BBC got £7.5k back when the BBC pension scheme made a cockup with his payment/taxation.

As always there are lines of sharks ready to help you spend your money on their advice which may be good but might not be.

Tony

 

[namsag]

Simple find something that interests you /that you like to do luckily it will equal or not be too far of your present income . IF YOU NEED THAT. If you dont ned income then just find something that interests you.
IT IS nice feeling knowing that you are not working to live enjoy it i do

 

[Shytalkz]

Don't answer the OP, it's Fred the Shred trolling

 

[yme]

John me old mate, we've never met so would it be alright to send the begging letters by e-mail?

thanks in anticipation,
yme.



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[johnfox]

thanks for replys.
currently i am driving an electrician around,he he got banned.i find it very interesting,no wonder he drinks a lot after seeing the carp holes he has to work in,he is also very tolerent with coachroaches,mice,rats and other crawling things.
yes local authority work.
just beer money for me.opps that could lead to another ban.
iam going to seek more professional advice next week regarding lump sum.
thanks all.

 

[blondini]

hi all,just asking what would you do if you were in my shoes...
... i do not have to work at all now...

Don't you mean for now?

 

[kirkgas]

you should have changed the heading on your post to "free at 49", if you have no outgoings and a pension equal to a salary you are sorted, rather than having to go to work at a crap job cause there arent any good ones about, relax a bit and take stock and enjoy yourself, as others have said find something you enjoy, i def wouldnt open a bar or anything like that, what about self employed training consultant part time with other bits and pieces to keep you interested. ENJOY

 

[Mike2007]

Hardly the Scrap Heap then? I am glad I don't have to cry myself to sleep tonight worrying about your future??

Many people are on a knifes edge, so thanks for letting us know how lucky you are!