Best financial decision

I will be more than happy to share my “forthcoming” lottery win with anyone who needs help. I’m not greedy and don’t need £ millions . Just enough to give up work, pay my debts off, the lads a good redundancy and help my kids up the ladder a bit... not a lot to ask is it? Or is it?

gillybob, hope you win, sounds as though you deserve a bit of good luck.

I met a lovely man after struggling to bring up my 4 girls alone for 16 years. At age 64 I retired and move into his house and sold my own. Money not earning much so bought a house in Spain 2 and a half years ago and we love it. Spending more and more time here and may live here for a couple of years from next year. Will rent U.K. house out and have a great time with no money worries which I am forever grateful for and deeply appreciate

Paid voluntary national insurance contributions to cover a period when I wasn't working in order to build up my state pension record. Bought past added years in a final salary pension - you can't do that anymore. Paid off the mortgage early. Invested in a stocks and shares ISA. Saved money in cash ISA and premium bonds.

Definitely buying the present house.
I had serious misgivings about it as it was a huge mortgage, we were approaching 50, and thought we'd never manage the payments once we retired, and would have to downsize. I used to have sleepless nights worrying about it. But DH insisted that we could afford it.
However things worked out and we were able to pay off the mortgage 5 years early.
Really glad that DH talked me into it.

Deciding not to semi retire until my ex left.

Maybe next week Peardrop

But I’m sure it will come one day

Monica, unfortunately in UK with some occupational final salary pensions your final salary pension can be reduced when you start taking your state pension. This is known as clawback and is based on a law passed in 1948. Very few organisations still do this clawback. One of the very few organisations still doing it is HSBC for its former Midland Bank employees in the UK. It’s in the news a lot at the moment with HSBC.

Barclays still do Clawback like HSBC. My friend who’s 63 is retired and living off a very good Barclays pension which was topped up from part of her redundancy payment. Once she draws her state pension, Barclays will clawback some of her occupational pension.

@Suzyb

*Barclays still do Clawback like HSBC. My friend who’s 63 is retired and living off a very good Barclays pension which was topped up from part of her redundancy payment. Once she draws her state pension, Barclays will clawback some of her occupational pension.*

Completely and utterly incorrect.
A bank can’t “clawback” money from an occupational pension or indeed any pension

Yes, I was contracted out by my employer but I understand and always understoo how the system worked.

I was contracted out of SERPS so there is a sum on my state pension calculation where the total amount I was due to pay in SERPS is calculated and the amount of it covered by my occupational pension is deducted and I only receive the balance. This does not apply to pensions accrued since 2016, but equally you have to make higher NI payments. It is swings and roundabouts really.

M0nica is correct - I was contracted out and will be 3 years short of the full pension in December 2021.

However I put the contracted out pension into drawdown and used some of the 25% tax free lump sum to buy 2 years NI (£1400) and will buy another year before the due date so will be no worse off. There is sometimes a way around these things .....

For me the bestest ever financial decision was putting every thing I could into paying off my new mortgage within three years after separating from my husband nearly 25 years ago. I know that housing is a lot more expensive these days and mortgages would take longer to pay off but it's a great goal and worth going without some non essentials to achieve.

I still savour the absolute joy of owning my own home outright, knowing no one can ever evict me and I will never be homeless. If money gets tight you can live pretty cheaply if not paying a mortgage or rent. And I'm still here and I still love it.

firstly I deferred retiring and taking my pensions for 5 years.
This means I get more per month than the basic, which leaves me comfortable at least.
Also when I divorced I went to mediation. When my ex said no way could I have any call on his pension (which was very high compared to anything I could hope for), the mediators gave me the largest part of the house. So I downsized and paid off both the ex and the mortgage.