Col's last day

Friday said:
Well, I don't come in here as much as I used to, but it's due to work, not Rich and Col. Col, I'm going to drink to your retirement tonight. Thanks for all the kind words when they were needed, and thanks for making us think globally from time to time. :)
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Kind words?? me???? ah yes, I remember:)

See, I can be kind when I try. In case you missed it, I'm only retiring from the NHS, sadly I still need to earn a few pennies for the odd chinky, so I'll be doing some part time work from November after the summer.

Bri - I've been meaning to do the garage for years, I could hardly get the bikes in there. I know what you're saying about the precedent though, I'll watch that:) I've got the brackets now, so I'll put the shelves up over the weekend (slowly of course with copious cups of tea for thinking purposes)

I'm popping up to Bristol next wednesday, my bro-in-law has bought one of my basses and I'll drop it in to him.

Col
 
ColinEssex said:
Thats an American opinion, not necessarily the opinion of many Iraqi's. It's what the USA does best, try to tell the world what it wants instead of listening to what the world actually wants.

Col
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I seem to remember reading about an opinion poll that was given to the Iraqi people or something. Many of them were still happy Saddam was gone, although they obviously weren't happy with the current situation either. I'll see if I can find it again, although it's doubtful since I don't remember where I read it and I've rebuilt my machine this week so all of my history is gone.

At any rate, it wasn't just an "American opinion", as you so often like to say. I'm done talking about it anyway. I'm not the one who hijacked your retirement thread but I feel bad that I've contributed. Oh no, I'm an enabler. :eek:

On to happier things, like your to-do list. Glad to know you're jumping in with both feet there. :D
 
MrsGorilla said:
On to happier things, like your to-do list. Glad to know you're jumping in with both feet there. :D
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If you saw my list. . . . . . . .:eek: I'm exhausted just thinking about it

Now where's that Martini.. . . . . . . .

Col
 
MrsGorilla said:
Yes, but do you drink yours cold or warm? (Beer, that is.)
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Non chilled of course:rolleyes: and always have real beer, not the gnats piss Budweiser or Hoffmeister stuff.

I hate freezing cold drinks, always let them come to room temperature - even coke or fanta.

Never have ice in a drink, it's an excuse for the bar to give less portions because the glass is always full of ice.

Col
 
ColinEssex said:
And the nice Halifax told me how much I owe them if I want to clear my mortgage when I get my NHS pension lump sum:(


Col
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What are the pros and cons of paying off your mortgage rather than keeping a bulk of that lump sum on hand and liquid?
If you didn't pay off the mortgage, how many years would it take you to pay it off at your normal pace?

Just curious. Seems to be quite a monumental decision to do this and I wonder what the thought process is.
 
TessB said:
What are the pros and cons of paying off your mortgage rather than keeping a bulk of that lump sum on hand and liquid?
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No debt hanging around your neck is a great feeling;)
although I gather the current trend is to remortgage, have a good time on the money and leave the kids with the debt
 
TessB said:
What are the pros and cons of paying off your mortgage rather than keeping a bulk of that lump sum on hand and liquid?
If you didn't pay off the mortgage, how many years would it take you to pay it off at your normal pace?

Just curious. Seems to be quite a monumental decision to do this and I wonder what the thought process is.
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Thought process is simple honey.

If I don't pay it off, I can't keep up the repayments.:)

and pay everything else too - gas, electric, council tax, insurances, water, petrol, phones, cable TV, TV licence, food, fags etc etc

Now I'm depressed, I'd better get a job - thanks Tess babe:rolleyes:

Col
 
morgage payments verus interest

THe question here is if I don't pay th emorgage off, will income formt he interst on a lump sum be enough to pay the morgage

ie
100,000 morgage @ 5.75% = 5750/12 = 480 monthly payment
you need your interest on a 100,000 to exceed this by a faxtor of x

The above is interest only and as you wil want to pay this off at the end of a period (say 25 years) this works out at 333.
(I have not compounded this or any of the other stuff required

as in the first year , you would of paid 4000 off making your debit 96,000 and the interest on this would reduce making ou monthly payments 460 a sreduction of 20,

most repayment morgages have a lower repayment amount to begin withna nd as the debit reduced the interest , amount should reduce, but this is then offset against the amount of the morgage payment




once you get to a set age/time if you can pay it off - it makes more sense to, as you can then cut down on live insurance -between 15-30 per month

to be without a morgage - will be heaven,

however, Col - seek indepentant advise on this, the above is genrealisation , and you circumstances may be different,
you could down size, bail out and live in Spain/Turkey, the Baltic states . etc...
any enjoy your retirment .

g
 
As opne who has cleared their mortgage and actually still working there are a number of issues to consider as gary points out

consider also

Tax to be paid in investment income

If you invest to pay the mortgage you do get some disposable income released but no capital to do a few things you have always meant to do

Having no mortgage is a good feeling... I know

L
 
ColinEssex said:
Non chilled of course:rolleyes: and always have real beer, not the gnats piss Budweiser or Hoffmeister stuff.

I hate freezing cold drinks, always let them come to room temperature - even coke or fanta.

Never have ice in a drink, it's an excuse for the bar to give less portions because the glass is always full of ice.

Col
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I agree with you about the beer for the most part. Sometimes a Budweiser is good (ice cold) but other times I prefer imports or other American beers with more flavor, like Sam Adams.

I have to drink them cold though. They just taste better that way. :D
 
ColinEssex said:
Thought process is simple honey.

If I don't pay it off, I can't keep up the repayments.:)

and pay everything else too - gas, electric, council tax, insurances, water, petrol, phones, cable TV, TV licence, food, fags etc etc

Now I'm depressed, I'd better get a job - thanks Tess babe:rolleyes:

Col
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If you do pay off the mortgage, you don't have enough left to live on? Do you guys have something similar to our Social Security over there, government payments to retired folks of a certain age?
 
MrsGorilla said:
If you do pay off the mortgage, you don't have enough left to live on? Do you guys have something similar to our Social Security over there, government payments to retired folks of a certain age?
Click to expand...

Cindy, the NHS pension is comprised of a lump sum and a monthly "salary". Depending on how long you have contributed to the pension fund and what your final salary was, that determines how much money you get.

I have 23 years contributions - enough to almost pay off the mortgage with the lump sum and the monthly "salary" will be enough to foot the rest of the bills. My wife also has a monthly income from various sources, which coincidentally is very similar to my monthly "salary".

Add on the earnings I'll get from a part time job plus all the stuff to sell on eBay and we should be ok. :)

There are various job seekers benefits you can get, I'm not yet familiar with the requirements and whether they are means tested. But, I don't want a 'job' as such, thats why I plan to do work that is flexible to ones own needs or wishes.

The other option we will consider next year is to take in foreign students, which is very lucrative. We used to do this back in the 1990's for about 5 years, you take 2 students for 2 weeks throughout the summer. You get through about 16 or 20 students. They are usually French / Spanish or German teenagers. It's good fun.

The point of all this, is that obviously we have worked it [the money] all out very carefully - we'll be fine, in fact, I should have more disposable income when it all shakes down than when I was working full time. (unless I got the Excel spreadsheet wrong)

Col
 
Would you be looking for contract work (Access based)
as there may be something in the pipeline - that might be of interst, It something I could probably do/ but I can hack things and get them to do what I want - but not on a professional level....( it would be a new project - set up for a company).

g
 
Pension

Colins has 23 years
noramlly pensions work on 66/75 basis of final salary
if you work 40-44years you get either 66 % of final salary or 75%
I think its 66% for the NHS so you pro rata 23 /40 or 44and you get 57.5% of 66% of your final salary of 1/3

(this is just an example and i am using Colin as the ginnea pig-
Colin circumstances may be different - he may of mad AV additioanl Voluntary contributions - which could raise the base percentage,
Also if Colin is over 65 he will be entitled to a State pension of X (not 100% sure ont his - but i thinks its about £100 +some loose change
plus some other benefits
 
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