Has anyone did this? Age 55

[freespeech]

NRA 65 has Cash Balance. You cannot take that as pension. Also, you don't say which scheme you are in. Section B has automatic lump sum. Section C you can forego the lump sum.

I’ve 28 years in RM so section C. So NRA 65 is cash only I presume tax free, then NRA60 could be taken as a higher pension payment with no lump sum. Essentially I’m trying to work out a living wage without using my savings and not having to work as much. Semi retirement

NRA65 is definitely not "tax free". It's also not "cash only". Your annual statements for RMPP and RMSPS will tell you your pension for each (and advise the current cash balance amount - some of which is also payable at NRA60).

[NorthernBoy]

There is some good info in the above posts.

The key to whether you take both nra 60 and 65 is working out how much income you need before taking sp and whilst doing your part time job. Does going part time elsewhere mean you will have to work to sp age.

As stated earlier if you leave RM you will get the supplement which does add some to your pension up until sp age. This extra payment is often overlooked when taking the pension early (if you’ve left RM)

Hope it all works out for you.

[calsae]

Some really good pointers and opinions. I managed to log on to RMSPS on my break this morning. It lets you change retirement date on the NRA60 to calculate what you will get (for me 25% reduction) I then used this figure using the formula Robert T used in another post a while back. If my calculations are correct the pension (NRA60) & the wage in the Fruit & Veg shop with the back up of the tax free lump sum for emergencies could be enough to semi retire with still the bonus of the NRA65 later in life.
A phone call to RMSPS as advised in another post will hopefully confirm my calculations.
Thanks for all the input guys it’s much appreciated

[calsae]

There is some good info in the above posts.

The key to whether you take both nra 60 and 65 is working out how much income you need before taking sp and whilst doing your part time job. Does going part time elsewhere mean you will have to work to sp age.

As stated earlier if you leave RM you will get the supplement which does add some to your pension up until sp age. This extra payment is often overlooked when taking the pension early (if you’ve left RM)

Hope it all works out for you.

Yes Northern Boy, I was factoring in working PT up until SP
I think 20hrs a week would be good to keep the mind active.

[mrcurve]

be careful of the RMSPS figures, it does not seperate out the 65 pension, so you may think its just showing the 60 pension.

[comeracing]

Best of luck ,it's hard for me but I'm planning on going in 2027 I'll be 55 , had enough of this dire job will have got in 31 years then ,like yourself I've no mortgage, and want to work somewhere else part time

[twoloops]

I am taking both mine at age 55 so I can reduce my hours or fully retire.

Some posties in our office wanted to reduce their hours, job share was mentioned, they were told they would have to change their contract which could include different hours, monthly pay & Sunday deliveries?

[calsae]

Hi, thought I’d give a wee update on this thread. RM refused to let me drop my hours to job share 3 days a week so I bit the bullet 6 months ago and left after 28 years service. I took the wee p/t job which turned out to be 15hrs per week rather than the 20hrs. No Weekend work
I’m still very undecided on my NRA 60 & 65 whether to lift them or not. Worried I make the wrong decision, I have managed on the small wage and the work life balance is fantastic but holidays are on hold until I decide on the RM pensions.
All I can say is if you can afford to take the risk, get out of there, there’s some great employers away from RM

[Chris19]

Well done on making the move. You have a good work life balance, enjoy your semi retirement

[calsae]

Well done on making the move. You have a good work life balance, enjoy your semi retirement

Thanks, the only negative is my indecision whether to lift my NRA 60 early. It’s not a big sum of money but feels like a massive decision to make.

[Chris19]

I'm in the same situation. Considering cashing in NRA 60 (if possible), after financial advice. It is the best option for my circumstances.

[comeracing]

Hi, thought I’d give a wee update on this thread. RM refused to let me drop my hours to job share 3 days a week so I bit the bullet 6 months ago and left after 28 years service. I took the wee p/t job which turned out to be 15hrs per week rather than the 20hrs. No Weekend work
I’m still very undecided on my NRA 60 & 65 whether to lift them or not. Worried I make the wrong decision, I have managed on the small wage and the work life balance is fantastic but holidays are on hold until I decide on the RM pensions.
All I can say is if you can afford to take the risk, get out of there, there’s some great employers away from RM

Very well done I'll be in same situation as your good self in a couple of years I'm taking my NRA60 at 55 in 2 years and my NRA65 in 7 years when I'm 60 , no mortgage for me ,life's too short

[calsae]

Hi, thought I’d give a wee update on this thread. RM refused to let me drop my hours to job share 3 days a week so I bit the bullet 6 months ago and left after 28 years service. I took the wee p/t job which turned out to be 15hrs per week rather than the 20hrs. No Weekend work
I’m still very undecided on my NRA 60 & 65 whether to lift them or not. Worried I make the wrong decision, I have managed on the small wage and the work life balance is fantastic but holidays are on hold until I decide on the RM pensions.
All I can say is if you can afford to take the risk, get out of there, there’s some great employers away from RM

Very well done I'll be in same situation as your good self in a couple of years I'm taking my NRA60 at 55 in 2 years and my NRA65 in 7 years when I'm 60 , no mortgage for me ,life's too short

Thanks, it was the best thing leaving. The daily aches & pains have receded, the tiredness has all but gone. My new workplace being a very small employer is very inclusive & stress free. Weighing that up to more wages in RM and Sh1t life balance I honestly couldn’t be happier.
I’m no longer paying tax on my wages but if I lift my NRA 60 early, I will be. That’s my only dilemma

[heapsy]

If you manage without, why not wait until NRA? You'd get a bigger pension and bigger lump sum. This will help inflation proof your income more, than if it's reduced.

[heapsy]

If you manage without, why not wait until NRA? You'd get a bigger pension and bigger lump sum. This will help inflation proof your income more, than if it's reduced.