The ins and outs of a Pensioner Life??
Discussion
Rufus Stone said:
I'm a part time pensioner now. Drawing on my own pension but not old enough for the State Pension yet, and still working (own business). I wanted to free up some turnover in the business for other things.
My only slight life regret is not buying a home. I was happy with it at the time but now of course I will have to pay rent until I die.
I only have one real concern about the future though, and that's the driving medicals from age 70.
No medicals for driving at 70 or over. Just a form to fill in every 3 years where you tick you are medically fit to drive. My only slight life regret is not buying a home. I was happy with it at the time but now of course I will have to pay rent until I die.
I only have one real concern about the future though, and that's the driving medicals from age 70.
Glosphil said:
Rufus Stone said:
I'm a part time pensioner now. Drawing on my own pension but not old enough for the State Pension yet, and still working (own business). I wanted to free up some turnover in the business for other things.
My only slight life regret is not buying a home. I was happy with it at the time but now of course I will have to pay rent until I die.
I only have one real concern about the future though, and that's the driving medicals from age 70.
No medicals for driving at 70 or over. Just a form to fill in every 3 years where you tick you are medically fit to drive. My only slight life regret is not buying a home. I was happy with it at the time but now of course I will have to pay rent until I die.
I only have one real concern about the future though, and that's the driving medicals from age 70.
I retire in 3yrs time when I'll be age 55, and importantly my mortgage will be paid off at the same time.
Whilst my employers monthly take home pension will obviously be less than my current take home wage, my mortgage will be paid off so I'll be about £200/month worse off than I am now whilst working.
I hope to never work again unless I find I start to miss being around people, but there's always the option of downsizing in house to free up some money if needed.
Whilst my employers monthly take home pension will obviously be less than my current take home wage, my mortgage will be paid off so I'll be about £200/month worse off than I am now whilst working.
I hope to never work again unless I find I start to miss being around people, but there's always the option of downsizing in house to free up some money if needed.
Edited by The Gauge on Sunday 28th April 17:25
Rufus Stone said:
Glosphil said:
Rufus Stone said:
I'm a part time pensioner now. Drawing on my own pension but not old enough for the State Pension yet, and still working (own business). I wanted to free up some turnover in the business for other things.
My only slight life regret is not buying a home. I was happy with it at the time but now of course I will have to pay rent until I die.
I only have one real concern about the future though, and that's the driving medicals from age 70.
No medicals for driving at 70 or over. Just a form to fill in every 3 years where you tick you are medically fit to drive. My only slight life regret is not buying a home. I was happy with it at the time but now of course I will have to pay rent until I die.
I only have one real concern about the future though, and that's the driving medicals from age 70.
TwigtheWonderkid said:
The Leaper said:
Here's my responses to the OP's questions. Note wife and are 81/80 and been retired for almost 20 years, so my responses are experienced based.
1)The State Pension is the same in the Stockbroker Belt as it is in some depraved areas...is that a little odd?
No. Everyone pays the same so should get the same.
How does everyone pay the same? A bloke who worked from 16 to SP age, v his wife who went to uni, started work at 21, had 3 kids so didn't work and claimed child benefit from 25 -50, then went back to work part time until SP age. 1)The State Pension is the same in the Stockbroker Belt as it is in some depraved areas...is that a little odd?
No. Everyone pays the same so should get the same.
You chose to omit... "However, one issue is that the contribution is a percentage of pay whereas the benefit is a flat rate, so some pay a disproportionately higher amount than others."
So, every one pays the same percentage rate of their qualifying earnings whereas State pension is a flat rate benefit. That was my point.
R.
TwigtheWonderkid said:
The Leaper said:
Here's my responses to the OP's questions. Note wife and are 81/80 and been retired for almost 20 years, so my responses are experienced based.
1)The State Pension is the same in the Stockbroker Belt as it is in some depraved areas...is that a little odd?
No. Everyone pays the same so should get the same.
How does everyone pay the same? A bloke who worked from 16 to SP age, v his wife who went to uni, started work at 21, had 3 kids so didn't work and claimed child benefit from 25 -50, then went back to work part time until SP age. 1)The State Pension is the same in the Stockbroker Belt as it is in some depraved areas...is that a little odd?
No. Everyone pays the same so should get the same.
Clearly someone who earns more will have physically paid in more money than someone who earns far less, but that just follows the general premise that those who earn more help to support the less fortunate, with which as stated I have no issue. Iirc Leaper covered that point but selective quoting removed it.
Others may not agree with the general premise of course.
Late to the party, but direct experience a little different to what people have talked about so far:-
To those saying "Can't wait to stop work, I hate it" or words to that effect I would say "Go and do something different now!" I gave up proper work at 49. Wasn't meant to be permanent, but telling prospective employers that I had walked from the previous job because I didn't agree with the company's strategy (or execution, come to that) didn't seem to go down well. I then spent 7 years in a mix of casual, part time and self employed roles doing what I really enjoyed (driving all sorts of stuff). Now 62 and for the last 5 years I have been semi-retired with a couple of self catering cottages for a small income, productive use of time and great social contact. Currently see myself doing that for around 5 more years, but who knows what the future might hold.
To the OP's questions - Yes we are mortgage free. watch almost no daytime TV, occasional Pointless viewer if I am around when it is on, not bothered if I miss it. Have we got a nest egg? - yes. Is it enough? $64,000 dollar question. One thing I would say is that 13 years into a lower and erratic income is a very long time. Are we financially secure, almost certainly, but that "almost" is a brake on things like major one off purchases or expensive hobbies. Not complaining because we live an almost holiday like existence, and there is lots to do for very little cost when you have the space and time. Will post this and go back to reread the OP and will edit if I've missed anything relevant.
And the bit I missed out was the budgeting question. £350/mth standing orders seems a lot, anything you can do to lower those? As for feeding and clothing, if you are not working you will have a lot more time to think about and plan spending, and take opportunities to buy cheaply. As I mention above it's the bigger costs that worry me more. New roof? Newer car or continue with a higher maintenance older one? Luckily not had the health expense yet. Talking to a friend who invested a 4 figure sum on hearing aids only for the dog to chew them, and he found out when he went to claim on his insurance that pet damage was specifically excluded. That represents a lot of little treats, be they bottles of wine, takeaways, cinema trips or whatever.
To those saying "Can't wait to stop work, I hate it" or words to that effect I would say "Go and do something different now!" I gave up proper work at 49. Wasn't meant to be permanent, but telling prospective employers that I had walked from the previous job because I didn't agree with the company's strategy (or execution, come to that) didn't seem to go down well. I then spent 7 years in a mix of casual, part time and self employed roles doing what I really enjoyed (driving all sorts of stuff). Now 62 and for the last 5 years I have been semi-retired with a couple of self catering cottages for a small income, productive use of time and great social contact. Currently see myself doing that for around 5 more years, but who knows what the future might hold.
To the OP's questions - Yes we are mortgage free. watch almost no daytime TV, occasional Pointless viewer if I am around when it is on, not bothered if I miss it. Have we got a nest egg? - yes. Is it enough? $64,000 dollar question. One thing I would say is that 13 years into a lower and erratic income is a very long time. Are we financially secure, almost certainly, but that "almost" is a brake on things like major one off purchases or expensive hobbies. Not complaining because we live an almost holiday like existence, and there is lots to do for very little cost when you have the space and time. Will post this and go back to reread the OP and will edit if I've missed anything relevant.
And the bit I missed out was the budgeting question. £350/mth standing orders seems a lot, anything you can do to lower those? As for feeding and clothing, if you are not working you will have a lot more time to think about and plan spending, and take opportunities to buy cheaply. As I mention above it's the bigger costs that worry me more. New roof? Newer car or continue with a higher maintenance older one? Luckily not had the health expense yet. Talking to a friend who invested a 4 figure sum on hearing aids only for the dog to chew them, and he found out when he went to claim on his insurance that pet damage was specifically excluded. That represents a lot of little treats, be they bottles of wine, takeaways, cinema trips or whatever.
Edited by andyalan10 on Wednesday 15th May 14:40
andyalan10 said:
Late to the party, but direct experience a little different to what people have talked about so far:-
To those saying "Can't wait to stop work, I hate it" or words to that effect I would say "Go and do something different now!" I gave up proper work at 49. Wasn't meant to be permanent, but telling prospective employers that I had walked from the previous job because I didn't agree with the company's strategy (or execution, come to that) didn't seem to go down well. I then spent 7 years in a mix of casual, part time and self employed roles doing what I really enjoyed (driving all sorts of stuff). Now 62 and for the last 5 years I have been semi-retired with a couple of self catering cottages for a small income, productive use of time and great social contact. Currently see myself doing that for around 5 more years, but who knows what the future might hold.
To the OP's questions - Yes we are mortgage free. watch almost no daytime TV, occasional Pointless viewer if I am around when it is on, not bothered if I miss it. Have we got a nest egg? - yes. Is it enough? $64,000 dollar question. One thing I would say is that 13 years into a lower and erratic income is a very long time. Are we financially secure, almost certainly, but that "almost" is a brake on things like major one off purchases or expensive hobbies. Not complaining because we live an almost holiday like existence, and there is lots to do for very little cost when you have the space and time. Will post this and go back to reread the OP and will edit if I've missed anything relevant.
Not enough discussion on semi-retirement in general, you've highlighted a big problem. People feel locked into high stress/soul destroying jobs that they hate but can't leave because they are planning for a cliff edge/hard stop retirement and think it is too late to shift careers. Which in some cases may be partly true, but in others people have just been institutionalised by corporate life. To those saying "Can't wait to stop work, I hate it" or words to that effect I would say "Go and do something different now!" I gave up proper work at 49. Wasn't meant to be permanent, but telling prospective employers that I had walked from the previous job because I didn't agree with the company's strategy (or execution, come to that) didn't seem to go down well. I then spent 7 years in a mix of casual, part time and self employed roles doing what I really enjoyed (driving all sorts of stuff). Now 62 and for the last 5 years I have been semi-retired with a couple of self catering cottages for a small income, productive use of time and great social contact. Currently see myself doing that for around 5 more years, but who knows what the future might hold.
To the OP's questions - Yes we are mortgage free. watch almost no daytime TV, occasional Pointless viewer if I am around when it is on, not bothered if I miss it. Have we got a nest egg? - yes. Is it enough? $64,000 dollar question. One thing I would say is that 13 years into a lower and erratic income is a very long time. Are we financially secure, almost certainly, but that "almost" is a brake on things like major one off purchases or expensive hobbies. Not complaining because we live an almost holiday like existence, and there is lots to do for very little cost when you have the space and time. Will post this and go back to reread the OP and will edit if I've missed anything relevant.
But if you can break free and shift to semi-retirement, at least up until the state pension kicks in, then it opens up a lot more options.
At least from 55 (or 57 depending on your age) you have the option of tapping into your private pension pot to make up any shortfall in income from whatever crackpot business idea you had that isn't working.
In the last few months I've spoken to at least 3 colleagues in mid to late 50s who are officially "retiring", but it turns out not really when you speak to them. They are just leaving to do something else. They are not quite ready to fully retire, but have enough to backstop their financial security (mortgage free, enough of a pot built up that compounding alone will carry them through).
I consider myself to be retired, but I still "work". I was 60 last week.
I have a zero hours, minimum wage job. I collect and deliver cars. When I work, I work 5 days a week, but I probably only work for 6 months of the year. I've just had a week off for my birthday, and then I finish next Friday and will be off for the next 7 weeks - 6 of which will be spent touring Spain. Then back in the UK for the school summer holidays (quieter roads, but busier trains), and then off to Crete for a month.
It suits me very well, and has already helped massively to change my mindset. I no longer get upset when I've missed a train and I have to wait 15 minutes for the next one. I'll happily take 3 different buses to get to where I'm going.
I have zero desire to fill my days by playing golf (or Bowls)
I have a zero hours, minimum wage job. I collect and deliver cars. When I work, I work 5 days a week, but I probably only work for 6 months of the year. I've just had a week off for my birthday, and then I finish next Friday and will be off for the next 7 weeks - 6 of which will be spent touring Spain. Then back in the UK for the school summer holidays (quieter roads, but busier trains), and then off to Crete for a month.
It suits me very well, and has already helped massively to change my mindset. I no longer get upset when I've missed a train and I have to wait 15 minutes for the next one. I'll happily take 3 different buses to get to where I'm going.
I have zero desire to fill my days by playing golf (or Bowls)
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