Facing retirement.

[King Herald]

For the best part of the last 25 years I've worried what will become of me when I get too old to work. I never planned much when I was young, paid minimum amounts into a company pension in England, then left the UK when I was 30 and have spent most of the last 25 years offshore in a non-megabuck role. (We don't all earn 500 quid a day in the oil patch)

12 years ago I joined a company that actually had a pension scheme, but for the small amount I can pay in I knew it could never amount to much, come the big day.

I got married, we have two houses, one in England, we rent out, one in the Philippines that we live in. There is about 40k mortgage on the UK one, the other one is paid for, both are average '3 bed semi' prices.

So, my company is downsizing. Laying off, oil has crashed, and I finally decided to look into the figures I could expect were I to stop working at 55, which is in two months. I was pleasantly surprised to find I would take just a 50% drop in income, if I play things right. Plus we have the rental off the UK house, and I'd pay off the mortgage with some spare money we have to simplify things.

But isn't 'retirement' like a mark that your useful life has ended? I never thought like that until today, when I got the figures back from accounting. I always thought I'd try to retire early enough to enjoy the last 20+ years I have on this mortal coil, but today I suddenly feel this nauseating feeling that when I make the decision, or it is made for me, that 'it is all over', I'm on the scrap heap, working life over, that I'll truly be old.

I know it is a stupid thing to feel, but I can't seem to shake off the gloom.........

We may come back to the UK sometimes in the next few years, and I could always go back to the dead end factory job I desperately had to escape as a younger man. Now that would be really depressing.

Any views on this, or should I just stop whining and enjoy it? (if it happens)

[Chunkymonkey71]

I understand what you're saying.

I haven't really thought about retirement; but that's mostly down to being a short, overweight Glaswegian who will likely die in my mid 60s.

[Impasse]

Doesn't this boil down to the old and clichéd question: Live to work or work to live?

There are some who are defined by their job/career, but they tend to be quite one dimensional people and are genuinely at a loss with what to do with themselves once employment is ended. Don't be one of those. Actually I already know you're not what with the house build and hot rod construction under your belt. Is it time for a new project?

[GreatGranny]

Do you really enjoy your job?

I'm sure lots on here are thinking "what's the problem?" :-)
I would love to be able to retire at 55 and would see it as a new chapter in my life.
Time to concentrate on things I don't gave time to do now.

You're still young enough and hopefully fit enough to lead an active life.

Embrace it!

Buy a cheap 3 classic and do a restro.
If you come back here explore areas you've never visited before.
Walk the coast to coast path.
Cycle LEJOG

(These are the things I would do)

[vx220]

Project or hobby needed

Currently watching my dad sfruggle a little with "retirement" (he actually retired 13yrs ago, bit was kept busy looking after his mum. Now she's gone, instead of keeping busy, things are just taking him longer. Crossword still on the go after lunch etc

Plan something, and make it happen

[Chunkymonkey71]

Come with me to Poland when I buy my Fiat 126, then drive back to Scotland!

:-)

[Gargamel]

My old man reckons it takes about two years to come to terms with retirement, he recommends taking things slowly, no hasty decisions.

[jep]

Don't think of it as retirement, think of it as an opportunity to do something else you really want to do without having to worry about having to make a salary. You could have just as long in another profession as you've had in the O&G if you wanted to work again (assuming you were fit and able to do it till you were 80 that is!!)

[Tango13]

Give retirement a year or two and you'll be wondering how you managed to find the time to do a full time job.

[iva cosworth]

I don't know whether I am looking forward to a life of leisure in retirement or be like my dad whose

health is now appalling ,although he is 85 now.

[V8forweekends]

I sympathise with this - I am in my early 50s, but it's entirely possible I won't reach retirement age in gainful employment - I dunno. Personally I'm looking forward to retirement, although the genetics aren't in my favour.

Actually, you sound like my cousin who worked overseas in the oil industry and has a Filipino wife - we are the same age and he plans to head off there in retirement - but he keeps getting work - albeit not at fabulous rates.

I have lots of stuff I want to do when I don't have to work any more, but I am likely to have problems funding it all.

I guess I was lucky to get made redundant early on when I was still married to my job - I did a lot of thinking then about my place in the World and what was important, so I hope I'll find it easier to adjust - many of the retired people I know have trouble fitting in all they want to do.

[singlecoil]

Self employment is the thing to do, the only interviews then are with the actual customers.

[MrBarry123]

Surely the way to look at it is that after all those years of toiling away, you've now earnt a rest?

[Cotty]

King Herald said:

But isn't 'retirement' like a mark that your useful life has ended?

That's an odd way of looking at it. Isn't retirement the opportunity to enjoy the fruits of your toil for the rest of your years?

[Fittster]

King Herald said:

But isn't 'retirement' like a mark that your useful life has ended?

Useful to who?

[wack]

iva cosworth said:

I don't know whether I am looking forward to a life of leisure in retirement or be like my dad whose

health is now appalling ,although he is 85 now.

Sounds like my dad , reasonably healthy up to 65 despite a life of smoking , lack of excercise and only eating 2000 calorie meals

Retired at 65, had a heart attack at 66 , then bowel cancer twice, now has a weak heart and a life of constant pain at 81

I've no idea how he's still alive

I genuinely think once you stop work something happens inside, I worked 50 weeks a year, 2 weeks off at Christmas , every year without fail I'd get something that saw me in bed for a week.

If retirement is forced upon you there's still plenty you can do,, charity work as and when you want,part time job doing something you've always fancied.

It's stopping that causes the problems

[Adam B]

KH - would you retire in the Philippines or UK (or somewhere else)? Would have thought a pension goes much further out there, and climate is a more agreeable.

55 is early to retire, could you contract in your existing job, and do a day or two per week?

[Chlamydia]

I'd retire at 55 if I could afford it, but unfortunately I can't. But if I could I wouldn't see it as suddenly coming to a stop I'd just find other things to do. I haven't stayed in the same industry my whole life so I've had a few changes to get used to and I didn't have any problem, and retirement would be for me

[ruggedscotty]

Retirement ? Its what we all aim for and if you can get away quicker then thats a bonus. No body wants to be a salary slave so as soon as the pension pot is filled its clock out and Pfffftt to you mate.

Never been career minded - only been interested in salary and what I can get in terms of benefits - be a manager ? earn less than what Im earning now and have responsibility for others aswell as myself ? nah.

Id say not to worry about it - embrace it and enjoy it - its life by your terms without having to engage work. As they say you win the lottery whats the first thing you do ? resignation. ha ha ha.

go and enjoy it and live the dreams you had while sat at a dreary desk in some office.

[red_slr]

I wont be working a day longer than I need too.
We want to travel from 55 to our early 60s.
Probably settle down around 65, spend our days ringing companies asking really obvious questions about their products wasting employees time... or calling into small businesses and ask for directions to some company no one has heard of that sells stair lifts, then ask "can I use that pen to write this down..." followed by... do you have a toilet my wife could use...

MWAHAHAHAHAAAA