Facing retirement.
Discussion
Knowing (FA)^0.5 about the oil industry is that because of environmentalism causing a reduction in consumption, or an increase in production in other parts of the world?
Sounds like you have plenty of hobbies OP, any mileage in making one of them in to a small business like car restoration or similar, or using your mechanic/maintenance skills in another part time role outside the oil and gas industry?
Sounds like you have plenty of hobbies OP, any mileage in making one of them in to a small business like car restoration or similar, or using your mechanic/maintenance skills in another part time role outside the oil and gas industry?
RizzoTheRat said:
Knowing (FA)^0.5 about the oil industry is that because of environmentalism causing a reduction in consumption, or an increase in production in other parts of the world?
Production levels combined with current stock either in tank farms or tankers floating around. Barring an unforeseen political landscape change, such as a total ME kick-off, it'll be quite a while before stocks run out and production declines. But, prices will come back with a vengeance at some point in the future and oil stocks will be a good gamble... Oil companies are using climate change legislation to kill the coal industry too, through calls for carbon floor pricing, so gas will become more competitive in the future too.My view of the Arctic pull-out is that it's a convenient point, rather than found nothing. In my personal opinion only though.
jshell said:
My view of the Arctic pull-out is that it's a convenient point, rather than found nothing. In my personal opinion only though.
I realise this is totally off-topic, but I couldn't agree more. The majors will use this as an excuse to cut out all the dead wood and either mothball or write off marginal leases. Production will likely focus on low lifting-cost fields until stocks run down. Although I've effectively retired, I still have a small service company running, focusing on UK land production and exploration. There is no doubt that the future, as far as the UK is concerned, is in gas, predominantly storage at present. If there's the will, and the lentilists STFU, then shale gas may well keep many in work for a good few years.
jshell said:
AdeTuono said:
KH, I know you are/were oilfield, but not sure what line you're in. This oil-price recession has been the worst I can remember. Many of my former colleagues, some with 40-odd years in, have lost jobs, and have little or no future in the industry. When things pick up, which they surely will, there's going to be a massive shortage of experienced personnel, many of whom won't want to return. I think any company that survives this dip will be in a very strong position, providing they can re-staff. The majors may well find themselves in difficulties when work picks up.
Enjoy your retirement; still loving mine.
There's gonna be 2 - 2 1/2 years of this according to the Hedge Fund analysts. I reckon Aberdeen is phuqed! The age of oil is diminishing, the age of gas is upon us.Enjoy your retirement; still loving mine.
Ironically he's never been busier in the oil fields at the moment, he picks and chooses when he works at the moment... Lots of job losses at his clients but he is still on wanted list, currently flying out to Kenya for a stint there.
RizzoTheRat said:
Sounds like you have plenty of hobbies OP, any mileage in making one of them in to a small business like car restoration or similar, or using your mechanic/maintenance skills in another part time role outside the oil and gas industry?
I've been busier the last few weeks since I got laid off than I ever was before. I have more enthusiasm for life now, knowing I'm not getting an email or phone call telling me to jump on a series of cattle class 36 hour flights to the other side of the world. of the four or five weeks off, nearly one would go in travel, the first week home was settling in, then a couple of weeks feeling good, then the last week stressing about how, when and where the crew change was to be. Not the dream life it used to be. And for the last two years I've bitterly resented the whole shower of shyte running our operation too, for various reasons.
AdeTuono said:
KH, I know you are/were oilfield, but not sure what line you're in. This oil-price recession has been the worst I can remember. Many of my former colleagues, some with 40-odd years in, have lost jobs, and have little or no future in the industry. When things pick up, which they surely will, there's going to be a massive shortage of experienced personnel, many of whom won't want to return. I think any company that survives this dip will be in a very strong position, providing they can re-staff. The majors may well find themselves in difficulties when work picks up.
Enjoy your retirement; still loving mine.
I was in seismic survey, which are really the 'poor boys' of the oil field. I'm sure the industry will recover to a degree, but as mentioned, it will be at least 2 years, probably more, by which time I will be pushing 60, so I doubt anybody will be clamouring for me to go back. I was not in any position of great technical expertise or skill, just a glorified mechanic, basically, so I will be replaced by a Filipino or East European. Enjoy your retirement; still loving mine.
One selling point I would have is that I have been offshore, for 23 years, on long and short rotations, in adverse conditions etc, so they know I can do it. A surprisingly large percentage of people can't handle that sort of life.
. Hopefully before im 50.RizzoTheRat said:
Knowing (FA)^0.5 about the oil industry is that because of environmentalism causing a reduction in consumption, or an increase in production in other parts of the world?
99% of this oil price slump is caused by the Chinese economy being in the s
tter; as/when they turn themselves around it will pick back up again. Alternatively we have to wait for the Saudis' bank manager to call them to complain about the unauthorised overdraft, and can they start pumping oil a bit slower.King Herald said:
I was in seismic survey, which are really the 'poor boys' of the oil field. I'm sure the industry will recover to a degree, but as mentioned, it will be at least 2 years, probably more, by which time I will be pushing 60, so I doubt anybody will be clamouring for me to go back. I was not in any position of great technical expertise or skill, just a glorified mechanic, basically, so I will be replaced by a Filipino or East European.
One selling point I would have is that I have been offshore, for 23 years, on long and short rotations, in adverse conditions etc, so they know I can do it. A surprisingly large percentage of people can't handle that sort of life.
Working in standby I'd argue the toss about who the 'poor boys' are, and plenty of Poles in our company. The 'lifestyle' is definitely an acquired taste, one I appear to still have even though I've been doing it a few years now.One selling point I would have is that I have been offshore, for 23 years, on long and short rotations, in adverse conditions etc, so they know I can do it. A surprisingly large percentage of people can't handle that sort of life.
Five months into retirement now. First three months was busy busy, all excited and doing lots of jobs, but the last couple of months everything seems to have slowed down a lot. I feel lazy most days, just bumble around the house.
Drinking was getting out of hand, easy to slip into for a life long drunkard like me I guess.
However, two weeks ago I managed to make a total cock of myself with beer, lots of it, so I decided to stop completely. It leaves a big hole in my social life, but I am so happy to wake up early each day with no hazy, scary, vague feelings about anything. The wife and daughter are far happier too.
And I am getting my mojo back in the workshop too. Just finished a quick 'makeover' of my old bike, going to put it on display somewhere in the house. I'll never ride it again, too much stress on my ageing knee to start it, plus the roads are jammed with festering cocktards.
And I have the Austin Healey 3000 replicar in need of lots of love and attention too.
Drinking was getting out of hand, easy to slip into for a life long drunkard like me I guess.
However, two weeks ago I managed to make a total cock of myself with beer, lots of it, so I decided to stop completely. It leaves a big hole in my social life, but I am so happy to wake up early each day with no hazy, scary, vague feelings about anything. The wife and daughter are far happier too.
And I am getting my mojo back in the workshop too. Just finished a quick 'makeover' of my old bike, going to put it on display somewhere in the house. I'll never ride it again, too much stress on my ageing knee to start it, plus the roads are jammed with festering cocktards.
And I have the Austin Healey 3000 replicar in need of lots of love and attention too.
I've arrived at this thread quite late. I'm 41, have 20 years left on my mortgage (just moved to a bigger house) and I'm fairly successful in my role. I've been promoted several times with a new role and more money coming up in a couple of weeks. I'm definately in the work to live camp. If I could retire today I would. I'm really looking forward to coming to the end of my useful working life. I have a good pension and my partner has an even better one (still on final salary) so we should be very comfortable when we do retire. Unfortunately, that day is a long way off.
toon10 said:
....I have a good pension and my partner has an even better one (still on final salary) so we should be very comfortable when we do retire. Unfortunately, that day is a long way off.
It is a good feeling knowing you'll have something when you need it. I worried for years that I might end up in a tiny bedsit, back in the UK, on the state minimum pension, because I had planned nothing. Another thing, what about income tax? I get paid from the USA, into a US bank, I live in the Philippines and the only 'contact' with the UK is a rental house there. Am I supposed to pay income tax on my pension, to the UK?? I haven't paid any income tax there since 1989 due to seaman's law, being out of the country all the time, and all that, but does that change now I am no longer working offshore?
I do a tax return every year, so I guess I'll ask my 'tax lady' in a month or two.
Been retired almost 18 years now. January last year on this thread I thought about getting a 4X4, & doing some off roading. Didn't happen.
My son bought a small cheap & nasty remote control aircraft, & it looked like fun. I now have 8 of the things, mostly good quality, after I learnt to tell the difference.
I can fly OK, but at 76 I am not developing skills quite as quickly as I once did. Of course every little crash gives me something to do repairing the things. Actually I wish I could fly them as well as I repair them, but it is all good fun.
I really do wonder how I used to find time to go to work.
My son bought a small cheap & nasty remote control aircraft, & it looked like fun. I now have 8 of the things, mostly good quality, after I learnt to tell the difference.
I can fly OK, but at 76 I am not developing skills quite as quickly as I once did. Of course every little crash gives me something to do repairing the things. Actually I wish I could fly them as well as I repair them, but it is all good fun.
I really do wonder how I used to find time to go to work.
King Herald said:
toon10 said:
....I have a good pension and my partner has an even better one (still on final salary) so we should be very comfortable when we do retire. Unfortunately, that day is a long way off.
It is a good feeling knowing you'll have something when you need it. I worried for years that I might end up in a tiny bedsit, back in the UK, on the state minimum pension, because I had planned nothing. Another thing, what about income tax? I get paid from the USA, into a US bank, I live in the Philippines and the only 'contact' with the UK is a rental house there. Am I supposed to pay income tax on my pension, to the UK?? I haven't paid any income tax there since 1989 due to seaman's law, being out of the country all the time, and all that, but does that change now I am no longer working offshore?
I do a tax return every year, so I guess I'll ask my 'tax lady' in a month or two.
I left the UK 18 years ago, and even when I had rental properties, I wasn't paying income tax on the rent as my tax residency was (and still is) Luxembourg, and HMRC, at the time, knew that.
I do have to be careful how much time I spend in the UK as my too common business travel to Laaandon was pushing me towards the 90 days limit where I'd be liable for UK income tax on Luxembourg paid income.
ETA: have you started a thread about the Healey replica? I'm interested to leanr about that, please!
5potTurbo said:
Best to check but, AFAIK, your tax residency won't be the UK, unless you make the mistake of spending >90 days there in any tax year, as a UK citizen, which I believe you are.
I left the UK 18 years ago, and even when I had rental properties, I wasn't paying income tax on the rent as my tax residency was (and still is) Luxembourg, and HMRC, at the time, knew that.
I do have to be careful how much time I spend in the UK as my too common business travel to Laaandon was pushing me towards the 90 days limit where I'd be liable for UK income tax on Luxembourg paid income.
ETA: have you started a thread about the Healey replica? I'm interested to leanr about that, please!
I doubt I'll spend more than a week a year on average in the UK, unless we move back there, so I should be okay i guess. Not actually sure where my tax residency is, as I've lived in the PI six years now, and worked in the USA. I left the UK 18 years ago, and even when I had rental properties, I wasn't paying income tax on the rent as my tax residency was (and still is) Luxembourg, and HMRC, at the time, knew that.
I do have to be careful how much time I spend in the UK as my too common business travel to Laaandon was pushing me towards the 90 days limit where I'd be liable for UK income tax on Luxembourg paid income.
ETA: have you started a thread about the Healey replica? I'm interested to leanr about that, please!
I think I'd rather move to France or Spain if ever we do head in the direction of Europe.
May put a thread together for the Healey, but it has sat untouched for a year or so now since I did a bunch of work on it.
Jasandjules said:
I am not sure I want to "retire" as such. I would rather keep working as long as possible on a part time basis. Hopefully keep mind and body "healthy".
You obviously do no work in the same office I do or you would change your mind. Im about to go postal with the pricksAs of ten minutes ago I am retired (I actually finished lunchtime and have taken my last half day's leave this afternoon).
I have enough to keep me busy for the next few months so will probably just think of it as a long holiday for a bit; after that who knows. I do have some hobbies and am looking forward to putting my TR7 back on the road for the summer (if we have one), but I can see myself doing something else work-wise before too long if I get bored.
I have enough to keep me busy for the next few months so will probably just think of it as a long holiday for a bit; after that who knows. I do have some hobbies and am looking forward to putting my TR7 back on the road for the summer (if we have one), but I can see myself doing something else work-wise before too long if I get bored.
FailHere said:
As of ten minutes ago I am retired (I actually finished lunchtime and have taken my last half day's leave this afternoon).
I have enough to keep me busy for the next few months so will probably just think of it as a long holiday for a bit; after that who knows. I do have some hobbies and am looking forward to putting my TR7 back on the road for the summer (if we have one), but I can see myself doing something else work-wise before too long if I get bored.
Wise choice, I had a year of selling stuff and working round the house but would like something else to keep me occupied, part time would be fine.I have enough to keep me busy for the next few months so will probably just think of it as a long holiday for a bit; after that who knows. I do have some hobbies and am looking forward to putting my TR7 back on the road for the summer (if we have one), but I can see myself doing something else work-wise before too long if I get bored.
For anyone approaching retirement my advice is to set yourself up with some form of paid work to keep yourself busy. Not easy after a lifetime of working 11 hours a day for 6 days a week.
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