Facing retirement.
Discussion
I retired last year at 54, and can honestly say it's the best thing I ever did. My days are so full of 'stuff' that I've no idea how I ever had time for work.
I worked in the oilfield for 30+ years, and have seen so many of my contemporaries reach 65 and drop down dead within a year. I resolved that this wouldn't happen to me.
I worked in the oilfield for 30+ years, and have seen so many of my contemporaries reach 65 and drop down dead within a year. I resolved that this wouldn't happen to me.
KFC said:
Any time topics like this come up I always get the impression that the people saying "I'd retire tomorrow if I could" (when they're in their 20's or early 30's currently) are always going to be the guys that will never need to worry about it, as there is no chance it'll ever apply to them.
I think most people who've put themselves in a position to retire early through their own hard work / skills etc aren't going to want to. Sure they may step back a bit, or they may have a try at another line of work, but they'll be back at something or other.
I can't think wtf i'd do with myself if I retired at 40. I know someone will be along to say 'lack of imagination' but there is no real purpose to just endlessly going on holidays is there?
Working is not a purpose to live.I think most people who've put themselves in a position to retire early through their own hard work / skills etc aren't going to want to. Sure they may step back a bit, or they may have a try at another line of work, but they'll be back at something or other.
I can't think wtf i'd do with myself if I retired at 40. I know someone will be along to say 'lack of imagination' but there is no real purpose to just endlessly going on holidays is there?
KFC said:
Any time topics like this come up I always get the impression that the people saying "I'd retire tomorrow if I could" (when they're in their 20's or early 30's currently) are always going to be the guys that will never need to worry about it, as there is no chance it'll ever apply to them.
I think most people who've put themselves in a position to retire early through their own hard work / skills etc aren't going to want to. Sure they may step back a bit, or they may have a try at another line of work, but they'll be back at something or other.
I can't think wtf i'd do with myself if I retired at 40. I know someone will be along to say 'lack of imagination' but there is no real purpose to just endlessly going on holidays is there?
Assume thats aimed at me. I come from the other angle, yes I own a business and yes I have made provisions for my early retirement. The reason I want to retire early is because my job is draining, boring, time consuming, stressful and physically demanding. I work 10-12 hours each day often doing physical work, work weekends and I never go on holiday. The most I get is 2 weeks at Christmas. For me, retiring at 55 ish will make up for the 6 weeks holidays everyone else gets who works for me. I will literally close the doors if I have too at 55. Assuming I am financially stable. I am mid 30s, my hips are already playing up and my back was knackered 5 years ago. 55, that's enough for me thanks.I think most people who've put themselves in a position to retire early through their own hard work / skills etc aren't going to want to. Sure they may step back a bit, or they may have a try at another line of work, but they'll be back at something or other.
I can't think wtf i'd do with myself if I retired at 40. I know someone will be along to say 'lack of imagination' but there is no real purpose to just endlessly going on holidays is there?
Vaud said:
i don't want to retire, ever.
I will just change the work that I do from insane hours to more charity and mentoring work and phase down to a few days a week.
i think that is very much the case for a lot of people who wish to retire 'early' I will just change the work that I do from insane hours to more charity and mentoring work and phase down to a few days a week.
it also matches the stereotypiucal pattern of those who retire early due to the past structure of their job (BIB, Trumpton, Military Officers, RAF ORs - the Army guys+girls out after 22/ 24 years generally seem to have genuine second careers)
mph1977 said:
i think that is very much the case for a lot of people who wish to retire 'early'
it also matches the stereotypiucal pattern of those who retire early due to the past structure of their job (BIB, Trumpton, Military Officers, RAF ORs - the Army guys+girls out after 22/ 24 years generally seem to have genuine second careers)
I've also seen very bright people retire at 55 and stop. Few years of fishing, holidays and their brain atrophies. Keep the grey matter going, even if you tone down some of the 9-5. it also matches the stereotypiucal pattern of those who retire early due to the past structure of their job (BIB, Trumpton, Military Officers, RAF ORs - the Army guys+girls out after 22/ 24 years generally seem to have genuine second careers)
I was on a train to London and got talking to a gentleman - in his 3 piece suit - he was 92 and still working 2 days a week as an advisor to a business. They figured he had seen so many of the different issues over time that they valued his 70 years of business experience as a wise counsel and sounding board. Very sharp still. Plus, as he put it, it got him out from under his wife feet for 2 days, so everyone was happy...
King Herald said:
Well, I passed the big 55 a week or two ago, and nothing really changed. I was at home at the time, had a small party, got a bit drunk.
I had 8 weeks off work altogether, with a bit of sick leave in the middle, and I must admit it felt pretty good after the first month had passed. We got into a routine, I sort of lost interest in drinking as much as I usually do, but then eventually the call to work came in and I got all tensed up about leaving for the last week.
What usually happens is I am rushing around, trying to keep productive, scared of 'wasting' any of my precious days off. This time I was on the PS4 all day a couple of days with no guilt trips.
Yes, I know now I can do the retirement thing now without too much trouble, without going stir crazy at the wife etc.
Every extra year I work means more money in the pot though, but it is so tempting to call it a day now and just kick back.
Is it being lazy, or just doing the natural thing? Should we feel guilt for not wanting to work?
I remember packing in everything, selling my house, and leaving England back in 1990, to backpack round the world, and was never sure if it was a genuine sense of adventure and discovery, or just laziness.
Retire while you can enjoy your good health and start a small business doing something you really love. It won't feel like work and you can top up your income I had 8 weeks off work altogether, with a bit of sick leave in the middle, and I must admit it felt pretty good after the first month had passed. We got into a routine, I sort of lost interest in drinking as much as I usually do, but then eventually the call to work came in and I got all tensed up about leaving for the last week.
What usually happens is I am rushing around, trying to keep productive, scared of 'wasting' any of my precious days off. This time I was on the PS4 all day a couple of days with no guilt trips.
Yes, I know now I can do the retirement thing now without too much trouble, without going stir crazy at the wife etc.
Every extra year I work means more money in the pot though, but it is so tempting to call it a day now and just kick back.
Is it being lazy, or just doing the natural thing? Should we feel guilt for not wanting to work?
I remember packing in everything, selling my house, and leaving England back in 1990, to backpack round the world, and was never sure if it was a genuine sense of adventure and discovery, or just laziness.
9mm said:
Lots of people seem to be planning early retirement. Not sure how that squares with pension projections and political parties of all colours saying people will have to retire later.
Because PH is La-La Land where everyone 'retires' early with plenty of cash for 'hobbies'.The cold reality for millions of others is very different.
CuckooInMyNest said:
9mm said:
Lots of people seem to be planning early retirement. Not sure how that squares with pension projections and political parties of all colours saying people will have to retire later.
Because PH is La-La Land where everyone 'retires' early with plenty of cash for 'hobbies'.The cold reality for millions of others is very different.
Very much this.
Very few of the people I know who live in the real world will be retired at 65, let alone earlier. I know that I have it in the back of my head to try to get to the point I can wind down a little in 22 years time but I have no illusions about being able to retire and enjoy the never having to work again.
Partly this is a financial choice - I have not over provided for on the pension stakes. I smoke, I enjoy a few drinks, I do a few things that are a bit 'risky' and I want to enjoy the whole of my life, not just save for one day when I might have more free time but 40+ years of work and abuse have killed my body. I look at my family history and it doesn't suggest that I'll be walking the Malvern Hills in my 90's. I have no children, my extended family doesn't need my money and I don't wish to be the richest corpse in the in the cemetery.
Partly it is a life choice - I have seen that people who live the sort of lifestyle I do are the ones that start to die the day they stop unless they have a very long and gradual slow down. I am utterly convinced that my father still being around today is down to the fact that whilst he 'retired' about 20 years ago he hasn't actually ever stopped working doing the odd thing here and there, although there is a lot less of it than there was in the first few years post retirement.
It also helps that I chose to do a job that, so long as the little grey cells are still working, I can do till I die if I wanted to, and although it might not sound like it at times, it really is a job that I love and would be happy to still do.
All of the above said of course I would change my plans if someone dumped £3m in my account, although it wouldn't change that much if it were 'only' £1m....
I know my father is getting to retirement age and doesnt really want to go as he doesnt really have hobbies, etc.
He works in oil and likes the job (has done it 40 years) when they retire him, he has the option to go consulting with the same company and choose the jobs he wants.
I am suggesting he takes it a step further and since all his friends and colleagues are of a similar age, he should create a consultancy and use his contacts to get the jobs and take 10% and give the job to whoever can do it.
Its not too far fetched as many of the oil companies actually ask for him by name to work on their rigs, so can do the same thing and get 10 or so 'retired' people in the same situation together to join his consultancy and then he can enjoy his retirement still working until he decides not to whilst making cash off the others by obtaining jobs for them.
He works in oil and likes the job (has done it 40 years) when they retire him, he has the option to go consulting with the same company and choose the jobs he wants.
I am suggesting he takes it a step further and since all his friends and colleagues are of a similar age, he should create a consultancy and use his contacts to get the jobs and take 10% and give the job to whoever can do it.
Its not too far fetched as many of the oil companies actually ask for him by name to work on their rigs, so can do the same thing and get 10 or so 'retired' people in the same situation together to join his consultancy and then he can enjoy his retirement still working until he decides not to whilst making cash off the others by obtaining jobs for them.
Just checking....is there anyone on this forum who does NOT work in Oil/IT, does not have a fat 'Pension Pot', does not restore their own classic cars, does not own a couple of rental properties, does not have a large savings account and simply struggles to raise their kids and pay their bills each month?
CuckooInMyNest said:
Just checking....is there anyone on this forum who does NOT work in Oil/IT, does not have a fat 'Pension Pot', does not restore their own classic cars, does not own a couple of rental properties, does not have a large savings account and simply struggles to raise their kids and pay their bills each month?
Yes, but they mostly post in French Bred about issues with their 01 plate Citroens CuckooInMyNest said:
Just checking....is there anyone on this forum who does NOT work in Oil/IT, does not have a fat 'Pension Pot', does not restore their own classic cars, does not own a couple of rental properties, does not have a large savings account and simply struggles to raise their kids and pay their bills each month?
Sorry... 
randlemarcus said:
CuckooInMyNest said:
Just checking....is there anyone on this forum who does NOT work in Oil/IT, does not have a fat 'Pension Pot', does not restore their own classic cars, does not own a couple of rental properties, does not have a large savings account and simply struggles to raise their kids and pay their bills each month?
Yes, but they mostly post in French Bred about issues with their 01 plate Citroens 
I work in IT. I have kids and pretty much manage to pay the bills with my wife busy looking after the kids and not working. I don't have any of the rest, and I definitely do not have a s
troen.I do have a very good work life balance right now though, so I'm not too worried about retiring early.
I'll be working until I'm 66 as things go at the moment. My current (after 7 years)company pension pot will at present estimates bring me in all of £100 per month them. Wowser! However, 20 years in the civil service means I will have a civil service pension worth several times that.
Guess who's cashing in his private pension pot come 6th April? The car will be getting treated to a suspension rebuild!
Guess who's cashing in his private pension pot come 6th April? The car will be getting treated to a suspension rebuild!
AdeTuono said:
CuckooInMyNest said:
Just checking....is there anyone on this forum who does NOT work in Oil/IT, does not have a fat 'Pension Pot', does not restore their own classic cars, does not own a couple of rental properties, does not have a large savings account and simply struggles to raise their kids and pay their bills each month?
Sorry... Lot of people I left behind from my home county are exactly like you say, not much money, don't know what they are going to do in retirement, however they are happy and will cross that bridge later.
I moved away as I didn't want to become one of them as Hull is not exactly what I call a great place to move up in the world of careers, they decided not to and many school friends live in the same villages they lived in as kids, I find that weird.
Adam B said:
Is it the Philippines you are based? Will you stay there for the rest of your days (presumably expensive to move back and money won't go as far)
We'll be here for a few more years at least, too much hard work and money invested in our house to move back to blighty soon. Plus we have 8 dogs, which we'll not be able to re-home as they are not exactly user friendly. And I'd never have them put down.Asterix said:
KH - Nah mate - you're looking at this from completely the wrong perspective.
The is the beginning of the rest of your life, the bit where you are in total control. Look at this as the time that is the pay off for all the graft and crap you've gone through for the last 30 odd years.
Too old? Pah! Many could say that at 55 you're too young to be in such an enviable position.
I'm telling myself that more and more the last few weeks mate. The is the beginning of the rest of your life, the bit where you are in total control. Look at this as the time that is the pay off for all the graft and crap you've gone through for the last 30 odd years.
Too old? Pah! Many could say that at 55 you're too young to be in such an enviable position.
KFC said:
I can't think wtf i'd do with myself if I retired at 40. I know someone will be along to say 'lack of imagination' but there is no real purpose to just endlessly going on holidays is there?
It saddens me that so many people stay working because they simply don't have anything else to do. If you love your job, fair enough, but other than that, it is sad. AdeTuono said:
I retired last year at 54, and can honestly say it's the best thing I ever did. My days are so full of 'stuff' that I've no idea how I ever had time for work.
I worked in the oilfield for 30+ years, and have seen so many of my contemporaries reach 65 and drop down dead within a year. I resolved that this wouldn't happen to me.
I hope to be like you mate. I worked in the oilfield for 30+ years, and have seen so many of my contemporaries reach 65 and drop down dead within a year. I resolved that this wouldn't happen to me.
CuckooInMyNest said:
Just checking....is there anyone on this forum who does NOT work in Oil/IT, does not have a fat 'Pension Pot', does not restore their own classic cars, does not own a couple of rental properties, does not have a large savings account and simply struggles to raise their kids and pay their bills each month?
Not that I am aware of. I didn't think PH allows poor people in its doors?? To be honest, I started life in a factory machine shop, fifteen years of tedious repetitive 9 hour days. i never married, and when the economy and idiots drove house prices crazy in the late 80's I sold mine and decided to feck off and see the world, and took risks, and knocked on doors in far off countries in 45c heat, asked for work whenever I needed it.
Not saying anybody here wastes money, but I've never bought a new car, rarely use credit cards, never went on huge credit card foreign holidays, don't ever buy designer clothes, and even though I work offshore it is not one of these $150,000 a year jobs we all hear about, more like half that. I have taken advantage of a couple of little 'extra investments' available through the company, which uses my own cash to boost the meagre pension, and hopefully we'll be able to survive on what I get when I do stop work.
Plus we have another house in England we rent out.
I paid into a UK pensions for several years, but I have long since lost track of who owns it, or how to use it. They send an update every few years, to my dads address, so I can probably get hold of them when I'm 65...
I also received a cheque from some pension company or other about 10 years ago, telling me they had folded and I was getting my contributions and such forth back. I had no idea who they were or, when I was supposed to have enrolled, but the 1100 quid came in useful.
I also received a cheque from some pension company or other about 10 years ago, telling me they had folded and I was getting my contributions and such forth back. I had no idea who they were or, when I was supposed to have enrolled, but the 1100 quid came in useful.
King Herald said:
It saddens me that so many people stay working because they simply don't have anything else to do. If you love your job, fair enough, but other than that, it is sad.
I have 2 jobs, one I get paid to do and dislike, and 1 I do for less than nothing (it ends up costing me a fortune) and love doing.I'd consider my life a success at the point I can leave job 1 behind, and have enough time and money to pursue job 2 till I'm no longer able, or no longer want to.
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