Enjoying Retirement
Discussion
MrVert said:
I’d agree with the sentiment about stopping work around this time of year, unless you have something to dive into,to keep you busy.
I stopped in October 2017 aged 49…had just extended the old house but had to fit out a kitchen / living space so that gave me my first project, which took me through to after Xmas. Really enjoyed getting stuck in and doing something practical.
I had two years before COVID hit, spent the time split between bike riding, walking the (new) dog, road trips in the cars, bit of travelling, purchasing some properties and refurbishing them. Learnt a few new skills along the way. All in all, after running a busy company for nearly 20 years, I did not miss it for a single moment.
As covid hit, we finished off the bits in the house that needed doing as we’d seen a barn conversion in the country that we just had to have. Sold the old house immediately and secured the barn, although it took until Feb 2021 to complete.
So now, we’re out in the sticks on the edge of a village. Walks and cycle rides all around us. The barn is immaculate and doesn’t need anything doing to it, so I’m now looking for a new project for this year. Thinking of buying and restoring a classic car, something I’ve always wanted to do.
Yesterday, up early, dog walk over the fields, back for a coffee in the sun…sorted out the bike for a ride later today. Plan on doing at least 20 miles each day from now on….weather dependent
Gratuitous photo of the countryside around us, you can just about make out our place in the distance.
I feel very fortunate to be in this position, but worked my arse off for 30 years to get to where I am. I’m glad I bit the bullet when I did, I could have gone on for another few years, made some more money etc etc, but I did the sums, decided I had enough to do what I wanted to do and took the jump.
If you can do it, without too much of a struggle lifestyle-wise, then go for it. You’ll not regret it.
You made a lovely job of that kitchen nice one . I stopped in October 2017 aged 49…had just extended the old house but had to fit out a kitchen / living space so that gave me my first project, which took me through to after Xmas. Really enjoyed getting stuck in and doing something practical.
I had two years before COVID hit, spent the time split between bike riding, walking the (new) dog, road trips in the cars, bit of travelling, purchasing some properties and refurbishing them. Learnt a few new skills along the way. All in all, after running a busy company for nearly 20 years, I did not miss it for a single moment.
As covid hit, we finished off the bits in the house that needed doing as we’d seen a barn conversion in the country that we just had to have. Sold the old house immediately and secured the barn, although it took until Feb 2021 to complete.
So now, we’re out in the sticks on the edge of a village. Walks and cycle rides all around us. The barn is immaculate and doesn’t need anything doing to it, so I’m now looking for a new project for this year. Thinking of buying and restoring a classic car, something I’ve always wanted to do.
Yesterday, up early, dog walk over the fields, back for a coffee in the sun…sorted out the bike for a ride later today. Plan on doing at least 20 miles each day from now on….weather dependent
Gratuitous photo of the countryside around us, you can just about make out our place in the distance.
I feel very fortunate to be in this position, but worked my arse off for 30 years to get to where I am. I’m glad I bit the bullet when I did, I could have gone on for another few years, made some more money etc etc, but I did the sums, decided I had enough to do what I wanted to do and took the jump.
If you can do it, without too much of a struggle lifestyle-wise, then go for it. You’ll not regret it.
Like you I want to busy myself thou my practical skill are somewhat limited !
Nonetheless having time to attempt them is what’s important .
My post above gives some insight into our plans.
We think that living in the flat when it’s just the two of us with a sea view and little expenses and issues might be the way forward .
DT1975 said:
Mothers day..its a Sunday so I guess not treated differently for those working / retired folk.
I popped around my mums this morning (I'm one of four ) and the rest are spoiling her rotten for the rest of the day.
The afternoon was spent expanding the raised fishpond in absolutely glorious weather......my daughters are around so dinner was a Thai takeaway for the better half, her favourite.
Tomorrow is golf with my brother, Tuesday a trip to sunny Weymouth, Wednesday a trip to London to help my daughter move out of her flat . I'll need a rest by Thursday :-)
Sounds a perfect week TBH I popped around my mums this morning (I'm one of four ) and the rest are spoiling her rotten for the rest of the day.
The afternoon was spent expanding the raised fishpond in absolutely glorious weather......my daughters are around so dinner was a Thai takeaway for the better half, her favourite.
Tomorrow is golf with my brother, Tuesday a trip to sunny Weymouth, Wednesday a trip to London to help my daughter move out of her flat . I'll need a rest by Thursday :-)
Esp the golf part hahaha
CAH706 said:
I retired last year at 49. A year earlier than I’d planned due to securing a redundancy payoff (my choice to go).
I didn’t particularly love or hate my job. I was well paid and could have carried on for a few more years but for me I thought that on balance I’d rather have more time to do other things
A few things that stand out for me;
I am far more relaxed that I ever was - No thoughts of work on a Sunday. This must be good for my stress levels but more importantly I have far more time and patience to do things with my son. Im keen to enjoy the time with him before he leaves on his own life journey.
I used to barely tolerate DIY as it felt like it was taking away my family time and time to unwind. As a result, I’d usually get trades people in. I’m currently fitting new bedroom units to 2 bedrooms and redecorating both bedrooms. With the extra time I have I’m thoroughly enjoying doing this - the added bonus being the lack of cost.
Financially there is a drop in income coming into the household each month but after tax and reduced outlay on various things the difference isn’t enough to change my lifestyle at all.
A year on from retirement I don’t regret it all.
49 wow good for you . I didn’t particularly love or hate my job. I was well paid and could have carried on for a few more years but for me I thought that on balance I’d rather have more time to do other things
A few things that stand out for me;
I am far more relaxed that I ever was - No thoughts of work on a Sunday
. This must be good for my stress levels but more importantly I have far more time and patience to do things with my son. Im keen to enjoy the time with him before he leaves on his own life journey.I used to barely tolerate DIY as it felt like it was taking away my family time and time to unwind. As a result, I’d usually get trades people in. I’m currently fitting new bedroom units to 2 bedrooms and redecorating both bedrooms. With the extra time I have I’m thoroughly enjoying doing this - the added bonus being the lack of cost.
Financially there is a drop in income coming into the household each month but after tax and reduced outlay on various things the difference isn’t enough to change my lifestyle at all.
A year on from retirement I don’t regret it all.
I see myself feeling very much the same come Sundays & stress levels .
DIY i do the same as just no time to allocate to it plus as weekends I want to be doing ‘me’ stuff.
Won’t miss work in the least although I’m likely to do a part time job with a family member but very much part time which will suit .
Providing the hum drum of my Monday to Friday current existence has changed then all good
Carbon Sasquatch said:
Always hard to know what averages mean…..
So the average couple have 400k between them ? Plus state pensions plus any DB pensions they may have ?
I’d say the vast majority looking to retire in the next 5 years won’t have a DB pension. So the average couple have 400k between them ? Plus state pensions plus any DB pensions they may have ?
Back in the early 90’s I joined a major American bank that had just scrapped DB pension schemes
Register1 said:
6 months to go until I am 66 in September.
I have decided to stay on until June following year.
No point retiring as heading into winter.
By June the following year, it will be nice and warm again.
Then finish work for good.
Much younger wife earns really good salary, that coupled with no mortgage, a few small personal pensions, and state pension will see us quids in.
66 is a great achievement well done you. I have decided to stay on until June following year.
No point retiring as heading into winter.
By June the following year, it will be nice and warm again.
Then finish work for good.
Much younger wife earns really good salary, that coupled with no mortgage, a few small personal pensions, and state pension will see us quids in.
Enjoy your retirement
TwigtheWonderkid said:
I suspect that those numbers are the average pension pot for people that have a pension pot. There's no way the average couple have £400K. I think I read that the average pension pot, spread across the whole population, is £16K per person. Or it might have been £16K per couple. Because millions of people have nothing beyond state pension.
Scary. Retiring on the state pension alone will be tricky . The next generation of course won’t even get a state pension so even more reason to stop the car leasing deals and invest in a pension from an early age !
okgo said:
One of my family is 64, has 120k pot, owns a property worth probably 450k with no mortgage. Isn't going to get a full state pension for whatever reasons that now can't be rectified - less than ideal, not actually sure if they've thought about a plan yet...
I don’t know the details obviously but surely The state pension is all about previous NI contributions ? TTmonkey said:
My in laws spent their retirement complaining about how expensive everything is, nit enjoying their retirement, not spending on important things that could have seriously heightened their quality of life, and yet they died suddenly, recently.
They left £338,000 in cash/investments for us plus property they lived in.
We would prefered it if they had enjoyed a bit more of life
(Aged 78/80) so it’s not like they died young.
Key post. They left £338,000 in cash/investments for us plus property they lived in.
We would prefered it if they had enjoyed a bit more of life
(Aged 78/80) so it’s not like they died young.
My WM is looking for me to live till 90 and I know given the life I’ve led that ain’t happening !
RichardAP said:
In which case it would be annoying if you could have retired now if you assumed you would only live until say 85?
12 months to go. I can handle that …….just ! That said I may be working with a family member on a very part time basis when I quit so that’ll bring in some additional monthly cash which will likely go the kids but also give some structure to my week . If it doesn’t work out so be it
davidc1 said:
Another super PH thread. Wise words all over the place.
I am early 50s and just starting to line up the ducks for retirement.
A few years to go but you gotta have a plan right.
My dad passed last year and that been v difficult . Still trying to get over it.
Its all a balance .
My main hobby is cycling .
I hope mybody will allow this in a few years ha ha.
My kids are still young so i think this will keep me active.
Tks. I am early 50s and just starting to line up the ducks for retirement.
A few years to go but you gotta have a plan right.
My dad passed last year and that been v difficult . Still trying to get over it.
Its all a balance .
My main hobby is cycling .
I hope mybody will allow this in a few years ha ha.
My kids are still young so i think this will keep me active.
As mentioned I started the thread as we spend so many years working and not really giving too much thought to actually retiring then suddenly it comes into focus and you wonder if you’ve thought of everything.
It’s sometimes not just the financial side but also the emotional aspect.
That said throughout this thread I’ve picked up on lots of financial pointers which have proved enormously helpful so hopefully it’s helped others too .
craig1912 said:
Age when new state scheme kicked in, wether or not you’ve been contracted out and maybe other variables.
As I said it isn’t straight forward unless you are under a certain age and have never been contracted out.
https://www.gov.uk/government/publications/new-sta...
Is there a way that you can check just using your NI number on the website that you have enough qualifying years ?As I said it isn’t straight forward unless you are under a certain age and have never been contracted out.
https://www.gov.uk/government/publications/new-sta...
craig1912 said:
Not using your NI number but once you have set up a gov gateway or gov verify ID it’s easy
https://www.gov.uk/check-state-pension
Your forecast is £179.60 a week,https://www.gov.uk/check-state-pension
£780.94 a month, £9,371.27 a year
Your forecast
is not a guarantee and is based on the current law
is based on your National Insurance record up to 5 April 2021
does not include any increase due to inflation
£179.60 is the most you can get
Yay tks looks like im at least almost there although ive completed over 35yrs so maybe its not so straight forward but i guess i can stomach the extra tenner a week !
Edited by GT3Manthey on Wednesday 30th March 19:40
Edited by GT3Manthey on Wednesday 30th March 19:54
mikeiow said:
Eh?
It told you you would get £179.60, and (the important bit lower down) that £179.60 is the most you can get.
What tenner?!
IIRC, you use an IFA, or have I got this wrong? Do you have money conversations with him to clarify this stuff….
Oops sorry I had a few other numbers rattling around in my head ! Sorry my bad It told you you would get £179.60, and (the important bit lower down) that £179.60 is the most you can get.
What tenner?!
IIRC, you use an IFA, or have I got this wrong? Do you have money conversations with him to clarify this stuff….
Let’s get the thread back on track……
Having quick call with WM tonight just to discuss a few things re ISA’s etc which look like have recovered now after the recent slump !
Edited by GT3Manthey on Thursday 31st March 07:05
radovich said:
Also been dipping into this one regularly and thoroughly enjoying it. So much food for thought. Just turned 59 with 43 years work under my belt and head’s all over the place about when to finish. Two teenage children, eldest shortly off to uni in London, so probably not any time soon unfortunately!
Got various DB and DC pensions with varying retirement ages. A retained DB one with NRA 62 is showing a less than 4% penalty if I take it now. Apart from being whipped for higher rate tax for as long as I’m still working, what’s not to like there? It’s not as if it has a fixed term, as long as I’m still chugging along, so is surely just free extra money. Or am I missing something patently obvious…
My plan for uni fees is to pay the accommodation fees but use the student loan facility and come back to that once my youngest finishes . Got various DB and DC pensions with varying retirement ages. A retained DB one with NRA 62 is showing a less than 4% penalty if I take it now. Apart from being whipped for higher rate tax for as long as I’m still working, what’s not to like there? It’s not as if it has a fixed term, as long as I’m still chugging along, so is surely just free extra money. Or am I missing something patently obvious…
We might be in a position to pay it off for her or , like most students, she’ll have to take that on herself but I’m sure we can help .
If you can muster a way to make the numbers work for retiring I’d say go for it .
Also look at what you’ll likely need once you pass 70 as most will front load their pensions so spending should reduce .
Good luck in your decision making .
This thread is great for picking up on bits you havnt thought of
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