Enjoying Retirement
Discussion
m30dus said:
Been following this thread with great interest - some great contributions and insight.
Having started my own gig back in 2007 I finally hung up the jacket early 2020 just in time to benefit from the more favourable ER lifetime limit that was changed in the March budget.
Work was a tough gig often seeing me away from home 4 nights a week only to be stuck in the office when I returned home for the weekend! Whilst in the large part it was still doing it for me, it was clearly depreciating and I just couldn’t get together with todays work ethics so better to stand aside than be the angry dinosaur stomping around the office..
Having put a lot of focus into winding down and with the hope of starting a family just before we both turned the big 40, my better half suffered a seizure in the weeks following the buyout. A few weeks on from that we are being sat down to be told it’s terminal cancer. Bugger!
We are two years in now, she’s doing great and best part through her primary care. Whilst family is clearly a no-go we are now focusing efforts on her treatment and on that finishing this summer, hopefully get some good travelling etc in.
Retirement for me has been great despite the obvious setback. Absolutely no idea how I functioned before at any level and just going into the office one day a week on a consultancy role wipes new out! No emails, no work mobile and no never ending list of demands is just bliss.
My days now start 3-4 hours later than they did just a couple of years ago, walking the dog, taking an hour to eat breakfast and drink copious amounts of coffee and just take the rest of the day as it goes, largely weather dependant!!
Am running 50/miles week and getting involved in a few property renovations, but only in the same street as where I live, or round the corner as to ensure there is no commute, bliss!
Life’s very, very short guys, and most of all unpredictable. You won’t regret it, any compromise is heavily outweighed by the seemingly never ending benefits. Just make sure your focus includes social interaction/hobbies/purpose/etc and not just finances. I, like most probably focussed too much on the latter but it’s the former you need most once you actually step back.
M30dus- be strong fella . Very key post this best of luck to you Having started my own gig back in 2007 I finally hung up the jacket early 2020 just in time to benefit from the more favourable ER lifetime limit that was changed in the March budget.
Work was a tough gig often seeing me away from home 4 nights a week only to be stuck in the office when I returned home for the weekend! Whilst in the large part it was still doing it for me, it was clearly depreciating and I just couldn’t get together with todays work ethics so better to stand aside than be the angry dinosaur stomping around the office..
Having put a lot of focus into winding down and with the hope of starting a family just before we both turned the big 40, my better half suffered a seizure in the weeks following the buyout. A few weeks on from that we are being sat down to be told it’s terminal cancer. Bugger!
We are two years in now, she’s doing great and best part through her primary care. Whilst family is clearly a no-go we are now focusing efforts on her treatment and on that finishing this summer, hopefully get some good travelling etc in.
Retirement for me has been great despite the obvious setback. Absolutely no idea how I functioned before at any level and just going into the office one day a week on a consultancy role wipes new out! No emails, no work mobile and no never ending list of demands is just bliss.
My days now start 3-4 hours later than they did just a couple of years ago, walking the dog, taking an hour to eat breakfast and drink copious amounts of coffee and just take the rest of the day as it goes, largely weather dependant!!
Am running 50/miles week and getting involved in a few property renovations, but only in the same street as where I live, or round the corner as to ensure there is no commute, bliss!
Life’s very, very short guys, and most of all unpredictable. You won’t regret it, any compromise is heavily outweighed by the seemingly never ending benefits. Just make sure your focus includes social interaction/hobbies/purpose/etc and not just finances. I, like most probably focussed too much on the latter but it’s the former you need most once you actually step back.
Armitage.Shanks said:
That's the problem with FS/DB schemes you really need to do the full time to get the best benefits. I think there's some sort of accelerator in your scheme whereby in your last 10yrs they contribute double the amount despite you paying the same percentage every month. I'd bet a private scheme wouldn't offer anywhere near that.
On the subject of keeping a spreadsheet that takes you into your 70s/80s I can see the logic but there could be a tendency to get fixated on the figures all the time, not spend what you 'planned' and then end up with a pile of money you're too old or not there to use. It's not something I do and tend to manage my money on the pension payments paid into the bank every month.
I agree & so I can see the idea of front loading your pension although some might see this as a slightly dangerous game . On the subject of keeping a spreadsheet that takes you into your 70s/80s I can see the logic but there could be a tendency to get fixated on the figures all the time, not spend what you 'planned' and then end up with a pile of money you're too old or not there to use. It's not something I do and tend to manage my money on the pension payments paid into the bank every month.
https://www.express.co.uk/sport/rugby-union/159235...
When you read things like this it makes you want to throw all the calculations out the window and get retired !
When you read things like this it makes you want to throw all the calculations out the window and get retired !
mikeiow said:
Absolutely.
Another good pal of mine, younger than me, passed away last weekend in a tragic accident
A very popular & successful fella who crammed far more into his life than most of us....but still way too soon....
Just awful, & makes me appreciate daft days like swapping my winter wheels for summer wheels yesterday (which always leaves me feeling like I've wrestled a bear for an hour or two....). Live your life!
Well said Mike and sorry to hear about your pal Another good pal of mine, younger than me, passed away last weekend in a tragic accident
A very popular & successful fella who crammed far more into his life than most of us....but still way too soon....Just awful, & makes me appreciate daft days like swapping my winter wheels for summer wheels yesterday (which always leaves me feeling like I've wrestled a bear for an hour or two....). Live your life!
plenty said:
What a great way to put it.
Once the glow of not having to wake up and commute in rush hour and deal with corporate BS wears off - and it will wear off - what's next? Think it's important to think this through sooner rather than later.
BTW - genuinely impressed with how GT3Manthey has kept this classic thread going, through the use of clever and relevant questioning. Maybe you could take on a part-time role as social-media manager after retiring
Hahaha tks Plenty . Once the glow of not having to wake up and commute in rush hour and deal with corporate BS wears off - and it will wear off - what's next? Think it's important to think this through sooner rather than later.
BTW - genuinely impressed with how GT3Manthey has kept this classic thread going, through the use of clever and relevant questioning. Maybe you could take on a part-time role as social-media manager after retiring
It’s the thread I’m hooked on as I’m still fixated on being out of the rat race in a years time but yes you are right maybe a little part time social media role would be ideal !
I ask this question as a mate of mine quit work at 55 with no real plan then went through a stage of depression & anxiety and nearly ate himself to death !
He’s just undergone surgery for a gastric bypass which has helped but he’s wasted almost 4 years of doing very little .
As you say it’s important to have a plan
alscar said:
I retired just over 3 months ago and am still very much in holiday mode and still to get used to it ( which is great frankly ) - Covid and wfh had made the decision that much easier as the thought of having to go back to commuting just didn't work for me in the slightest.
I had initially thought about it a few years ago pre Covid and was on a 12 months notice period and with other "changes" in the workplace anyway had decided in December 2020 to tender such notice of intention.
After returning this am from a rather pleasant coffee and croissant I can safely say 200% no regrets as yet !
Good to hear and many congrats I had initially thought about it a few years ago pre Covid and was on a 12 months notice period and with other "changes" in the workplace anyway had decided in December 2020 to tender such notice of intention.
After returning this am from a rather pleasant coffee and croissant I can safely say 200% no regrets as yet !
radovich said:
This is indeed good advice. Although I’m sure I’ve read earlier in this thread about the prospect of work cocking up Sunday afternoons and completely ruining Sunday evenings.
At shortly before midnight after a horrific previous week, I’d settle for just a good night’s sleep tonight and no 6:00 call for more of the same tomorrow.
I could work out what to do with all that time once I have it!
What stage are you at with regards future retirement?At shortly before midnight after a horrific previous week, I’d settle for just a good night’s sleep tonight and no 6:00 call for more of the same tomorrow.
I could work out what to do with all that time once I have it!
I’m now wondering if I even bother taking the part time job once I retire from my current one given it’ll require a day in London and still answering to someone else on a Monday morning .
What do you do work wise ?
ooid said:
Did you consider teaching in higher education? A few of my colleagues moved into part-time teaching roles as visiting professors after selling their business. I do not know the field you are in but I was told if you enjoy your field it is a good way to be engaged and rewarding job as well. As long as its a good institutions though,
My line of work won’t accommodate any form of teaching as such but I see your thinking. Also part of me thinks if i choose to retire why not do it properly or hang on for another year in the field im in.
We have some health considerations at home and being mid 50’s now and seeing so many health issues crop up with peers i might be better off ditching any form of stress altogether.
Obviously the numbers have to work in order of me to do this
Carbon Sasquatch said:
There's a whole spectrum of part time jobs......
You can be at the RDMcG end of the spectrum - or a family business where you have a huge vested interest in the ultimate success of the enterprise. I can see how that could easily morph into something at least as stressful as a full time role.
At the other end of the spectrum, you could be an Uber driver where you work exactly when & where you want to & absolutely don't give it a second thought in between.
I plan 6-12 months not working before making a decision.
Makes sense . You can be at the RDMcG end of the spectrum - or a family business where you have a huge vested interest in the ultimate success of the enterprise. I can see how that could easily morph into something at least as stressful as a full time role.
At the other end of the spectrum, you could be an Uber driver where you work exactly when & where you want to & absolutely don't give it a second thought in between.
I plan 6-12 months not working before making a decision.
Do keep us posted
The beauty of starting this thread ( for me anyway ) is that all the input and actual retirement experiences are key.
Its helped me compile a genuine monthly cost base which includes anything from monthly food costs to having Spotify at £7.99 and month !
It all adds up and needs to be accounted for.
We will all be different in our wants and needs & it adds a sense of planning away from what our IFA or WA tells us .
Only we really know what’s important in our day to day lives .
Do I really need the full sky package at £130 a month or equally so I need a budget of £800 a month for food and wine & how can I Taylor that to make it all work .
There have been so many incidentals i would have never thought of if it wasn’t for this thread so personally I’ve found it enormously helpful .
Always good to hear from those that have actual experience of pulling the pin and retiring and sharing how it’s working out.
Personally I’ve found it reassuring and also an eye opener in equal measure and I think for those planning for future retirement it’s a good yard stick to come back to.
For those that have retired pls keep the updates coming and for those looking at future retirement pls keep the thread updated on how you are getting along .
Its helped me compile a genuine monthly cost base which includes anything from monthly food costs to having Spotify at £7.99 and month !
It all adds up and needs to be accounted for.
We will all be different in our wants and needs & it adds a sense of planning away from what our IFA or WA tells us .
Only we really know what’s important in our day to day lives .
Do I really need the full sky package at £130 a month or equally so I need a budget of £800 a month for food and wine & how can I Taylor that to make it all work .
There have been so many incidentals i would have never thought of if it wasn’t for this thread so personally I’ve found it enormously helpful .
Always good to hear from those that have actual experience of pulling the pin and retiring and sharing how it’s working out.
Personally I’ve found it reassuring and also an eye opener in equal measure and I think for those planning for future retirement it’s a good yard stick to come back to.
For those that have retired pls keep the updates coming and for those looking at future retirement pls keep the thread updated on how you are getting along .
radovich said:
Like you, I’m not too far off but trying to make the numbers add up. Turned 59 last month so sometime within the next 1-3 years ideally, although I do have fairly cost intensive late-teenage children knocking about!
The p/t job you describe does sound a little like more of the same and one of the attractions of finishing is surely not being beholden to The Man anymore. Not to mention the commute…
My work is for the Government in an area that’s in the news most days, never for anything good and which is heavily involved in world events at the moment.
Really great thread you’ve got going here.
The P/T job would be totally different and far more outdoors apart from the one day a week in the office so not all bad . The p/t job you describe does sound a little like more of the same and one of the attractions of finishing is surely not being beholden to The Man anymore. Not to mention the commute…
My work is for the Government in an area that’s in the news most days, never for anything good and which is heavily involved in world events at the moment.
Really great thread you’ve got going here.
The rest of the time might be an hour or two a day on the PC at home & some occasional travel but very little.
Question is do I want full retirement or does this make the transition easier whilst bringing in extra cash .
Ideally I’d just jack it all in and never work again but an extra income might be hard to turn down as you never quite know what’s round the corner and how much extra help the kids might need with housing etc.
Still have some time to see if the P/T job is or me
Hahah no the boss ( hopefully) has no idea !
Always better to hide behind a PH name .
Good points re the PT job .
My leaning is to let it pass and have the beauty of free Monday mornings a a full week where I decide ( well the wife really) what the plan is .
I’m not pushing for the PT job and I can see it’ll end up me throwing myself into it so might defeat the whole idea of retiring.
Always better to hide behind a PH name .
Good points re the PT job .
My leaning is to let it pass and have the beauty of free Monday mornings a a full week where I decide ( well the wife really) what the plan is .
I’m not pushing for the PT job and I can see it’ll end up me throwing myself into it so might defeat the whole idea of retiring.
Hang On said:
This all highlights the importance of having enough flexibility in your planned budget to be able to react when you need to.
For someone in my situation 2022 is a perfect storm. Global markets are down, inflation is soaring and we have no pensions. So our capital base is shrinking and, were we to maintain our habitual outgoings, our expenditure would have to increase.
We’ve re-budgeted and for this year we plan to reduce our expenditure by 20% vs our usual run rate despite inflation pulling in the other direction. It means cutting a few things out but it is doable.
I would counsel strongly that one retire with the ability to fund a lifestyle that is at the upper range of your wish list so that you can easily flex it down when needs must. If you retire on a plan that just about scrapes by there could be some rocky years ahead.
This is all very true . For someone in my situation 2022 is a perfect storm. Global markets are down, inflation is soaring and we have no pensions. So our capital base is shrinking and, were we to maintain our habitual outgoings, our expenditure would have to increase.
We’ve re-budgeted and for this year we plan to reduce our expenditure by 20% vs our usual run rate despite inflation pulling in the other direction. It means cutting a few things out but it is doable.
I would counsel strongly that one retire with the ability to fund a lifestyle that is at the upper range of your wish list so that you can easily flex it down when needs must. If you retire on a plan that just about scrapes by there could be some rocky years ahead.
My monthly costs leaves me with around 20% spare cash but what if the growth of my pension & investments don’t match spiralling inflation or we get hit with some unforeseen cost.
This or me is the reason for still looking at a P/T job so I’ll hopefully have some form of buffer in the event things go slightly wonky.
That said I don’t want to be fully dependant on the P/T job incase that doesn’t work out so the initial figures would need to work ideally .
craig1912 said:
Having retire three years ago (at 58) I’ve just come back from a weeks skiing (probably my last as a knee injury whilst out there is likely to stop me skiing).
I am thankful that I have Private Medical Insurance which means I’m having an MRI scan next week. I also used it a couple of months ago when the NHS couldn’t accommodate me in a reasonable time.
It is expensive but something I wouldn’t be without. It also offers ancillary benefits like Private GP service (some dire GP practices around here). I’ve had PMI all my life through employer, just glad I continued when I retired.
Also booked three other holidays this year and definitely get annual travel insurance. Saves huge amount of money and covered me for £800 med expenses on ski trip.
Currently funding my youngest through Uni to the tune of £600pm which will end next year.
We also moved to a slightly small but much more energy efficient house last year which as kept a lid on fuel bills. It’s also within walking distance of virtually all services and shops so we are using our cars much less. Debated going to one car but we don’t want to lose that independence.
Our thinking is along the same lines . I am thankful that I have Private Medical Insurance which means I’m having an MRI scan next week. I also used it a couple of months ago when the NHS couldn’t accommodate me in a reasonable time.
It is expensive but something I wouldn’t be without. It also offers ancillary benefits like Private GP service (some dire GP practices around here). I’ve had PMI all my life through employer, just glad I continued when I retired.
Also booked three other holidays this year and definitely get annual travel insurance. Saves huge amount of money and covered me for £800 med expenses on ski trip.
Currently funding my youngest through Uni to the tune of £600pm which will end next year.
We also moved to a slightly small but much more energy efficient house last year which as kept a lid on fuel bills. It’s also within walking distance of virtually all services and shops so we are using our cars much less. Debated going to one car but we don’t want to lose that independence.
Having had several operations including recent knee surgery I’m keen to keep the private medical insurance going .
Also I’d allocated the same monthly amount for my daughter when she starts uni .
Housing wise we plan to sell the main family home and our holiday flat to buy one cheaper home further away from London & bank some more cash .
Car wise I can see us with something hybrid and a play car for me for a period of time until I consider it too expensive at which stage I’ll probably get back into bikes.
Part of my monthly costs base is an allowance of £750 put aside for holidays throughout the year . This might sound a little excessive but I can always use any left overs for other costs .
Plan is to retire in 12 months
alscar said:
Rarely if ever on PH has there been a thread such as this one where no arguments or aggressively given opinions have surfaced so that in itself is good and helpful to see !
Ignoring the money aspect for a second ,having a plan for retirement sounds great but I always said it’s not so easy planning that whilst still working - or maybe that was an an excuse.
3 months in and it does feel like a holiday and whilst slowly working through various to do lists what I like most is simply the knowledge of not having to do anything. I have yet to lie in at all ( my wife has horses so still gets up “ early “ ) but perhaps I should treat myself to that occasionally ?!
In common with some recent posters my father died not long after he finally retired and I guess that also perhaps sub consciously was a factor.
Not having to look at emails constantly ( depends on your levels of conscience here ) is also something not missed at all.
Money obviously is the bigger concern before making the call to stop ( and it’s a huge call ) so yes I am fortunate that I was in a position that I could do that.
Do I wish I had done it sooner ? No because it didn’t seem right. Am I glad I’ve now done it ? 200% yes.
Many tks and let’s hope the thread stays nice and friendly. Ignoring the money aspect for a second ,having a plan for retirement sounds great but I always said it’s not so easy planning that whilst still working - or maybe that was an an excuse.
3 months in and it does feel like a holiday and whilst slowly working through various to do lists what I like most is simply the knowledge of not having to do anything. I have yet to lie in at all ( my wife has horses so still gets up “ early “ ) but perhaps I should treat myself to that occasionally ?!
In common with some recent posters my father died not long after he finally retired and I guess that also perhaps sub consciously was a factor.
Not having to look at emails constantly ( depends on your levels of conscience here ) is also something not missed at all.
Money obviously is the bigger concern before making the call to stop ( and it’s a huge call ) so yes I am fortunate that I was in a position that I could do that.
Do I wish I had done it sooner ? No because it didn’t seem right. Am I glad I’ve now done it ? 200% yes.
Sorry to hear about your father passing so soon after retiring , this is obviously a concern for all .
May i ask how old he was when he passed ? I ask this as my father also died 3 years post retirement.
Also at what age have you retired ?
Congrats btw and I sincerely hope you are enjoying it so far
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