Enjoying Retirement
Discussion
OldSkoolRS said:
Having done both last year, I know what you mean...a slight anti-climax, but I find it a slow burner as it sinks in that all those niggles and stresses at work are gone and you don't have to worry. It feels like a long holiday at first and that in the back of your mind you'll have to go back it. Well it did with me anyway. As we passed the point where I'd be doing mid year reviews and other milestone dates, I'd keep thinking how great it was I didn't have to deal with that anymore. Meeting up with my replacement last month for beers only served to reiterate how glad I was to have left.
The other made my remaining income go much further. While the figure I'm aiming for later this year once my main pension starts is lower, once you take out the mortgage I no longer need to pay, then it's about the same. I'm reminded of that whenever I'm doing my budgeting with 'mortgage £0' in my calculations.
In other news after my busy musical weekend; the band I'm in has imploded, partly due to one member now being too busy at work to fit in rehearsals, then another decided to call it a day too. Shame as we had three paid gigs lined up over the next 6 weeks or so and another one further out too. Maybe the rest of us will carry on in some form with a new line up, but it'll take some work to get us gig ready. At least I'm signed up to Rock Project for next term to keep me doing something musical.
As this is the financial section: I now predict that savings rates will go up next week after I lock some of my inheritance into a 5 year bond with monthly interest. I missed the 5% plus rates that we briefly saw end of last year, so I'm taking the plunge with the best I can find at 4.45% and also moving some other funds across to a new ISA once we get in the new tax year, so no doubt they'll increase as well after that.
Morning OldSkool, The other made my remaining income go much further. While the figure I'm aiming for later this year once my main pension starts is lower, once you take out the mortgage I no longer need to pay, then it's about the same. I'm reminded of that whenever I'm doing my budgeting with 'mortgage £0' in my calculations.
In other news after my busy musical weekend; the band I'm in has imploded, partly due to one member now being too busy at work to fit in rehearsals, then another decided to call it a day too. Shame as we had three paid gigs lined up over the next 6 weeks or so and another one further out too. Maybe the rest of us will carry on in some form with a new line up, but it'll take some work to get us gig ready. At least I'm signed up to Rock Project for next term to keep me doing something musical.
As this is the financial section: I now predict that savings rates will go up next week after I lock some of my inheritance into a 5 year bond with monthly interest. I missed the 5% plus rates that we briefly saw end of last year, so I'm taking the plunge with the best I can find at 4.45% and also moving some other funds across to a new ISA once we get in the new tax year, so no doubt they'll increase as well after that.
I think that’s called the law of Sod !
I’ve just had an email from my wealth manager wanting a call tonight to discuss some regulation changes so I’ll keep the thread updated with what he says.
Like you I’ll need to lock up some cash at some stage so I’m hoping rates stay where they are now at least & I’ll have my wife’s and daughters tax free allowance as non earners to use.
Mortgage will be cleared regardless of moving in jan next year when my 1% deal ends so it’ll be a balancing act depending what happens with house sale.
Feels like a juggling act right now !
alscar said:
Not having to commute into London is one of the better things for me about retirement though although I am envious in a way that everything is on your doorstep.
I did once consider living in central London but just couldn’t handle it . Now that I’ve commuted to the city for 39 years I know I’ll not miss London. skeeterm5 said:
Yesterday we shifted 4 tons of gravel to finish the job of levelling and tidying up an area in front of one of the barns, and it now looks great.
Today I have been taking up the floor in the kitchen as part of the renovation of the house.
Enjoying retirement? Absolutely!!
And keeping yourself fit in the process so all round very rewarding . Today I have been taking up the floor in the kitchen as part of the renovation of the house.
Enjoying retirement? Absolutely!!
Just got home and filled in my daughter application for student loans as she’ll be off in September.
Another part of the jigsaw puzzle completed.
Also EA round today and gone away to come up with a number and a plan.
m_cozzy said:
My last day was today! 52 and a half, so government meddling aside, I'll be able to access my private pension in a few years.
Savings and isa will easily tide me over till then.
My day to day outgoings are pretty low so I'm confident my calculations are correct, but I'll happily take a flexible day a week or so doing something, if I decide I need to.
The recent pension changes would have helped as this was the last year I could max my contributions utilizing the previous 3 years old unused, about 58k /year. Regardless it wouldn't have made a difference to my retirement plans.
That’s amazing many congrats to you . Savings and isa will easily tide me over till then.
My day to day outgoings are pretty low so I'm confident my calculations are correct, but I'll happily take a flexible day a week or so doing something, if I decide I need to.
The recent pension changes would have helped as this was the last year I could max my contributions utilizing the previous 3 years old unused, about 58k /year. Regardless it wouldn't have made a difference to my retirement plans.
Was there a motivation or build up to the early retirement may I ask ?
m_cozzy said:
Cheers all. 55 was the original plan. However the last few years showed me how little money I actually need and how much I value my freetime.
Another 2.5 years would have netted me another 140k or so in the pension, but I'm happy with my current pot.
I did request reduced hours a year ago but that was rejected. I've simply run out of motivation to continue a 40+ hour week career.
All good reasons to call it a day . Another 2.5 years would have netted me another 140k or so in the pension, but I'm happy with my current pot.
I did request reduced hours a year ago but that was rejected. I've simply run out of motivation to continue a 40+ hour week career.
Enjoy and keep us all posted
Have to say my DIY abilities are woeful but maybe with some time I can do the regular odd jobs and painting and leave the very technical stuff to someone else.
Anyway, had the EA come back to us y’day and didn’t give us the golden number we were after so we’re getting another agent over for a second opinion.
Very likely we have run away with what we think our place is worth and if that’s the case we’ll either lower our expectations on what we buy or go in hard when we view.
Is what it is as they say….
Anyway, had the EA come back to us y’day and didn’t give us the golden number we were after so we’re getting another agent over for a second opinion.
Very likely we have run away with what we think our place is worth and if that’s the case we’ll either lower our expectations on what we buy or go in hard when we view.
Is what it is as they say….
The Leaper said:
This from today's DM may not be good news for you, GT!
https://www.thisismoney.co.uk/money/mortgageshome/...
Yes spotted that Leaper . https://www.thisismoney.co.uk/money/mortgageshome/...
All in the timing eh !
skeeterm5 said:
Thought we would have a day off from kitchen work today. The weather was ok so took a drive out into the hills
A spot of lunch and then a long winding route home. Car now parked on a newly tidied area outside the top barn.
And now back home, cup of tea and fire - the perfect day?
Most certainly the perfect Sunday i'd say. A spot of lunch and then a long winding route home. Car now parked on a newly tidied area outside the top barn.
And now back home, cup of tea and fire - the perfect day?
Car looks great and those views make driving worth while unlike the roads we have to contend with in the S/E of England which i'm sure you remember.
Be good to have the car tucked away in one of those barns
Happy Jim said:
Day 1 of retirement drawing to a close for me today!
Spec savers to pick up my last “staff discount” specs ??, Solicitors for more sodding paperwork, de-junked the study and lobbed all those really useful Agile/Prince/training books that’d be useful “one day”, afternoon snooze (just coz), trip to the tip….How ever did I fit work in
Had a lovely walk in the afternoon sun with Mrs Jim and the dogs.
I suspect I will quite like this new chapter
Jim
Welcome to the thread Jim and many congratulations. Spec savers to pick up my last “staff discount” specs ??, Solicitors for more sodding paperwork, de-junked the study and lobbed all those really useful Agile/Prince/training books that’d be useful “one day”, afternoon snooze (just coz), trip to the tip….How ever did I fit work in
Had a lovely walk in the afternoon sun with Mrs Jim and the dogs.
I suspect I will quite like this new chapter
Jim
Care to share some more details of your planning and intended plans ?
Edited by GT3Manthey on Monday 3rd April 21:24
Happy Jim said:
Happy to.
Planning this has been a long term goal for me, I actually got the savings bug while in the Army following a “financial briefing” that was forced on everyone in the Squadron, no real trigger just a lot of sensible words spoken, the underlying bit was “just do something” rather than the norm of procrastinate and then do nothing!
I left the mob at 33 which was a very conscious decision to give up on a Military pension kicking in at 40 had I stayed, it was the impetus I needed to do as well as I could (ie earn more!) and pump money into a DC scheme.
The target was always 55 (it was always arbitrary) and I managed it at 57 (and three quarters), close enough!
Deciding that “now” was the right time took a fair few jigsaw pieces to fall into place; Opex & Capex duties with the kids was done & dusted, working out that our actual spend per month was doable (no drop in standard of living), not getting a buzz out of work any longer but the final nudge was losing both my (long divorced) Dad at 83 and Mum at 82 last year (and then having to put my step Dad in a home).
Our plan for the past 14 years was always to sell the house we’re in now and release equity for the retirement, that plan got accelerated a bit and we’re looking to move down to Devon in 3 months time, so “relax into retirement” might have to wait as we get busy again!
On the plus side, today was a beautiful blue sky day so we hopped in the car and took the dogs for a lovely walk around Blenheim Palace grounds (spot of lunch, cup of tea….and a Pims in a can!)
Jim
Nice one Jim and tks for the update. Planning this has been a long term goal for me, I actually got the savings bug while in the Army following a “financial briefing” that was forced on everyone in the Squadron, no real trigger just a lot of sensible words spoken, the underlying bit was “just do something” rather than the norm of procrastinate and then do nothing!
I left the mob at 33 which was a very conscious decision to give up on a Military pension kicking in at 40 had I stayed, it was the impetus I needed to do as well as I could (ie earn more!) and pump money into a DC scheme.
The target was always 55 (it was always arbitrary) and I managed it at 57 (and three quarters), close enough!
Deciding that “now” was the right time took a fair few jigsaw pieces to fall into place; Opex & Capex duties with the kids was done & dusted, working out that our actual spend per month was doable (no drop in standard of living), not getting a buzz out of work any longer but the final nudge was losing both my (long divorced) Dad at 83 and Mum at 82 last year (and then having to put my step Dad in a home).
Our plan for the past 14 years was always to sell the house we’re in now and release equity for the retirement, that plan got accelerated a bit and we’re looking to move down to Devon in 3 months time, so “relax into retirement” might have to wait as we get busy again!
On the plus side, today was a beautiful blue sky day so we hopped in the car and took the dogs for a lovely walk around Blenheim Palace grounds (spot of lunch, cup of tea….and a Pims in a can!)
Jim
Plan is similar to ourselves.
We have another estate agent over today to see where we’re at and maybe get listed but it’s not the best timing with all that’s going on in the housing market.
Also been planning retirement for a good few years however I didn’t start funding my own pension till late 30’s & I’ve no DB pension.
Keep us posted and good luck
skeeterm5 said:
True, although hopefully anywhere you want to buy may have fallen too meaning that the net cost to change is about the same. Anyway good luck.
There is this yes. Seeing reductions where we are looking and virtually nothing selling so yes, the net difference is all that really matters.
See what happens this week again .
Very keen to get the ball rolling !
mart 63 said:
Had a nice bbq last night, the son and girlfriend are over, as is my dad and his wife. Finished around midnight.
Just had bacon baps around the pool with son and his other half. They were saying what a great life we have here, we seem to forget that being here full time.
Off to the beach in a bit, then to a nice Spanish restaurant for lunch, €12 each for 3 courses and half a bottle of wine.
Happy retirement
Fantastic Mart. Just had bacon baps around the pool with son and his other half. They were saying what a great life we have here, we seem to forget that being here full time.
Off to the beach in a bit, then to a nice Spanish restaurant for lunch, €12 each for 3 courses and half a bottle of wine.
Happy retirement
Great that you are able to enjoy your retirement in the company of both sides of your generation.
easytiger123 said:
Really enjoyable thread that I have been lurking around for a while, so thanks to all those regular contributors.
Here's my dilemma. Financially, I'm lucky enough to be in a position where I can retire and live how I want. I'm in my late 50's and have been working since I left school aged 18. Own my own business and have done for 20 years. My real worry is that I'll get bored fast of retirement. I don't have any hobbies really, hate DIY, and whilst I love travelling and my downtime I do worry it'll be too much of a good thing and I'll have no sense of purpose. So my question for you regulars is, is retirement actually that much fun after a while or are there any of you with regrets? Is there another side to the idyll that is generally portrayed on this thread?
Once I'm "out" it will be virtually impossible to go back into the world of business and work so I'm really finding it hard to make my mind up. Thanks!
Welcome Easytiger and thanks for your kind comments on the thread. Here's my dilemma. Financially, I'm lucky enough to be in a position where I can retire and live how I want. I'm in my late 50's and have been working since I left school aged 18. Own my own business and have done for 20 years. My real worry is that I'll get bored fast of retirement. I don't have any hobbies really, hate DIY, and whilst I love travelling and my downtime I do worry it'll be too much of a good thing and I'll have no sense of purpose. So my question for you regulars is, is retirement actually that much fun after a while or are there any of you with regrets? Is there another side to the idyll that is generally portrayed on this thread?
Once I'm "out" it will be virtually impossible to go back into the world of business and work so I'm really finding it hard to make my mind up. Thanks!
How about taking a back step from your business slowly work into retirement whilst not giving up work completely, If that’s an option ?
Dixy said:
Today is one of those days when I shout YIPPEEE I am retired
Busy 4 day bank holiday weekend, and no back to work, Make a cup of tea for SWMBO and I and go back to bed, plan to clean the car before the bad weather arrives, send an e-mail to the accountant now the financial year has ended, possibly have a snooze this afternoon when it starts pissing down.
This is what I worked hard for.
Sounds great Dixy , how long have you been retired and what age did you call it a day ? Busy 4 day bank holiday weekend, and no back to work, Make a cup of tea for SWMBO and I and go back to bed, plan to clean the car before the bad weather arrives, send an e-mail to the accountant now the financial year has ended, possibly have a snooze this afternoon when it starts pissing down.
This is what I worked hard for.
Mrs GT3 looked at a house this weekend and has fortunately decided it’s too big for us at our age ( 7 beds 3400 sq foot 2/3 kids at home but one off to uni soon and within 7 years the other two likely to leave) so we continue the search and have also sent an email to our agent telling them to market our home.
There has been a discussion about relocating the family and me living away 4 days a week until we are all settled in financially but if we lower our sights on a house then this isn’t necessary.
Thankfully the wife wants me retired too and living at home.
So here I am on the rattler after a lovely weekend back into the big smoke whilst the search continues.
alscar said:
Don’t go too small though GT3 - happy mediums and all that.
Glad the discussion about you not living away went your way.
Yup point taken. Glad the discussion about you not living away went your way.
Something the size of what we currently have would be ideal and the same layout.
Agent been on today and wants to look at taking pictures so I guess within a week or so we’ll be live as such
alscar said:
Best of luck then.
Just helped a friend of my wife put hers on the market and she got a cash offer within 24 hours.
Very low / laughable offer though - developer I think.
It’s weeding out the buyers from the spiers as they say . Just helped a friend of my wife put hers on the market and she got a cash offer within 24 hours.
Very low / laughable offer though - developer I think.
Can’t say im ever that confident with estate agents and not helping that the market is tricky right now.
Conversely speaking with an agent on two potential houses we would view it’s been mentioned one is now empty and they are both very motivated sellers.
Let’s see who really knows .
It’s just the next leg of my quest to retire !
Ed Moses said:
At GT3 - it is part of the process to the end you want.
An excellent end to the four day holiday weekend. My eldest had the day of work and we had a visit to Prodrive in Banbury. Avoided the mega hold ups on the M40 with a nice cross country drive roof down, sausage sandwich on arrival and then a few hours being shown around and talking to the staff at a PistonHeads mega - but they do do electric cars if you ask nicely.
Yup Ed you are spot on . An excellent end to the four day holiday weekend. My eldest had the day of work and we had a visit to Prodrive in Banbury. Avoided the mega hold ups on the M40 with a nice cross country drive roof down, sausage sandwich on arrival and then a few hours being shown around and talking to the staff at a PistonHeads mega - but they do do electric cars if you ask nicely.
Oddly enough I’ve ended up with the Fiesta ST8 that I bought 3 years back and want to get it back up to spec as my lad wrecked it ! Mountune are literally around the corner so if I can get to keep it it’ll be my fun car.
I’ll keep the thread updated
OldSkoolRS said:
Early start picking up both grand kids (since it's school holidays), then a trip to a local garden centre with a huge Koi pond that the kids can feed. Our solar panels arrived early, so I had to shoot off home to sort that out and leave them there (with Mrs OS of course ).
Before I left home I made a quick phone call about a car I'd seen last night; it all checked out and they said all the things I was hoping to hear (apart from agreeing to much more off the price, but it was pretty decent anyway). Deposit paid, back to the garden centre for Mrs OS and the grandkids. All fed and watered, the youngest one down for his nap and then a guy turned up to look at some blown windows in our conservatory. I'm worn out and it's only lunchtime.
Fatal error of what day it was and my plan to get a card tonight was wrong...yes it was our anniversary today and not tomorrow (I blame the bank holiday).
My turn this year as previously it's been the other way round. Reprieved by booking us a meal out tonight.
Hopefully pick the 'new' car up on Monday, since the solar install and some separate decorating jobs being done over the next few days. Perks of being able to go on Monday rather than try to squeeze it in over the weekend.
Not the most powerful car on PH, but it'll do fine as a shed replacement for my Ka; about as cheap to run, but a bit better on the occasional motorway gig trip and at least it feels a bit faster, even if it's more noise than actual go:
Rare full leather interior too and in good nick by the looks:
Even ended up spending less than my initial budget, though not quite as cheap as some Cat N cars I considered. At least I won't have much to do with it other than put petrol in and maybe give it a polish, so I've little excuse not to get on with the RS.
Nice one on the car mate I love those little things . Right colour too . ).Before I left home I made a quick phone call about a car I'd seen last night; it all checked out and they said all the things I was hoping to hear (apart from agreeing to much more off the price, but it was pretty decent anyway). Deposit paid, back to the garden centre for Mrs OS and the grandkids. All fed and watered, the youngest one down for his nap and then a guy turned up to look at some blown windows in our conservatory. I'm worn out and it's only lunchtime.
Fatal error of what day it was and my plan to get a card tonight was wrong...yes it was our anniversary today and not tomorrow (I blame the bank holiday).
My turn this year as previously it's been the other way round. Reprieved by booking us a meal out tonight.Hopefully pick the 'new' car up on Monday, since the solar install and some separate decorating jobs being done over the next few days. Perks of being able to go on Monday rather than try to squeeze it in over the weekend.
Not the most powerful car on PH, but it'll do fine as a shed replacement for my Ka; about as cheap to run, but a bit better on the occasional motorway gig trip and at least it feels a bit faster, even if it's more noise than actual go:
Rare full leather interior too and in good nick by the looks:
Even ended up spending less than my initial budget, though not quite as cheap as some Cat N cars I considered. At least I won't have much to do with it other than put petrol in and maybe give it a polish, so I've little excuse not to get on with the RS.
Parked alongside the RS would look cracking !
PS I’ve made the same balls up with cards .
7th wedding anniversary I missed completely and I don’t recon we’re alone !
Edited by GT3Manthey on Wednesday 12th April 15:14
Gassing Station | Finance | Top of Page | What's New | My Stuff