Enjoying Retirement
Discussion
dmahon said:
My advice is to be careful what you wish for with retirement. I bowed out at 40 and found that you lose a lot - social circle, structure, sense of achievement, status, something to fill the time.
I’ve just about found the right balance of part time work and hobbies for a fullfiled life now, but it has been a very difficult adjustment which has taken 3 years.
If I had my time again I would have carried on a bit longer whilst at my peak earning and opportunity period. If I was go back now it would already be at a lower salary and a lot of my connections have atrophied.
My advice is to really build the life outside of work in advance of retiring. I was forever busy and had hundreds of people I could call for a beer. It was ALL tied to work though so left a bit of a void when I bowed out and everyone lost interest. Particularly because it coincided with Covid!
Lovely age to retire IMO . I’ve just about found the right balance of part time work and hobbies for a fullfiled life now, but it has been a very difficult adjustment which has taken 3 years.
If I had my time again I would have carried on a bit longer whilst at my peak earning and opportunity period. If I was go back now it would already be at a lower salary and a lot of my connections have atrophied.
My advice is to really build the life outside of work in advance of retiring. I was forever busy and had hundreds of people I could call for a beer. It was ALL tied to work though so left a bit of a void when I bowed out and everyone lost interest. Particularly because it coincided with Covid!
Take your point on having enough to keep you occupied though.
No point in waking up on day 1 and wondering what on earth you are going to do day to day .
55 next year and have enough plans with kids & wife so that sides all good.
Have an inroad into a part time job so might get my teeth into that just to keep a schedule to my week
98elise said:
This is why I've retired early. It's 8 o'clock on a Monday morning and normally I would be sitting at my desk preparing for another pointless strategy meeting. Instead I'm here...
A weeks winter sun in Tenerife for about £750 (for 2 of us)...bargain. Private studio flat on a front line resort, so not shabby at all.
The only fly in the ointment is that the UK weather is going to be nice this week. It really should be pissing down just to make me feel even better
Lovely . At what age did you retire ? A weeks winter sun in Tenerife for about £750 (for 2 of us)...bargain. Private studio flat on a front line resort, so not shabby at all.
The only fly in the ointment is that the UK weather is going to be nice this week. It really should be pissing down just to make me feel even better
Lots to be said for hunting out bargain beaks
98elise said:
54...just as Covid hit 
I've got one kid at Uni and the other has started work so independent now, which means we can do our own thing. This will just be a holiday to chill. It's our first trip since everything opened up again.
Fab your situation is almost identical to what mine will be in just over a year but you are ahead of me . I've got one kid at Uni and the other has started work so independent now, which means we can do our own thing. This will just be a holiday to chill. It's our first trip since everything opened up again.
I turn 55 next year and the youngest will be off to uni . Son now working.
Can’t wait !
Enjoy your retirement
LeadFarmer said:
I plan to retire at age 55, and not a day later.
But part of me thinks I ought to stay on and do very little, and see how long it takes for them to notice. I'd initially get pulled to one side and spoken to, a few weeks later maybe a verbal warning, progressing to an unsatisfactory performance plan, and just before the next stage I'd hand in my form notifying them of one months notice of my retirement. By that time I'd have got a few more months £££ out of them
At nearly 54 I’ve already had partial knee replacements on both knees plus various other body parts worked on ! But part of me thinks I ought to stay on and do very little, and see how long it takes for them to notice. I'd initially get pulled to one side and spoken to, a few weeks later maybe a verbal warning, progressing to an unsatisfactory performance plan, and just before the next stage I'd hand in my form notifying them of one months notice of my retirement. By that time I'd have got a few more months £££ out of them
Other bits and bobs are cropping up too together with a wife who has heart issues now as a result of getting hit hard by covid so quitting at 55 is looking likely.
We can make adjustments & I’ve seen too many carry on struggling along and never getting to enjoy any down time.
Today see a trip to the doctor for an eye issue I’ve developed & then the chiropractor tonight for a trapped neck nerve.
Thinking it’s bette to quit whilst sill ahead
Jaguar steve said:
I'm a lazy b'stard too and when I was employed didn't make much more of an effort than necessary to avoid a b
king and I jumped at the chance of a voluntary redundancy package when it came along aged 40.
We could manage on one salary so from redundancy onward I worked for myself doing between 5 to 10 days a month. I started running that down to less and less around my 50th birthday and both of us packed up work all together after we'd downsized and I got my paws on my pension at 55.
Life's way too short to live to work when you can get away with just working to live.
I agree Steve . king and I jumped at the chance of a voluntary redundancy package when it came along aged 40. We could manage on one salary so from redundancy onward I worked for myself doing between 5 to 10 days a month. I started running that down to less and less around my 50th birthday and both of us packed up work all together after we'd downsized and I got my paws on my pension at 55.
Life's way too short to live to work when you can get away with just working to live.
Kids do tend to slow the process thou
dmahon said:
Probably Covid related. Working from home and zoom meetings sapped my remaining motivation, at the same time as realising how little I needed to live and killing off my minor consumerist streak. Now growing pressure for a return to the office.
We’ve also had booming financial markets and property prices which probably benefits the 50+ most of all.
No wonder people are looking for the exit!
The more time i spend at work and see what’s going on in the world the faster I want to retire . We’ve also had booming financial markets and property prices which probably benefits the 50+ most of all.
No wonder people are looking for the exit!
54 this year and weighing up options
loafer123 said:
I do wonder if the move to retirement which has seen a huge volume of workers to take themselves out of the workforce during Covid is to a degree a reflection of the steepening Laffer Curve in that higher earners work out that retirement doesn’t result in nearly as big a drop in net disposable as they thought?
I’d say so yes . Some form of tax saving using combination of pension , cash & isa’s plus no travel costs , work evenings out , clothes etc
All adds up
DT1975 said:
Hard day in early retirement land. The biggest decision of the day was to turn left or right when walking the dog.
Lovely day, spent most of it pottering around the garden. Sunday was spent bottling a home brew, Monday was a game of golf with my brother and tomorrow we travel to Lyme Regis to meet my son and have a pub lunch. I'm sure I've missed a day out, yes Tuesday ! I took my elderly mum for a blood test then afternoon tea in the country.
Best wishes to those fellow folk in retirement land, its so much better when the suns shining as well !
Love these posts as to me it highlights that retirement doesn’t have to cost the earth Lovely day, spent most of it pottering around the garden. Sunday was spent bottling a home brew, Monday was a game of golf with my brother and tomorrow we travel to Lyme Regis to meet my son and have a pub lunch. I'm sure I've missed a day out, yes Tuesday ! I took my elderly mum for a blood test then afternoon tea in the country.
Best wishes to those fellow folk in retirement land, its so much better when the suns shining as well !
jules_s said:
Such great posts
I always worried about losing my job (still have it) but I'm now more relaxed about it now I can see 'the end'
I'd really hope to be like the posters above - relaxed etc. But I will definitely need to fill my time as I fear I may get depressed with all the down time tbh
I’m not sure everyone fully relaxes as there are always ongoing considerations with regards costs of living and like now raging inflation. I always worried about losing my job (still have it) but I'm now more relaxed about it now I can see 'the end'
I'd really hope to be like the posters above - relaxed etc. But I will definitely need to fill my time as I fear I may get depressed with all the down time tbh
That said if you can find a good balance of what’s actually important with regards spending then you’ve nailed it .
My biggest concern now is how my kids will manage with getting on the property ladder so we are looking at how we structure this .
So always ongoing issues
bennno said:
It’s odd how we all are thinking similarity about helping our kids getting on property ladder, I don’t think it ever crossed my parents minds.
My parents didn’t help me one jot but then that was a totally different era. My eventual inheritance will end up going straight to my kids to help them get their own home and I’ll help in the meantime .
ARHarh said:
My day yesterday was a little more costly. Drove across some of the finest roads in North Wales, took a walk along the beach in Harlech. Stopped for a quick picnic at the end of the beach. then back home via a stop in Ffestiniog for an ice cream. Beach was almost deserted and the roads were empty.
Doesn’t sound v expensive to me . More thoroughly enjoyable than expensive!
anonymous said:
[redacted]
I totally get the idea of being part time postman . Free exercise , social interaction & it at least adds some form of structure to the week plus , a little extra bit of spending money.
Also during the winter months when lots of outdoor activities are not available you still at least have a structure.
Some form of structure even in retirement I feel is important
TwigtheWonderkid said:
It appears this thread shows the differing opinions of the two camps. On the one hand, RDMcG and the like, who enjoy their jobs. Why retire from something you'd do as a hobby anyway, when someone is paying you to do it.
And people like me, who don't really like their job, or who used to like it but now, not so much. I suspect most of the working population are in my camp. Fortunately retirement isn't compulsory. But unfortunately, for many people not as lucky as I was (got out last year aged 58), carrying on working is.
For so many eventually their job becomes mundane and they look or the exit . And people like me, who don't really like their job, or who used to like it but now, not so much. I suspect most of the working population are in my camp. Fortunately retirement isn't compulsory. But unfortunately, for many people not as lucky as I was (got out last year aged 58), carrying on working is.
I remember my 20’s & 30’s where life at work was almost one big party . Now going out till silly o’clock doesn’t appeal & the business is full of red tape as are most.
I’d say most carry on working just for the routine
Hereward said:
I am 4 weeks in to my retirement and still finding myself laughing in disbelief at the sense of freedom.
The weather has been wonderful so lots of pottering around outdoors this week. Grass cut. Compost material shredded. Wood split. Patio pressure washed and the garden furniture set up. This afternoon an oil and filter change on the tractor and tinkering under the Touareg. All done without having to rush or check work emails. Absolutely loving it. My mind is relaxed and I am living in the moment and not worrying about work.
Funds-wise I will give myself £1,000 per month pocket money. This is funded from my annual capital gains tax free allowance - ie every tax year I will sell ~£12,000 of equities tax-free and that will be my pocket money for the next 12 months.
Sounds like you’re loving life - good to hear .The weather has been wonderful so lots of pottering around outdoors this week. Grass cut. Compost material shredded. Wood split. Patio pressure washed and the garden furniture set up. This afternoon an oil and filter change on the tractor and tinkering under the Touareg. All done without having to rush or check work emails. Absolutely loving it. My mind is relaxed and I am living in the moment and not worrying about work.
Funds-wise I will give myself £1,000 per month pocket money. This is funded from my annual capital gains tax free allowance - ie every tax year I will sell ~£12,000 of equities tax-free and that will be my pocket money for the next 12 months.
So £1000 a month spending money is great .
How about running costs , what do the amount to on a monthly basis may I ask ?
mikeiow said:
That's a rough thing to be thinking about at 4 in the morning 
FWIW (not a lot, we're all different!), I reckon our *fixed* outgoings are under £800pcm.
Add to that cars (est £250pcm, excl replacement costs), food (under £500) & the rest is entertainments & gadgets (evenings out, holidays)...
I do appreciate the school costs - put ours through that whilst I was working - but for Uni, we paid accommodation & a few treats & let them live on the student loans. Out of that now (phew!). Still help with some savings for them, but they are earning now, so less stress....
How do yours shape up?
Hi Mike . FWIW (not a lot, we're all different!), I reckon our *fixed* outgoings are under £800pcm.
Add to that cars (est £250pcm, excl replacement costs), food (under £500) & the rest is entertainments & gadgets (evenings out, holidays)...
I do appreciate the school costs - put ours through that whilst I was working - but for Uni, we paid accommodation & a few treats & let them live on the student loans. Out of that now (phew!). Still help with some savings for them, but they are earning now, so less stress....
How do yours shape up?
School fees like you will be done when I retire so it’s spending money & running costs too .
It sounds ludicrous but including spending money & all in costs I’ve budgeted for a 5k per month draw down .
I can’t see us needing that for many years once youngest has finished uni but it just might involve the running costs of a house and a flat or say 10 years till we sort finances for kids housing .
Plan might be to buy the kids a place each and we live at the flat which we are both up for but always with access to the house too. Sounds a little complicated I know but I’ve got it worked out in my head !
It essentially means the kids get inheritance upfront.
Chances are I’ll work part time and see how we go is the plan .
I think if we execute the ‘plan’ within 10yrs our monthly all in costs will be around 2k a month assuming the kids are then self sufficient.
So essentially we are front loading the pension/drawdown
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