Enjoying Retirement
Discussion
Drumroll said:
If you start buisnesses when you are retired to me you aren't retired, just changing jobs.
Not sure that really matters tbh. Although this thread is called 'Enjoying Retirement' it's probably more appropriately titled 'Enjoying your senior years', which for some will continue to involve an element of work not out of necessity, but choice.lrdisco said:
It’s funny when people talk about multi layered pensions.
99% of people will rely on the state pension and a pension pot of under 62k giving an annuity of 3000 a year at 65 years old.
Retirement is not going to be a happy place for many people. They were never educated on finance and just rely on their state pension.
Wages kept low. People scratching a living.
£13k / £26k on average for a couple in retirement then. 99% of people will rely on the state pension and a pension pot of under 62k giving an annuity of 3000 a year at 65 years old.
Retirement is not going to be a happy place for many people. They were never educated on finance and just rely on their state pension.
Wages kept low. People scratching a living.
You’d assume no mortgage by then and also you’d not normally be paying into a pension either. Changing car frequency would drop. Going on holibobs peak season isn’t restricted so you could go totally off peak or medium peak / saving a fortune over what you may have done.
Yes £26k joint isn’t a lot but it will be 100% tax free given two allowances.
mikeiow said:
Check your fat packet!
The *average* UK pension pot might fund 3k per year, not 500 a month….
https://www.telegraph.co.uk/financial-services/pen... (Other searches suggest similarly low amounts)
Those of us on threads like this are not average….
Meanwhile: what’s everyone up to today? Got a bike ride to do here!!
Nope, you're right. But I had two fag packets in my sums - for a couple that's £6k a year which is £500/m.The *average* UK pension pot might fund 3k per year, not 500 a month….
https://www.telegraph.co.uk/financial-services/pen... (Other searches suggest similarly low amounts)
Those of us on threads like this are not average….
Meanwhile: what’s everyone up to today? Got a bike ride to do here!!
Grandchildren have been running Mrs JS ragged all day so very conveniently I've been on the roof replacing half a dozen tiles and cracking on with painting the outside of the house.
outnumbered said:
GT3Manthey said:
Being a little thick here but what are PBD’s?
I know I’m going to kick myself when you tell me !
Powerfully Built Directors, I imagine.I know I’m going to kick myself when you tell me !
Anyway - I don't agree that starting a business in retirement isn't retirement.
A lot depends on the type of business.
It would be interesting to hear more about this from those who actually did this.
The other thing that comes up a lot is the concept of stress free part time jobs that some people take in retirement.
Last time there was no consensus on what these elusive stress free jobs actually were, apart from part time postie in summer.
rfisher said:
Last time there was no consensus on what these elusive stress free jobs actually were, apart from part time postie in summer.
I did think a deck chair attendant on Bournemouth beach in summer, but the commute would cost more than I'd earn. 
I did discover that there doesn't seem to be such a thing as a part time engineer (apart from some of the guys that worked for me...). It seems that I couldn't go from full time to just 1-2 days a week, so I gave up on that idea. Sure I could do something like a driving/delivery job, but the hours were usually evenings and/or weekends which would clash with band rehearsals and gigs. I'm not even sure that would count as stress free either given traffic and pressure to deliver on time.
Edited by OldSkoolRS on Saturday 21st May 19:18
rfisher said:
A lot depends on the type of business.
It would be interesting to hear more about this from those who actually did this.
The other thing that comes up a lot is the concept of stress free part time jobs that some people take in retirement.
It does.It would be interesting to hear more about this from those who actually did this.
The other thing that comes up a lot is the concept of stress free part time jobs that some people take in retirement.
I took redundancy from a stressy job in optoelectronics research aged 40. Generous package and a retraining budget - I spent mine for a RYA Yachtmaster course - which although technically within in the letter of the budget it most definitely it wasn't in the spirit of the budget.
But hey? Whatcha gonna do about it - sack me?
Back then Mrs JS was earning enough in retail management to keep both of us so I started painting and decorating as a stop gap whilst I scoped around for another career, but pretty soon found I'd got enough work and could earn all I needed doing that anything between 5-15 days a month. That was pretty stress-free since I liked what I was doing and could pick and choose when and where and for whom I worked.
I let it fade away once I got my paws on my pension at 55 but I can pick it up again for old clients anytime - and occasionally still do in the winter if an easy job comes along and I'm bored stiff with nothing else to do.
Louis Balfour said:
Would you mind expanding upon this? What streams of income have you generated?
For me it’s been related to property so renovating and flipping houses to generate capital. Probably one a year. Then buy to lets and little commercial/mixed use units (shop or office with flat above) to generate monthly income.
I didn’t have a big pot of capital either. All financed using the buy, refurbish, refinance model to pull out the equity leaving relative small amounts in each one or profits from the flips.
Just been chatting to a mate who does a very part time job in a totally different industry to myself who wants me to start working with him and join him next year .
The way I see it it’ll be a good wind down to full time employment and an income stream to prop up my drawdown .
Anyway let’s see how things go .
Hope everyone doing ok
The way I see it it’ll be a good wind down to full time employment and an income stream to prop up my drawdown .
Anyway let’s see how things go .
Hope everyone doing ok
I am struggling to find a retirement planner/calculator that is split across two cash influxes, ie, withdrawing from a personal pension initially (at say 55), then with an additional kicking when the state pension comes on stream, everything I seem to find is geared around a set pot at a set age, not a staggered approach.
Anyone know of such a tool or excel sheet?
Thanks
Anyone know of such a tool or excel sheet?
Thanks
1781cc said:
I am struggling to find a retirement planner/calculator that is split across two cash influxes, ie, withdrawing from a personal pension initially (at say 55), then with an additional kicking when the state pension comes on stream, everything I seem to find is geared around a set pot at a set age, not a staggered approach.
Anyone know of such a tool or excel sheet?
Thanks
I made my own xls for the years 55 to 85 with both income sources and outgoings. Anyone know of such a tool or excel sheet?
Thanks
GT3Manthey said:
Just been chatting to a mate who does a very part time job in a totally different industry to myself who wants me to start working with him and join him next year .
The way I see it it’ll be a good wind down to full time employment and an income stream to prop up my drawdown .
Anyway let’s see how things go .
Hope everyone doing ok
Sounds good. My wife is starting a one day a week estate agent role on open days for large properties. I just hope we don't end up opening our own agency next year but knowing her... The way I see it it’ll be a good wind down to full time employment and an income stream to prop up my drawdown .
Anyway let’s see how things go .
Hope everyone doing ok
nickfrog said:
Sounds good. My wife is starting a one day a week estate agent role on open days for large properties. I just hope we don't end up opening our own agency next year but knowing her...
I can see my wife enjoying a role like that . She has threatened working at some stage which she hasn’t done in 22yrs !
1781cc said:
Anyone know of such a tool or excel sheet?
Try https://engaging-data.com/will-money-last-retire-e... treating $ as £I'll be 58 this September and currently plan to keep working full time until 60.
My wife also works full time and as we have no children, always has. She was very career focused although she's now far more relaxed as she's achieved her working goals.
I'm really keen to retire and have loads of things I want to do, most of which are not going to cost lots of money. She however, is genuinely in a quandary as to what she's going to do in retirement (she's 7 years younger than me so may work a little longer after I retire) and worries that she will be bored.
We've discussed part time work, charity work, taking up sports and hobbies (some of which we'd obviously do together) but she just can't see something at the moment that makes her want to retire and start a new part of our life, other than the desire not to work full time anymore.
It's a tricky one as we've both always worked and have that save for the future mentality, so giving up work is a bit of a challenge.
I should say that financially we will be fine (we have pensions, investments, savings etc) it's more a case of keeping busy and enjoying retirement, rather than just filling the time.
We like the idea of travelling more, spending winter in Spain, more time travelling in the UK too, but that's about it.
I'm pretty much mentally geared up to retire now, but she's definitely still not so sure and still needs to get her head around it.
j4r4lly said:
I'll be 58 this September and currently plan to keep working full time until 60.
My wife also works full time and as we have no children, always has. She was very career focused although she's now far more relaxed as she's achieved her working goals.
I'm really keen to retire and have loads of things I want to do, most of which are not going to cost lots of money. She however, is genuinely in a quandary as to what she's going to do in retirement (she's 7 years younger than me so may work a little longer after I retire) and worries that she will be bored.
We've discussed part time work, charity work, taking up sports and hobbies (some of which we'd obviously do together) but she just can't see something at the moment that makes her want to retire and start a new part of our life, other than the desire not to work full time anymore.
It's a tricky one as we've both always worked and have that save for the future mentality, so giving up work is a bit of a challenge.
I should say that financially we will be fine (we have pensions, investments, savings etc) it's more a case of keeping busy and enjoying retirement, rather than just filling the time.
We like the idea of travelling more, spending winter in Spain, more time travelling in the UK too, but that's about it.
I'm pretty much mentally geared up to retire now, but she's definitely still not so sure and still needs to get her head around it.
Could your wife take a staged approach to retirement and reduce her days initially? She’ll soon find out if she’s enjoying that extra time or if she misses work. I very much think it will be the former. My wife also works full time and as we have no children, always has. She was very career focused although she's now far more relaxed as she's achieved her working goals.
I'm really keen to retire and have loads of things I want to do, most of which are not going to cost lots of money. She however, is genuinely in a quandary as to what she's going to do in retirement (she's 7 years younger than me so may work a little longer after I retire) and worries that she will be bored.
We've discussed part time work, charity work, taking up sports and hobbies (some of which we'd obviously do together) but she just can't see something at the moment that makes her want to retire and start a new part of our life, other than the desire not to work full time anymore.
It's a tricky one as we've both always worked and have that save for the future mentality, so giving up work is a bit of a challenge.
I should say that financially we will be fine (we have pensions, investments, savings etc) it's more a case of keeping busy and enjoying retirement, rather than just filling the time.
We like the idea of travelling more, spending winter in Spain, more time travelling in the UK too, but that's about it.
I'm pretty much mentally geared up to retire now, but she's definitely still not so sure and still needs to get her head around it.
Louis Balfour said:
I am in my 50s and in good health, but I realised recently that if I dropped dead suddenly I would leave a bugger's muddle of business affairs for my family to wrestle with. They would not be able to dispose of the business for anything like true value, or run it. So I am downsizing and streamlining, such that someone else could take over.
The problem is, I may not drop down dead (a nice problem to have of course) and what then?
I was speaking a couple of days ago to someone who has worked for me for a few years and I found myself being nostalgic about the business as it was five years ago. Then it occurred to me, I am not ready for retirement or to stop pushing forward. I still want the excitement of running businesses and to feel that I am still a "player in the game". I am also scared witless about making a pile of my winnings and hoping to live the rest of my life on them. I don't want to buy a smaller house or car. In short, I want to be earning still and able to control my income.
Counter to the above there is also the problem that I AM in my 50s and if something went wrong with the business I would potentially not have the time or energy to recover the situation. I think of Johnny Depp as George Jung in blow, trying as an ageing man to restart his cocaine importation business, when in fact the moment had passed. He would never recapture old glories.
I think what I need to do is start doing some deals in my line of work. Something more liquid that I can come out of if I want to. All in limited companies, no PGs, and a limited investment in each.
It would be easier if I was employed, hated my job but liked golf.
In your first point - in December 2014 my father died after a short aggressive illness.The problem is, I may not drop down dead (a nice problem to have of course) and what then?
I was speaking a couple of days ago to someone who has worked for me for a few years and I found myself being nostalgic about the business as it was five years ago. Then it occurred to me, I am not ready for retirement or to stop pushing forward. I still want the excitement of running businesses and to feel that I am still a "player in the game". I am also scared witless about making a pile of my winnings and hoping to live the rest of my life on them. I don't want to buy a smaller house or car. In short, I want to be earning still and able to control my income.
Counter to the above there is also the problem that I AM in my 50s and if something went wrong with the business I would potentially not have the time or energy to recover the situation. I think of Johnny Depp as George Jung in blow, trying as an ageing man to restart his cocaine importation business, when in fact the moment had passed. He would never recapture old glories.
I think what I need to do is start doing some deals in my line of work. Something more liquid that I can come out of if I want to. All in limited companies, no PGs, and a limited investment in each.
It would be easier if I was employed, hated my job but liked golf.
He'd left a while but had made no preparation Ind to be frank it's been a nightmare. No helped by my mother being a bit of a lunatic.
I think even with a clear roadmap from him it would have been difficult.
On to your point about working in your business - I've downsized massively but still have stuff on the go.
I enjoy spending a bit of time each morning checking stuff and every often working on a new thing for a client. I can't really see that changing for a good few years yet. I'm currently helping someone launch something they is really pretty innovative and market leading. Which as pretty satisfying for an old fart.
Phil. said:
Could your wife take a staged approach to retirement and reduce her days initially? She’ll soon find out if she’s enjoying that extra time or if she misses work. I very much think it will be the former.
Yes indeed, we've talked about this and it's something she's going to see if she can do at some point.Missing work is less of an issue than finding something interesting and enjoyable to do to replace it.
One thing to watch out for in relation to those dreaming of world tours, endless travel etc and that's the pre retirement baggage that kind of gets in the way of best laid plans. In our case we have a dog, two up until recently. Retirement wasn't in our plans years ago when we got the old fella so long trips abroad are out of the question at the moment, we couldn't leave him for more than a few weeks. That said he's loving having us both around and the endless walks. I'm not sure we'd replace him though.
Likewise elderly relatives who kind of rely on you and then suddenly you're a 'free agent'. Lets just say we have a particular 'oldie' who's quite needy, unfortunately my wifes early retirement has resulted in new found pressures. That once a week visit for example has suddenly changed into two/ three times and unless we keep a lid on it she'll get drawn into being a carer and general dogsbody. The irony isn't lost on us having just got rid of the grown up kids.
Incidentally although we're comfortable, I've noticed the 'daily expenses' of eating out etc are shooting up since my wife retired. The temptation of popping out for a brekkie, lunch, coffee, shopping, days out whenever you like is right up there especially with the better weather. Add on the missus catching up with her circle of semi retired friends and its food for thought literally.
Likewise elderly relatives who kind of rely on you and then suddenly you're a 'free agent'. Lets just say we have a particular 'oldie' who's quite needy, unfortunately my wifes early retirement has resulted in new found pressures. That once a week visit for example has suddenly changed into two/ three times and unless we keep a lid on it she'll get drawn into being a carer and general dogsbody. The irony isn't lost on us having just got rid of the grown up kids.
Incidentally although we're comfortable, I've noticed the 'daily expenses' of eating out etc are shooting up since my wife retired. The temptation of popping out for a brekkie, lunch, coffee, shopping, days out whenever you like is right up there especially with the better weather. Add on the missus catching up with her circle of semi retired friends and its food for thought literally.
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