What were your retirement plans?
Discussion
Have retirement in sight ( thinking 2.5/3 years) and started to think about what’s next.
Kids will be 21 & 19 with hopefully the eldest working at the youngest off to Uni for a 6 year medical degree.
Eldest will need a hand of some sorts getting his first property and the youngest will still return Home during Uni breaks.
My thinking is at 55 I want to pack in work , downsize and live a totally different healthy life having abused it for so many years working in the city.
So my question is how did you go about deciding enough was enough and then plan the rest of your life ?
Cash wise with a downsize and pensions we can do it once school fees are done and Uni fees we’ll have to deal with at a later date ( although I can make a provision for those too) so I think it’s very doable.
I’m not dead against doing some part time work although something I find rewarding would be a bonus.
So did it all play out the way you’d anticipated and have you any regrets ?
TIA
Kids will be 21 & 19 with hopefully the eldest working at the youngest off to Uni for a 6 year medical degree.
Eldest will need a hand of some sorts getting his first property and the youngest will still return Home during Uni breaks.
My thinking is at 55 I want to pack in work , downsize and live a totally different healthy life having abused it for so many years working in the city.
So my question is how did you go about deciding enough was enough and then plan the rest of your life ?
Cash wise with a downsize and pensions we can do it once school fees are done and Uni fees we’ll have to deal with at a later date ( although I can make a provision for those too) so I think it’s very doable.
I’m not dead against doing some part time work although something I find rewarding would be a bonus.
So did it all play out the way you’d anticipated and have you any regrets ?
TIA
Edited by GT3Manthey on Tuesday 17th November 07:32
My advice would be to start living that healthy lifestyle now. You'll really feel you let yourself down if your health fails you before you retire. Don't put it off one more day. Assuming you're wfh you should be able to find time for walking/cycling/running (at least every other day) and a few simple bodyweight exercises (everyday). Even if you're still shlepping into the city add some walking into your commute (i used to park a mile form the station and walk then walk some more at the other end before I got in to the office).
As for the $ sounds like you've got things in order. I think key is to focus on removing unwanted expenditure. I now really think about how much I want/need things before clicking buy/subscribe. Overtime I've realised I don't need a lot to be happy:
- time with the wife/kids
- time to exercise regularly
- a few glasses of wine on the w/e
- a few tools to pick off some simple diy tasks
- being in the countryside to exercise the kids
Good luck!
As for the $ sounds like you've got things in order. I think key is to focus on removing unwanted expenditure. I now really think about how much I want/need things before clicking buy/subscribe. Overtime I've realised I don't need a lot to be happy:
- time with the wife/kids
- time to exercise regularly
- a few glasses of wine on the w/e
- a few tools to pick off some simple diy tasks
- being in the countryside to exercise the kids
Good luck!
ramblo93 said:
My advice would be to start living that healthy lifestyle now. You'll really feel you let yourself down if your health fails you before you retire. Don't put it off one more day. Assuming you're wfh you should be able to find time for walking/cycling/running (at least every other day) and a few simple bodyweight exercises (everyday). Even if you're still shlepping into the city add some walking into your commute (i used to park a mile form the station and walk then walk some more at the other end before I got in to the office).
As for the $ sounds like you've got things in order. I think key is to focus on removing unwanted expenditure. I now really think about how much I want/need things before clicking buy/subscribe. Overtime I've realised I don't need a lot to be happy:
- time with the wife/kids
- time to exercise regularly
- a few glasses of wine on the w/e
- a few tools to pick off some simple diy tasks
- being in the countryside to exercise the kids
Good luck!
Yes all makes sense.As for the $ sounds like you've got things in order. I think key is to focus on removing unwanted expenditure. I now really think about how much I want/need things before clicking buy/subscribe. Overtime I've realised I don't need a lot to be happy:
- time with the wife/kids
- time to exercise regularly
- a few glasses of wine on the w/e
- a few tools to pick off some simple diy tasks
- being in the countryside to exercise the kids
Good luck!
I walk, cycle and play golf so reasonably fit but having more time would mean i'd be outside non stop.
I'm sure cash wise we could cope but a decent budget we'd have to stick to.
The change of lifestyle would be the most enjoyable part with no school fees or massive expenditure....just need to work out what that figure is....
I semi-early-retired last year and I’ve struggled a bit with the adjustment.
I was always very career focussed and have found it a bit of a struggle to not have work to focus on. The achievements were part of my identity. Everywhere I went and everyone I met was through work, though some of them did become friends.
I’ve been dipping in and out doing some consulting and contracting, but as I don’t need the money my heart isn’t really in it. Though I like the field, I’m not sure I do it for fun.
Corona has been good as it’s forced me to take a breather, and I couldn’t have done much anyway, but feel I need to find my groove again soon.
A lot of people advise having something to retire too, and I would wholeheartedly agree with that.
I was always very career focussed and have found it a bit of a struggle to not have work to focus on. The achievements were part of my identity. Everywhere I went and everyone I met was through work, though some of them did become friends.
I’ve been dipping in and out doing some consulting and contracting, but as I don’t need the money my heart isn’t really in it. Though I like the field, I’m not sure I do it for fun.
Corona has been good as it’s forced me to take a breather, and I couldn’t have done much anyway, but feel I need to find my groove again soon.
A lot of people advise having something to retire too, and I would wholeheartedly agree with that.
GT3Manthey said:
PositronicRay said:
53/2012
We weren't really sure we could manage so took it really easy the 1st Yr. Everything budgeted and payed ourselves an allowance.
Turned out we had plenty.
At what age did you retire ?We weren't really sure we could manage so took it really easy the 1st Yr. Everything budgeted and payed ourselves an allowance.
Turned out we had plenty.
Kids off hand and independent at that stage?
It prompted us to sit down and examine our finances. IFA said you've plenty, I didn't believe him, he was right.
I'm 33, and I have every intention of working till I'm dead. Then I might go in to the coal mining business afterwards.
I had a neighbour called Jack who lived till he was 94, and he worked every day until he was 93. He deteriorated once he didn't have work in his life. The same with plenty of old irish guys who spent their lives on the buildings until they were pushed in to retirement at 65/70.
I had a neighbour called Jack who lived till he was 94, and he worked every day until he was 93. He deteriorated once he didn't have work in his life. The same with plenty of old irish guys who spent their lives on the buildings until they were pushed in to retirement at 65/70.
PositronicRay said:
53, we hadn't consider the option until the good Mrs PR was offered a generous redundancy.
It prompted us to sit down and examine our finances. IFA said you've plenty, I didn't believe him, he was right.
The 'plenty' is very individual. We are considering what to doIt prompted us to sit down and examine our finances. IFA said you've plenty, I didn't believe him, he was right.
I always thought about going at 58, but I am 55 next year and will be able to take my pension. Am a little worried that Gov will decided to hammer lump sums so not sure if I should take it earlier or not. I could take the pension and keep working though and put the pension away as savings.
The company have also been offering good transfer out rates but being a final salary pension its a difficult call.
Think its time for an IFA to have a look.
I retired in March at 65.
I had a hard physical job so was really ready to retire as soon an the money situation was right.
If I could I’d have retired a few years earlier. The last few years were hard.
Just now I’m not doing much, I don’t really want to get another job but I need to find something to pass the time.
Good weather is fine then I can get out on the motorbike but this kind of weather I find myself just lazing about which isn’t good for my physical or mental health.
I guess I’m the object lesson in how not to retire.
PositronicRay said:
53, we hadn't consider the option until the good Mrs PR was offered a generous redundancy.
It prompted us to sit down and examine our finances. IFA said you've plenty, I didn't believe him, he was right.
Interesting. It prompted us to sit down and examine our finances. IFA said you've plenty, I didn't believe him, he was right.
We won’t have the luxury of a pay off and the wife hasn’t worked for 20 years as she’s been a stay at home mum.
I’m sure if we are reasonably careful we can make it work
I sort of think if I leave it passed 55 I’ve sort of missed the point of Paying into a pension all these years.
sgtBerbatov said:
I'm 33, and I have every intention of working till I'm dead. Then I might go in to the coal mining business afterwards.
I had a neighbour called Jack who lived till he was 94, and he worked every day until he was 93. He deteriorated once he didn't have work in his life. The same with plenty of old irish guys who spent their lives on the buildings until they were pushed in to retirement at 65/70.
Different things suit different people, you don't know what life's going to chuck at you. I was talking to a groundworker the other day, looked 70 but only 50. Still strong but body's fI had a neighbour called Jack who lived till he was 94, and he worked every day until he was 93. He deteriorated once he didn't have work in his life. The same with plenty of old irish guys who spent their lives on the buildings until they were pushed in to retirement at 65/70.
ked and still having to work.My brother had trouble retiring, went back a couple of times on contract. I think with him it was the loss of identity. Managed it now, but only after another cancer scare.
GT3Manthey said:
PositronicRay said:
53, we hadn't consider the option until the good Mrs PR was offered a generous redundancy.
It prompted us to sit down and examine our finances. IFA said you've plenty, I didn't believe him, he was right.
Interesting. It prompted us to sit down and examine our finances. IFA said you've plenty, I didn't believe him, he was right.
We won’t have the luxury of a pay off and the wife hasn’t worked for 20 years as she’s been a stay at home mum.
I’m sure if we are reasonably careful we can make it work
I sort of think if I leave it passed 55 I’ve sort of missed the point of Paying into a pension all these years.
For those who are at a loose end after retiring and need something to do then there are plenty of voluntary roles out there, whether it’s cleaning up woods, taking elderly to hospital appointments, doing financial returns, working in food banks or charity shops. All these are good to get out and about and meet new people. Most villages have walking groups or schemes to keep up flowerbeds etc.
I"m sure you're all over it but don't forget to utilise ISAs.
I'm 42 and am doing my best to build up a good pot of ISAs invested primarily in index funds with some direct company investments. My aim is to try and get it to the stage where a modest income (natural dividends + small drawdown) from the ISAs covers most of my living expenses (groceries, c tax, utilities). Then if all goes to plan i'll worry about timing my pension withdrawal when i'm a bit nearer that stage.
If you can get your tax free lump sum sooner and stuff it into ISAs in the short term then you're protecting any future income/gains.
I'm 42 and am doing my best to build up a good pot of ISAs invested primarily in index funds with some direct company investments. My aim is to try and get it to the stage where a modest income (natural dividends + small drawdown) from the ISAs covers most of my living expenses (groceries, c tax, utilities). Then if all goes to plan i'll worry about timing my pension withdrawal when i'm a bit nearer that stage.
If you can get your tax free lump sum sooner and stuff it into ISAs in the short term then you're protecting any future income/gains.
greygoose said:
For those who are at a loose end after retiring and need something to do then there are plenty of voluntary roles out there, whether it’s cleaning up woods, taking elderly to hospital appointments, doing financial returns, working in food banks or charity shops. All these are good to get out and about and meet new people. Most villages have walking groups or schemes to keep up flowerbeds etc.
I’ve considered voluntary work too My father was an orphan so I’d like to try helping kids in some way - maybe mentoring or similar.
Apart from golf club subs I’d not need a lot of cash for fun.
Plan will be to retire to the coast where just being outdoors will be enough with walking and cycling.
The other bonus is the wife and I get on great so being together full time won’t be an issue whereas I know for some it is.
Flash cars will go
I'm 46 and I'm "mentally" retired already. I'm planning for the big day now. I hate the job and the industry but my plan is to stick at the grind until 55 while I'm on good money and big bonuses. After that I aim to do a normal job to bring in some money and use savings to top that up until I collect my pension at 60. I have a good sum saved up already which I can draw on but I'm just going to keep adding to that each year to give me enough to maintain a decent lifestyle.
My other half also hates her job but she's been there for 24 years and has a good pension. If either one of us get made redundant then a decent payoff will see us both bring our retirement dates forward. We have "enough" and don't need a bigger house, more expensive cars, etc.
My other half also hates her job but she's been there for 24 years and has a good pension. If either one of us get made redundant then a decent payoff will see us both bring our retirement dates forward. We have "enough" and don't need a bigger house, more expensive cars, etc.
I would retire at 50 if I could but it looks like 55 or somewhere in between when the finances will allow. I’d have no problem filling the time with hobbies, travel, relaxing, reading the Sunday papers in a pub by the fire (remember those)!
As said you can always take a voluntary job if you get bored.
As said you can always take a voluntary job if you get bored.
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