Retirement?

[clubchamp98]

I too do everything in the house
Leave the washing up to pile up for several days , remember to dust about twice a year, hoover occasionally etc etc

If I did that I wouldn’t get any pocket money.

 

[PhilTheFragger]

I’ve been on furlough since 1 April and am off until the end of August at least, possibly longer as I have 2 weeks of holiday (booked in January)

Have to say it’s a perfect dry run for retirement, I’m quite happy being at home, doing DIY and playing golf lots.

I’m in the throes of a divorce which will see me able to buy a house in Aylesbury in the next month or so ,outright which will be rented out,
This will cover 1/2 my current monthly income.

I have a decent pension pot that I could take now, but would prefer to leave it until I hit 67 in 8 years 4 months and 15 days

My state pension will cover the other 1/2 of my current monthly salary, so I’m sitting pretty when I hit 67

Sorely tempted to go part time 2 or 3 days a week when the house rental is sorted

It’s very very tempting

 

[chrisd]

I hit 67 in 8 years 4 months and 15 days

Sure you dont mean 87 ??

 

[Hobbit]

Sure you dont mean 87 ??

Oh c'mon Chris. He might look that old be we know he is a few years younger.

 

[Blue in Munich]

I hit 67 in 8 years 4 months and 15 days

Sure you dont mean 87 ??

Dear Pot, love, Kettle.

 

[Bazz]

I'm 37 with a Nest pension. I'm going to need to do what Tashy did if I'm to retire before I pop my clogs.

 

[chrisd]

Oh c'mon Chris. He might look that old be we know he is a few years younger.

I am due an eye test soon ?

 

[Blue in Munich]

The most important thing in my opinion is to have a plan.

I retired from my first job at 50 in 2012 with a pension; not a bad pension, but not enough to do what I wanted to do with life and I considered it too early to retire. Took the lump sum & invested it having paid off the mortgage, and went back to work again. Apart from the money, I actually find (or found pre-Covid) the human interaction to be good. I've always worked as part of a team and value the company and banter (even if I could happily strangle a couple of them ). Mrs. BiM is still working. I'm fortunate that work allow me to buy an extra 2 weeks annual leave a year, and we get 12 Flexi days.

Having spoken with our IFA, we've taken out loans for cars and a motorcycle to end in 4 years time. At that point we will own 3 decent modes of transport, own the house, have no outstanding debt and will be in a position to look at what we want to do. If we retire at that point, the "hit" that we take on the loss of income is to some degree defrayed by not paying out the loans. Mrs. BiM will by then be in receipt of a small pension, which will further defray the loss of income. We can then consider the worth of our current job's pensions. If the investment is sufficient that we can draw down to maintain a standard of living that we are happy with until the state pension kicks in (6 years in my case) then we can consider retirement. If I've decided that the Multistrada 950 needs an upgrade to a Pikes Peak or a V4 Multistrada (that's a rhetorical question Hobbitt ) then I might, if I'm still happy at work, carry on. If I decide that I no longer want or need a bike, then that might be a factor in deciding what to do. We've fortunately done almost all the long distance travelling that we wanted to do, so could potentially rein that in if it meant we could retire. But we'd need to consider all aspects of our lives at that point.

Have a plan, have a back-up plan, and keep them under review; if your circumstances change so should your plan. Whatever you do, don't do it on a whim because, as others have pointed out, it can be hard to go back if it doesn't work out.

Good luck.

 

[Hobbit]

The most important thing in my opinion is to have a plan.

I retired from my first job at 50 in 2012 with a pension; not a bad pension, but not enough to do what I wanted to do with life and I considered it too early to retire. Took the lump sum & invested it having paid off the mortgage, and went back to work again. Apart from the money, I actually find (or found pre-Covid) the human interaction to be good. I've always worked as part of a team and value the company and banter (even if I could happily strangle a couple of them ). Mrs. BiM is still working. I'm fortunate that work allow me to buy an extra 2 weeks annual leave a year, and we get 12 Flexi days.

Having spoken with our IFA, we've taken out loans for cars and a motorcycle to end in 4 years time. At that point we will own 3 decent modes of transport, own the house, have no outstanding debt and will be in a position to look at what we want to do. If we retire at that point, the "hit" that we take on the loss of income is to some degree defrayed by not paying out the loans. Mrs. BiM will by then be in receipt of a small pension, which will further defray the loss of income. We can then consider the worth of our current job's pensions. If the investment is sufficient that we can draw down to maintain a standard of living that we are happy with until the state pension kicks in (6 years in my case) then we can consider retirement. If I've decided that the Multistrada 950 needs an upgrade to a Pikes Peak or a V4 Multistrada (that's a rhetorical question Hobbitt ) then I might, if I'm still happy at work, carry on. If I decide that I no longer want or need a bike, then that might be a factor in deciding what to do. We've fortunately done almost all the long distance travelling that we wanted to do, so could potentially rein that in if it meant we could retire. But we'd need to consider all aspects of our lives at that point.

Have a plan, have a back-up plan, and keep them under review; if your circumstances change so should your plan. Whatever you do, don't do it on a whim because, as others have pointed out, it can be hard to go back if it doesn't work out.

Good luck.

Not the V4 Multistrada. I don't like the new frame, preferring the old trellis style. Not sure on the mono-shock position either - on the fence with that. Like the look of the bike overall but when I start to look at the detail it niggles with me. If you were going for the BMW 1000RR, oh yes!

 

[Blue in Munich]

Not the V4 Multistrada. I don't like the new frame, preferring the old trellis style. Not sure on the mono-shock position either - on the fence with that. Like the look of the bike overall but when I start to look at the detail it niggles with me. If you were going for the BMW 1000RR, oh yes!

Rear sub-frame is still trellis, I'm fine with that. I'm more put off by the double sided swing arm.

 

[williamalex1]

Cripes what a depressing read....for me, I'm 51 and have a mortgage until I'm 67 although a little family inheritance might help see that off earlier in due course, depending on a number of factors including the taxman.
Not working properly currently, just odd jobbing, so my income is low, Mrs is full time luckily but things are very tight presently, could move again for work but mrs's business is here and kids are settled here, I've moved them around too much already, grass is not always greener.
Father in law retired at 52 and never looked back, now 77 and lives a full life whereas my poor old man died at 63 having had no retirement at all before cancer got him.
Have a few pensions via different jobs but never been a high earner so they are modest but better than nowt. We have another house which is ours legally but held by our inlaws until they're no longer fit to use it for their holidays, isn't rented out but can be in future, might be a lifesaver. Frustrating for us though as it sits empty most of the year.
No retirement any time soon unless my numbers come up. Not ready to properly retire yet as the kids are school age so too young for me to go off travelling etc but a decent job on a 4 day week would be good.

Change your Avatar if you want more than Odd Jobs, I'll get my coat , hopefully not your hat.

 

[Deleted member 21784]

I started in our pension scheme at 18. Max 40 years input will take me to 58. I pay 4% avc on top of that

Plan is come 60 take the avc as a complete lump sum (combining the two into one so the actual pension is untouched) and live off my pension until I die ..

However I will have to support two of us as the wifes pension isnt great and she wants to retire about same time but she's a year younger

Long as the mortgage is paid off that will be fine

 

[Billysboots]

I’m fortunate enough to retire in the spring next year, aged 53. I say fortunate, but after 30 years as a frontline shift worker, having had anything but a normal life throughout that time, I feel I’ve earned it and am ready for a breather.

Luckily we are already virtually mortgage free, so my plan at the moment is to take the summer off and then assess whether I need to find some part time work.

The only rules will be - no working weekends, nothing after 5pm, and absolutely nothing which involves supervising or managing staff. I’ve absolutely had my fill of all the grief that involves.

Bring it on. I can’t wait.

 

[golfbluecustard]

Am 49 and hopefully have 11 yrs left to work, at most, have seen to many guys stay on for a few more yrs than they probably should because they either never had hobbies, don't like their wives.... or what's usually the case is that they know at work they're someone, and their opinion is listened to but out in the world when you walk into Costa on a Wednesday morning no one will really give a monkey's...... Maybe that's why so many people join the bowls / golf club committee, just maybe.....

My mum died at 50 so am conscious that life can be short and be nice to see some of the world never knowing what's round the corner

GBC

 

[clubchamp98]

I’m fortunate enough to retire in the spring next year, aged 53. I say fortunate, but after 30 years as a frontline shift worker, having had anything but a normal life throughout that time, I feel I’ve earned it and am ready for a breather.

Luckily we are already virtually mortgage free, so my plan at the moment is to take the summer off and then assess whether I need to find some part time work.

The only rules will be - no working weekends, nothing after 5pm, and absolutely nothing which involves supervising or managing staff. I’ve absolutely had my fill of all the grief that involves.

Bring it on. I can’t wait.

That is more or less what my plan was.
But there are no part time jobs here that don’t include at least one of them!
Most are minimum wage and the boss is some spotty geek.

 

[Piece]

Good thread and an eye opener! Lots of people retiring in their 50s. Perhaps I need to look a bit more seriously ????

 

[User62651]

Change your Avatar if you want more than Odd Jobs, I'll get my coat , hopefully not your hat.

hehe I really didn't make that connection! - maybe i should get an avatar of Jeff Bezos up there - I have the slaphead already!

 

[trevor]

I stopped work at 60 and moved from Surrey to Somerset making a bit on the house move in the process. Never really considered it retirement and I felt guilty for ages because of not working, got a part time job 2 days a week but then had to give that up due to health reasons. Even golf is a struggle now but at least I’ve had a couple of years between leaving work and getting ill.

 

[golfbluecustard]

I stopped work at 60 and moved from Surrey to Somerset making a bit on the house move in the process. Never really considered it retirement and I felt guilty for ages because of not working, got a part time job 2 days a week but then had to give that up due to health reasons. Even golf is a struggle now but at least I’ve had a couple of years between leaving work and getting ill.

You worked till you where 60 zero guilt there.

We've talked about moving when we no longer need to be within commuting distance of London, and get some value for money / free up some money

Sorry for the ill health and hope you'll be on the fairways again soon

GBC

 

[Hobbit]

I’m fortunate enough to retire in the spring next year, aged 53. I say fortunate, but after 30 years as a frontline shift worker, having had anything but a normal life throughout that time, I feel I’ve earned it and am ready for a breather.

Luckily we are already virtually mortgage free, so my plan at the moment is to take the summer off and then assess whether I need to find some part time work.

The only rules will be - no working weekends, nothing after 5pm, and absolutely nothing which involves supervising or managing staff. I’ve absolutely had my fill of all the grief that involves.

Bring it on. I can’t wait.

And well served sir, and thank you.

BiL completed his 30 at 48 years old, retiring on a DCI's pension. He then worked for the local authority until last year, 67, on crime prevention and restorative justice initiatives.