Retirement

[Pants]

Been retired now for over 15 years.
Here are my tips.
Watch other people running around like headless chickens. You were like that once.
Don't think you have to take holidays. You are already on one.
Put your feet up and relax.
Do a bit of yoga and Tai Chi, knowing that they don't do much, but you will impress your friends.
Protect your golf handicap. You don't want any pressure.

I have to say that that is one of your more sensible posts

 

[Crazyface]

Been retired now for over 15 years.
Here are my tips.
Watch other people running around like headless chickens. You were like that once.
Don't think you have to take holidays. You are already on one.
Put your feet up and relax.
Do a bit of yoga and Tai Chi, knowing that they don't do much, but you will impress your friends.
Protect your golf handicap. You don't want any pressure.
Use this book as your bible: https://www.amazon.co.uk/F-k-Ultimate-Spiritual-Way/dp/1848500130

I Like the second tip. I'll keep this one in mind.
A mate of mine still works at 67. He's has a pension pot of £350K (he's told me). Works 5 days a week, import, export, for a guy who's set the thing up a year ago. He's a real snob, but cannot see it. Loves to brag about how much money this bloke has, and how he puts them up in Harrogate and takes them out in fancy restaurants buying £100 bottles of wine. He was supposed to by playing golf with me every Monday, that was the deal when I joined, but he's let me down so many times and on the last minute. Still hey ho, he loves it, and has got nothing else so me and the wife will just play on a Monday now she's retired, well from June.

 

[Skytot]

It's a long slog init? My advice is to put in as much as you can towards a company pension and cross everything that it's a gud 'un. The wifes been having a rubbish (to say the least) time at work, long story, but after six months of dithering and checking and researching and finally speaking to the bloke who deals with the work pension, she's handed her notice in. She's not yet 60, well she tells everyone she's 22, she thinks shes funny, been doing it for years, ho ho. But it's taken a massive weight off me, never mind her!
We're very lucky to be in the position we are in to do this. I'm gonna carry on slogging away at Tesco for my 10 hours a week, with the odd extra if I feel like it, well the benefits far outweigh working anywhere else, unless a beer taster comes up at Wilsons brewery, and since Courage bought that out years ago, I will never forgive them, that won't happen. So I'll keep on sweeping up the mistakes that fall into my lap from them, Tesco, for a few more years, and it's a laugh, god they are incompetent, not the staff, just Tesco. But thats another story. The wifes relaxed now and doesn't give a hoot! LOL She's just got to see out 6 months and will get a 3 month payout when she leaves. She's off for big chunks of it already so it will be about 3 months of actual work, as she's down to 3 days a week anyway. We're not big flash spenders so can mange on what we will be getting.
So once again to those just starting out, chuck as much as you can into a company pension.

Wilsons brewery
My local was a Wilson’s pub , used to love their Bitter & Boddies

 

[Skytot]

I’m a 57 yr old carpenter, 40 yrs been doing it and I’ve lost my mojo and knees hurt . I’ve had a private pension since I was 23 . I’m hoping to go part time in 3 or 4 yrs fingers crossed my pension delivers.

 

[IanM]

I’m a 57 yr old carpenter, 40 yrs been doing it and I’ve lost my mojo and knees hurt . I’ve had a private pension since I was 23 . I’m hoping to go part time in 3 or 4 yrs fingers crossed my pension delivers.

Well, if its been going that long, you might be able to go sooner than you think. Speak to your IFA or get one. There are several options in addition to taking the annuity

 

[jim8flog]

 

[Hobbit]

With me fully retired and not drawing down very much pension and waiting for the state to help, but with my Mrs still doing couple or three days a week plus her NHS pension - we are comfortable but not well off. But we have time, and we can’t buy time, and with my time ‘free and free‘ I can support family and friends as much as is asked of me and pretty much whenever they need me.

The big statement in Hogie’s post is “we can’t buy time…” Having a big pension pot isn’t much use if your body is shot to bits and sitting around is all you’re good for. Retire whilst you’re still fit enough to do the things you want to do - this very much ties in with what the Independent Financial Advisor said to me 25yrs ago. “Do you think you’ll be walking the Fells at 80? Jetting off to China? By the time you reach 80, all you will need is enough money to pay for your TV licence.” A bit simplistic but you get the gist.

Mrs Hobbit is 62, I’m 64. The road trips, with shared driving, take some planning as failing eyesight means she can’t drive anymore. Days are limited to 2-3 hours driving, not 5-6. Thank God we retired 5 years ago.

 

[Yorkhacker]

I took severance in 2009 at age 46 and rather than take all the money, paid as much of it as possible into my company pension. Did nothing for a couple of years, then worked for 7 1/2 years doing online orders for a supermarket. Getting up at 3 am 4 days a week for crap pay was tough, but being home by 9.30 am was great.

In 2012 we moved from Surrey to Yorkshire and bought a bigger house for less money. Never regretted it and it has been great for the kids who i think have done better, educationally, than they would have down South.

Retired in 2019 with a tidy tax free lump sum and an ok pension. We're not big spenders so we have more coming in than going out, so I'm happy. Just another 5/6 years until both lads have finished education.

As i get older, the desire for expensive things has diminished and i really hate waste so i have to really want/need something before i buy it, unless its golf related of course!
All in all I wouldnt change a thing with the way my life has turned out, I feel very lucky.

 

[SwingsitlikeHogan]

The big statement in Hogie’s post is “we can’t buy time…” Having a big pension pot isn’t much use if your body is shot to bits and sitting around is all you’re good for. Retire whilst you’re still fit enough to do the things you want to do - this very much ties in with what the Independent Financial Advisor said to me 25yrs ago. “Do you think you’ll be walking the Fells at 80? Jetting off to China? By the time you reach 80, all you will need is enough money to pay for your TV licence.” A bit simplistic but you get the gist.

Mrs Hobbit is 62, I’m 64. The road trips, with shared driving, take some planning as failing eyesight means she can’t drive anymore. Days are limited to 2-3 hours driving, not 5-6. Thank God we retired 5 years ago.

We two are same age as yourselves…still fit, but other family issues that require our almost continual support have scuppered more significant leisure plans we had…at least for the time being.

So we are fortunate that when my Mrs retired (albeit for only a year) I was able to take 6 months unpaid leave first half 2019 and we spent over 4 months travelling NZ, Aus, SE Asia. If we had waited until I retired to do this we’d still be waiting, and with no end to that wait in sight. If you see a chance take it. The water keeps flowing under the bridge until it no longer does.

 

[IanM]

Hobbit has pretty much repeated what my IFA says.

Assume you'll spend much less after the age of 70! (Pick a number!)

 

[PJ87]

Hobbit has pretty much repeated what my IFA says.

Assume you'll spend much less after the age of 70! (Pick a number!)

We have an option at work where you can take a higher pension that lasts until 67 then at 67 it reduces (by the exact amount state pension is) sounds a brilliant idea.. I don't want more money when I'm older I'd like to take as much as possible 60-67

 

[rudebhoy]

We have an option at work where you can take a higher pension that lasts until 67 then at 67 it reduces (by the exact amount state pension is) sounds a brilliant idea.. I don't want more money when I'm older I'd like to take as much as possible 60-67

My place had the same option, which I took advantage of as the gap between me retiring and getting the state pension was 13 years. It's worked well for me, but you need to be aware that the longer you live, the more this will cost you. It's not cost neutral.

 

[Alan Clifford]

Retired at 57. Was being sidelined at work by new MD (she was sacked by the parent company 1 month after I retired ha ha). Asked for a pension quote for early requirement and it was more than I expected. Never looked back. 5 months in Barbados one year. South Africa is the current favourite - looking forward to a February summer on the golf course.

Sadly, my ski boots went on freecycle today

 

[Mandofred]

Retired teacher. I always knew I would retire as soon as possible. Never spent that much money accept on the occasional new toy (computers, bicycle etc). Vacations were kept minimal and not expensive. Didn't get married until I was 49 and didn't have a family to raise (although wife had 4 kids from previous marriage)...that really helps with the money pot. They were offering early retirement so I took it when I was almost 54. I'd been keeping track of how much we spent for a couple of years before quiting so that I would know exactly how much I was spending and living comfortably on (still do). My life is simple.....get up and go for a 5+ mile walk (or now the gym since I've had a leg issue), get on the computer and kill as many evil things as possible, play golf 3-4 days a week, watch some tv in the evenings, read, occasionally actually practice a musical instrument......zing, the day is over. My wife and I are basically hermits....we just don't live in a cave. Since we moved back to Harrogate almost 8 years ago, the furthest from Harrogate we have been is about a 1.5 hr drive away.

 

[KenL]

A teacher able to retire at 54, that is impressive.

 

[SwingsitlikeHogan]

I Like the second tip. I'll keep this one in mind.
A mate of mine still works at 67. He's has a pension pot of £350K (he's told me). Works 5 days a week, import, export, for a guy who's set the thing up a year ago. He's a real snob, but cannot see it. Loves to brag about how much money this bloke has, and how he puts them up in Harrogate and takes them out in fancy restaurants buying £100 bottles of wine. He was supposed to by playing golf with me every Monday, that was the deal when I joined, but he's let me down so many times and on the last minute. Still hey ho, he loves it, and has got nothing else so me and the wife will just play on a Monday now she's retired, well from June.

Note about a pension pot of £350k. It might sound a lot (and compared with that of many, it is), but an IFA will suggest that to maintain a steady income from it for ‘as long as’, and maintain the pot (markets permitting) a monthly drawdown of about £1400 (4%), would be appropriate. About £400 would be taxed so the pot would provide a monthly income of about £1320…not exactly a huge amount.

Of course you can take a higher % until the state pension kicks in then cut the drawdown to less than 4%. And for ‘living in the now‘ I suspect a fair few plan to do that.

 

[PJ87]

We got my dad to retire 6 months early when covid hit. Royal mail had ruined his pension but luckily my "uncle" (mentioned earlier) had set up his previous work places pension (that he left in 1994) and that combined with his royal mail pension (what was left) mean he takes home same as he did working

Unfortunately he's 65 now so this was at 63.. and his joints aren't great .. so his dreams of golf every week went, hasn't played in years

Sad really

 

[Mandofred]

A teacher able to retire at 54, that is impressive.

It was good, but not quite as good as it sounds. Working overseas for the US Govt, for some reason they think you deserve extra $$ since the housing costs were often higher than in the US. Basically they paid my housing rent during the main portion of my working years.....so my salary went into the bank without having to pay rent. And...as an added bonus....my wife (UK) who never worked in the US is eligible for the US Social Security Spousal payment for people who raised the kids etc (max of 50% of what I'm getting, she's getting around 40% I think)....which puts an extra £600+ in our pockets every month.

 

[IanM]

I'm into week 4 of my "work through the winter " after 14 months off....

....quite frankly, even though the course is closed due to the freeze, I'd rather not be sat at a laptop working. I am sure I could be doing something more fun!

Lesson learned.

 

[Deleted member 25172]

I don't understand why anyone who could live a comfortable life not working would continue to work. Not considering those who's life and joy comes from their work, like professional golfers say. For them I only have envy.