Retirement

Lord Tyrion said:
@pauljames87 it's a psychological thing, your own make up. My mum, ex teacher, was ready to retire and took early retirement at 60. Loved it, never missed it. Still meets up with ex colleagues, all retired as well now, but never felt the urge to teach again.

My FiL was dragged kicking and screaming into retirement. Fought it, kept 'dropping in'. He is 86, would still work now if he could.

I think some people judge themselves by their work and if they don't work then what are they? Personally, I doff my cap to anyone who tells me they are retired, I admire them 😆. You won't change your mums thought process I suspect, it's ingrained 🤷🏻‍♂️
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She's going to put herself in an early grave!

My dad on the other hand was going to retire November 2020

When COVID hit we sat him down and said can you afford to go now? Yes . Don't be a hero .. retire. He wasn't in best of health so we were worried him going into work

He did and hasn't worked since

He's enjoying being grandad to his 4 grandkids
 
GreiginFife said:
Cheeky beggar, I’ll be 50 😂
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Providing nothing changes in my scheme. Which prob will happen. I'll be happy to retire at 60. So 50 is amazing!

I've been topping up my pension since I was 27 with 4% of my annual wage on top of my work scheme so hopefully will get a decent enough pension to retire comfortably
 
pauljames87 said:
Providing nothing changes in my scheme. Which prob will happen. I'll be happy to retire at 60. So 50 is amazing!

I've been topping up my pension since I was 27 with 4% of my annual wage on top of my work scheme so hopefully will get a decent enough pension to retire comfortably
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I pay an annual lump sum in to my pot plus another lump in to a mixed portfolio that is performing well.
 
Mudball said:
Can’t retire.. can't afford to..
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Therefore having a job is a blessing. 😁
GreiginFife said:
Contract business consultant. For 14 years I have only paid myself what I need and the rest has been split between a pension and an investment portfolio.
I also had a 12 year employer pension from my time as an employee which was decent for the time.
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Exactly same here. Should have done freelance sooner, but was enjoying corporate life, and at the time is was a decent option.
 
IanM said:
Therefore having a job is a blessing. 😁


Exactly same here. Should have done freelance sooner, but was enjoying corporate life, and at the time is was a decent option.
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I was the opposite, hated corporate mindset, politics and all.
So decided to set up on my own and I’ve been pretty much constant with contracts since. 2 months off in 2020 was all I have lost.
 
I had a redundancy dangled in front of me at 58, I did the sums & made up my mind to go.
They kept me & quite a few others hanging on for 18 months & then withdrew the offer.

By then I'd make up my mind that I wanted out, so I retired at 60
Best thing I ever did.
3 Years later, I still can't work out how I ever found the time to work, play golf, walk the dog, look after the house & all the other stuff I did.
No wonder I was permanently knackered.
Since retirement the days just seem to fly by.
I can't say I've ever been bored.
Do I miss work?
No, I don't miss anything about it at all.
 
My company was taken over by a major competitor. I and the rest of the department were offered a transfer or redundancy. Most transferred but I decided to retire as I didn't want to move. I was asked to manage the transfer and integration of systems and was given two years to do it. As a result I got promoted to HoD (as I was the only one left) and got 30/60ths of my final salary as a pension. Finished the work in 6 months and wfh for 18. Did some consulting for 5 years and took up golf. Never looked back.
 
Mudball said:
Can’t retire.. can't afford to..
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Had our annual review with the financial adviser yesterday. The wife is starting to think about when she will pack in but is worried about money. One point the FA made is that a lot of people don't retire early because they think need a lot more money than they actually do - everyone thinks they are going to go on lots of mega expensive holidays when they retire, but in reality very few people do that.

He is by going to do some cash flow projections and we will start to form a plan. I'm glad we are doing something about it as work is getting her stressed out, she's had enough.
 
rudebhoy said:
Had our annual review with the financial adviser yesterday. The wife is starting to think about when she will pack in but is worried about money. One point the FA made is that a lot of people don't retire early because they think need a lot more money than they actually do - everyone thinks they are going to go on lots of mega expensive holidays when they retire, but in reality very few people do that.

He is by going to do some cash flow projections and we will start to form a plan. I'm glad we are doing something about it as work is getting her stressed out, she's had enough.
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We found ourselves on the situation where we could create a savings fund (essentially my wife’s NHS pension lump sum) for holidays and special big stuff (like my subs). Our pension income therefore only has to cover running the house and car, and day2day living costs - and we are not extravagant. There is usually a little bit left each month for such as the occasional meals out, theatre and overnight stays. Though in truth it’s a bit tight and my Mrs feels she has to keep her 2day/week job going. But it’s OK and my state pension in August will ease the need she feels to do that - and I could also increase my pension fund drawdown a bit if needed.
 
Me I retired at 52 1/2. I use the term retired loosely. It’s the old adage, how did I find time to work. Had the grandsproggs yesterday/ last night and son got his keys to house yesterday so there’s months of work there. It keeps us busy, keeps us mentally happy.
Me I have never looked back, golf, mountain biking Holidays and grandkids. But it’s not for everyone and I understand that. Some folk love work, they love the company. Retirement could be a kick in the teeth for them.
What I also get it times have changed, I started to pay into a pension at 16. It was compulsory. Probably unheard of today.
 
rudebhoy said:
Had our annual review with the financial adviser yesterday. The wife is starting to think about when she will pack in but is worried about money. One point the FA made is that a lot of people don't retire early because they think need a lot more money than they actually do - everyone thinks they are going to go on lots of mega expensive holidays when they retire, but in reality very few people do that.

He is by going to do some cash flow projections and we will start to form a plan. I'm glad we are doing something about it as work is getting her stressed out, she's had enough.
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There still seems to be an "insistence" on the part of some pension organisations that you should take just 4% of your pot per year.....but this totally misses the fact that many folks sadly wont make it beyond the 20th year of retirement or, their health/mobility suffers so they become far less active and need far less money in the later years. I'd rather have a little bit more money in the early years when i'm healthy enough to enjoy it.

soon to be 58, soon to be replaced at work by a low cost Romanian, considering options as to what to do come year end. :D
 
Mudball said:
Can’t retire.. can't afford to..
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As others have said. What you need when you stop working compared to what you need when you are can be very different.

For me it was nearly 20,000 miles less driving a year
No need for 2 phone lines and big reduction in telephone bill.
No need for 3 or so new suits every year (in fact I have not bought one since stopping work)
No need for smart shoes, shirts and ties.
Eating at home instead of lunches on the go
It all adds up.
 
I have found that you need less money than you think.
As long as the mortgage and big debts are paid off.
I hardly spend anything day to day now.

It Costs money to go to work subtract that from your outgoings.
 
In 24 hrs I shall be 58, In 1 year I shall be max of 4 days a week.
1 year after that I shall start to run my business down, so as to keep within divi tax levels, and then after after about 5 or 6 yrs close the business altogether. Then no more work.
 
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