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Post by MikeMusic on Jan 25, 2019 11:56:01 GMT
Should you retire ?
Confess I was scared about retirement as I thought I would be bored silly and 'needed' a job.
180' on that
Had to leave my job as I couldn't bear working for the new owners.
Thought I might get myself another job, consulting part time maybe.
Decided to have a few months working out what I really wanted to do.
Previously working 6 and sometimes 7 days a week. No holidays for about 30 odd years, er yes.
The odd day off now and then, mostly to watch the Tour de France.
How could I possibly adapt to being on holiday 7 days a week ?
Very easily
Still working my way through all the things that didn't get done in 30 odd years. Selling all my upgraded kit is taking a long time and getting rid of stuff I will never use again.
Management summary :
Do whatever you can to retire as early as possible.
Get a life.
Can't afford to ?
Can't afford not to.
Find a way to do it whatever it may be.
You only have so long. Make good use of it.
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Post by jandl100 on Jan 25, 2019 12:09:11 GMT
Me and the mrs quit work in our mid 40s. No kids, professional salaries - now on work pensions. No regrets.  |
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Post by MikeMusic on Jan 25, 2019 12:14:41 GMT
You have a few years on me.
Could I have retired at that age ? ......
Guess so if I had moved out of the South of England.
Would I have been ready for it then ?
Hmmm
"No regrets" seems to say I would have been ready
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Post by jandl100 on Jan 25, 2019 12:17:06 GMT
Yep, I'm almost 63 now. Wife was worried I'd be climbing up the wall with boredom within a week of leaving work. Heh heh - no worries. |
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Post by MikeMusic on Jan 25, 2019 13:54:38 GMT
Same for both of us then and a recommendation for everyone else |
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Post by Slinger on Jan 25, 2019 15:02:03 GMT
I didn't have much choice, several health issues conspired against me and whilst not individually 'serious,' when combined they left me pretty well stuffed as far as work was concerned. Admittedly, I was only doing a little part-time job at Sainsbury's, just to keep a few pennies coming in (and, I suspect, to keep me going out  ) while, as it was within walking distance, I could best look after my wife, who, as some of you know was quite ill. For the last three years, or so, I've been living on basic PIP, a pension, and my savings. Owing to the buggering about with pension ages, although I was 65 this month I can't actually claim my state pension until May. My meagre state benefits cease in March though, so I'm bloody glad I don't have to rely on benefits to survive, as so many poor buggers have to. I've been in a weird sort of limbo for ages now, but in May, once I can claim my pension, I can hopefully start assessing my permanent situation, and actually feel like I've retired. As an aside, allow me to recommend the charity, Age UK, (formerly Age Concern and Help the Aged) to anyone who may be trying to work out any actual financial entitlements etc. they have upon retirement. I've chatted to 'Bob' my local chap, and he's prepared to visit me at home, go through my finances, work out if I'm actually entitled to anything over and above my state pension, and assist with filling out any of the interminable forms the government is so fond of issuing. Sod it! I paid my N.I. and tax for over 45 years. If I'm entitled to something then I'll happily take it. I do not subscribe to that odd British trait of being "too proud" to claim things I've already paid for. Actually, allow me to recommend Age UK for any questions you may have that you believe may be age-related; they were a great help to my wife before she passed away, and have helped my mother too. I've spoken to a few people about them over the years, and all of them are of the same opinion - a top-notch organisation. |
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Post by SteveC on Jan 25, 2019 16:14:06 GMT
I took the leap in January 2013, aged 56.
It meant giving up a salary of £27K a year, which topped up my pension from my career retirement in 2005, but, having paid off the mortgage in 2010 and not having any other debt to service, it's surprising how far £2,228 goes every month!
We go on holidays each year, pretty much buy what we want and still have enough left over to put into savings.
As for missing the routine of the workplace, you develop a new routine in retirement. As Mike said, you start to do all this things that you put off over the years as well as having the time to pursue hobbies and interests. I go to the gym each morning on Mondays, Tuesdays, Thursdays and Fridays and have each Wednesday and the weekends totally free. I go fishing, clay pigeon shooting and spend time walking and photographing nature.
Suffice to say, I spend a lot of time listening to music and investigating new artists and albums via Spotify.
Oh! and I waste a lot of time each day on the internet!
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Post by MikeMusic on Jan 25, 2019 16:38:29 GMT
Forgot to mention I don't *go* on holiday I'm on holiday all the time |
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Post by MartinT on Jan 25, 2019 16:44:01 GMT
It's complex for me because we have a mortgage that is large enough not to be payable in the near future. However, we've already planned to sell at retirement and downsize as we don't need this huge barn for just the two of us. There is plenty of capital to buy somewhere decent although we can't agree on where yet. I would prefer to go north and find some peace and more house for our money, Ruth wants to stay in the South.
My state retirement age was changed to 66 and I've just turned 60. I ask myself whether I can tolerate the stress of driving 30 miles each way to work for another 6 years, indeed whether I can tolerate the work itself, and I have no firm answer yet. While I'm relatively healthy, it's easier to keep going but if I let the diabetes get out of hand it'll be a different story. There's also the ever present threat that cancer may return.
Ruth is capital rich while I have much better combined pensions (my salary peaked at £70k about 18 years ago). We compliment each other but it remains to be seen whether I or both of us will devalue our pensions by taking them early. My health may well play a big part in that and I'd like some fun because my life expectancy isn't anything like the norm.
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Post by jandl100 on Jan 25, 2019 16:56:11 GMT
My father worked himself to death and died in his mid 50s of heart disease.
I think that had a profound effect on my early retirement decision!
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Post by Pinch on Jan 25, 2019 17:00:40 GMT
I'm 38 and still yet to properly enter the world of work (graduate study and full-time parenting have kept me busy). But if I finish my PhD in the next year, which is the goal, then I'll be looking for academic jobs soon. Though I suspect it'll then be a long time before the question of retirement comes up. But right now I'm fine with that - I've had my fill of not working.
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Post by SteveC on Jan 25, 2019 17:05:31 GMT
Indeed! Health is a large part of the decision-making process!
In 2016, Irene's sister died in her sleep, having turned 66 the previous month! We all thought she was healthy, but a post mortem revealed heart attack and heart disease. Two months later, my brother died of a heart attack, aged 68, having "enjoyed" only three years of retirement!
If you can afford to do it, the take the leap of faith. I often think of my neighbour, who owns his own company and has just turned 69. His wife has been waiting for him to retire for the last five years, but he believes he cannot let go of the reins and who will replace him! I fear he will die before he gives up work!
None of us are indispensable!
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Post by Deleted on Jan 25, 2019 17:18:51 GMT
Interesting question, as health certainly has a bearing for myself also.
Difficult to fully give up work, though part time for 20 hours a week in the near future is on the cards.
Working at your own pace and job ranges is important to me, my plan was to retire at 50, now 55 max
Jerry had the right idea, stress is a big cause of work grief imho, why do it?
Paul, I used to employ to great old boys to collect and drop off customers vehicles many moons ago, they were polite, decent individuals who really made an impact on my business at the time, they shared the 40 hours a week, always immaculately turned out and manners that mattered. They had the right idea.
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Post by MikeMusic on Jan 25, 2019 17:28:20 GMT
It's complex for me because we have a mortgage that is large enough not to be payable in the near future. However, we've already planned to sell at retirement and downsize as we don't need this huge barn for just the two of us. There is plenty of capital to buy somewhere decent although we can't agree on where yet. I would prefer to go north and find some peace and more house for our money, Ruth wants to stay in the South. My state retirement age was changed to 66 and I've just turned 60. I ask myself whether I can tolerate the stress of driving 30 miles each way to work for another 6 years, indeed whether I can tolerate the work itself, and I have no firm answer yet. While I'm relatively healthy, it's easier to keep going but if I let the diabetes get out of hand it'll be a different story. There's also the ever present threat that cancer may return. Ruth is capital rich while I have much better combined pensions (my salary peaked at £70k about 18 years ago). We compliment each other but it remains to be seen whether I or both of us will devalue our pensions by taking them early. My health may well play a big part in that and I'd like some fun because my life expectancy isn't anything like the norm. The heat map of prices on Zoopla is useful. Indicating areas of lower value so the South may be tenable if you can be happy in the lower area. I urge you to investigate and do it sooner rather than (too) later. House prices vary enormously even in a similar area. |
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Post by MikeMusic on Jan 25, 2019 17:32:25 GMT
I often think of my neighbour, who owns his own company and has just turned 69. His wife has been waiting for him to retire for the last five years, but he believes he cannot let go of the reins and who will replace him! I fear he will die before he gives up work! None of us are indispensable! No one believed I would ever retire. Helped that the print industry is in decline. Then I managed to sell the company - to people I could not bear to work for. I was indispensable - in the way I wanted the company run. Part of leaving was I became dispensable and the new guys IMO did it wrong |
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Post by MikeMusic on Jan 25, 2019 17:37:56 GMT
Interesting question, as health certainly has a bearing for myself also. Difficult to fully give up work, though part time for 20 hours a week in the near future is on the cards. Working at your own pace and job ranges is important to me, my plan was to retire at 50, now 55 max Jerry had the right idea, stress is a big cause of work grief imho, why do it? Paul, I used to employ to great old boys to collect and drop off customers vehicles many moons ago, they were polite, decent individuals who really made an impact on my business at the time, they shared the 40 hours a week, always immaculately turned out and manners that mattered. They had the right idea. You're not allowed to retire sunshine ! Although swanning around the countryside can hardly be called work My plan was always to cut down my hours. Never managed it though. Might be easier for you. Depends on overheads, of which I had too many |
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Post by MartinT on Jan 25, 2019 17:40:06 GMT
Some good points made. If I could retire early I would, but the onsite modelling for my pensions severely devalues them if I take them early, although they vary in range. Like MikeMusic I would have absolutely no trouble filling my time with things to do. I never use the phrase "I'm bored". jandl100 health warning noted. I'm very aware of that! I also need the walks, yoga, cycling in my life. @tonyc you've had a health shock recently, use it to focus on your priorities. Mike, I like Zoopla and it sure does identify lower price areas. There's a tricky balance between lower cost and higher quality, of course. I don't just mean the house, either, the neighbourhood counts for a lot. Even more so is spotting the unusual which other people don't want. |
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Post by Deleted on Jan 25, 2019 17:47:09 GMT
Mike
I will swan around the UK less, cut down to 30K miles a year lol
Will have top perform road tours of the UK instead, tying up 5-8 people a week instead of the usual amount.
Also I feel if you have been working all of your life, it mat be difficult to actually mentally 'give up' which I suspect a wind down over a set period maybe helpful.
Martin, I just would not have your patience with those darlings parents, I doff my hat, they would be holes in walls and teeth missing if were involved with your employment position. Not sure how you manage it!
The trade off is time V's money and peace of mind, a tricky act to obatin imho
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Post by SteveC on Jan 25, 2019 19:51:41 GMT
As Burns Night approaches (Tony - Please do be careful with that soldering iron) I am reminded of my Glaswegian mate Sam and one of his favourite sayings .......... "There are no pockets in a shroud!"
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Post by brettj on Jan 26, 2019 4:38:24 GMT
Retirement? Not so far away now, as turning 57 this year.
Fear the NZ Government will raise retirement age beyond 65, before I reach it.
Been told to save for retirement, but don't have anywhere what's needed.
Two kids still at home (18 and 20) doesn't help.
Luckily, now mortgage free, so at least one hurdle out of the way.
But with overseas travel as something my wife and I want to do.
As she says, she'll be flecked off if cancer returns and we haven't travelled.
And my arthritis is a bit of a worry.
Plus my father died at 62. That's getting close.
Luckily, I do enjoy teaching.
Unless they change the curriculum again.
Not really wanting to learn a 'new way' for the fourth time...
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) while, as it was within walking distance, I could best look after my wife, who, as some of you know was quite ill. 
