😳 hope you are ok, bike crash ??Originally Posted by trident-7
Schoolboy error which is embarrassing to even admit…..suffice to say NEVER EVER REACH DOWN TO FIDDLE WITH YOUR FRONT WHEEL SKEWER WHILST STILL ON THE MOVE….otherwise your hand might get dragged through your front wheel, you’ll be punted over the handlebars, land vertically on your head, & break your neck :-(
I’ll be back ;-)
Oh … another vote for thru axels I guess.
Hope you’re soon riding again.
Thanks bud👍
Honestly, I'm in the same boat. Ultra low stress job, well paid and excellent pension.
Trouble is there's no way the wife is going to let me work to 67 - she wants to go back to Spain and it's as much as I can do to delay it until it's financially sensible to do so.
I'm hoping against hope that my employer catches up with the program and allows me to work remotely from Spain, that might make things a lot easier. Tax residency situation unfortunately means I can't do it without their full cooperation.
Oof! Hope you have a speedy recovery
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I'm happy for you really...I could never find a high wage, low stress, interesting job unfortunately.
The answer, at least for me, is to avoid managing people and carve out a career as an individual contributor, which I have done for 32 years.
Too many people determine their success by the size of the teams they lead. Whereas the may be considered successful given the grade you reach, it is not successful for a work-life and stress free balance. People can be a pain in the arse to manage.
Many of the vastly more senior managers two grades above me will be paid a load more than me, but their effective hourly rate is lower as they are working 12 hour days, and me 7 hours.
Too many young people shun the individual contributor career path to head down the more sexy team management role, and all the extra hours and stress that involves.
I’m curious, what is it that you do?
In most careers it’s difficult to progress without getting into management?
Interesting I too avoided managing people, stuck with the sales, then snr sales, then biz dev roles publishing/ marketing stuff... BS really or selling 'smoke' as a Spanish friend called it at the weekend. OKish money, decent basic even by the middle/latter stages PLUS commission, but the deadlines/ targets brought the stress. I could see my shelf life was limited, younger guns always coming up, technological changes... witnessed a colleague break down then early demise. Had to find a way to escape for health, sanity or drop back to some 20/30 K a year job, no deadlines stress sure, but then only just existing, prey to every economic/ political new wave, in itself stressful, depressing...Had a plan by around the mid 90's... luckily got out/ was managed out, kinda by my own design just after the financial crash of 08/09.
Of course everyone's different, get's dealt different cards at the start, want/value different things. I wonder if altitude at launch does generally determine height of orbit, obviously there'll always be some exceptions to that but having wealth, privilege, connections do seem to afford really quite mediocre people a leg up.
Last edited by Passenger; 27th September 2023 at 09:16.
Chemical Engineer. I haven’t progressed in a very long time and I hit my grade ceiling 15+ years ago, given my complete reluctance to take my career down the management route.
At the time I was unsure this was the correct decision (everyone wants the kudos of being a senior Manager, right?), but as soon as I got into my 50s I realised it was the best decision I ever made.
As always YMMV.
Do you have a link to the podcast?
Thanks
I recognise some of that. I have a good friend who I met through kids going to the same school, and he is very senior in advertising.
Loads of much cheaper youngs guns, chomping at the bit, desperate to climb the greasy pole means, coupled with the requirement for a breadth of skills (rather than deep decades built technical skills) means his job is insecure by the time he reached 50, and he is planning for his exit, not at his will.
He is just too expensive in comparison to the young blood coming quickly through the ranks, and advertising is the bell weather of the economy, or so he tells me.
Exactly...I was never snr material, lacked a real gift/ enthusiasm for it, just about managed to get myself up to an above averagely paid position, dint of hard work and using what the training taught to enable my progress and manage those above where possible. Maintained this for a comparatively brief period of time, it is smoke after all is said and done, ephemeral by nature, we can't all be Martin Sorrell!...Poured what financial resources and time/energy we could into various property games, gaining a little more 'altitude', broke free of the gravity well.
Last edited by Passenger; 27th September 2023 at 09:53.
Sounds like the best thing that could have happened, and you have prospered for it.
Life is just like a real game of snakes and ladders.
Been lucky once or thrice.
Sort've is but then we don't all start at the same point, for some ladders must be climbed, for others they seem like escalators, rising inexorably despite lousy performances. Nor do all get to play with the same access to elements like the Community Chest and Get out of Jail free Cards. And previous generations of players can leave the pitch in a shocking state....if you're gonna play for happiness/ freedom/life imho important to honestly face the facts of your situation. Our games will ALL finish the same way whatever the orbit achieved.
Sorry for mixing the game metaphors there, fun though.
Last edited by Passenger; 27th September 2023 at 10:44.
I`ve probably commented earlier on this topic, but I'll re-iterate my thoughts. I worked from age 16 to 52 in the chemical industry, did a chemistry degree by part-time study (the company encouraged this) and was doing OK on a career path as a manufacturing support chemist. Unfortunately I peaked at around 40, the company started shrinking and I had a couple of decent jobs disappear from under my feet, forcing me to redeploy into other roles in the company. The last role was something I had a strong aptitude for but the politics and culture in the group was toxic and I never fitted in. Thankfully a round of redundancies came and my stars aligned, I took redundancy and early pension on Jan 1st 2010, 4 days before my 52nd birthday. The last 7-8 years at work were difficult, I hated the job, consequently I was overjoyed to get out. I'd always tried to aim for early retirement, paying extra into the pension fund and saving/investing wherever possible and it paid off. Loss of my father in 2006 gave me a step up financially, he didn`t leave a lot but I invested my share wisely and that helped. I`ve never once regretted leaving the company, ironically the firm started reinvesting on the site I was based at (Huddersfield) and I could've returned as a contractor within 6 months of finishing........no way!
Retiring too early doesn`t work for everyone, you go from being 'somebody' in an organisation to being ordinary Joe on the Street, also with a big firm there's a sense of belonging that you lose, this didn`t affect me but in the same way you're aware it's cold outside on a winters day I was conscious of these factors. However, if the intrinsic satisfaction you get from your job, plus the social contact and all that goes with it, are integral to your mental health and wellbeing you could struggle, I've known people get depressed when they finish work because they've little else in life to keep them busy or to give them satisfaction. There's also the (potential) loss of esteem amongst your peers, if all your friends are still working and you've retired early you become the odd man out, for a few years I was reluctant to admit to people I met that I'd retired early. Loss of self-esteem can be an issue, you lose being 'good' at something and being paid for it, this can leave a void that ideally needs to be filled. I got into watch work, did some training and subsequently re-invented myself, in hindsight I think I`d have been happier doing something else but I've never worked out what 'something' is and at 65 I've stopped trying to work it out.
Money isn`t everything, we're happy to lead a relatively modest lifestyle (no new cars, no fancy restaurants, modest holidays) which can easily be funded, wouldn't suit some folks but it works for us. You have to be realistic, there's no point retiring early if you can`t afford it and some people need more money than others to be happy. Not working, having the time to do what you want, that in itself is a luxury.
You do need something to fill your time, I got into the watch work and that keeps me as busy as I want to be. Mrs W spends time gardening, looking after grandkids part-time, socialising with other ladies of leisure and playing bridge! I'm no gardening fan, I can`t stand card games, I have very limited skills with kids..........we rub along quite nicely! Seriously, if one partner is still working and the other isn`t, there's a mismatch that can affect relationships and that has to be considered. Be sure to get the housework done and the dinner cooked if your good lady is still going out to work, I learned that years ago. If you're good lady is the type that'll make you spend your time doing stuff you dislike it may be better to keep working!
Finally, if you get chance to retire early, to quote the Nike T shirt, 'Just Do It'.......if it's right for you.
Nobody’s epitaph should read, I wish I worked more.
Interesting stuff, we agree on some core points.
I enjoy having the Dadding business to focus on, it seemed it wasn't meant to be on our cards for some years, not a few mishaps, sadly. Hands On probably for longer than normal as the boy's got some challenges, as well as the luxury of time to focus myself/the mrs, plus relative youth/ fitness for a retired person...Personally wouldn't get, remain together with someone who had me doing stuff I/ We didn't enjoy, but that's another discussion.
Last edited by Passenger; 27th September 2023 at 11:51.
Too right. My 84 year old Fil's having his leg off below the knee today. Been suffering with one thing or another more or less since I met him nearly 3 decades ago. His quality of life/ mobility has been in fairly steep decline I'd say most of a decade. Only has his work. I swear he cares for some of his buildings as much as his kids, forgot or never understood that they were a means to an end, the buildings not the kids, became in a sense institutionalised. The US is particularly good at this, Doesn't much care for the MiL's company either. Poor bugger.
Last edited by Passenger; 27th September 2023 at 12:15.
The problem for some folks, particularly the more successful who rise to higher levels, is that work defines them. They've often been workaholics, success and status have motivated them and become their primary source of satisfaction. They dare not give up because they can`t face not having what they deem to be so important.
Mate of mine, a few months younger, has a similar issue with running. Despite having knee surgery he's still running 5-6 times/week (40-50 miles) and completing marathons. Some would say that's plausible and I do admire him in some respects, but apart from running he has no other interests, when his knee stopped him running a few years back he fell into depression to such an extent that his wife insisted he pay for the surgery to get his knee fixed in the hope he could return to running and thus regain his mental equilibrium. Fortunately this happened but instead of easing off and making his knees last he's gone right back into what he did before. He's 65, his legs won't take it much longer, then he'll be depressed again, he's no kids or any real interests, I do fear for him but he won't ease up.
Another old friend sold his business in his mid-40s and retired to Cornwall, he had a son who was diagnosed with Aspergers and was very demanding, I think that influenced his decision to sell up and move away. He needed to keep busy and couldn't adapt to full-time leisure, so eventually he got a job working for Marks & Spencers on the shopfloor and absolutely loved it.
Each to their own, what works for some in later life doesn`t suit others.
Sounds like you have carved out a nice niche that suits your needs; lucky to be in an organisation that can allow that ... most companies expect people to move into management.
The retirement decision is a very personal choice; when my dad died at 64 and a year later my Mil at 63 me and the wife, who had both been keen workers, threw the towel in and went part time ... no regrets for us as we have lots of hobbies ...
I enjoyed my work but I would never do it in preference to my hobbies.
Not a specialist role here but this thread planted a seed a while ago and a pregnant wife has given me some nearer term perspective.
The thought of two weeks paternity and leaving my wife to it is a bit shocking. Think I’m going to take 6 months out once the kid is here then try go into a lower wage lower stress job with a focus on employer pension contribution which might even put me level all things considered.
More to life than LinkedIn bling.
If you can afford it sounds great.
Things were different 20 years ago and paternity leave beyond a week wasn’t really a thing IIRC.
Plus back then a hefty mortgage and non working wife meant even if I had the choice, I would have had to carry on working.
Ditto the people management roles. I retrained in a new career direction aged 40 (became an accountant) and have made it clear ever since that I’m not interested in managing people.
Meanwhile Mrs H runs an ever-growing I.T. department and I watch her tear her hair out.
Put me down as a quiet quitter
Apologies I forgot to reply to this. Not sure how to link to a podcast, but if you look up “The Retirement Cafe” it was, I believe, last week’s episode.
To be honest, I’m not usually a fan of that podcast but quite enjoyed this guest.
Not me, but my missus who is 54 at the end of the year has had enough of work.
She is going to call it a day, and notify her company tomorrow.
She had done fairly well with her pension over the 30 years and has enough to generate £1000 per month private pension income from aged 55, so one years time. By our calculations the private pension will run out aged 67 just in time for her state pension to kick in.
She has worked most of her adult life except with a break for children, so I am happy for her.
Good for her. 👍
What is a decent number people hope to receive per month from their pension?
Ive no pension but invested everything into property which should return a decent yield per month all being well til the day I kick the bucket.
Just very interested in peoples “number” to call it a day and enjoy life without work…
Everyone is different. You need to work out what you need to cover your everyday basics, housing (if applicable), etc. then go from there.
Why would the private pension run out after just twelve years?
So clever my foot fell off.
Which magazine reckon £45k for a two person household will fund a luxury retirement and are quite specific on what that looks like. I know some folks who think they need a lot more than that and others who can live happily on much less than that.
https://www.which.co.uk/money/pensio...e-aNmlv7V7sVe9
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Some interesting views here on that …
https://forum.tz-uk.com/showthread.p...3The+number%94
I put all my savings into a pension as I'd not trust myself to leave an ISA alone!
My retirement will be around age 59 in Thailand, it's madness to buy a property there so I've calculated £6k a month expenses broken down as;
£1k p/m rent (decent 2 bed apartment)
£500 p/m medical insurance
£500 p/m motoring costs
£1k p/m eating out/leisure
£1k p/m spending money, clothes
£500 p/m utilities, electricity, visa fees etc
£500 p/m food
Costs above for 2 people
On top of this probably a few trips back to UK each year to visit our son who I'd imagine will be in assisted accommodation given his ASD, so probably that adds an average of £1k a month
Depressing to see how much costs have increased- in 2020 I answered a similar question thinking I'd need around 3k a month!
Because we have decided to draw it down to zero in 12 years at circa £12k per year which will avoid income tax.
As full state pension is over £10k and she has around £2k coming at 65 from an old final salary scheme so it makes no sense for her to defer private pension as it will push her into 20% income tax from 67 onwards.
If she defers private pension until after 67 she will pay more income tax, and she would prefer to spend it while she is in the youth of old age.
The intention is to keep her income to around £12k per annum for every year from 55 onwards. The first 12 years by private pension. Then from aged 67 the state pension plus a very small final salary pension.
Jesus Ryan, that’s quite daunting to think of the costs involved to retire for you…you can bet your last dollar there’s always more to find on top of that as well for unexpected bills/outlays.
£6k per month!! You are having a larf. It is Thailand, not Iceland!
We (my wife and I) live on 2500€/month including eating out, regular bills. This does not include large capital expenditure such as house renovations - we have extra funds for that.
6K a month seems over the top for two retired people? Does your pension pot last many years at that burn rate? Don’t forget to keep some money back for your older years when you’ll need extra medical expenses and perhaps carers?
Last edited by MartynJC (UK); 1st October 2023 at 22:46.
“ Ford... you're turning into a penguin. Stop it.” HHGTTG
Strongly considering pushing a good chunk of income into my pension over the last few days. I already contribute enough to max my employers contributions of course, but the tax saving alone is very appealing. I really dislike that it locks the money away for decades, restricts choices and it's hard to guess what the world might look like by the time I can access it, but I imagine my older self would thank my younger self for taking the plunge now..
I’ve modelled what we need to have saved and when I might retire and the first part of that was putting a number on how much we need a year and although just a rough estimate it’s pretty close to the Which £45K for what I guess they call a luxurious retirement though I think comfortable would be a better description.
Then using that I basically worked backwards from age 67 to get a figure I need to have saved up to be able to retire, we have a couple of small DB pensions that pay out at 60 that help and assuming we will still both get the full state pension at 67. The final date is going to be in the lap of the stock market and what happens over the next few years. Hoping to be able to retire around 57/58 but we will see how it pans out.
Likewise, I’ve a spreadsheet with an estimated desired spend of £45k for the two of us, including hols, maintenance, replacing cars periodically etc.
Now saving furiously and plan to retire as soon as we have enough to provide that figure - hopefully in 4/5 years when I’m 60.
If the markets go south then I’ll be willing to cut my cloth by foregoing the second car/golf membership, but Mrs H would rather work an extra couple of years. Stuff that.
Gotta say some spicy numbers in there...I didn't realise Thailand was soooo expensive... ain't it a hot/humid place, beaches, outdoorsy, flip flops rather than fancy shoes... a grand a month on clothes seems excessive...and where the hell's he going to store all that stuff in just a 2 bed apartment...
Similar number to Martyn's does the 3 of us just fine here...health insurance for us all is sub 3k p.a.., roughly half Ryan's number...maybe it's costlier in Thailand...
Last edited by Passenger; 2nd October 2023 at 07:42.
Thailand isn't cheap any more, certainly more expensive than the likes of Portugal and Spain for example if you want to live in one of the nicer places in the cities
£1k a month is spending money for 2 people and isn't just clothes- includes spending on hobbies etc.
So the maths is sell apartment in London, buy a cheaper one elsewhere with a rental yield of £1k per month after fees and put the balance into the retirement pot.
The balance between selling London flat and buying one elsewhere to rent out, plus savings and 25% of the SIPP give around 15 years living expenses (excluding state pensions) during which time the SIPP balance remains untouched and can continue to grow.
After 15 years I recert to using the SIPP which will give 22 years living expenses.
I also have the state pension which can be used to fund watch purchases etc. Also I'd inherit half my mother's estate which includes a house in a nice part of Poole in Dorset.
So even without inheritance/state pension I'd have 37 years of living expenses at £60k per annum and seeing as I retire at 59 there is zero chance I'd live 37 years after that, I'll get 15 years if I'm lucky.
Last edited by ryanb741; 2nd October 2023 at 08:03.
Bangkok (the most expensive city in Thailand) is 58% cheaper than London.
Materialistic desires appear very strong for you, even when you retire. Learn to think about a simpler life in retirement, rich in experiences rather than goods.
https://www.numbeo.com/cost-of-livin...&city2=Bangkok
Did my mums sums this weekend and if she retired tomorrow she would be short £2,250 per year based on current spending. Assumptions is in the beginning of retirement spending wouldn’t change but progressing through she’s unlikely to go on the same amount of holidays, especially not long haul, and she would go from being short to having excess in 10-15 years.
She has a lump sum in an ISA which would cover her shortfall for about 50 years but she needs some held back in case the boiler breaks, needs a new car, wants new glazing/floors etc.
For her the issue is she’s scared of retiring and losing her momentum. The thought of being sat at home all day watching countdown scares the life out of her.
You lost me at living in a city tbh...everyone's different, every place is different but living in spacious beautiful countryside with beaches near by and a mid size history drenched city 20 minutes away feels just about perfect tbh...Also did the nearly 2 decades in that London, kinda over it, if you can´t find IT in London ain´t worth finding...cities as a place to live nah, visits sure.
Just curious is Thailand your choice, I realise your missus is Thai of course?
Last edited by Passenger; 2nd October 2023 at 08:53.
Not sure I would want to rely upon any future inheritance ..............
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