Originally Posted by Montello
Oops! I hadn't checked back the posts from the last 24hrs.
Yep - all the reasons are there.
I enjoyed my work, but defo fell into the "I wonder can I afford to retire?" camp.
Don't think I felt the work 'defined me' - though.
That’s because he put everything into his work, he could have retired but still been a school governor, a football coach, a volunteer at the homeless charity and so the list goes on.
If your life is very one dimensional then I can see the fear of retirement.
That’s the bit I don’t get Monty, I used to think that the once successful retirees could contribute massively volunteering to work on committees etc but now wonder perhaps if they are too used to giving out orders unilaterally and not working to concensus or is it, silly me, all about the money, power and status?
Although, to be fair, a lot of those people are probably ousted against their will and had no intention of retiring at the point it happened? But then again, many more little people are retired against their will at an even younger age
Last edited by Suds; 16th December 2023 at 11:48.
If I won the lottery I’d never go back. I left my job last month and have never been happier, my wife is off for a year of maternity. I’ll have 3-4 months out and then find another job with a focus on work/life and employer contributions.
It’s obvious you need something lined up as a way to enjoy your retirement but I never expected a mental decline to the point where you forget how to interact with people and end up excluded as a result. Everyone needs a reason to get out of bed in the morning and Loose Women can’t be one of them.
Very true. You see the same on quiz shows, the hosts asks "what do you do?" every time, if they answer "retired", as I would do he or she then always asks "what did you do?". It doesn't bloody matter, they don't do it anymore, being retired is obviously more important to them.
On the flip side, the contestants who need their professions to identify them always say something along the lines of "I'm a senior whatever at a leading whatever". I find that conceit and need to justify themselves in this manner very sad.
In one of those 'Build It' type magazines where they feature people's homes:
The wife was "A secretary at Durham University".
So - a "secretary" then............
Good example, absolutely zero wrong with being a secretary, why try to dress it up? Very insecure.In one of those 'Build It' type magazines where they feature people's homes:
The wife was "A secretary at Durham University".
So - a "secretary" then............
I had a boss at work, I now have a boss at home. No change really except now I don’t get paid so much.
“ Ford... you're turning into a penguin. Stop it.” HHGTTG
I stopped working at 58 after selling my business. Considered starting another business, but with the economy in the state it's in now and no motivation on my part, I decided to chill out and live off the proceeds of sale and a few rental properties. Unfortunately wifey decided I was too old for her and she hooked up with a younger guy. Single now and living the best life travelling meeting new friends and catching up with old ones.
Do it if your finances allow. Working your arse off only for the govt to scrote half of your income is just not worth it anymore.
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And no complaints process or HR dept…………..
Loose women was a reason to get up in the morning when at Uni, but fear you may be referring to the television program lol.
With you on the not going back if the lottery win came in. I’ve never loved anything I’ve done for work, it’s simply done to give me the life I want to live.
Work-life balance is good for me currently now I’m not in the management consulting division, which was shocking. I have no stress, but shockingly overpaid for what I now do daily, which creates a stress in itself as anyone with a spreadsheet would spot me instantly as a target for redundancy.
I took 3 months off before I started with my own Ltd company a few years back, was the first time having more than 3 weeks concurrently since leaving education, and frankly I loved the time to do my own thing, think, reflect etc. Obviously yours is a little more hands on, but it’s a great time to get back to being you. Enjoy it my friend.
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I can’t really articulate what I do, so I’m not really defined by it luckily.
Spreadsheet monkey maybe?
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Best and only investment I made in my 20’s was finding my Mrs!! I see other friends and colleagues (often due to early years working offshore or later years pressure of the jobs) with resets financially and emotionally from failed marriages that I count my lucky stars we are 30 years in and counting. Definitely my best investment as I head for retirement!!!
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Last edited by chrisjones3; 16th December 2023 at 19:45.
I was first married at 23 to the wrong person, so 6 months later it all went wrong - early enough in life that the financial punishment was harsh at the time, but nothing like what it would be in later years.
Early investment was a tough call at the time, but the future planning after c40yrs will be well worth it, I hope - no skill of mine, lucky timing, location & friends in the right places.
Yes, there is nothing more to wreck your retirement planning than a divorce.
Like you, I picked my life partner well, and thinks she feels the same. Although, I have no idea why.
There is a shift for sure - in some of the circumstances you mention it's about contributing, not controlling. There is a danger of some self-esteem fade if you are not careful but it's not difficult.
The only advice I would offer is do not be ambivalent, time runs away with you and to be able to enjoy pleasing yourself with people you want to be with doing things you like doing is so precious.
When you look long into an abyss, the abyss looks long into you.........
Yeah we know he does - it is at what point he gets triggered enough to reply without thinking; after too many 'vinos' as he likes to call it.
Having mulled this over for most of this year, I have decided it is time for me to retire. Next Thursday will be my last day! 2023 has not been a good year for the company I work for, and several people were made redundant last month. I did volunteer, but my position wasn't under consideration, so I decided to go anyway.
I will be 64 next March, and I have pretty much been doing the same work for the last 45 years (Surveyor/ Estimator for Construction/ Fit Out Contractors).
I would have liked a bit of part-time paid employment, but jobs are hard to find at my age!
I have a couple of offers for voluntary work and will be starting these in January. Maybe one or two days a week. It's a little bit daunting as I have a limited skill set, having done the same job for so long.
I do have a few interests and hobbies (nothing too exciting or expensive), so hopefully, I will be OK. Also, I intend to join the local gym and do some walking.
Believe it or not, I have had a company car since 1980, so buying a car last weekend was a steep learning curve!
My wife and I really would like to enjoy more weekends away and holidays, but they are so expensive nowadays! Especially when you factor in eating out. At least I will have time to shop around for bargain breaks now!
New phase of life and all that .....
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Congratulations, wish you all the best.
100%
The majority of people have far more transferable skills than they imagine, seriously.
When you look long into an abyss, the abyss looks long into you.........
I’ve just discovered a pension I didn’t know I had from a previous employer. I thought I’d transferred them all into one pension.
I’ve been given a quote based on 1st January 2024 retirement
Option 1
Yearly pension of £5500c
Options 2
Lump sum of £26,600c and a yearly pension of around £3900
Option 3
Transfer it all into another fund.
I’m guessing this would be around £105,000 I didn’t get a figure.
I’ve 2 years to get before I can draw state pension and my other savings, pension & ISA aren’t enough to really finish now.
But, this is tempting to take the money and drop down to a 3 day week.
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63 feels like you have properly served your time in employment, so can see why you have made that decision.
Life is expensive, but you no longer need to choose expensive weekends for travel, hotels or eating out, so I am sure with the cloth cut accordingly, all will be good.
Best for your retirement.
Congrats Wolfman and enjoy the next chapter.
Kudos for jumping straight into voluntary work - I must admit I think i would take some time without commitments. Hopefully 4 more years for me until R-Day.
Not a bad thing to discover, lucky you did discover it though!
I remember days out when younger - used to pack our own sandwiches and a hot thermos of tea, drive to the coast and go for a walk for free, stop and eat sandwiches and drink tea looking at the wild. Only had to pay for the petrol and car costs. Or sit in the car and steam up the windows while the rain came down. Anyway - IMHO I find your outgoings adjust to income. Good luck with the next phase!
“ Ford... you're turning into a penguin. Stop it.” HHGTTG
I’ve always said I would stop work at 55, I’m 46 now, but I’ve been looking at my work life recently and wonder am I semi retired already?
Self employed, I run a mail order company which I could do in my sleep. I work 20 hours a week, and can come and go as I please. No boss/ staff/ colleagues to worry about so I’m wondering should I just keep going, assuming health etc is ok.
Thank you, planning on 3-4 months but we’ll see what happens.
Thanks! Absolutely! We will be looking at pub lunches instead of upper end pub dinners. Definitely will be living a less materialistic lifestyle. I am satisfied with my watch collection and wardrobe now, so I will enjoy what I have got.
The trick is to still have a treat now and again and not end up living a miserable life!
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Thank you!
Some of the voluntary work is related to local tourism /history, so January will be a quiet time of year, and I needn't do more than a couple of half days a week for now
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In a nutshell!
I retired last December. 33 years in education. I just didn't really believe in what I was doing anymore. I was involved in school improvement, really at the sharp end in failing schools. Began to hate it, such an unpleasant business.
A year on, absolutely love being independent. I have zero desire to get up early, commute, feel under huge pressure, etc. Zero.
I asked for my figures, and will take flexi retirement this June after 51 years at the coal face. My dilemma is do I work 4 or a 3 day week. It will be the same amount of work, as I won't be replaced. In the winter months I'm not bothered working, but come the Spring I will be on the golf course. I'm leaning towards a 3 day week, financially I should be fine either way.
Obviously I don’t know your financial position, but from what you’ve said I would say that 3 days per week is more of a change from a regular week than 4 days.
So to make it more of a change and maybe more like a step towards retirement the 3 day option may be better.
Just my thoughts.
If you start on 4 days - I think you will quickly resent the intrusion to your new life.
go for 3
Same amount of work for same amount of pay, or 60%?
On that basis I would have a think about asking for compressed hours instead.
Whats the point of dropping down to 3 or 4 days per week for a 20-40% pay cut just to do the same amount of work?
This was the dilemma my wife faced when she asked to go down to a 4 day week after having the kids. Her hours and wages were reduced but the workload was the same. So she put her hours up to where they were before but does a longer day Mon-Thur to get Friday off
Perhaps if you opt for a 3 day week your employer will realise that you won't have capacity to cover the same amount of work you currently do in 5 days. Opt for 4 days and they might try
If someone can do 5 days work in 3 they’re clearly underworked now.
Running a marathon in 3 hours vs 5 hours. The race is the race it just depends how much effort you want to put in.
I've definitely seen this where I work, people reduce their hours and complain that nothing has changed because of the nature of the job
Spot on. Carefully choosing the 3 days is also key as for instance if you do Mon/Tues/Wed then there is more of a chance of others picking up the slack Thurs/Friday knowing you are not around until Monday than if you choose Mon / Wed / Friday when others will think you are back tomorrow so less inclined to lend a hand. Also gives more scope for long weekends.
And he’s probably paid to do it in 3.
My manager is helping me make the right choice. We are going to ditch the activities which are not part of my statutory duties. I'm LA Government so if it takes longer for me to answer e-mails so be it. I'll be on flexi retirement for two years then go completely. I fancy doing Tuesday, Wednesday Thursday. I should have my core hour figures tomorrow. Its probably cheaper for them giving me what I want, then bringing in another surveyor and training them up? Who knows, LA Government is not in a good place at the present.
The income needed for retirement has leapt in the last year, according to the Pensions and Lifetime Savings Association
https://www.bbc.co.uk/news/business-68222807
Interesting/depressing - in equal doses.
Time to get my bus pass, sandwich box and a flask.
The PLSA may be highlighting potential shortfalls in people's pension planning, or they may be just trying to tout for business.
I'm sure with many people reviewing their daily finances, pension/ISA contributions will be one outgoing that some will have reduced in order to make ends meet. Probably as a short term stop gap and intending to increase when/if finances allow. Easier to reduce these rather than mortgage or PCP payments?
For anyone interested I think it’s really worthwhile downloading and reading the full report:
https://retirementlivingstandards.or...rch_report.pdf
2023 was a full rework of the original 2019 study, rather than the mainly inflation increase applied to the last 3 years, so new focus groups were created and as a result some priorities and essentials have changed.
I would say that many on here would consider themselves well above the top Comfortable band used in the report, so even more frightening if you think about it that way.
For example £9.71 a week for water rates, £36.84 a week for council tax and £4.15 a week for household insurance is way less than I am currently spending.
The top band also assumes that your (single) car is a 3 year old Ford Fiesta that you replace every 5 years.
It does make for a certain worry for many, I’m glad we will be more than ok, but we worked and saved hard to get to what we wanted with an early retirement.
Last few years have been a bit of a shocker in growing the overall pot, but luckily our contributions will help hit the goals regardless of interest gained.
I still worry about someone who used to work for me, always lived paycheque to paycheque despite being on a very good salary, rents, no real savings or equity and already mid 50s, single & with parents that lived in a council house & therefore no financial parachute to save her.
Seems a lot
I think I might be okay but the Mrs might struggle a bit.
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