Retirement

[Sunderland Til I Cry]

Not just that though Mate.
A massive mental decision involving other factors, other family members, suddenly with plenty of time on your hands etc.

That question - Can you afford it? not always black and white either.

This thread has been useful. Some responses were real confidant boosters.
I for one found making the decision not straightforward or easy.
Guilt one factor I faced, that may sound daft, my Mrs (no) still working.

Equally some real good financial advice on here.

100% this, the thread is useful in many ways for many people, bragging doesn’t come into it. I mean there are threads about watches costing huge amounts, holidays and cars the same on this board and he chooses to call this thread out for cock waving.
In reality this thread is very constructive and full of people sharing good advice, guidance and more importantly opening up about their feelings and first hand experience of actually being retired. I really shake my head at some on here.

 

[Will e]

Really jealous of everyone reading these posts, I'd love a retirement to look forward to but not going to happen.
My 24 year old daughter is severely disabled and I'll be her carer until the day I absolutely physically can't manage her. I'll also only get a basic government pension as I haven't been able to work since she was born, I get my NI credits paid for me do to being a carer but I'll have no other pension. Not looking forward to old age.

Actually ATS, it’s YOU and your post further up that puts things into perspective, what a wonderful story of commitment and love, money just can’t buy what you have and who you are. For me it’s a crying shame you need to worry about retirement, folks like you should be taken care of.

Your daughter is a lucky lass, all the best to you and your family.

It's instances like this where the benefits system fails miserably, one instance where absolutely a full pension should be given.

 

[ATS]

Actually ATS, it’s YOU and your post further up that puts things into perspective, what a wonderful story of commitment and love, money just can’t buy what you have and who you are. For me it’s a crying shame you need to worry about retirement, folks like you should be taken care of.

Thank you @Sunderland Til I Cry, what a really lovely post.
However I am only doing what any good parent would do (exclude her Dad from this ) xx

Your daughter is a lucky lass, all the best to you and your family.

It's instances like this where the benefits system fails miserably, one instance where absolutely a full pension should be given.

Thank you @Will e. I am lucky having her, she is my favourite person in the whole world xx

 

[DaveH]

100% this, the thread is useful in many ways for many people, bragging doesn’t come into it. I mean there are threads about watches costing huge amounts, holidays and cars the same on this board and he chooses to call this thread out for cock waving.
In reality this thread is very constructive and full of people sharing good advice, guidance and more importantly opening up about their feelings and first hand experience of actually being retired. I really shake my head at some on here.

You have to look at who posted the claim about bragging and ask, do they troll other threads with bitter remarks designed to wind people up, answer yes and then you get an idea of how much you need to consider those posts. Ignore and the trolls will move to another thread. Respond and you have a fertile feeding ground for them.

 

[Swindon On Tour]

100% this, the thread is useful in many ways for many people, bragging doesn’t come into it. I mean there are threads about watches costing huge amounts, holidays and cars the same on this board and he chooses to call this thread out for cock waving.
In reality this thread is very constructive and full of people sharing good advice, guidance and more importantly opening up about their feelings and first hand experience of actually being retired. I really shake my head at some on here.

You were one on here that provided a big help to me.
Don’t get too confident though, until you get a Swindon Season Ticket you remain a nobody

 

[DaveH]

You were one on here that provided a big help to me.
Don’t get too confident though, until you get a Swindon Season Ticket you remain a nobody

I thought the idea was that you enjoy your retirement?

 

[Paddy O'Dors]

You have to look at who posted the claim about bragging and ask, do they troll other threads with bitter remarks designed to wind people up, answer yes and then you get an idea of how much you need to consider those posts. Ignore and the trolls will move to another thread. Respond and you have a fertile feeding ground for them.

Two years ago I would never have thought about retiring or winding my working life down so soon. Was just very fortunate to be made redundant with a decent pay off at the right time, coupled with one or two other bits of good fortune. When I was made redundant it was with about forty others. Most of those 55+ with a decent amount of long service were also doing the same. It's.something that's happening often in this age group, my missus will be doing it in June too.

 

[crudeFool]

COVID was the trigger for me and the missus to start thinking seriously about retirement - before that it wasn't even on our radar. I'm almost 55, so planning on retiring at 59 as my missus will be 57 then so can take her pension from then (unless they change things).

I find threads like this really informative, so thanks all...

 

[DaveH]

Two years ago I would never have thought about retiring or winding my working life down so soon. Was just very fortunate to be made redundant with a decent pay off at the right time, coupled with one or two other bits of good fortune. When I was made redundant it was with about forty others. Most of those 55+ with a decent amount of long service were also doing the same. It's.something that's happening often in this age group, my missus will be doing it in June too.

I think as you get older your aspect changes. 10 years ago (at 36) I was not thinking about it. Then I saw other people retire and the positive effect it has had on them. My finances got more comfortable. I had been doing the same job for 10 years, was not learning anything new (which is what really drives me), and poor management where I was working was really pissing me off. I realised that sorting out the managerial side interested me and that the pay rise that came with it would help pay off the mortgage sooner. The next natural question was looking at what I would do with all that extra money per month.

All of a sudden, things seemed to slot in to place where I realised there was a path to improve my career and reduce my frustration at work by fighting on a more senior level, earn more, maintain a comfortable life and if I keep my life relatively the same once the mortgage payments are gone and invest that money I have never really had in my hand into retirement funding, I can walk away at 60, perhaps even 58.

It was just stuff I had never thought about, but it was the few things all slotting in that basically give me a career roadmap of techy (then) -> team manager -> senior manager (now) -> assistant director (2-4 years from now). Working from home opened up whole new employment opportunities for me and the side effect of it all is that I'll be off. If I find in 11-12 years time I don't want to finish, I don't have to, but I know I'll have the option.

 

[Sunderland Til I Cry]

You have to look at who posted the claim about bragging and ask, do they troll other threads with bitter remarks designed to wind people up, answer yes and then you get an idea of how much you need to consider those posts. Ignore and the trolls will move to another thread. Respond and you have a fertile feeding ground for them.

Thanks Marra, duly noted.

 

[gatopreto]

I'm 38 and find this thread very interesting. It seems a million miles away but when I was 18, the age I am now did! I have a decent pension. 61 is my target.

I have often fantasised about retirement and talked with colleagues about what it would be like and how good life would be.

In reality though, when it comes down to it, I'd probably be a bit scared and leaving work would be tinged with sadness. Certainly mixed emotions overall.

 

[Sunderland Til I Cry]

I'm 38 and find this thread very interesting. It seems a million miles away but when I was 18, the age I am now did! I have a decent pension. 61 is my target.

I have often fantasised about retirement and talked with colleagues about what it would be like and how good life would be.

In reality though, when it comes down to it, I'd probably be a bit scared and leaving work would be tinged with sadness. Certainly mixed emotions overall.

That sentence sums it up perfectly for me, i had some excitement in there too. On the day i retired i was sad, the day after freeeeeeedom! Then in the weeks after a mixed bag, nearly 2 years along i love it.

 

[dangermows]

When I'm dead I reckon.

 

[DaveH]

That sentence sums it up perfectly for me, i had some excitement in there too. On the day i retired i was sad, the day after freeeeeeedom! Then in the weeks after a mixed bag, nearly 2 years along i love it

For the few years after my parents retired, I'd keep getting phone calls. "We went to do the shopping, saw a really good last minute deal in the travel agent window, it has been cold and miserable here so instead of buying in food for the week, we are off to such and such tomorrow". It was the amazing freedom to act on a whim they gained.

Unfortunately they only got a few years before ill health with my dad set in. That helped for my mindset too. Stay healthy, finish as early as possible and enjoy.

 

[a1970man]

I'm targeting retirement at 60.
Once I'm 57 I could retire, but I see that more as a safety net should I be made redundant etc, Once I hit 57 I can relax a bit.
So 60 to 70 is going to be holidays, new car, getting the house sorted etc.
70 to 80 will be fighting one medical condition after another.
If I live as far as 80, I'll just live each day as it comes.

It's the law of averages that either me or the wife will be unable to really travel after 70, so I need to get the bucket list stuff done before then.
I'm really only budgeting until 80 and if I live past then, I'll just manage on the state pension and any money I had left.

I've looked at various people I know at those ages and my plan seems to hold out for most of them.
There seems little point to stretching out the pension until my 90s.

 

[DaveH]

I've looked at various people I know at those ages and my plan seems to hold out for most of them.
There seems little point to stretching out the pension until my 90s.

I went to a presentation from a financial advisory company and their feeling was that over 85, unless you have a mansion to support or are extremely healthy and active, most people can live on the state pension. Use your lump sum or savings earlier but obviously plan it out.

 

[JJH]

I'm 38 and find this thread very interesting. It seems a million miles away but when I was 18, the age I am now did! I have a decent pension. 61 is my target.

I have often fantasised about retirement and talked with colleagues about what it would be like and how good life would be.

In reality though, when it comes down to it, I'd probably be a bit scared and leaving work would be tinged with sadness. Certainly mixed emotions overall.

I would give up my nest egg to be 18 or even 38 again

 

[Hair Flick]

I would give up my nest egg to be 18 or even 38 again

Life is for living whether you’re 18, 38, 58 or 98. You never know when your time is up so enjoy the moment.

 

[gatopreto]

I'm targeting retirement at 60.
Once I'm 57 I could retire, but I see that more as a safety net should I be made redundant etc, Once I hit 57 I can relax a bit.
So 60 to 70 is going to be holidays, new car, getting the house sorted etc.
70 to 80 will be fighting one medical condition after another.
If I live as far as 80, I'll just live each day as it comes.

It's the law of averages that either me or the wife will be unable to really travel after 70, so I need to get the bucket list stuff done before then.
I'm really only budgeting until 80 and if I live past then, I'll just manage on the state pension and any money I had left.

I've looked at various people I know at those ages and my plan seems to hold out for most of them.
There seems little point to stretching out the pension until my 90s.

I think thats a good way of looking at things. The older we get, we don't need as much coin.

For me the financial challenge is going to be getting from early 60s to state pension age. I'll have more money when the state pension comes in but I probably won't be able to do as much.

I would give up my nest egg to be 18 or even 38 again

Haha the one thing money can't buy. Youth is wasted on the young.

 

[Town End Farmer Giles]

I went to a presentation from a financial advisory company and their feeling was that over 85, unless you have a mansion to support or are extremely healthy and active, most people can live on the state pension. Use your lump sum or savings earlier but obviously plan it out.

I'd say nearer 75, or even lower in most cases going by all my aged relatives.

Mind if I was a financial advisor I'd say 85 and encourage people to over provide as well.