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Retirement


Matt Hopkins said:
👍 old twat :D Downsizing is always a strange one for me when I hear some people on about it. They say they are going to downsize from a semi house to a detached bungalow :eek::D

I always think it's for people who have massive houses and want to move into a big house. As an example say your house(not really your house) is worth £200k and you decide to downsize how much money do you want to realise from the sale? Where I live you'd be moving to a terraced house to free up a decent amount, before anyone jumps in there's nothing wrong with terraced houses, but you could move next to some right arseholes so if you're happy where you are it's a big risk, in my eyes, to go through the hassle for not a massive amount of money.
Obviously if your house is £400k and you move to Sunderland to a £200k house then I can see that being worth it 👍

Must be one of the richest men on the board 👍
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Having seen too many folks in their 80s (and sometimes 90s) still trying to live in completely unsuitable homes I think the main benefit of downsizing is moving somewhere you can live in independently for longer, not so much about the money (especially if you live in the north east, where it's less easy to make a huge amount of money moving from a typical large family home to a smaller place). So many people leave it too late. We'd like to downsize in our 60s for that reason, and enjoy a manageable smaller home, hopefully for longer.
 
Select coaches said:
Might even be 58
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The rise to 58 isn't planned until 2034 but of course a future government could bring it sooner.

For most people (as some exemptions apply) the current key date is 6 April 2028.

People born before 6 April 1971 will be unaffected as they will have reached age 57 before the 6 April 2028

People born after 5 April 1973 will have the earliest date they can access their pension benefits delayed by two years

People born between 5 April 1971 and 5 April 1973 will have a window from their 55th birthday to 6 April 2028 to take benefits before the minimum age increases to 57. If they don't access their pension during this time, they will need to wait until their 57th birthday

That final group includes me - which give me from now until 2028 to do some thinking.
 
3.142 said:
Do you 'negotiate' pay, responsibility and time commitment? Or how is it agreed? All seems to happen behind the scenes without a common approach from what I can see...
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Critical is open, public recruitment. Many sectors now have to do this under their governance codes but many still don’t. Frankly if a company didn’t put its INED roles out to open recruitment or at least targeted search, I wouldn’t trust it. Targeted search is via recruitment consultants which is why it’s important to get to know them.

The things you list are normally set: 1-2 days a month. Responsibility is normally set as is pay. My sector pays £500-1000 a day with lots of non-profits also asking for volunteers.
Biggest pisstake I got was a recruitment consultant acting for a higher education institution with an annual turnover of £500 million pitching a senior governance role of 4 days a month for FREE. I told them to stick it and that we will never level up, close race/gender pay gaps etc if they recruit these board roles only from people who are wealthy
 
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AndrewP said:
It's a better job once they're at school I reckon.
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Even better when they've all grown up and pissed off!
DaveH said:
Interesting thinking through what I would do with my time after what Gilly said. I know he was one the windup with the "all done in a month" comment, but got me thinking. Fair enough things might change before I retire, but looking at a monthly basis..... Out cycling once a week (5), gardening once per week (5), a day doing my project stuff per week (5) a day out walking every couple of weeks (2.5), half a day a week doing woodwork projects (2.5). That is 20 days a month covered already with just a sample of some of the things I do now and that is without considering going away a lot more, not accounting for days mostly lost because I've been up all night doing astronomy, or any of the new stuff I'd love the time to do.
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I inherited about £3k worth of model railway stuff a few years ago. I'm thinking about completely clearing the junk out of the garage and setting that up. I'm also gonna buy some bike maintenance/repair stuff and restore an old Chopper bike I picked up about 15 years ago. If I'm any good I might do it as a paying hobby.
 
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The Great Soprendo said:
Having seen too many folks in their 80s (and sometimes 90s) still trying to live in completely unsuitable homes I think the main benefit of downsizing is moving somewhere you can live in independently for longer, not so much about the money (especially if you live in the north east, where it's less easy to make a huge amount of money moving from a typical large family home to a smaller place). So many people leave it too late. We'd like to downsize in our 60s for that reason, and enjoy a manageable smaller home, hopefully for longer.
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What's more manageable though? A house with one less bedroom? Smaller garden is probably one. From my experience it's bathrooms and stairs that prove to be the main problems. So no matter where you are the bathroom will probably need adapting, stairs can be overcome with a stairlift which are surprisingly cheaper than I thought.
Also as I said in my post imagine living in your house for 50+ years having good neighbours then moving in to your downsized house only to be surrounded by helmets.
Probably could be a topic for another thread lets keep it on track and be concerned about Gilly fading into obscurity :D:D
 
DaveH said:
Interesting thinking through what I would do with my time after what Gilly said. I know he was one the windup with the "all done in a month" comment, but got me thinking. Fair enough things might change before I retire, but looking at a monthly basis..... Out cycling once a week (5), gardening once per week (5), a day doing my project stuff per week (5) a day out walking every couple of weeks (2.5), half a day a week doing woodwork projects (2.5). That is 20 days a month covered already with just a sample of some of the things I do now and that is without considering going away a lot more, not accounting for days mostly lost because I've been up all night doing astronomy, or any of the new stuff I'd love the time to do.
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I'm certain you'd find something to occupy your time. I know I would.

Never understood the mindset of working until you drop because you can't imagine doing anything else - better to be defined by who you are rather than what you do.
 
Matt Hopkins said:
What's more manageable though? A house with one less bedroom? Smaller garden is probably one. From my experience it's bathrooms and stairs that prove to be the main problems. So no matter where you are the bathroom will probably need adapting, stairs can be overcome with a stairlift which are surprisingly cheaper than I thought.
Also as I said in my post imagine living in your house for 50+ years having good neighbours then moving in to your downsized house only to be surrounded by helmets.
Probably could be a topic for another thread lets keep it on track and be concerned about Gilly fading into obscurity :D:D
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Lower council tax bill.
Less maintenance E.g. replacement doors, windows, roof repairs, garden.
Lower heating costs.
 
Ned Land said:
Lower council tax bill.
Less maintenance E.g. replacement doors, windows, roof repairs, garden.
Lower heating costs.
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Aye but my reply was to someone who said it wasn't about the money
Gillythedilf said:
What a bit a sensible adult answer ? Rather than trying to be a sarcastic condescending prat .
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Nowt wrong with a bit
Dion and Martell. Love a Juliet does Dion
 
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Jap Stammer said:
I'm certain you'd find something to occupy your time. I know I would.

Never understood the mindset of working until you drop because you can't imagine doing anything else - better to be defined by who you are rather than what you do.
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I definitely will. I would say that my biggest frustration in life is not having time to do all the things I want to. I've got a few unfinished projects where I just get the odd hour on them. My block paved drive has never been properly cleaned and weeded since I moved in in 2005 and I thought this summer is when I'd sort it out. To hack all the big roots out too, it is taking ages as I slowly work my way down it (nearly there). I do some one weekend and then nowt until the next. Meanwhile while I've been doing that, my veg patch that was in good order a few weeks ago has been neglected. There are a few smaller things I have been able to do during the week now I work from home.

I hate looking at seeing things unfinished or jobs that need doing. An olive tree the other side of the patio that I see out the living room window every time I look out, needs a serious trimming, that is about twice the size of what something in that position should be.

But work gets in the way of the time to do all these things. Then the weekend comes and I'm faced with the choice, fun or jobs. If I could afford for work to just go away I'd have loads of time to do these things.
 
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