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Was looking forward to retiring, I think you’ve put me off
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Retirement
- Thread starter Shieldsman
- Start date
Paradiso
Full Back
I'm with Albert Camus, not the cheeriest of sorts, who noted that "to have time was at once the most magnificent and the most dangerous of experiments. Idleness is fatal only to the mediocre."
Can't wait myself.
Pantomime Mackem
Striker
Update: spent the first day on the alllotment today. We didn’t do much except strim some grass. The previous owner left a decent table and chairs. Opened the (full) compost bin (also left for us) and a slow worm stared at me. At the end of the plot I spotted a funny mound and stuck a fork in. Yes it’s a yellow meadow ant hill and a very well established one. An elephant hawk-moth flew out of the long grass and overhead a red kite wheeled. Honestly it was one of the most relaxing days I’ve had in ages. Retirement? Bring it onYou’re right that it’s hard to call exactly when. I’ve been on the glide path down for four years now (I won’t give my age but I was mid fifties) working on average 3 days a week gig/consultancy/board roles. Earned enough to cover the lifestyle and continue saving a little and have loved the time gained. I’ve hummed and ha’d about when to stop altogether. I made a big call today: told my IFA I want to call it complete quits in 18 months.
TBH the universe is beginning to tell me it’s time. It’s harder to get things I apply for and one of my biggest money earners this year has been to train some folk in their forties to deliver some training I do. It’s the right thing for the organisation to do but by the end of the year they’ll all be on stream. Plus last week the council told me that after four years waiting I’ve finally got an allotment
The Muffin Man
Striker
My occupational pension had normal retirement age of 60, I came out of it for a couple of years due to having kids and being skint, by time returned (2 years later) that 60 had become 65. Its public sector and govt then enforced another change to 67......My state pension now going to 68......Been walloped from all sides......Not a chance they are forcing me to work longer though, just gonna save more, may have to do a couple of years partial retirement depending on how I feel.....Only 1.4% of people in my profession still doing the job after 60 and 0.7% by 65....So I deffo wont be staying.
On the flip side my Mrs is much younger than me, she is benefitting from everything I wish I'd learnt back then and now pumping a good chunk into S&P 500 tracker in stocks and shares ISA each month. Got 25 years till her planned retirement date so will have a significant chunk....This is where all my funds are going also and this will be used to supplement occupational pension until state pension kicks in (assuming it still exists in 17 years)
Dunno if anyone has but I have got all my kids to start stocks and shares ISAs as soon as they get their first job....£50 a month over 40 years is a hefty chunk on retirement even if you never put more than that in....But get them into the habit and the see it grow and they will deffo put more in.....I wish I had understood compounding as a kid, we weren't taught it and while I am sure I wouldn't have listened at the time its the single most valuable bit of advice you can give your kids on financial management and planning for the future. Showed my 13 year old the compounding calculator the other day and it blew is mind, he's now already got it in his head this is what he will do in the future.
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I do a 1/2 time but the days are different every week . I can work a couple of full time weeks if I want and take a couple of weeks off. I even do my days at the start of one week and the end of another if I want 10 days off which is canny for an off peak week away. Paying less off the top line means 1/2 time is more than 1/2 money too.
BallardsBonce
Full Back
Bugger, nowt you can change but what a mistake
That's the key ,finding something that works for you as much as for the company
JOEJA
Winger
a would be well pissed off. Obvs a dont know ya circumstances and if yu own the house not sure how they can take the house from yous, or is it that it was bought in ya mams name or something. Reason a mention it is because my mam put her house in a trust so they couldnt do exactly what you mention. May be an option
Wilfy
Striker
On my first day at the allotment, I took the lid off one of the compost bins and there was a rat staring at me. The lid went one way and I went the other!Update: spent the first day on the alllotment today. We didn’t do much except strim some grass. The previous owner left a decent table and chairs. Opened the (full) compost bin (also left for us) and a slow worm stared at me. At the end of the plot I spotted a funny mound and stuck a fork in. Yes it’s a yellow meadow ant hill and a very well established one. An elephant hawk-moth flew out of the long grass and overhead a red kite wheeled. Honestly it was one of the most relaxing days I’ve had in ages. Retirement? Bring it on
They get their pound of flesh when I’m there but I don’t even check an email when I’m not. Walk in and out on the dot which some find strange but it’s refreshing
I could have maybe dropped a rung and hung in
It's good to not be the person where everything lands . Go home, switch off . Etc . I just couldn't work a way of doing it so just took the clean break . Never say never
Darlo1973
Striker
You may be able to get some free advice through your employer or union but I would have no problem paying for it. At least then you are more likely to get some independent advice rather than someone on commission. If the advice is "free" to you then you should always ask who is paying them instead.
I once accepted the offer of a free "financial review" from my bank it turned out to be 30 minutes of someone who looked as if they were just out of school trying to sell insurance policies and get me to transfer my mortgage to them. Total waste of time.
Crook
Central Defender
I reckon if there's not much complication over multiple pensions, most folks probably just retire when the numbers make sense to them.
DisillusionedOldGit
Winger
Is it too late to put the house in your name . That should have been done when you bought it though .
Brother Lee
Full Back
It'll be classed as self deprivation of assets by the local authority. Especially if she needs care. That type of thing needs doing when they're fit and well.
archiesdad
Midfield
I think maybe it depends on how complex you're finances are. If you have a single pension and a single ISA then there's not much to it really. If you've DC, DB deferred pots and loads of bits and bobs of savings in various pots then it's worthwhile imo.
42
Striker
Think its more the value than owt else & if youre going to be a higher rate tax payer to maximise tax efficiency. If basic rate payer should be straightforward even if have lots of streams
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Darlo1973
Striker
For me the hardest decision is knowing how much is enough.
I work with some very high earners who are working well into their 60s. They could easily afford to retire as they must have net worths of a few million but they are the sort of people who have done well in their careers because they are very driven and can't imagine not working. I am definitely not one of those but I also don't want to get out too early and spend the next 30 years penny pinching.
