Retirement

[Ned Land]

The thought of the R word was overwhelming. Too much to think about how, when ,what if
So I just renamed it a soft retirement. Stop working , no plans to again , take a massive break, year at least then think about what you want. So it was ,how much do I need to pay bills?, Where's it coming from .?Set date .Bingo.
Work was crushing me . Now I'm sitting with a tea and toast looking at the garden

Thank you. Yes I am burned out with work and I’m only 53. The pension and benefits are good so I can stick out 4 years of boredom and working with some difficult personalities.

Remember, retirement is your present to yourself for putting all those hard years in.
Yes set things up the best you can but after that an annual review should suffice.
What's the difference between being 90% there and 100% with your investments?
About all your free time.
If you've got enough money to pay the bills great.
Get out and enjoy yourself.

Yes you are right. It seems that I’ll be spending the time with a new puppy in 4 years so I can bond with it in a pub.

 

[Swindon On Tour]

My mortgage broker had an 'in house' financial advisor who sold me an endowment mortgage (1989 IIRC)

It actually did okay and I even got a windfall when the company demutualised, but I had to cash it in eventually.

Some others deffo weren't so fortunate

Standard Life by any chance.
I didn’t suffer as bad as most as when moved I took out another more than the capital amount. Eventually cashed in and moved to a repayment as well.
Some people were hit so badly Mate.

The thought of the R word was overwhelming. Too much to think about how, when ,what if
So I just renamed it a soft retirement. Stop working , no plans to again , take a massive break, year at least then think about what you want. So it was ,how much do I need to pay bills?, Where's it coming from .?Set date .Bingo.
Work was crushing me . Now I'm sitting with a tea and toast looking at the garden

I just couldn’t do what I was doing before even if I wanted to but not a chance I would go back.
Not mentally capable and now retired particularly when fishing I look back and think how the hell did I do all that and get through it.
As I explained to somebody yesterday we all have a worry box even when retired but nothing is comparable to that stress in some jobs. I don’t miss that and my sleeping patterns are the best indicator.

 

[SurreyMackem]

I am confortably well off in retirement but it's a pity it wasn't like this when I was bringing up a family. They say retirement is wasted on the old.

 

[Swindon On Tour]

Remember, retirement is your present to yourself for putting all those hard years in.
Yes set things up the best you can but after that an annual review should suffice.
What's the difference between being 90% there and 100% with your investments?
About all your free time.
If you've got enough money to pay the bills great.
Get out and enjoy yourself.

Without doubt the best advice mate.
Without the need to pay a mortgage or save for retirement you would be surprised how much you don’t need and leave a decent comfortable life away from the bollocks.
Time holds an incredible high value.

 

[Town End Farmer Giles]

Thank you. I’m overthinking things and I will speak with people who have retired to learn how they approached it.

I'd say you're overthinking but each to their own, I dont know the sums you're talking about

Retiring next year. Ive got a DB pension, I'm maxing the lump sum, and the pension will pay the bills. Missus has no pension, just savings. Both mine and hers are in cash, and that's where my lump sum will be going.

I'll dip into the lump sum as and when needed and if it runs out before I hit 67 we'll just have to cut our cloth accordingly. Mind I think we'll be fine.

Could I do it more efficiently? Yes. Could i get a better return than cash? Long term undoubtedly yes. But at my age if a market crash wipes out a chunk of my money I might not live long enough to see it recover and have to cut back earlier. Thats my thinking and cant see it changing.

 

[humbug]

Nice one, you must have been on a very decent salary, mine's 20 years (about a quarter of wage) and I thought my salary was decent, pays around the same amount.

tbh, i only joined the scheme when i met the mrs. worked all the hours god sent as we were saving up for a house. this was about 1990ish then i jacked in with redundancy about 10 years later.
if i'd stopped there i'd be retired now but i hated the place in the end. most of the folk i worked with left with massive pension pots.
saying all that i've no regrets and jacking in is the best thing i've ever done.

 

[Devil71]

Nice one, you must have been on a very decent salary, mine's 20 years (about a quarter of wage) and I thought my salary was decent, pays around the same amount.

I've been paying in about 35 years.
Mine should be around 40% of my salary when I finish at 55 next year (all going to plan).

That's taking the lowest lump sum and highest possible monthly pension.

 

[BILLY BUS PASS]

Remember, retirement is your present to yourself for putting all those hard years in.
Yes set things up the best you can but after that an annual review should suffice.
What's the difference between being 90% there and 100% with your investments?
About all your free time.
If you've got enough money to pay the bills great.
Get out and enjoy yourself.

Spot on mate
It’s a big step when you’re not ready for it though, when ya ready for it you just know.
Just having the time for coffee and radio/records on a morning. Stopping to take pictures on ya phone
Of things you’ve walked past a million times before but not really noticed in any detail.

When ya not really ready for it you get hung up on I need this I want this, if I had this much I could do this and that, that’s not the kind of retirement I want etc etc because planning for it is something you should do but only you will know when the right time is for you to actually do it and it’s usually not a financial decision.

Every day you wake up and don’t have to work is a gift. I used to go into work wherever I was working often working weekends in a semi empty offices
I used to say to myself “another wasted day in the life of billy bus pass” looking back it wasn’t wasted cos I was able to retire early but fukk me when ya retire and look back ya say Ive fukkin earned the right to do this man.

 

[DaveH]

I am confortably well off in retirement but it's a pity it wasn't like this when I was bringing up a family. They say retirement is wasted on the old.

Fair observation.

I guess we all go through phases, assuming I have planned well for retirement, the phases of my life are probably:
<18 - Only pocket money, not a care in the world and loads of free time
18-22 - Student. Fair amount of free time, 22 weeks of holiday per year, but skint and having to pack up and move regularly. Looking back, I didn't seem to make use of the free time I had or appreciate it.
22-30 - Early work, getting on my feet financially but skint with student loans, buying a house, wedding, furniture etc. Did manage a few good holidays though. Free time on evenings, didn't make good use of it.
30-40 - Financially comfortable, not a lot of disposable income, but kids under the age of 10 leaving me knackered
40-50 (now) - Financially ok, trying to build towards retirement but seemingly no time to do anything. Work is 100% concentration at the minute, no brain capacity to do anything useful on a evening and sluggish on a Saturday morning.
50-58 - Mortgage paid off, can have more disposable income and could create more free time reducing hours. The kids will hopefully be through university and in the world of work by the end of this
58 - Done. Financially comfortable (hopefully) and never had this much free time since I was a bairn.
90+ - Time up!

 

[JAZZMANB]

Standard Life by any chance.
I didn’t suffer as bad as most as when moved I took out another more than the capital amount. Eventually cashed in and moved to a repayment as well.
Some people were hit so badly Mate.


I just couldn’t do what I was doing before even if I wanted to but not a chance I would go back.
Not mentally capable and now retired particularly when fishing I look back and think how the hell did I do all that and get through it.
As I explained to somebody yesterday we all have a worry box even when retired but nothing is comparable to that stress in some jobs. I don’t miss that and my sleeping patterns are the best indicator.

I'd been in the hot seat since 1994 ,managing . I didn't flap everyday ,i was good at it ,but when it's public facing you ended up with a tainted view of things and moaning is now a UK Pastime. The had enough point came at me quite quickly and just started sorting myself from there . People say do you miss it ? Not a chance . I do consider myself lucky
I have mates with more ££ and retired but just twisting on about nowt all the time
You know ,boats ,politics, prices ,etc .. don't get ot at all

I am confortably well off in retirement but it's a pity it wasn't like this when I was bringing up a family. They say retirement is wasted on the old.

Moneys nice but hardship etc creates bonds and memories . Who's to say it would have been better with no money woes .

 

[Zweiguys]

Are there Social Security benefits in Britain?
We pay into it all our working life and get a monthly check from Uncle Sam.

 

[Will e]

Fair observation.

I guess we all go through phases, assuming I have planned well for retirement, the phases of my life are probably:
<18 - Only pocket money, not a care in the world and loads of free time
18-22 - Student. Fair amount of free time, 22 weeks of holiday per year, but skint and having to pack up and move regularly. Looking back, I didn't seem to make use of the free time I had or appreciate it.
22-30 - Early work, getting on my feet financially but skint with student loans, buying a house, wedding, furniture etc. Did manage a few good holidays though. Free time on evenings, didn't make good use of it.
30-40 - Financially comfortable, not a lot of disposable income, but kids under the age of 10 leaving me knackered
40-50 (now) - Financially ok, trying to build towards retirement but seemingly no time to do anything. Work is 100% concentration at the minute, no brain capacity to do anything useful on a evening and sluggish on a Saturday morning.
50-58 - Mortgage paid off, can have more disposable income and could create more free time reducing hours. The kids will hopefully be through university and in the world of work by the end of this
58 - Done. Financially comfortable (hopefully) and never had this much free time since I was a bairn.
90+ - Time up!

I always enjoy your detailed posts, that "90+ Time up" At the end had me laughing a lot at your ambition.
Good luck with that!

 

[SurreyMackem]

I always enjoy your detailed posts, that "90+ Time up" At the end had me laughing a lot at your ambition.
Good luck with that!

90 is a realistic target so for someone retiring at 55 they could be retired longer than their working life.

 

[DaveH]

I'd been in the hot seat since 1994 ,managing . I didn't flap everyday ....... People say do you miss it ? Not a chance . I do consider myself lucky

I'm thinking along similar lines.

My line of work has a lot of incident response in it. It is what I have done most of my career, moving into managing as well as in some cases still doing. I'm calm and just take it in my stride. But then you have people who don't live and breath it. Something happening this week has everyone in a flap, we have found a solution have sent out some comms and will implement it tomorrow. Job done, next. Except I have had 3 meetings or calls about it this morning alone and have a couple more racked up.

Basically there are 3 different self-appointed management groups who keep stressing to me how important the issue is (I know, I'm not stupid) and asking for updates. Well the update is close to fuck all, because over half my time has been spent just answering the same questions with both a morning and afternoon meeting about the same thing, daily. It is not even that big an issue, but people feel they need to be doing something. It would have been solved yesterday if it were not for all the flapping and explaining it slowly over and over again.

The issue itself created an interesting puzzle, we studied it and came to a solution. That bit is interesting. The rest is just bullshit and ultimately why in 9.5 years time I don't think I'll miss it.

 

[JAZZMANB]

I'm thinking along similar lines.

My line of work has a lot of incident response in it. It is what I have done most of my career, moving into managing as well as in some cases still doing. I'm calm and just take it in my stride. But then you have people who don't live and breath it. Something happening this week has everyone in a flap, we have found a solution have sent out some comms and will implement it tomorrow. Job done, next. Except I have had 3 meetings or calls about it this morning alone and have a couple more racked up.

Basically there are 3 different self-appointed management groups who keep stressing to me how important the issue is (I know, I'm not stupid) and asking for updates. Well the update is close to fuck all, because over half my time has been spent just answering the same questions with both a morning and afternoon meeting about the same thing, daily. It is not even that big an issue, but people feel they need to be doing something. It would have been solved yesterday if it were not for all the flapping and explaining it slowly over and over again.

The issue itself created an interesting puzzle, we studied it and came to a solution. That bit is interesting. The rest is just bullshit and ultimately why in 9.5 years time I don't think I'll miss it.

Very similar to me . I loved getting right into the detail of a problem and sorting why it happened
I became the send it to him man to crack stuff . Made me think maybe Forensics was my
missed vocation
I went from being given a budget and tools and funds as needed for 20 plus years with a hello from above once a month to a take over and a big fat middle chain of people keeping all them selves busy and like you I just answered stupid emails all day and got the autonomy took off me . Business fell through the floor and staff started leaving .
" this how we do things now "
Bye then .

 

[Barista]

Are there Social Security benefits in Britain?
We pay into it all our working life and get a monthly check from Uncle Sam.

Yes, a payment called National Insurance is taken from every pay check during your working life. You need 35 years of payments to qualify for what is called a full state pension which is around £12000 per year. If you have less than 35 yrs then you get proportionately less. Can’t start receiving this state pension until you reach 67yrs.

People who for whatever reason haven’t worked/paid national insurance will also get social security/welfare benefits.

This state pension is meant as a minimum baseline amount, so you definitely need a private pension/employer pension to supplement this.

We do need less income than you in the States as all healthcare in England is generally free of charge (excluding dental/opticians) and prescriptions are free for over 60 yr olds, so health insurance is not necessary for retirees (or seniors as you call them). However, for non-acute care, e.g for a hip replacement etc. access to treatment is usually quicker if you do have insurance.

 

[Will e]

90 is a realistic target so for someone retiring at 55 they could be retired longer than their working life.

I agree, I'm not saying it's not realistic, it's just there are many things that could impact it (why I liked his ambition).
Lots of people are living way past that, which is why I said good luck - not in a sarcastic way, meaning it.

 

[Shambo]

After seeing my dad have a stroke shortly after he retired, i feel almost desperate to try and retire at 57. Not sure its realistic but I am giving it a go. Gradually doubled my pension contributions over the last year in the work pension scheme.

 

[Zweiguys]

I agree, I'm not saying it's not realistic, it's just there are many things that could impact it (why I liked his ambition).
Lots of people are living way past that, which is why I said good luck - not in a sarcastic way, meaning it.

Our neighbors behind us - husband died a few years back at 97, wife still going at 101
I use them as my model, they occupied themselves every day with a project.
He was a good man. Always would mumble to me about money saying if I thought I was going to live this long I’d have quit the horses sooner.
He would bet both sides in the Super Bowl, the field in the Kentucky Derby, telling me “it ain’t about winning, it’s about being right”.

 

[Matt Hopkins]

That’s really helpful - thank you.

As stock markets are high, I will start to move to money market funds in the SIPP to cover 3 years.

I read somewhere that if markets don’t crash within the first few years then retirement investment portfolios can switch to being more adventurous.

I should be able to do that when the DB pension pays out at 60.

Yes sequence of returns risk can knack you up in the first few years that's why just using an average growth or a compound interest calculator can lull you into a false sense of security. Disclaimer alert:- That's all I did
I echo some of the comments on here, although it is a big decision, I personally think you can get too hung up on what you are doing and could spend all your time in retirement worrying about if you've done the right thing, picked the right investments etc.
Also don't log on to check up on the value too frequently it'll do you no good whatsoever, I'm trying to do it once a year but Vanguard cocked up my payment and sent a secure message last month so once logged on I just had to see how things were doing