Getting made redundant

Metalmicky

Goalkeeper
I think i'm 23 but actually 63
Just a question or two for you - feel free to not answer just interested for myself. I assume that you have paid off your mortgage and only have the usual monthly outgoings - Council tax - water/gas/electric/food etc to think about - in which case what have you budgeted for each year? I am in a similar position, just a bit younger and wandered when I could comfortably retire and not have to worry about money matters. I have a reasonable pension and a good amount saved, so I was considering retiring early myself. my only issue is that my other half is 8/9 years younger and wouldn't want to retire so early.
 

AndrewP

Striker
Just a question or two for you - feel free to not answer just interested for myself. I assume that you have paid off your mortgage and only have the usual monthly outgoings - Council tax - water/gas/electric/food etc to think about - in which case what have you budgeted for each year? I am in a similar position, just a bit younger and wandered when I could comfortably retire and not have to worry about money matters. I have a reasonable pension and a good amount saved, so I was considering retiring early myself. my only issue is that my other half is 8/9 years younger and wouldn't want to retire so early.
Doesn't that just make everything easier? You'll have income for another 8/9 years on top of your pension etc?
 

Metalmicky

Goalkeeper
Doesn't that just make everything easier? You'll have income for another 8/9 years on top of your pension etc?
In a way yes - especially as she is on considerably more than me. However, she doesn't intend to retire for a few years, so if I choose to take early retirement myself, then I will be retired 'solo' for quite a few years - not sure I want that. What I wanted to find out was what is a reasonable figure to retire on comfortably as a couple, with surplus for holidays etc - I would love to tell her to jack it in and we could then jet off to places; however, she has at least 8 years until she can get her hands on part of her pension pot.
 

cosmicchris00

Midfield
After 31 years, I am getting my redundancy notice next week
They decided that 2 people could do the work of 4, so we were asked to apply for the 2 roles, the one closest to my current role is 6k less, the other one about 2k less, I didn't apply for either, My line manager phoned in a panic to tell me I was missing the application deadline and I told him " I would resent working harder for less money and didn't think that would be fair on the company.
I've about 2 1/2 years until my pension starts, with my redundancy money and savings I will have the same income as now with a bit to spare.then with my private pension I can easily live to my current standard so it wasn't a difficult decision.
I'm looking for something to entertain myself, got grandkids that keep me smiling, a wife (no) to spend a lot more time with, I fish for a hobby.
What did my fellow seniors do when they finished work?
Get a season ticket to Thailand and grow old disgracefully (obvs only legal age 2 by 4's)
 

AndrewP

Striker
In a way yes - especially as she is on considerably more than me. However, she doesn't intend to retire for a few years, so if I choose to take early retirement myself, then I will be retired 'solo' for quite a few years - not sure I want that. What I wanted to find out was what is a reasonable figure to retire on comfortably as a couple, with surplus for holidays etc - I would love to tell her to jack it in and we could then jet off to places; however, she has at least 8 years until she can get her hands on part of her pension pot.
My wife is a bit younger than me too, so I think best case would be for her to cut her hours right down to mimick a pension until pension time comes.

It's a long way off for us though.
 

Jon Dough

Full Back
Get a season ticket to Thailand and grow old disgracefully (obvs only legal age 2 by 4's)
I know quite a few guys living in LOS,it’s quite an empty existence,in the main they don’t learn the language,drink a lot,and usually shack up with someone half their age with whom they have zero in common.
 

wisemensaysteve

Central Defender
Just a question or two for you - feel free to not answer just interested for myself. I assume that you have paid off your mortgage and only have the usual monthly outgoings - Council tax - water/gas/electric/food etc to think about - in which case what have you budgeted for each year? I am in a similar position, just a bit younger and wandered when I could comfortably retire and not have to worry about money matters. I have a reasonable pension and a good amount saved, so I was considering retiring early myself. my only issue is that my other half is 8/9 years younger and wouldn't want to retire so early.
Mortgage paid off 23 years ago and that money went into savings no other monthly payments, I'm working on 25 k a year and doubt I will spend that
I've tried to build in cost of living increases for the future, I'll still have a rainy day piggy bank tucked away
I know quite a few guys living in LOS,it’s quite an empty existence,in the main they don’t learn the language,drink a lot,and usually shack up with someone half their age with whom they have zero in common.
Might find I'm already with someone I've nothing in common with lol
 
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EDGE

Winger
In a way yes - especially as she is on considerably more than me. However, she doesn't intend to retire for a few years, so if I choose to take early retirement myself, then I will be retired 'solo' for quite a few years - not sure I want that. What I wanted to find out was what is a reasonable figure to retire on comfortably as a couple, with surplus for holidays etc - I would love to tell her to jack it in and we could then jet off to places; however, she has at least 8 years until she can get her hands on part of her pension pot.
Check ALL your bills for the last few years. This should give you a starting point.

Remove any you may now not need and add those you are now thinking of spending money on, eg: extra heating, holidays.

Add x% pa for inflation.

Then probably add 10% as a contingency.

You will need funds for large one off items, eg: new roof, boiler etc.

Use a spreadsheet as you can then manipulate data for inflation etc.
 
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cosmicchris00

Midfield
I know quite a few guys living in LOS,it’s quite an empty existence,in the main they don’t learn the language,drink a lot,and usually shack up with someone half their age with whom they have zero in common.
I'd agree with you there. The ones I know have either ballsed up their relationships or never had one in the first place
 

Gillythedilf

Full Back
My dad's always said he wanted to be a rich tramp! Nowt wrong with wanting to rid yourself of the bollox of workplace slavery at any age 👍
I know what you mean.

my point is young boys wishing their lives away wishing they were old men just so they don't have to go to work.Public sector /office workers seem especially bad for this.If you don't like your job or can't stand what you do then get out and change it.Easier said then done I know .


no fun being an old gadgie.






id say ive described most of this board tbh,dads that want to stay at home and that whilst their wives bring the money in.
 
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Goat Eyes

Striker
I know what you mean.

my point is young boys wishing their lives away wishing they were old men just so they don't have to go to work.Public sector /office workers seem especially bad for this.If you don't like your job or can't stand what you do then get out and change it.Easier said then done I know .


no fun being an old gadgie.






id say ive described most of this board tbh,dads that want to stay at home and that whilst their wives bring the money in.
Gilly is back. 😂

I’m nee stay at home dad...
 

Cheesy Feet

Striker
I turned 55 in August and have the final salary pension in place..there's loads where I work have took the pension and retired at 55 - 60..it's a right old dilemma with me like..i probably could afford to retire but another part of me just likes the safety net of my monthly wage..lads who've got roughly the same final salary pot as me made about 10k last year off them..not great but the markets are flat as a fart at the moment..I've spoken to a few of my workmates about retirement and you'd be surprised how many are fretting about it.
 

wisemensaysteve

Central Defender
I turned 55 in August and have the final salary pension in place..there's loads where I work have took the pension and retired at 55 - 60..it's a right old dilemma with me like..i probably could afford to retire but another part of me just likes the safety net of my monthly wage..lads who've got roughly the same final salary pot as me made about 10k last year off them..not great but the markets are flat as a fart at the moment..I've spoken to a few of my workmates about retirement and you'd be surprised how many are fretting about it.
I think it depends if you enjoy your work, I've watched my workload increase and my income stay the stagnate, what about saving as much as you can for the next few years and getting out around 60?
 

Mackem00

Striker
I know what you mean.

my point is young boys wishing their lives away wishing they were old men just so they don't have to go to work.Public sector /office workers seem especially bad for this.If you don't like your job or can't stand what you do then get out and change it.Easier said then done I know .


no fun being an old gadgie.






id say ive described most of this board tbh,dads that want to stay at home and that whilst their wives bring the money in.
Not wanting to work and wanting to be old aren't the same things Adam mate. Work doesn't define a person. It's just something we have to do to live more comfortably and contribute.
 
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