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Retirement
- Thread starter Shieldsman
- Start date
Once you are 60 you are a YOUNG old person, which is far more fun than your fifties,when you were an OLD young person.
You can be as random as you like now.
I'd buy a racehorse.
Matt Hopkins
Winger
Saving money by the sounds of it
Hope it's not Aptia/Mercer took about 8 months for mine to get sorted. Tossers2 weeks to go for me. I've just contacted my old DB pension provider to start access from April. I'll use up some cash for a few mths until I decide an exact drawdown plan. The Mrs is leaving work eng of April so we should be in for a chilled out summer. Nee idea what I'm going to do to keep occupied but looking forward to figure it out
A good financial advisor is a must. You'll get great ideas, thoughts, insights, advice, stories here. Absorb them, think about them, you might be taken by some of what you read and take those thoughts to your FA.
Shack
Striker
£750k might seem a lot but if you stop working now that's 7 years or expenditure to come out of that before you get the state pension. I'm assuming your partner is similar age and not working or will retire also. So that's 2 people to support also. It sounds like you may live a reasonably simple life without much extravagance so you should be fine but have you worked out 'the number'? If you don't know that's where you calculate how much you need to live on each year and then try to determine an amount that will last you through your retirement years. There's various calculations around this and you can find lots of websites with info. Obviously the state pension will supplement your private pot also. You will have decisions on how to access that pot and whether it's invested wisely (it could go tits up and reduce massively in value so do you want to move into safer funds etc?).
Aside from the financial perspective you may find that stopping work brings both lots of benefits but suddenly a big hole. I personally found it strange and I initially took out some short term contracts but my heart wasn't in it anymore. You forget that a lot of your social interactions are via work and you need to replace these. Being in the company full time with your partner is not healthy either and you will both need to get out and pursue your own interests as well as do things together. I'd say keep yourself fit and active, join some clubs, indulge in hobbies or activities you're interested in, plan some holidays or events (theatre/music/comedy), volunteer in your community. Best of luck!
Whether 750K is a lot or not largely depends on what you spend now day-to-day and what you're used to bringing in.
If you're happy managing it yourself as your money pot for retirement then you'll use it for drawdown, otherwise an annuity (in which case get quotes) if you'd prefer certain income for the rest of your days, or you can do a bit of both. Advice is probably essential here.
As you get older, good health is probably your biggest consideration, so maybe consider private cover if it's affordable (it's not for most people in retirement) as that may well have the biggest impact on your life. Waiting months for a knee op when you're old would be no fun. Obviously you could just pay for treatment as and when you need it too, if the money's there.
The other thing to think about is that one day you may need a care home. If you're wealthy, the kind of place you can choose improves drastically. So you could always keep some back with that in mind.
And obviously you are in a good position to make the transition from work in the way you really want. What have you always fancied doing, work wise, if it's not what you already do? You could volunteer in that area, spend some money getting the skills you need for that etc and get the benefits of working with all of the enjoyment, the commitment level you choose, and none of the shite. You're still young enough to consider a job you enjoy for a few years, if that appeals.
A few other considerations anyway, good luck and enjoy.
If you're happy managing it yourself as your money pot for retirement then you'll use it for drawdown, otherwise an annuity (in which case get quotes) if you'd prefer certain income for the rest of your days, or you can do a bit of both. Advice is probably essential here.
As you get older, good health is probably your biggest consideration, so maybe consider private cover if it's affordable (it's not for most people in retirement) as that may well have the biggest impact on your life. Waiting months for a knee op when you're old would be no fun. Obviously you could just pay for treatment as and when you need it too, if the money's there.
The other thing to think about is that one day you may need a care home. If you're wealthy, the kind of place you can choose improves drastically. So you could always keep some back with that in mind.
And obviously you are in a good position to make the transition from work in the way you really want. What have you always fancied doing, work wise, if it's not what you already do? You could volunteer in that area, spend some money getting the skills you need for that etc and get the benefits of working with all of the enjoyment, the commitment level you choose, and none of the shite. You're still young enough to consider a job you enjoy for a few years, if that appeals.
A few other considerations anyway, good luck and enjoy.
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faith brothers
Striker
Jesus this board has gone to the dogs.
Not one poster has suggested hookers and blow!
Not one poster has suggested hookers and blow!
Swindon On Tour
Striker
Retire.
Unless you love sitting at your desk every day and wondering what you could be doing.
No kids will give you the freedom.
Don’t become the richest man in the graveyard and if you have health now that might not always be the case.
Your choice but remember you have to retire at some point.
2 weeks to go for me. I've just contacted my old DB pension provider to start access from April. I'll use up some cash for a few mths until I decide an exact drawdown plan. The Mrs is leaving work eng of April so we should be in for a chilled out summer. Nee idea what I'm going to do to keep occupied but looking forward to figure it out
Well done you.
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Matt Hopkins
Winger
Couldn't decide last night whether he wanted people to say just say retire or (not) advice on what to do with his money.
If it's the latter he needs to say if £750k is between them, any DB, savings, full SP, how much does he think they need etc
If it's the latter he needs to say if £750k is between them, any DB, savings, full SP, how much does he think they need etc
archiesdad
Midfield
I spoke with them, simple form to complete and it wi kick in from end of April. Could of had it for March but wanted to wait until new tax Yr.Saving money by the sounds of it
Hope it's not Aptia/Mercer took about 8 months for mine to get sorted. Tossers
Generic Mackem
New Member
I’ve got an IFA on the case so it’s the bigger picture/strategic side that I wanted to get views on
Matt Hopkins
Winger
Was it Aptia/Mercer?
Im working on the basis of £25k a year, roughly, when I retire. I pay all the bills, missus is carrying on working for a few years, her choice, she has no pension.
Same as the anonymous poster, few holidays a year but nothing fancy, Canaries, Spain, Greece, and not 5 star. £750k pot is surely way more than enough.
DaveH
Striker
She gives good advice. I'd perhaps hold off the big decision for a little while and do have a think about your life.
Especially with no kids to pass anything on to when you go, do you really want to work until you are 70, discover this whole new life, find you have pots of money and wish you had done it 10 years ago when you were still pretty young?
On the other hand, a hard stop from work with no idea can be dangerous for some. There are plenty of people who do not adjust, they sit watching day time TV, start snacking, that leads to weight gain. With extra weight and no mental stimulation, that leads to health problems.
Have a think about what you do on weekends. Or what did you used to do with your weekends when younger? Also look around to see what groups there are about. There are loads of older people walking groups. If you think you might like anything practical, do a search for "Men in sheds". I wish I had taken my dad up to Bowes railway and got him involved as a volunteer up there. If you do like (or think you might like) practical things like woodwork, start watching some YouTube videos and see if they inspire you. I built a guitar from scratch, purely from watching YouTube vids. If you are not practical, what about sailing or home brewing?
Do you have any friends or family who have retired? Chat to them and see what they do with their time.
The best physical health thing you can do is retire and get active. The worst mental health thing you can do is retire with no idea what to do and sit getting anxious about it.
OldNewtown
Winger
Given the fact that you didn't have kids then grandparent duties dont come into play so it really is up to you, what do you want to do?
Some people find it very difficult to just stop work and then just do nothing as a result they get bored.
I would suggest that you carry on with your consultancy but gradually wind it down to allow you to take up other activities.
Do you have a social group of friends that you can do things with? If not start developing one and try different things.
As an example I was gifted a National Trust membership and we went out regularly to visit different sites, even arranging a few days away on a regular basis to visit different parts of the country.
We also started a couple of exercise classes which were funny and rewarding in different ways, being shown how physically unfit I was by an 80 year old lady being a particular highlight, but I found the gentle exercise and interaction with other people far more beneficial than going to the gym.
You dont have to go at things like a mad dog you can take your time.
It's a big step, make sure that you are ready to take it
I cant stress enough that it's down to you to do what you want to do
Now, what do you want to do?
What do you want from life?
What does your wife want?
Basic simple questions but they hold the key to a long, happy and fulfilling retirement
I know you said you weren't interested in travelling the world, but I think you'd need to do something to keep you stimulated/active/out of a rut/interested if you retired.
You've inferred that have travelled in the past , so you're not entirely averse to travel. How about taking some time to live somewhere else for a month or so (during our winter is good!)? An air bnb in Sydney or Melbourne (or both) would do the trick. Oz is different enough to be interesting, but similar enough to be not too stressful. You're exploring, learning and living (your new) life and keeping yourselves stimulated and active.
I've just done something similar, so yes, it's what I would do
Generic Mackem
New Member
Thank you to everyone who replied. I’ve really thought about all you said. A combination of that and getting an absolute pisstake email yesterday from one of the organisations I work with has led me to think “why am I still doing this?” and contact my IFA to say “it’s time”. The plan is now to take a few months to manage the process financially and mentally and then do it. A modest donation will be made to something we all care about - the Foundation of Light - not because you lot expect anything but because this discussion has proven to me the value of the SAFC community. I’ll now retire this alias except maybe I’ll pop back in a few months or a year to let you know how I’m getting on 
moanjam
Midfield
Good luckThank you to everyone who replied. I’ve really thought about all you said. A combination of that and getting an absolute pisstake email yesterday from one of the organisations I work with has led me to think “why am I still doing this?” and contact my IFA to say “it’s time”. The plan is now to take a few months to manage the process financially and mentally and then do it. A modest donation will be made to something we all care about - the Foundation of Light - not because you lot expect anything but because this discussion has proven to me the value of the SAFC community. I’ll now retire this alias except maybe I’ll pop back in a few months or a year to let you know how I’m getting on
