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Retirement

I retired at 51 on a really good pension. Really looked forward to it. By 52 I had to find something to do. I found something to do and have been self employed working hours that suit me and giving me a reason to get up and something to talk about for years.
My missus has a small business. We’ve paid Nat ins since we were 16. We are both now 66. We get state pensions, Missus gets full pension, mine is reduced. We both pay tax on them.
Neither of us have to work anymore but we both choose to. We have never been so well off but even at 66, we both want to work.
It’s great that we can save a lot of money each month and help our kids and their kids.
Beware what you wish for. Retirement ain’t all its cracked up to be IMO of course.
 

ChrisK said:
Nice one
we enjoying the long weekends,
Belter walk today good 8 miler along river up to Cauldren Snout and back too pub for beer dog flat out in front of a real pub fire 👍
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Think I said this much earlier in the thread but, bears repeating, I am enjoying the cooking. Seriously the millions of new recipes I try. Everything from scratch, who knew pastry was so easy to make and their were so many pie fillings. Scones, easy. All the different curries and pasta sauces. Come Autumn I am going to be experimenting with stews and different dumplings. And more soups.

Cheesecakes....easy

Other half thinks he's died and gone to 1950's land. Tea is always on the table for him coming in.
 
Jap Stammer said:
I think a lot of people will be surprised at how little you need to live comfortably in retirement - the natural thing is to base it on how you live now and project that forward, but that's not necessarily an accurate representation.

My Dad retired at 57 - it wasn't voluntary, he just couldn't do the type of work he was used to because of long-standing back and knee issues (no pun intended). He had a couple of small work pensions and State Pension when he reached 65. My Mam had been retired through ill-health for many years prior to him retiring and she got her pension (at a reduced rate) from the date she actually left work.

They had no mortgage, no major bills other than utilities and SKY TV and they still managed a night out every week, a meal somewhere nice once a month or so, and between 2 and 3 foreign holidays a year - nowhere flash, mind. Just somewhere relatively cheap with a lot of sunshine. They drove a small hatchback.

My Dad always used to tell me that I'd be shocked at how well you could live on what was a relatively small annual income (I wasn't - I'd seen it in practice with them) once there were no major bills to pay, no kids to look after and no cost of going to work to factor in.

Retire as soon as you can, folks. As someone stated earlier, you're a long time dead and you can't take it with you. Plus you'll be freeing up employment for someone younger than you who needs it more.
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A lot of truth to this I think.

My FiL has had no end of health issues since he hit 70. He packed in at 64, but it makes me realise that the state pension age being what it is I want to be done a long time before that if I can.

Next decade is key, need to get my head down graft wise and up my earnings.
 
T_Bone said:
I retired at 51 on a really good pension. Really looked forward to it. By 52 I had to find something to do. I found something to do and have been self employed working hours that suit me and giving me a reason to get up and something to talk about for years.
My missus has a small business. We’ve paid Nat ins since we were 16. We are both now 66. We get state pensions, Missus gets full pension, mine is reduced. We both pay tax on them.
Neither of us have to work anymore but we both choose to. We have never been so well off but even at 66, we both want to work.
It’s great that we can save a lot of money each month and help our kids and their kids.
Beware what you wish for. Retirement ain’t all its cracked up to be IMO of course.
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Didn’t realise you could take a pension at 51 sounds sad that you arnt enjoying it, hopefully you find a good work life balance
Charlestonian said:
A lot of truth to this I think.

My FiL has had no end of health issues since he hit 70. He packed in at 64, but it makes me realise that the state pension age being what it is I want to be done a long time before that if I can.

Next decade is key, need to get my head down graft wise and up my earnings.
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Exactly 50 +
is the start of enjoying life kids flown the nest most big bills paid time to enjoy the extra cash while still young enough
 
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ChrisK said:
Didn’t realise you could take a pension at 51 sounds sad that you arnt enjoying it, hopefully you find a good work life balance

Exactly 50 +
is the start of enjoying life kids flown the nest most big bills paid time to enjoy the extra cash while still young enough
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Well the kid thing is a big one, the wife has gone from not being bothered to being on the fence about it, we are approaching 40, a kid now changes absolutely everything, but we’ll see what happens.
 
ChrisK said:
Didn’t realise you could take a pension at 51 sounds sad that you arnt enjoying it, hopefully you find a good work life balance
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Who said I’m not enjoying it ? I am.
I’d paid into the scheme for 32 years.
When I took retirement the plan was to live in Cyprus where half my family already were living. Long story short, we spent a lot of time out there and woukd have stayed there but our daughter moved back to the uk so we followed.
What’s sad about it ? We choose to do what we do. We could stop it all tomorrow but lying on a settee watching shit on tv and wondering what to do next, like go to the pub, isn’t for us.
Thanks for your concern mate.
 
Charlestonian said:
Well the kid thing is a big one, the wife has gone from not being bothered to being on the fence about it, we are approaching 40, a kid now changes absolutely everything, but we’ll see what happens.
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Well I’m the opposite kids have both gone to uni (one last year and one this) and I’m struggling to get used to the quiet house.
 
T_Bone said:
Who said I’m not enjoying it ? I am.
I’d paid into the scheme for 32 years.
When I took retirement the plan was to live in Cyprus where half my family already were living. Long story short, we spent a lot of time out there and woukd have stayed there but our daughter moved back to the uk so we followed.
What’s sad about it ? We choose to do what we do. We could stop it all tomorrow but lying on a settee watching shit on tv and wondering what to do next, like go to the pub, isn’t for us.
Thanks for your concern mate.
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Can I ask what you do work wise? If you don't want to say that's fine, but you must enjoy it which is great
 
Dennis said:
Can I ask what you do work wise? If you don't want to say that's fine, but you must enjoy it which is great
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With respect It’s not important what I do is it ? I’d rather not say but I really enjoy it as does my Missus and we are very happy. Her business is different to mine but we both chose to do things we like.
This time last week we were in Crete. We go away when we want, we help the kids.
Some woukd say we are lucky but we both paid into private pensions for over 30 years when we could have done with the money when we were younger with kids and thankfully we are now reaping the benefits.
The money we received from our private pensions enabled us to invest in the small businesses we now have.
 
T_Bone said:
With respect It’s not important what I do is it ? I’d rather not say but I really enjoy it as does my Missus and we are very happy. Her business is different to mine but we both chose to do things we like.
This time last week we were in Crete. We go away when we want, we help the kids.
Some woukd say we are lucky but we both paid into private pensions for over 30 years when we could have done with the money when we were younger with kids and thankfully we are now reaping the benefits.
The money we received from our private pensions enabled us to invest in the small businesses we now have.
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It isn't, just a bit curiosity/nosiness as you seem to have a good balance, good on you
 
ChrisK said:
Didn’t realise you could take a pension at 51 sounds sad that you arnt enjoying it, hopefully you find a good work life balance
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Used to be able to take them at 50. Think it must've been about 15 years back it got changed to 55. Think there might even still be a few legacy schemes where you can still get out earlier than 55 like fire & police
 
Zidane said:
51 soon. Eldest son just gone to uni and assuming youngest does I'm not going to be retiring until 58 at absolute earliest.

Devestating every time I think about it.
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Uni is one thing I have not factored in. We have been putting stuff away for the kids since they were born and by the time they hit Uni age, they should have a fair amount - enough to fund their first year.

When it comes to the crunch, do I say get on with it with student loans, I’m not working until I’m 67 when you can pay off a loan gradually. Or will I look at the amount of debt they will rack up, look at the state of the housing market , cave in and work longer? Only time will tell.
 
42 said:
Used to be able to take them at 50. Think it must've been about 15 years back it got changed to 55. Think there might even still be a few legacy schemes where you can still get out earlier than 55 like fire & police
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I might be way off but I remember hearing that professional footballers could start drawing their pension at 35. It was a long time ago I heard this but it stuck for some reason. Anyone know if it was true.
 
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