Retirement

[ChrisK]

Each to their own

I'm quite happy doing fuck all. I realise not everyone is like me but some people's retirement plans sound like harder work to me than, well, work.

Our holidays will be quite regular but also quite cheap, 10-14 days on the Med, Canaries etc so no need to budget for expensive holidays.

Exactly, I was just strolling along street away out on my daily morning dog walk heading down towards the river, watching all the good people rushing about on there way to work and I thought after I been to the gym today i just going to have a lazy lunch and afternoon chilling out and I did its been great.

 

[Slim999]

I think you can exchange your UK licence for an Italian one without taking a test. At least that's what it says here:

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The UK reg car may be a bigger challenge...supposed to re-register it within 90 days. Might be easier to sell it in the UK and buy one locally.

I'd read that about the UK - Italian driver license swap - but this seems to imply giving up the UK licence for the Italy one. I may do it soon - however I'd like both (as somebody frequenting both countries. )

Also on the car thing - you are probably correct but nobody ever seems to check when it came into the country. ( I suppose that information needs to be given voluntarily. )

The biggest headache for me at present is that I have my banking , pension pot , savings in UK - to access those I need a UK mob phone (.for Security codes etc ) .

Virgin just 'migrated me ' to O2 ( without my asking ) and sent a new SIM card to my UK address- 2k miles away .

C'est la vie / e la vita

 

[DaveH]

If you are bored when retired it truly is your stuff. I honestly don't know how I managed to fit work in when I was, cough, ''economically active.'' Being time rich is like being a millionaire, you've suddenly got so much resource at your disposal, in this sense a resource that was denied to you when you're earning a living. Just make sure there's enough honey in the cupboard to maintain a reasonable standard of living.
Most retirees won't have a mortgage, they may well have a pension and had a lumper. It's amazing how well you can live when you're debt free, mortgage free, not paying for a season ticket etc.
Best wishes to anyone deciding to walk off the treadmill.

Mortgage and kids leaving home are the big ones. Currently I think it is about a third of my take home pay goes to mortgage (we are making large over payments and it doesn't take into account my wife's income). Being free of that will make a massive difference. One kid at college and one still in secondary school, so a fair few expenses there. By the time I'm 54, if both kids go to uni, they will be all the way through and the mortgage will have been paid off for 3-4 years. I think that is when planning out my final few years of work will really start.

Still another 7.5 years to get to that stage, but if I had not had this in mind for a number of years, I'd probably reach 54 and still have a few years on my mortgage left and no retirement savings.

Time is the major thing I want.

 

[The Great Soprendo]

I'd read that about the UK - Italian driver license swap - but this seems to imply giving up the UK licence for the Italy one. I may do it soon - however I'd like both (as somebody frequenting both countries. )

Also on the car thing - you are probably correct but nobody ever seems to check when it came into the country. ( I suppose that information needs to be given voluntarily. )

The biggest headache for me at present is that I have my banking , pension pot , savings in UK - to access those I need a UK mob phone (.for Security codes etc ) .

Virgin just 'migrated me ' to O2 ( without my asking ) and sent a new SIM card to my UK address- 2k miles away .

C'est la vie / e la vita

If you want to have both licences you might need to take a separate test in Italy, I don't know. But from what I have read online, a licence issued in the EU can be used in the UK, so maybe swapping for an Italian one is the way forward.

This link seems to back that up - ie you passed your test in GB but have an EU licence and are a visitor to GB (ie resident in EU)....it suggests you are fine to drive in GB with that licence:

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I think!

 

[dangermows]

It is, thank you and I know I’m very lucky. As well as money it’s time that’s important (as has been said upthread so many times) and when I was unexpectedly given the choice, I chose to stop. There is so much to see and do when you have time on your side as you’re not working so I'm always amazed people think they’ll be bored.

Spot on. Suppose catch is you were in a position you could make that decision.

Sitting here, Corporate bullshit, meeting after meeting.
Reading your post, just inching a little bit further for making this decision in December.
Sounds superb Mate and enjoy every minute because you reached the finishing post.

Go for it. Resigned myself to the fact that the only way I will be able to retire at a relatively young age is by the folks and hers signing off.

 

[HettonSAFC]

Have pensions done well this year in general? Biggish one with the pru made £200 last year. (£8k 2022)
People’s Rubbish rip off has made SFA since it started. Time move that.

 

[42]

Have pensions done well this year in general? Biggish one with the pru made £200 last year. (£8k 2022)
People’s Rubbish rip off has made SFA since it started. Time move that.

Equity market has mostly bounced back in last year, but bonds are still way off the pre Truss disaster. So depends on how much of your pension is bonds & equities.

 

[Paddy O'Dors]

Mortgage and kids leaving home are the big ones. Currently I think it is about a third of my take home pay goes to mortgage (we are making large over payments and it doesn't take into account my wife's income). Being free of that will make a massive difference. One kid at college and one still in secondary school, so a fair few expenses there. By the time I'm 54, if both kids go to uni, they will be all the way through and the mortgage will have been paid off for 3-4 years. I think that is when planning out my final few years of work will really start.

Still another 7.5 years to get to that stage, but if I had not had this in mind for a number of years, I'd probably reach 54 and still have a few years on my mortgage left and no retirement savings.

Time is the major thing I want.

We have a four bedroom house with only the two of us living here now. I'd happily rent a room or two out for £500 each a month but my missus doesn't feel comfortable about strangers living here (which is fair enough tbh).

 

[Darlo1973]

Each to their own

I'm quite happy doing fuck all. I realise not everyone is like me but some people's retirement plans sound like harder work to me than, well, work.

Our holidays will be quite regular but also quite cheap, 10-14 days on the Med, Canaries etc so no need to budget for expensive holidays.

The one thing I'm looking forward to is being able to take longer unplanned holidays. I haven't had more than 2 weeks off work at any one time since a brief period of unemployment in my 20s (when I was too skint to go away). It would be nice to head off without any idea of where I'll end up and when I'll be back

 

[Fletch]

I’ve read most of the thread and I understand finances are the key for most people but I’m sitting here overlooking the Caldera on Santorini having island hopped here over the last four weeks from Paros, Naxos and Amorgos. All apart from Santorini were cheap but excellent AirBnBs. Amorgos was £250 for 5 nights for two of us. You can’t get a Travelodge for that. I’d never have had the time to do this had I been working. I was made redundant last year and after much inner turmoil I chose to end my working life at 59.
Best decision ever.

Great stuff
You lucky Twat

 

[Swindon On Tour]

Mortgage and kids leaving home are the big ones. Currently I think it is about a third of my take home pay goes to mortgage (we are making large over payments and it doesn't take into account my wife's income). Being free of that will make a massive difference. One kid at college and one still in secondary school, so a fair few expenses there. By the time I'm 54, if both kids go to uni, they will be all the way through and the mortgage will have been paid off for 3-4 years. I think that is when planning out my final few years of work will really start.

Still another 7.5 years to get to that stage, but if I had not had this in mind for a number of years, I'd probably reach 54 and still have a few years on my mortgage left and no retirement savings.

Time is the major thing I want.

Kids equally need to realise they need to be more independent and help fund their education.

 

[Darlo1973]

Equity market has mostly bounced back in last year, but bonds are still way off the pre Truss disaster. So depends on how much of your pension is bonds & equities.

And depends on where it is invested. Mine is split between UK and US trackers. The UK part is up 3.5% YTD. The US one is up 12.7%.

 

[Swindon On Tour]

Exactly, I was just strolling along street away out on my daily morning dog walk heading down towards the river, watching all the good people rushing about on there way to work and I thought after I been to the gym today i just going to have a lazy lunch and afternoon chilling out and I did its been great.

Superb and the way I would feel.
Have my final pension meeting Tuesday, this thread is helping.

 

[Town End Farmer Giles]

The one thing I'm looking forward to is being able to take longer unplanned holidays. I haven't had more than 2 weeks off work at any one time since a brief period of unemployment in my 20s (when I was too skint to go away). It would be nice to head off without any idea of where I'll end up and when I'll be back

I like to be organised, as does the misdus for holidays, and she doesnt travel light so we just go on a package. Works out similar to doing it all separate when I price it up and we have the comfort of reps and helplines if we need them, which we might, who knows.

 

[joebolton]

I think I have realised the difference between myself and many on this thread. I actually really enjoy being at work. I love the crack and banter , planning for changes, seeing outcomes etc.
I find it very stimulating to be honest ( work ). I even get quite excited about some parts of it.

Been there 30 years so far , and 90% of the time it doesn’t feel like I am going to work , more like I am doing what I do ( quite well).

I think they may have to drag me out of there.

 

[Darlo1973]

I like to be organised, as does the misdus for holidays, and she doesnt travel light so we just go on a package. Works out similar to doing it all separate when I price it up and we have the comfort of reps and helplines if we need them, which we might, who knows.

One the advantages of being single (and it's very unlikely to change) is being able to just throw a few changes of clothes into a bag and head off without anyone else to negotiate with or their heavy cases to lug around.

 

[Town End Farmer Giles]

One the advantages of being single (and it's very unlikely to change) is being able to just throw a few changes of clothes into a bag and head off without anyone else to negotiate with or their heavy cases to lug around.

I can see the attraction of that. Sadly I don't exactly travel light either

 

[ChrisK]

I think I have realised the difference between myself and many on this thread. I actually really enjoy being at work. I love the crack and banter , planning for changes, seeing outcomes etc.
I find it very stimulating to be honest ( work ). I even get quite excited about some parts of it.

Been there 30 years so far , and 90% of the time it doesn’t feel like I am going to work , more like I am doing what I do ( quite well).

I think they may have to drag me out of there.

U a porn star

Superb and the way I would feel.
Have my final pension meeting Tuesday, this thread is helping.

I me too, took redundancy so just one decision left for me now its either take the company pension or take it out and put in a draw down, no rush tho will leave till after April for tax reasons.
I on gardening leave and still paid till end of year.
Tbh in a way i wish I didn’t have the option, as its a bit of a head fook

 

[DaveH]

Kids equally need to realise they need to be more independent and help fund their education.

That is what we are thinking at present, but may cave, because it is the bairns.

We have been putting in a small amount each week into a bank account for them, pretty much since birth. Not noticed doing it, but it quickly builds up. An 18 year old is 936 weeks old so it shows what even a quid can do. I hope when we look at things and available loans, plus that starter amount, we will not need to put in too much extra.

Though they may go into apprenticeship or job related training. I’ve employed some excellent people who didn’t do a degree. Good a-level results and we have picked them up on a low grade, trained them and promoted them. By the time their peers have graduated they have had professional qualifications, no debt, savings and 3 years work experience, as well as being established at a large organisation, being encouraged to go for higher posts.

 

[AndrewP]

I think I have realised the difference between myself and many on this thread. I actually really enjoy being at work. I love the crack and banter , planning for changes, seeing outcomes etc.
I find it very stimulating to be honest ( work ). I even get quite excited about some parts of it.

Been there 30 years so far , and 90% of the time it doesn’t feel like I am going to work , more like I am doing what I do ( quite well).

I think they may have to drag me out of there.

It's about getting a job you love. Sadly I've never found that, but some people do.

We have a four bedroom house with only the two of us living here now. I'd happily rent a room or two out for £500 each a month but my missus doesn't feel comfortable about strangers living here (which is fair enough tbh).

There's not enough money in the world for me to rent out spare rooms to some random. I'm with your missus on this one.