Retirement

[Derbla]

I think its great so many lads now not grafting till just before death.

Ive a relative who got offered a great package at about 54 n took the fucker. Never looked back.

Im 46 in december. Really dont want to be going at this rate in ten years time. Some sort of consultancy/design role where you can do 2 days at week, when you choose, from anywhere in the world would be ideal.

Did something like this for last 5 years..the problem I found is that everyone else is on the clock full time and you find you are committed at random times during the week and don't have those clean cut 2 days. Might be different for you with what you do but it's something to watch out for.

Another thing to look out for is 'volunteerimg' for stuff or being heenrouse with your time. It's good at first then you realise some of the numbskulls you associate with are getting good coin.for doinng nowt or not adding value. Suggest in this instance you either work for money always or only do this if your passionate about it.

 

[Ned Land]

Good luck to you Mate.
Hit 50 and without doubt feels like the summit. I have never stopped, not a sick day in over 30 years but now feeling my time.
Scared of course probably because I have that work and providing mentality. Had to do it on my own with no financial help.
If I knew it would be ok I would do it today.


Good luck Mate. Time flys as they say.
I will look to do something, maybe gardening would do me well to have a break for a few months, paint the house etc.

Thank you and best of luck to you also.

 

[arthursboy]

I know this is a thread about the financial side of retirement and what I’m about to say is slightly off topic.



You come across people on here who are only 30-40- early 50 etc and are chomping at the bit to retire. Why the hell would you wish your life away like that ? By the time your of retirement age your life won’t be as it is now. You’ll not be as fit, people very close to you have a good chance to have passed away and lastly for blokes like me it’s “THE END” so to speak and the Boredom will be a killer, especially in the winter. The sense of having very little purpose will be hard to deal with.


Yes if your cannon fodder who works in a factory or some midblowingly boring job I get it a little, however wishing you where closer to death just so you don’t have to work is pretty tragic.

Your 30’s, 40’s and early 50’s are the prime of your working life, if works that bad try and change what you do or grow up a bit and embrace it.

When I went to my pension advice meeting it struck home time is limited, I was 55 at the time and able to walk away from work with a cash incentive.

At 80 it’s slow down time if I’m still here
At 70 hopefully my health is decent and I can be arsed to travel etc, at 55 that’s only 15 years, absolutely nothing in terms of squeezing in everything I want to do now that I have the funds.

Essentially we’re all different thank goodness, we all have different bucket lists and time left in planet earth.

Don’t criticise those that don’t fall into your opinion, that’s your choice which will change as you get older, leaving work at 55 was amazing and a new chapter in my life.

 

[SPUFF]

Did something like this for last 5 years..the problem I found is that everyone else is on the clock full time and you find you are committed at random times during the week and don't have those clean cut 2 days. Might be different for you with what you do but it's something to watch out for.

Another thing to look out for is 'volunteerimg' for stuff or being heenrouse with your time. It's good at first then you realise some of the numbskulls you associate with are getting good coin.for doinng nowt or not adding value. Suggest in this instance you either work for money always or only do this if your passionate about it.

Yeh ideally its like “we need this project designing, costing and drawing within 7 days” then you do it as you can be arsed but the reality probably very different.

Dads mate is an accountant, does a couple of days a week, golf mrmber at hartlepool n keswick, caravan over there. Takes books over does an hour or two when hes not golfing our out with the mrs. Happy bloke.

 

[Deleted member 53903]

Wife retired at 50, I've just retired 52 needing to recover from a small health issue.

We are cushty with nee mortgages, small rental property and a Spain pad.

Philosophy of saving has paid off massively as I can recuperate at my own pace, with no financial pressure.

We are tight arses for sure but want to put lumpers into our kids future mortgages so they can get on the property ladder easily, hopefully at 2nd house stage...

Priorities have shifted to health and kids and we are cool with that.

Need to work out how to fill my time once better..I do a seasonal job PT for laughs, no it's not Santa.

Lovely… well done marra.

This is what I like to see. People comfortable in their own skin. I love the clarity and determination too. There is no “one size fits all” so I would enco everyone to have that sense of clarity.

 

[Derbla]

Lovely… well done marra.

This is what I like to see. People comfortable in their own skin. I love the clarity and determination too. There is no “one size fits all” so I would enco everyone to have that sense of clarity.

Cheers for that.
Basis for it all is keeping tabs on what you are spending and keeping that as an ongoing project. We have known daily to the penny our entire net worth for 15 years, takes 5 mins per day to manage and it assists in making big decisions with that clarity.

We respect our finances and take it seriously so as to be able to protect our pot for important family stuff. I'm already talking to the boy about early retiring and he's maxed out his pensions aged 20. He's a real thinker and does not see the point of work interfering with life. I'm going to help him target a 40 year old retirement.

We have invested capital to reduce our outgoings - solar, battery, cheap EV that means we don't need to.draw down as much from savings and in the future from pensions pots.

It breaks our hearts to see younguns spunk £20 on a couple of coffees and sandwiches, flashing iPhone 14s and they ain't got a penny to rub together. People are 'got' by a need to spend and eventually it f*** them up.

We aren't like trolls either, I've owned sports cars and boats in the recent past and will get another boat soon...fast cars been there done that.

Although I've been a bit knackered health wise, we don't booze or eat fast food either...we gather dust and left over newspapers and make a kind of free gruel

Yeh ideally its like “we need this project designing, costing and drawing within 7 days” then you do it as you can be arsed but the reality probably very different.

Dads mate is an accountant, does a couple of days a week, golf mrmber at hartlepool n keswick, caravan over there. Takes books over does an hour or two when hes not golfing our out with the mrs. Happy bloke.

If you can, reinforce strict boundaries, something I never did well.

 

[SPUFF]

Cheers for that.
Basis for it all is keeping tabs on what you are spending and keeping that as an ongoing project. We have known daily to the penny our entire net worth for 15 years, takes 5 mins per day to manage and it assists in making big decisions with that clarity.

We respect our finances and take it seriously so as to be able to protect our pot for important family stuff. I'm already talking to the boy about early retiring and he's maxed out his pensions aged 20. He's a real thinker and does not see the point of work interfering with life. I'm going to help him target a 40 year old retirement.

We have invested capital to reduce our outgoings - solar, battery, cheap EV that means we don't need to.draw down as much from savings and in the future from pensions pots.

It breaks our hearts to see younguns spunk £20 on a couple of coffees and sandwiches, flashing iPhone 14s and they ain't got a penny to rub together. People are 'got' by a need to spend and eventually it f*** them up.

We aren't like trolls either, I've owned sports cars and boats in the recent past and will get another boat soon...fast cars been there done that.

Although I've been a bit knackered health wise, we don't booze or eat fast food either...we gather dust and left over newspapers and make a kind of free gruel

If you can, reinforce strict boundaries, something I never did well.

All about balance i guess.

Boils my piss my dad n his mates twisting in the latter years about a dear pint etc. f***ing hell on the other week cos theyve doubled the snooker table cost to £1.20 per hour, between 4 blokes!

 

[Deleted member 53903]

Cheers for that.
Basis for it all is keeping tabs on what you are spending and keeping that as an ongoing project. We have known daily to the penny our entire net worth for 15 years, takes 5 mins per day to manage and it assists in making big decisions with that clarity.

We respect our finances and take it seriously so as to be able to protect our pot for future generations. I'm already talking to the boy about early retiring and he's maxed out his pensions aged 20. He's a real thinker and does not see the point of work interfering with life. I'm going to help him target a 40 year old retirement.

We have invested capital to reduce our outgoings - solar, battery, cheap EV that means we don't need to.draw down as much from savings and in the future from pensions pots.

It breaks our hearts to see younguns spunk £20 on a couple of coffees and sandwiches, flashing iPhone 14s and they ain't got a penny to rub together. People are 'got' by a need to spend and eventually it f*** them up.

We aren't like trolls either, I've owned sports cars and boats in the recent past and will get another boat soon...fast cars been there done that.

You are speaking my language here mate. I have similar conversations with my (adult) kids about pensions. Back in my day starting out, we had the old final salary pensions, endowment mortgages etc - all of which amounted to nothing in the end. And quite honestly I was pretty clueless about it all.

One of the big things for me now is how to manage things going forward. In particular how to minimise tax. Can’t be avoided of course but I am working out how to coordinate it all.

I think generally - or maybe hopefully - people are a bit clued up these days. Pensionwise is a service that I would highly recommend for those who are looking to enhance their knowledge around the subject.

 

[Derbla]

All about balance i guess.

Boils my piss my dad n his mates twisting in the latter years about a dear pint etc. f***ing hell on the other week cos theyve doubled the snooker table cost to £1.20 per hour, between 4 blokes!

It's the 'make do and menders' ..at extreme they drive themselves mad over spending money, always seeking bargains and imploding when they don't, despite often having good savings and pensions.

My in-laws are the worst for this ... always looking for bargains drives them bonkers, then they tell us they've spent £5k on something random they don't need. They've also get scammed about once a year and we pick up the pieces!

You are speaking my language here mate. I have similar conversations with my (adult) kids about pensions. Back in my day starting out, we had the old final salary pensions, endowment mortgages etc - all of which amounted to nothing in the end. And quite honestly I was pretty clueless about it all.

One of the big things for me now is how to manage things going forward. In particular how to minimise tax. Can’t be avoided of course but I am working out how to coordinate it all.

I think generally - or maybe hopefully - people are a bit clued up these days. Pensionwise is a service that I would highly recommend for those who are looking to enhance their knowledge around the subject.

On minimising tax, I watch some YouTube videos and there is a way to get more out tax free from pensions than your think.

I also hired a financial advisor to look after some of our pots. Advantage there is that they only get fees for a part of our total pot (25%) but will give advice covering the whole. So for me that is worth it.

 

[Deleted member 53903]

It's the 'make do and menders' ..at extreme they drive themselves mad over spending money, always seeking bargains and imploding when they don't, despite often having good savings and pensions.

My in-laws are the worst for this ... always looking for bargains drives them bonkers, then they tell us they've spent £5k on something random they don't need. They've also get scammed about once a year and we pick up the pieces!

On minimising tax, I watch some YouTube videos and there is a way to get more out tax free from pensions than your think.

I also hired a financial advisor to look after some of our pots. Advantage there is that they only get fees for a part of our total pot (25%) but will give advice covering the whole. So for me that is worth it.

Thank you for sharing your experiences and expertise Derbia. I will have a look at YT also.

 

[Derbla]

Thank you for sharing your experiences and expertise Derbia. I will have a look at YT also.

It's the one where if you recycle a little bit back into your pension you can drawdown more than the e.g. £12.5k tax free amount.

 

[YorkMackem]

Our group are counting down the days to retirement, some nearer than others.
Had a discussion in the pub last night about how much you need to live a ‘very comfortable’ lifestyle when retired. Nice international holiday, couple of smaller jollies, restaurant once a week etc, no mortgage to pay, kids self-sufficient.
Figures ranged from £20k-£30k or £45k+ if in a couple.

What do you reckon and any lads/lasses out there living the dream already who are in the know?

I have a forces pension and a chunk of teachers pension. Thanks to the Tories I lasted 1 year in retirement aged 60 and am now doing 60 hours a week.

 

[Shieldsman]

I have a forces pension and a chunk of teachers pension. Thanks to the Tories I lasted 1 year in retirement aged 60 and am now doing 60 hours a week.

Bastards.

 

[SPUFF]

@Gillythedilf you certainly seem in the minority here.

Do you think your outlook may change massively as the years roll on? Think that happened with me.

 

[GillytheGilf]

@Gillythedilf you certainly seem in the minority here.

Do you think your outlook may change massively as the years roll on? Think that happened with me.

Strong possibility I would say we will see.


I’m one of the very few of my types on here though as you know. Dave is another like me even though we are poles apart in our professions.

 

[DaveH]

Strong possibility I would say we will see.


I’m one of the very few of my types on here though as you know. Dave is another like me even though we are poles apart in our professions.

I think being self employed makes a difference. My guess is that unless times are hard, you don’t take on work or customers that you don’t want to, so the amount of people who piss you off is far lower than us in company structures. If they do piss you off, they are not your boss or someone who will talk to your boss when you tell them where to go.

That has got to make a massive difference and I’m envious of that. My line of work doesn’t really happen as self employed, so I’ll always have someone on high making life more difficult than it should be.

When a lot of us are saying we want to finish work, part of the freedom we want is to be free of senior people who make stupid decisions constantly. Most of us probably like 80%+ of our jobs, but the rest, who needs the hassle if you can have a comfortable life without?

 

[SPUFF]

I think being self employed makes a difference. My guess is that unless times are hard, you don’t take on work or customers that you don’t want to, so the amount of people who piss you off is far lower than us in company structures. If they do piss you off, they are not your boss or someone who will talk to your boss when you tell them where to go.

That has got to make a massive difference and I’m envious of that. My line of work doesn’t really happen as self employed, so I’ll always have someone on high making life more difficult than it should be.

When a lot of us are saying we want to finish work, part of the freedom we want is to be free of senior people who make stupid decisions constantly. Most of us probably like 80%+ of our jobs, but the rest, who needs the hassle if you can have a comfortable life without?

I dunno like. Own business 17 years.

May not be your boss but huge customers may as well be.

Also everything is your problem, nowhere to hide. Being a control freak doesnt help me mind.

It can be a nightmare but rewards have been good I guess, and flexibility at times.

Strong possibility I would say we will see.


I’m one of the very few of my types on here though as you know. Dave is another like me even though we are poles apart in our professions.

You’re certainly unique pal

 

[Derbla]

I am 60 in December, Mortgage paid off and going through the numbers as we speak.
Have a pension advisor on stand by but most you can get a good view yourself.

I want out, just a case of hoping I have enough.
Awaiting on old Pension that was a final salary. Getting a transfer fee benefit and the costs based at 60. Likely will take 25% tax free out of the pots. However will need the numbers before that decision can be made.

Had enough of work, grafting since 16.
Could always downsize the house, all about options.

Has it worked out?

 

[Fletch]

Self employed often dont have pensions also , or start to pay in when fairly old .
That happened with us , wife (no) self employed , when young never thought about pensions , only once in late 40s suddenly thought .,,, shit .
Whereas if working in a company often paying into Pension from age 17/18 and Employer contributing , makes huge difference

 

[Matt Hopkins]

Cheers for that.
Basis for it all is keeping tabs on what you are spending and keeping that as an ongoing project. We have known daily to the penny our entire net worth for 15 years, takes 5 mins per day to manage and it assists in making big decisions with that clarity.

We respect our finances and take it seriously so as to be able to protect our pot for important family stuff. I'm already talking to the boy about early retiring and he's maxed out his pensions aged 20. He's a real thinker and does not see the point of work interfering with life. I'm going to help him target a 40 year old retirement.

We have invested capital to reduce our outgoings - solar, battery, cheap EV that means we don't need to.draw down as much from savings and in the future from pensions pots.

It breaks our hearts to see younguns spunk £20 on a couple of coffees and sandwiches, flashing iPhone 14s and they ain't got a penny to rub together. People are 'got' by a need to spend and eventually it f*** them up.

We aren't like trolls either, I've owned sports cars and boats in the recent past and will get another boat soon...fast cars been there done that.

Although I've been a bit knackered health wise, we don't booze or eat fast food either...we gather dust and left over newspapers and make a kind of free gruel

If you can, reinforce strict boundaries, something I never did well.

What do you mean by maxed out his pensions aged 20?