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Retirement

Swindon On Tour said:
I just wish my kids were self reliant 🤣
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Ha yeah bank of Dad never goes away.
Tbh since retiring the quality time with family I have now is great, considering the amount of anniversaries, birthdays, christmas and new years I missed through been away working, definitely wouldn't swap it.
OldNewtown said:
Pfft bloody amateur.
I've clocked up 6 years and my young lady has been retired just over a year.
Whilst it would be great to have a little more money you would only get used to that level of lifestyle and then wish you had a little bit more,
In my experience we have sufficient to meet our expenses with the occasional holiday and are no worse off than when we were working. However we now have time. Time to do what we want to do. Sometimes it's the simplest things that give the greatest pleasure. A walk through Castle Eden dene and suddenly spotting a deer at close quarters. Pottering about in the garden and seeing a plant that you have nurtured suddenly coming into flower. Listening to birdsong.
There's still the hassle of everyday life but the ability to do things that you want to do and, more importantly, when you want to do them is priceless.
I would thoroughly recommend retirement, however it is what you make it, I wish I could have afforded it a couple of years earlier.
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We time millionaires :cool:
 
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I’m really struggling about giving up a reasonably well paid job, taking my pension, obviously on less money, but working only 2/3 days a week. So many people I know in their 50’s have passed away and it’s starting me thinking about ‘life’.
 
SuperK said:
I’m really struggling about giving up a reasonably well paid job, taking my pension, obviously on less money, but working only 2/3 days a week. So many people I know in their 50’s have passed away and it’s starting me thinking about ‘life’.
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I retired at 57 , two years ago. Yes it does take balls to give up a good wage . The deciding factor for me was a lot of people I knew have died recently and you only need your money to last until your 70. See the world while you're fit and well. There's no point being old and having loads off money in the bank. Use you're golden years wisely.
 
garryt7 said:
I retired at 57 , two years ago. Yes it does take balls to give up a good wage . The deciding factor for me was a lot of people I knew have died recently and you only need your money to last until your 70. See the world while you're fit and well. There's no point being old and having loads off money in the bank. Use you're golden years wisely.
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This is me to a T, 57 is my target just under 3 yr to go planning my finances to take me to 70 comfortably and to do the things I want then what will be will be after that with state pension and a little savings (if I make it that far !).
 
garryt7 said:
I retired at 57 , two years ago. Yes it does take balls to give up a good wage . The deciding factor for me was a lot of people I knew have died recently and you only need your money to last until your 70. See the world while you're fit and well. There's no point being old and having loads off money in the bank. Use you're golden years wisely.
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Spot on Mate.
Takes some mental adjustment for sure. As a friend said last week a retirement fund is exactly what it is. It is a ticket out of the rat race and for you to use up.
It’s not to make money and you become the richest man in the graveyard.

Words I know but the mental adjustment does take some thought. For some anyway.
 
Swindon On Tour said:
Spot on Mate.
Takes some mental adjustment for sure. As a friend said last week a retirement fund is exactly what it is. It is a ticket out of the rat race and for you to use up.
It’s not to make money and you become the richest man in the graveyard.

Words I know but the mental adjustment does take some thought. For some anyway.
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My mother in law would always say that " It's no good being the richest man in the graveyard " If you can live a decent life, that should be enough but I suppose what your "decent" is.
 
Someone on here suggested the James Slack YouTube where he has a link to a google doc which really helps forcasting for the future. I've linked it here (I hope) in case it helps anyone.

You must be logged on to see external links
 
Will e said:
My mother in law would always say that " It's no good being the richest man in the graveyard " If you can live a decent life, that should be enough but I suppose what your "decent" is.
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For some people, they get pleasure and purpose working all hours and like the feeling of having lots of money. Look towards the start of this thread where quite a few have said they don't want to retire. I can see why people want to keep working until they drop.

Personally I'd quit right now if I could afford it.
 
Was hoping with the new government they might have put some thought put into taking state pension earlier but at a reduced rate. So for the lads who have been working since 16, in hard physical jobs, maxed out NI contributions but are now either going to work physically struggling or on the sick through ill health would be especially useful. Could argue if worked from 16 should have decent personal pension but not always. Example, 63 year old male, building trade, back kaput on sick, waiting on NHS waiting list. Option to take state pension early, prob some personal pension to cover shortfall but not enough to retire. I think 63 would be a reasonable age, if you can defer why not bring forward? Could get loads off benefits and ultimately cost about the same, however the govt want us all to work to 67 in perfect health and drop down dead.
 
SuperK said:
I’m really struggling about giving up a reasonably well paid job, taking my pension, obviously on less money, but working only 2/3 days a week. So many people I know in their 50’s have passed away and it’s starting me thinking about ‘life’.
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Once youre off that corporate treadmill and you ve no serious debt I ve found I actually don’t spend that much - I do a couple of Tenerife’s a year but get out on me bike and hiking.

But mainly is the freedom - for many it’s the first time in their lives that they actually call their own shots.
 
mackem35 said:
Was hoping with the new government they might have put some thought put into taking state pension earlier but at a reduced rate. So for the lads who have been working since 16, in hard physical jobs, maxed out NI contributions but are now either going to work physically struggling or on the sick through ill health would be especially useful. Could argue if worked from 16 should have decent personal pension but not always. Example, 63 year old male, building trade, back kaput on sick, waiting on NHS waiting list. Option to take state pension early, prob some personal pension to cover shortfall but not enough to retire. I think 63 would be a reasonable age, if you can defer why not bring forward? Could get loads off benefits and ultimately cost about the same, however the govt want us all to work to 67 in perfect health and drop down dead.
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i've always been of the mind that it should be reduced to even earlier, perhaps 60? it would give workers more time to enjoy their retirement and free up their jobs for the youngsters coming up. it's a win/win imo.
 
mackem35 said:
Was hoping with the new government they might have put some thought put into taking state pension earlier but at a reduced rate. So for the lads who have been working since 16, in hard physical jobs, maxed out NI contributions but are now either going to work physically struggling or on the sick through ill health would be especially useful. Could argue if worked from 16 should have decent personal pension but not always. Example, 63 year old male, building trade, back kaput on sick, waiting on NHS waiting list. Option to take state pension early, prob some personal pension to cover shortfall but not enough to retire. I think 63 would be a reasonable age, if you can defer why not bring forward? Could get loads off benefits and ultimately cost about the same, however the govt want us all to work to 67 in perfect health and drop down dead.
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It's something I'd love to come in & have suggested it before. However, you'd need to have other guaranteed income to support yourself & prevent falling into benefits because your reduced state pension isn't big enough. Then what will happen, is just encourage key public sector workers to retire earlier when we have shortages of nurses, teachers etc. Plus one of the reasons we have staff shortages post covid was the amount who thought, life's too short for this lark, I'm off. So the likelihood of any government making the possibility of early retirement easier, is next to none when the last one was trying to encourage people to unretire.
 
mackem35 said:
Was hoping with the new government they might have put some thought put into taking state pension earlier but at a reduced rate. So for the lads who have been working since 16, in hard physical jobs, maxed out NI contributions but are now either going to work physically struggling or on the sick through ill health would be especially useful. Could argue if worked from 16 should have decent personal pension but not always. Example, 63 year old male, building trade, back kaput on sick, waiting on NHS waiting list. Option to take state pension early, prob some personal pension to cover shortfall but not enough to retire. I think 63 would be a reasonable age, if you can defer why not bring forward? Could get loads off benefits and ultimately cost about the same, however the govt want us all to work to 67 in perfect health and drop down dead.
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This was always the case. A pension was an insurance against having to stop work due to old age or illness before you died. Early retirement is a now the aim but you will need to fund it yourself rather than rely on the state.
 
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