Retirement

[Tuono]

That sounds very similar to what a few of lads I grew up with done.
Spent a lot of there younger years working in London on buildings sites, earning good money often cash in hand.
Like weekend millionaires when they came home splashing the cash
They were bit daft tho as they let there NI contributions slip, they now a bit gutted to find that there state pension will be short, unless they make up the years of NI missed.

A bit like me, I paid my class 4 NI when I was working and didn't bother when I was abroad. My accountant said it wasn't a problem as you can back pay it when you retire, except they moved the goal posts and I missed that boat leaving me with a State Pension of just over £7,000. What pisses me off though is some years I've paid up to 42 weeks out of 52 and those payments count for nothing, money paid in for years and you get nothing back unless you have the full 52 weeks contributions.

Yards closed in 1988 I was 24 I’ve never had a staff job since then. All the money is in the same pot it’s how you decide to spend it. You will get extra cash by being self employed or Ltd Company it’s how you handle it.
If ya just spunk the extra then the regret isn’t having a company job it’s “I wish I’d made proper provision for my retirement “

For balance I tried retirement at 55 and I was too young I’m 59 next month and gonna have another go when this job finishes.

Yes, I wish I'd put more into my pension when I was younger. Like you I tried semi retirement in my late 50's but found I was spending the same if not more money than when I was working and on half the income. So I went back to full time work.

 

[ChrisK]

Most jobs don't come with owt but SSP nowadays, and they only partially fund your pension, usually with as little as possible. You're still obliged to contribute yourself which in turn leads to a lower standard of living in the present.

Important to live within your means, get the balance right.
But agree it can be a nightmare for youngsters now, pay and company benefits are shocking compared to what we got.

 

[Swindon On Tour]

Great thread this.
Keep it going.

One fact in all of this none of us will live for ever.
All about finding that happy spot the best we can.

You can’t work forever.
Life can be taken away unexpectedly and cruelly any time. Last Friday attended a funeral of a friend, 53 years old. He has no choice.

Retirement takes adjustment. If you absolutely hate your job or struggle to do it then retirement is a gift to get you away from it. Time is valuable.
There are part time jobs out there and some come unexpectedly, no stress and are actually enjoyable.

Important to live within your means, get the balance right.
But agree it can be a nightmare for youngsters now, pay and company benefits are shocking compared to what we got.

Appears that way doesn’t it.
Employers can now also pay less with the volume of people available.

 

[ChrisK]

Yards closed in 1988 I was 24 I’ve never had a staff job since then. All the money is in the same pot it’s how you decide to spend it. You will get extra cash by being self employed or Ltd Company it’s how you handle it.
If ya just spunk the extra then the regret isn’t having a company job it’s “I wish I’d made proper provision for my retirement “

For balance I tried retirement at 55 and I was too young I’m 59 next month and gonna have another go when this job finishes.

Good luck mate,
I well over a year into retirement and no regrets.
I got a great routine so no time to be bored, and definitely don’t miss work.
Just downsized so full on landscape gardener at the minute

 

[BILLY BUS PASS]

Good luck mate,
I well over a year into retirement and no regrets.
I got a great routine so no time to be bored, and definitely don’t miss work.
Just downsized so full on landscape gardener at the minute

Hahahaha
Sounds a nightmare mate I’ve got plastic plants in my garden I don’t like gardening, strange like me dad was a keen gardener.
I was off just over a year and never got bored but always had in me head I’d need stuff doing in the house and a new motor, house upgrades done now and saving for a motor.
I’ll have to downsize some time in the future probs leave another 10 or so years.

Time craics on at a rapid rate man. I was always the youngest on any job I’ve blinked and I’m curling my toes up hahahah

Good luck with the gardening mate it’s good to have summit to keep ya busy, I did 10 years worth of jobs the year or so I was off. Can’t wait to get back to coffee bikes records and lie ins

A bit like me, I paid my class 4 NI when I was working and didn't bother when I was abroad. My accountant said it wasn't a problem as you can back pay it when you retire, except they moved the goal posts and I missed that boat leaving me with a State Pension of just over £7,000. What pisses me off though is some years I've paid up to 42 weeks out of 52 and those payments count for nothing, money paid in for years and you get nothing back unless you have the full 52 weeks contributions.

Yes, I wish I'd put more into my pension when I was younger. Like you I tried semi retirement in my late 50's but found I was spending the same if not more money than when I was working and on half the income. So I went back to full time work.

I went back part time but after a year or so I found I still had the fire in me belly for it been back full time 2 years now and I’ve just got glowing embers these days ………. I think it’s time to try again.
No one is promised a tomorrow

 

[Swindon On Tour]

Good luck mate,
I well over a year into retirement and no regrets.
I got a great routine so no time to be bored, and definitely don’t miss work.
Just downsized so full on landscape gardener at the minute

Cold to do the gardening.
All the bulbs are breaking through although I still have section of garden where I need to tidy up. This place was a massive garden project and still is to keep it looking nice.
Come Spring it comes alive with colour.

Hope you find it enjoyable. One thing I’ve learnt and had to adjust without my work head on you don’t have to rush everything with time deadlines.

 

[ivanthereasonable]

A bit like me, I paid my class 4 NI when I was working and didn't bother when I was abroad. My accountant said it wasn't a problem as you can back pay it when you retire, except they moved the goal posts and I missed that boat leaving me with a State Pension of just over £7,000. What pisses me off though is some years I've paid up to 42 weeks out of 52 and those payments count for nothing, money paid in for years and you get nothing back unless you have the full 52 weeks contributions.

Yes, I wish I'd put more into my pension when I was younger. Like you I tried semi retirement in my late 50's but found I was spending the same if not more money than when I was working and on half the income. So I went back to full time work.

Surely it's just a simple calculation, on certain different levels of income as to when you can retire.

 

[Zidane]

I'm 52 and would retire at 55 if I could afford it, which I definitely cannot.

Whereas when I say that to some friends they say they will work until they drop and when questioned why they say why wouldn't you.

 

[Tuono]

Surely it's just a simple calculation, on certain different levels of income as to when you can retire.

It should be a simple calculation but it depends on what you want to do in retirement. I could retire now and just get by. If I sell the house and move back to Sunderland then I'd be able to live comfortably. But for now I'm happy working and taking off as much time as I want. I've got a month off in June/July, ride down to Italy then back up to Denmark and the ferry to Iceland. I might even do a left and ride up to Norway on the way home, it depends how I feel at the time. While I'm not dipping into my private pension it's growing. One day I probably think that's it I've had enough and I'll retire but for now I'm happy doing what I do.

 

[houghton cut head]

Surely it's just a simple calculation, on certain different levels of income as to when you can retire.

I have been retired 6 months and must admit I am still spending about the same as when I was working, but luckily had paid for next months holiday when I was still working, and wouldn't be paying £7K to go snowboarding in Colorado again . Actually we probably spend a bit less on wine from the supermarket.........every little helps!

 

[42]

I'm 52 and would retire at 55 if I could afford it, which I definitely cannot.

Whereas when I say that to some friends they say they will work until they drop and when questioned why they say why wouldn't you.

Are they self employed tradies types?
As you do tend to get that with those sorts & they think that without work they have nothing in life.

Whereas if you're an employee working in an office, the whole world of corporate bullshit does grind you down, and can't wait to get out & do your own thing.

 

[ivanthereasonable]

I have been retired 6 months and must admit I am still spending about the same as when I was working, but luckily had paid for next months holiday when I was still working, and wouldn't be paying £7K to go snowboarding in Colorado again . Actually we probably spend a bit less on wine from the supermarket.........every little helps!

Again. Where'd you go last time ? The wife and i skiied there years back.

 

[DaveH]

Are they self employed tradies types?
As you do tend to get that with those sorts & they think that without work they have nothing in life.

Whereas if you're an employee working in an office, the whole world of corporate bullshit does grind you down, and can't wait to get out & do your own thing.

I think this. There is a huge difference deciding what you do, who you work with and what hours you do, vs having to fit with the company rules, times and holiday allowance.

My wife is freelance. She has occasionally picked up a really awkward customer but then either decides not to work for them next time or significantly increases her fee. Another one she could be more direct and say exactly why it was difficult to work with them last time, so wrote the terms of engagement into the contract with a good back out penalty if they were useless again. It worked to whip them into shape.

When you are employed, if another team is a pain in the arse then you can suggest changes, or you suffer, but there is often little you can do.

 

[BILLY BUS PASS]

It should be a simple calculation but it depends on what you want to do in retirement. I could retire now and just get by. If I sell the house and move back to Sunderland then I'd be able to live comfortably. But for now I'm happy working and taking off as much time as I want. I've got a month off in June/July, ride down to Italy then back up to Denmark and the ferry to Iceland. I might even do a left and ride up to Norway on the way home, it depends how I feel at the time. While I'm not dipping into my private pension it's growing. One day I probably think that's it I've had enough and I'll retire but for now I'm happy doing what I do.

It’s what it’s all about mate, there’s no right or wrong answer it’s all about what feels right for you.
Norway trip sounds great had bikes over loads of times, was supposed to do Stavanger to norkapp but Covid put paid to that.

 

[Darlo1973]

Surely it's just a simple calculation, on certain different levels of income as to when you can retire.

I would have thought that your spending would go up immediately after retirement - new car, home improvements, expensive hoobies and bucket list travel while you are still young and healthy enough to enjoy them. Doesn't seem much point in taking an early retirement just so that you have to watch every penny for the next 30-odd years.

 

[DaveH]

I would have thought that your spending would go up immediately after retirement - new car, home improvements, expensive hoobies and bucket list travel while you are still young and healthy enough to enjoy them. Doesn't seem much point in taking an early retirement just so that you have to watch every penny for the next 30-odd years.

That is part of my thinking and one of my concerns about going too early. Doing the calculations last week, working 2 extra years makes a huge difference. That is 2 more years of paying in, boosting the overall amount, and because I'd not be pulling out earlier, the early pension penalty can be around 7% less. Time to enjoy vs cash to enjoy will be a big decision when the time comes.

My pension is defined benefit, but has a defined contribution section to it. For a while, any earnings over a set amount went into the DC pot. Then after strikes and union pressure they changed it back. But it put a few K in there for me while it was active. I was thinking if I pay an extra £50 in there per month, I'll get tax relief on it and it is a good interest rate. Over the next 10 years, that is another £6k away without noticing too much loss. With interest and what is in there already, it can build up to be a nice little amount. Part of me is tempted and it will serve as that initial play money just after I retire. It will be the enabler to dive deeper into those hobbies I want to spend more time on. The other part of me doesn't trust my pension company and I don't want to put all my eggs in one basket.

 

[ivanthereasonable]

I would have thought that your spending would go up immediately after retirement - new car, home improvements, expensive hoobies and bucket list travel while you are still young and healthy enough to enjoy them. Doesn't seem much point in taking an early retirement just so that you have to watch every penny for the next 30-odd years.

It would be surprising to increase your spending just when your income drops. But even if it increases, that would be in your calculation. Decide what you want in retirement, how much it will drain your finances, and then decide whether your money will last till a decent age. Obviously add a bit of wiggle room for safety and calculate at what age you can retire. Seems basic finance management. Not that i'd do that. I got my wife to do it. Car, home improvements, hobbies. Everything considered.

 

[Matt Hopkins]

I would have thought that your spending would go up immediately after retirement - new car, home improvements, expensive hoobies and bucket list travel while you are still young and healthy enough to enjoy them. Doesn't seem much point in taking an early retirement just so that you have to watch every penny for the next 30-odd years.

As I've said before everyone is different but my spending didn't go up. I got a new car but that was because my plans didn't work out with the car I had, did my home improvements before I packed in. When you say expensive hobbies, do you mean new hobbies? I would have thought any hobbies you have would be factored into your budget anyway? Think @ivanthereasonable sums it up

Doing the calculations last week, working 2 extra years makes a huge difference. That is 2 more years of paying in, boosting the overall amount, and because I'd not be pulling out earlier, the early pension penalty can be around 7% less.

Yep that was my plan to be going around now unfortunately it got to the point where I couldn't face it so had to pack in.
Another 2 years would have made a big difference to me but hey ho. The only caveat I'd say is don't keep get sucked into the "Ah I'll just do another xx years" or you'll end up never going

 

[Zidane]

Are they self employed tradies types?
As you do tend to get that with those sorts & they think that without work they have nothing in life.

Whereas if you're an employee working in an office, the whole world of corporate bullshit does grind you down, and can't wait to get out & do your own thing.

No, just normal employees

 

[Swindon On Tour]

Are they self employed tradies types?
As you do tend to get that with those sorts & they think that without work they have nothing in life.

Whereas if you're an employee working in an office, the whole world of corporate bullshit does grind you down, and can't wait to get out & do your own thing.

It sure does.