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[Misc] Retirement



albionalba

Football with optimism
NSC Patron
Aug 31, 2023
237
sadly in Scotland
If you face any of; work politics/backstabbing/bullying, a horrible commute or constant uncertainty, the lure of retiring when viable is obvious.
Completely agree. You could work somewhere else too as a further alternative, but agree there isn't much enlightened hiring in this regard (B&Q excepted!)

Nah.
None of that makes me think I made a poor decision in retiring
Fair enough, it's not for everyone.

I didn't mention the work for self option either which quite a few folk take after leaving employment. But I'm not going to go on about the dreaded C word though. However, the fact that quite a few folk make a living from being a C shows the level of knowledge that we've lost somehow from the systems.....
 




dazzer6666

Well-known member
NSC Patron
Mar 27, 2013
55,377
Burgess Hill
Nah.
None of that makes me think I made a poor decision in retiring
Agree 100%. A voluntary role as a trustee/governor at a residential school for severely disabled kids gives me enough mental stimulation and feeling of giving something back, I paid enough tax and NI for enough years to not worry about contributing much now. Couldn’t contemplate reporting to someone, dealing with all the politics, pointless competitiveness, back-stabbing and general BS that goes on in the corporate world any more. Biggest thing of all by far though is time - when you work, very, very little is your own. You can buy all the material possessions you want but you can’t buy time.
 




LamieRobertson

Not awoke
Feb 3, 2008
48,363
SHOREHAM BY SEA
Agree 100%. A voluntary role as a trustee/governor at a residential school for severely disabled kids gives me enough mental stimulation and feeling of giving something back, I paid enough tax and NI for enough years to not worry about contributing much now. Couldn’t contemplate reporting to someone, dealing with all the politics, pointless competitiveness, back-stabbing and general BS that goes on in the corporate world any more. Biggest thing of all by far though is time - when you work, very, very little is your own. You can buy all the material possessions you want but you can’t buy time.
Oh I know ….happens all the time in my industry
 














LamieRobertson

Not awoke
Feb 3, 2008
48,363
SHOREHAM BY SEA
Mortgage rates will also be higher than they would've been. No free lunch with global markets.

[Yes I realise a minor BoE fall is likely to happen shortly].
Yes I had noticed various banks pulling some of their fixed rate deals …obvs concern over the government’s debt mountain and how they’ll fund the extra spending..gilts not reacted too favourably since last Wednesday

…one of my bigger holdings has reacted favourably to the drop in the value of the pound against dollar and a Republican victory ….

The game is to take a long view ..diversify and try not to panic
 
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Professor Plum

Well-known member
NSC Patron
Jul 27, 2024
574
I just wanted to write something on this post about the universal advantages of continuing to work beyond your state retirement date, provided your health permits. Sorry if covered before - I couldn't see anything much from this perspective. Perhaps there should be a 'not retiring' thread:

1. You can continue to pay into a pension scheme with the same tax advantages
2. You don't pay any employee NI contributions - you could pay these savings into your pension. It also probably means you have paid your lifetime dues to NHS etc so you are not a drain on services.
3. Your employer does pay employer NI contributions so (in addition to the tax you pay) you are further helping society by continuing to work. You will help even more after the latest budget! All nice if you have kids and grandkids too because they are benefitting.
4. It will probably be better for your mental and physical health generally (though I agree some would challenge that).
5. Yes, you will pay full tax on pension income but again nicer imho to be a contributor than a consumer.
6. The UK is nudging towards and around the statistical definition of 'full employment' so you are unlikely to be taking a job away from anyone.
7. If you are in a job that is useful to society in any way (doctor / teacher / garbage collection / hospitality etc) your expertise and time-served tacit knowledge will benefit all and there will be less shortages in key roles.
8. You still pay the lower 65+ ticket price at the Amex!

The link folk make between state pension eligibility and 'needing' to retire always seems an odd one given there is no legislative requirement for so doing.
I appreciate there are obvious financial benefits to continuing to work but for me personally, retirement has been wonderful and gives me a much better, happier life than working ever did. Perhaps the one thing I miss is the camaraderie and banter of workmates in a close team but there were also stresses and anxieties I’m now free from. Having the time to devote to things I want to do has been a godsend. I’m talking mainly very simple pleasures - reading, writing, cooking, gardening but there’s also now the chance to do some more travelling. It’s horses for courses so we each need to decide what’s best. But we’ve all heard that old saying: no one on their deathbed will say “I wish I’d spent more time at the office.”
 
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Weststander

Well-known member
Aug 25, 2011
69,111
Withdean area
Yes I had noticed various banks pulling some of their fixed rate deals …obvs concern over the government’s debt mountain and how they’ll fund the extra spending..not reacted too favourably since last Wednesday

…one of my bigger holdings has reacted favourably to the drop in the value of the pound against dollar and a Republican victory ….

The game is to take a long view ..diversify and try not to panic

I'd add to this investing coaching session. Use lower cost platforms or advisers, and review your portfolio fairly regularly.
 




Blues Guitarist

Well-known member
Oct 19, 2020
590
St Johann in Tirol
I appreciate there are obvious financial benefits to continuing to work but for me personally, retirement has been wonderful and gives me a much better, happier life than working ever did. Perhaps the one thing I miss is the camaraderie and banter of workmates in a close team but there were also stresses and anxieties I’m now free from. Having the time to devote to things I want to do has been a godsend. I’m talking mainly very simple pleasures - reading, writing, cooking, gardening but there’s also now the chance to do some more travelling. It’s horses for courses so we each need to decide what’s best. But we’ve all heard that old saying: no one on their deathbed will say “I wish I’d spent more time at the office.”
Absolutely! If you can afford to retire early, even if it means being careful with money, the non-financial payback is massive. Having an extra 5 or 10 years of "holiday" while still fit enough to really enjoy it is worth more than some extra cash in the bank when you die.
 


Dave the OAP

Well-known member
Jul 5, 2003
46,754
at home
Absolutely! If you can afford to retire early, even if it means being careful with money, the non-financial payback is massive. Having an extra 5 or 10 years of "holiday" while still fit enough to really enjoy it is worth more than some extra cash in the bank when you die.
This with bells on
 


Tim Over Whelmed

Well-known member
NSC Patron
Jul 24, 2007
10,630
Arundel
I spent 6 months travelling round India as a budget backpacker back in the early 1980s. It remains the most extraordinary country I’ve experienced and frankly, quite an ordeal at times. Certainly character-building on a large scale. But if you’re going as a relatively wealthy tourist and staying in nice hotels it’s probably a very different experience. It will be an amazing trip, I’m sure.
I'll let you know when we get back :oops:
 




Tim Over Whelmed

Well-known member
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Jul 24, 2007
10,630
Arundel










Tim Over Whelmed

Well-known member
NSC Patron
Jul 24, 2007
10,630
Arundel
He won’t last long imposing those. Think of the uproar when the cost of black pudding and Bakewell tart nearly doubles.

….. and Aston Martin’s and Rolls Royce’s!
 




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