[Misc] Retirement

[marcos3263]

I cant wait, I feel that I can fill a day really easily and the thought of endless days is a joy rather than a worry.

I am 50 and mortgage free so now just building up a retirement pot.

Wife actually just had a promotion and she is younger than me by 12 years - we have joked I could be a house husband and look after the kid, do the chores, shopping etc so she has an easy life. she thinks its funny, I'm seriously considering it!!

 

[dazzer6666]

I cant wait, I feel that I can fill a day really easily and the thought of endless days is a joy rather than a worry.

I am 50 and mortgage free so now just building up a retirement pot.

Wife actually just had a promotion and she is younger than me by 12 years - we have joked I could be a house husband and look after the kid, do the chores, shopping etc so she has an easy life. she thinks its funny, I'm seriously considering it!!

100% do it.......I retired a couple of years ago, struggling to fit everything in ! Pot doesn't need to be as big as you might think either.

 

[marcos3263]

100% do it.......I retired a couple of years ago, struggling to fit everything in ! Pot doesn't need to be as big as you might think either.

Now I feel I can go to my wife and say I have had independent professional advice and say its valid!!

it was all I needed.

actually what I do need to do is sell a flat and use that money to clear the mortgage etc.

Im mortgage free on a calculator but not yet in real life.

But still it could be an exciting 2023

 

[sparkie]

A number of posters seem to be retired earlier than I am intending. 63-67 is my target age, but as far as I can see, the earlier it is the poorer I'll be.

Of course a redundancy could take it out of my hands as I really can't find much enthusiasm for the rigmarole of any more job interviews ( which I hate ).

 

[DJ NOBO]

I cant wait, I feel that I can fill a day really easily and the thought of endless days is a joy rather than a worry.

I am 50 and mortgage free so now just building up a retirement pot.

Wife actually just had a promotion and she is younger than me by 12 years - we have joked I could be a house husband and look after the kid, do the chores, shopping etc so she has an easy life. she thinks its funny, I'm seriously considering it!!

What about when she wants another kid?

 

[Questions]

I’ll work till I drop. I’ll have to. At 62 next month I’m still paying out for my eldest son and for drink and drugs.

 

[thedonkeycentrehalf]

A number of posters seem to be retired earlier than I am intending. 63-67 is my target age, but as far as I can see, the earlier it is the poorer I'll be.

Of course a redundancy could take it out of my hands as I really can't find much enthusiasm for the rigmarole of any more job interviews ( which I hate ).

I started work before my 16th Birthday so have no desire to go deep into my 60's working full time (54 now).

It is worth getting that independent advise - especially if you have multiple pensions. You may find that you are be able to retire earlier than you think without being poorer. As others said, you don't always need as much to retire as you think you do.

 

[banjo]

It also helps if you find an old pension you didn’t realise you had. Worth trying to find out.

 

[jakarta]

Sort of Retiring Next Year at 63 - as in knocking my H&S Consultancy Work on the Head, possibly staying on for a while part-time to Audit the Company that buys my business. Have a Personal Pension which I have been paying into for around 25 years. Looking forward to cashing in my 25%!!!

Although I loathe the Woke Culture at the University I work at as an HPL, I can ignore most of it and the money isn't too bad. The fact that I am training up Students to be competent so keeping my profession going is motivation. As I do this from home (and did pre COVID) not too stressful.

Would be nice to think I could go and watch some County Cricket in the future but the ECB had other ideas...

Mrs Jakarta has long retired although now as busy as she was as a Head Teacher doing various stuff!

 

[Beach Hut]

4 years in January since I retired, probably the best decision I ever made leaving a stressful work environment

 

[mikeyjh]

A number of posters seem to be retired earlier than I am intending. 63-67 is my target age, but as far as I can see, the earlier it is the poorer I'll be.

Of course a redundancy could take it out of my hands as I really can't find much enthusiasm for the rigmarole of any more job interviews ( which I hate ).

It kind of goes without saying that the earlier you stop, the less money you will have but as others have said, how much do you need? When we were about 40 (so 10 years ago) we started thinking seriously about how to retire early so our financial decisions from then on became very focussed on that goal. We worked out what we could comfortably live off and took it from there. We were lucky in that both had jobs with decent money but they were stressful and involved a fair amount of long haul travel but the key was to think about how much we spent on things like holidays and cars etc and how we could reduce and eliminate out mortgage. I wouldn't say we 'compromised' but I've got friends who are spending north of £20k per year on holidays, every year. That's people's choice of course but every £20k each year spent differently can knock chunks off how long you're going to end up working!

 

[timbha]

Sort of Retiring Next Year at 63 -

Would be nice to think I could go and watch some County Cricket in the future but the ECB had other ideas...

You’d better hurry up if it’s Sussex you want to watch!

 

[Triggaaar]

I agree, on the cycling outside, and am looking at this, but from Arundel to The Amex, after a 1-2 defeat .. I'm not feeling it

I definitely wouldn't bother cycling to the Amex after we've already lost

 

[Sirnormangall]

I cant wait, I feel that I can fill a day really easily and the thought of endless days is a joy rather than a worry.

I am 50 and mortgage free so now just building up a retirement pot.

Wife actually just had a promotion and she is younger than me by 12 years - we have joked I could be a house husband and look after the kid, do the chores, shopping etc so she has an easy life. she thinks its funny, I'm seriously considering it!!

Go for it. I retired early and a big driver was to spend more time with my kids. I’ve never regretted it. Always plenty to do, fewer pressures, doing more stuff that I want to do rather than have to do.

 

[jakarta]

It is a bit grim to say but my Uncle is now in his late 80's and he has told me I am getting everything when he dies.
Aside from any money he has it means a nice 3 bed semi in Holmes Chapel (Posh bit of Cheshire).
250 miles away so won't be thinking of renting it out.
Hope the Old Boy hangs on for a bit but it will probably double my pension when he goes!

 

[dazzer6666]

Biggest driver for me - after some particularly unhappy events that help put things (work, and time) in perspective - was us both still being fit and well enough to do ‘stuff’. No point working to 65+ unless you have to, only to have maybe a few years at best of being properly active (or being sufficiently motivated to do things). Think the concern a lot of people have financially is expecting/needing to maintain the same spending profile throughout retirement which could be 20/30 years or more, when the reality is more likely to involve doing little more than drinking tea and watching Bargain Hunt by the time you’re say in your mid 70s. I was also very fortunate my company did yet another restructuring when I was actively thinking about leaving anyway, the bit of redundancy that became unexpectedly available at that time tipped the balance and made the decision easier than it might have been but I would have left by now anyway. Holidays aside, we live pretty modestly - and the holidays can always be curbed as they’re very much ‘discretionary’ spending.

 

[jakarta]

Absolutely right about Holidays - especially when you live in such a lovely part of the UK that all you have to do to see it is take a short drive or even walk.

I would say a 'Big' Holiday is a good way to mark retirement.

Mrs Jakarta's Big Holiday was an Antarctic Cruise, I'm intending to do the opposite and take her on an Arctic Cruise in 2024.

Think that might be our lot although the West Coast of the USA does appeal. As ever NSCers can give their opinions on this!

 

[dazzer6666]

Absolutely right about Holidays - especially when you live in such a lovely part of the UK that all you have to do to see it is take a short drive or even walk.

I would say a 'Big' Holiday is a good way to mark retirement.

Mrs Jakarta's Big Holiday was an Antarctic Cruise, I'm intending to do the opposite and take her on an Arctic Cruise in 2024.

Think that might be our lot although the West Coast of the USA does appeal. As ever NSCers can give their opinions on this!

Holidays are the one ‘extravagance’ in our budget…..I’ve got a loose annual amount I work to for now but wouldn’t hesitate to cut it as and when necessary. Currently doing 2-3 long haul trips and several shorter ones/midweek breaks a year - it’s surprising how much you can save by flexing dates, airlines etc when you don’t have to work around work commitments and school hols

Love the West Coast - except LA, which is a colossal shithole surrounded by a 16 lane car park.

 

[Paulie Gualtieri]

It kind of goes without saying that the earlier you stop, the less money you will have but as others have said, how much do you need? When we were about 40 (so 10 years ago) we started thinking seriously about how to retire early so our financial decisions from then on became very focussed on that goal. We worked out what we could comfortably live off and took it from there. We were lucky in that both had jobs with decent money but they were stressful and involved a fair amount of long haul travel but the key was to think about how much we spent on things like holidays and cars etc and how we could reduce and eliminate out mortgage. I wouldn't say we 'compromised' but I've got friends who are spending north of £20k per year on holidays, every year. That's people's choice of course but every £20k each year spent differently can knock chunks off how long you're going to end up working!

Centre Parcs? Flash fuckers

 

[jakarta]

Holidays are the one ‘extravagance’ in our budget…..I’ve got a loose annual amount I work to for now but wouldn’t hesitate to cut it as and when necessary. Currently doing 2-3 long haul trips and several shorter ones/midweek breaks a year - it’s surprising how much you can save by flexing dates, airlines etc when you don’t have to work around work commitments and school hols

Love the West Coast - except LA, which is a colossal shithole surrounded by a 16 lane car park.

Yes I have been told that Seattle down to San Diego is a marvellous drive as long as Los Angeles is avoided.

Perhaps drive flat out through Compton just to say I have survived!