Retirement

[Free Falling Foxes]

Anyone on here retired or about to retire?

I'm still a few years from state pension age but reckon I could afford to quit now. I might need to just tighten my belt a little until I get my state pension, but I would be ok.

My jobs not too bad at the mo but I'm really starting think I should finish now. Years ago, I would have thought I would leap at the chance but now I can, doubt is creeping in.

Pretty sure I have things to occupy my time, hobbies etc. but would welcome the views of others who have been in a similar position. Any unforseen pitfalls?

[Claridge]

Not far off myself, but I don’t like the idea of not having the same income as I have now. Then again lots of people carry on for too long and then your health goes and you don’t have the opportunity to enjoy your retirement. 
part time maybe?

[Free Falling Foxes]

3 minutes ago, Claridge said:

Not far off myself, but I don’t like the idea of not having the same income as I have now. Then again lots of people carry on for too long and then your health goes and you don’t have the opportunity to enjoy your retirement. 
part time maybe?

Yeah, done that thanks.

Thought part time would be a good compromise and it is a good idea to wind down to retirement I feel, as opposed to going from fulltime to nothing in an instant.

 

[zorro en españa]

I was fortunate to retire early and have never regretted it.

 

Three things are important

 

- health

- time

- family & friends

 

Don’t let the fear of not having enough money be an impediment.  Focus on those three and with the second - enjoy life

 

Good Luck

[Claridge]

Just now, zorro en españa said:

I was fortunate to retire early and have never regretted it.

 

Three things are important

 

- health

- time

- family & friends

 

Don’t let the fear of not having enough money be an impediment.  Focus on those three and with the second - enjoy life

 

Good Luck

Suppose it’s like when you have kids, you don’t think you will cope financially, but most do

[VLC86]

Just a warning, don’t say too much as the depression thread could get pretty busy.

 

I envy anyone who has retired, especially those who could do it early.

[Stadt]

I got some pension paperwork through the other day. Just the 44 years remaining! 

[VLC86]

21 minutes ago, Stadt said:

I got some pension paperwork through the other day. Just the 44 years remaining! 

Proper slit wrist territory isn’t it. Definitely sensible to pay into a company one as soon as you can though. I am lucky that my employer matches a fair chunk.

[onekeithweller]

I retired aged 57 in March 2014 since when City have won promotion as champions, walked the Premier League, got to the quarter-finals of the Champions League and won the bloody FA Cup and Community Shield for good measure. I pinch myself every day.

Downsides? probably Slimani.

 

Go for it.

[enmac]

2 hours ago, Free Falling Foxes said:

Anyone on here retired or about to retire?

I'm still a few years from state pension age but reckon I could afford to quit now. I might need to just tighten my belt a little until I get my state pension, but I would be ok.

My jobs not too bad at the mo but I'm really starting think I should finish now. Years ago, I would have thought I would leap at the chance but now I can, doubt is creeping in.

Pretty sure I have things to occupy my time, hobbies etc. but would welcome the views of others who have been in a similar position. Any unforseen pitfalls?

Did what you're contemplating back in 2016. 

I think it depends on how you feel about your job, I suppose. If you're lucky enough to love your job, I'd say no. If you don't or you find it too stressful as I did, I'd say yes. 

Difficult to be objective about the outcome for me personally because of this hellish pandemic. Overall I think I made the right choice. What use is money if you're not healthy? I'm sure I'm healthier than I would have been,which is the only thing that counts IMO. 

[ozleicester]

I stopped working in the business that i hated being in for 25 years...took on a parttime/casual position in a organisation I'm proud to be a part of.

I could just about afford to retire and see myself through to getting the pension, but i actually somewhat enjoy my current role (I'm extremely lucky to have the position i do as I'm pretty much my own boss even though I work for bosses).

I also started a business that i can and do run part time and will be able to continue into and throughout retirement if i chose.

What im really trying to say is.. See if you can find a job you enjoy and reduce your hours.....for me that has been brilliant, still getting an income and interaction, but adding  two extra days to every weekend is FANFVCKINGTASTIC

[Leicester_Loyal]

Weirdly enough I looked at my retirement age and my pension earlier on, just the 38 years remaining I know a couple of my mates dads have retired and ended up back at work because they didn't have any hobbies other than football, betting and the pub, so make sure you've got something to keep you occupied.

 

I also know a couple of blokes at work who have put off retiring, then just as they were about to, their wife passed, so they carried on. That must be a horrible feeling, all those retirement plans you planned together all up in smoke, so don't leave it too late, you might regret it. You also hear stories of people finally retiring then passing away a few months later, all that hard work and years saved up and the poor sods don't even get to enjoy it.

 

On a positive note, at least you've got enough cash stashed away, many people would love to be in your position. Keep us updated with whatever you decide.

[Crinklyfox]

8 hours ago, Free Falling Foxes said:

Anyone on here retired or about to retire?

I'm still a few years from state pension age but reckon I could afford to quit now. I might need to just tighten my belt a little until I get my state pension, but I would be ok.

My jobs not too bad at the mo but I'm really starting think I should finish now. Years ago, I would have thought I would leap at the chance but now I can, doubt is creeping in.

Pretty sure I have things to occupy my time, hobbies etc. but would welcome the views of others who have been in a similar position. Any unforseen pitfalls?

I've been retired a few years, went early due to health issues.  I had some savings and a work pension (drastically reduced for early retirement) which I reckoned would get me through to state pension age when my income would increase.  I was going to be living on about 30% of my working income until that time.

 

The strategy basically worked and removing myself from the stress of my working environment had a positive impact on my health, so it was worth doing.  However I had to economise; no major purchases in that period; shopping only for things we really needed and then at low cost outlets.  I had a contingency fund but never used it, however after I reached state pension age I had a house problem which required a new roof, it couldn't be put off so there was £10K gone in an instant - I suggest that if you're going to retire early you put some money aside for unforeseen events of this type and base your calculations of your economics in the period up to state pension age on the remainder of your funds.

 

The thing I noticed most was that my disposable income in that period was almost nil.  In my working life I had excess funds after payment of essentials such as rates, water rates, gas, electricity, phone and internet charges, weekly food.  You may need to consider how much having the disposable income means to you before making an early retirement decision.

 

I thought that I would miss work, but aside from the colleagues I worked with, I really didn't.  I've never regretted retiring early; however if I hadn't been able to support my family I'd never have forgiven myself so having sufficient funds and income to make the move is essential in my view.  

 

 

 

 

[Babylon]

9 hours ago, Free Falling Foxes said:

Anyone on here retired or about to retire?

I'm still a few years from state pension age but reckon I could afford to quit now. I might need to just tighten my belt a little until I get my state pension, but I would be ok.

My jobs not too bad at the mo but I'm really starting think I should finish now. Years ago, I would have thought I would leap at the chance but now I can, doubt is creeping in.

Pretty sure I have things to occupy my time, hobbies etc. but would welcome the views of others who have been in a similar position. Any unforseen pitfalls?

Any opportunities to go part time with your work?

[Izzy]

8 years and 15 days to go for me (not that I'm counting )

 

 

 

[VLC86]

5 hours ago, Leicester_Loyal said:

Weirdly enough I looked at my retirement age and my pension earlier on, just the 38 years remaining I know a couple of my mates dads have retired and ended up back at work because they didn't have any hobbies other than football, betting and the pub, so make sure you've got something to keep you occupied.

 

I also know a couple of blokes at work who have put off retiring, then just as they were about to, their wife passed, so they carried on. That must be a horrible feeling, all those retirement plans you planned together all up in smoke, so don't leave it too late, you might regret it. You also hear stories of people finally retiring then passing away a few months later, all that hard work and years saved up and the poor sods don't even get to enjoy it.

 

On a positive note, at least you've got enough cash stashed away, many people would love to be in your position. Keep us updated with whatever you decide.

I take back my slit wrist territory message, it’s been trumped  

[Free Falling Foxes]

1 hour ago, Babylon said:

Any opportunities to go part time with your work?

Yeah I've gone to a 4 day week already and plan dropping to 3 until I retire.

As I said earlier, it is a great compromise but still I have this feeling I should quit.

 

Thanks for your input folks. Like some have said, you don't know what's around the corner with life so I am leaning towards finishing.

 

I'll let you know when I've deffo made the call.

[The boy Linacre]

11 hours ago, Free Falling Foxes said:

Anyone on here retired or about to retire?

I'm still a few years from state pension age but reckon I could afford to quit now. I might need to just tighten my belt a little until I get my state pension, but I would be ok.

My jobs not too bad at the mo but I'm really starting think I should finish now. Years ago, I would have thought I would leap at the chance but now I can, doubt is creeping in.

Pretty sure I have things to occupy my time, hobbies etc. but would welcome the views of others who have been in a similar position. Any unforseen pitfalls?

I haven't retired yet but 5.5 years to go based on an earlyish retirement plan, roughly.

Also my kids are in their last few years of school/college, so what's the point for me.

For you its about how positive about the job vs not doing much or trying to fill your time if that is what you want to do, perhaps going away when you can or giving something back (volunteering).

Importantly I would suggest retiring on March 15th if you have the choice, its an extra 6 months salary, extra 6 months pension (not a lot but it all counts) and the company pays you whilst you endure a crap cold winter, then when the whether turns nice and we are on the title run in and Seville beckons, you can fill your boots and the extra salary will pay for the last few title run in aways!!

[Greg2607]

might be worthwhile talking to a Financial Adviser as well to check that you have all the right provisions in place and that you are maximizing your retirement.  I have 30 years to go until I retire.... but as part of the generation that missed out on DB pensions, and the first 10 years of my working life, had zero pension provisions as DC Auto Enrolment hadn't started, the whole prospect of having enough at retirement scares me to death! 

 

My father in law is retired and ONLY has his state pension and he really does live on the breadline.  The state pension barely covers his basic cost of living. 

 

I'm hoping that the next 30 years of maximum contributions, gets me to where I want to be in retirement. fingers crossed!

[boots60]

Put on the kettle and make some tea
It's all a part of feeling groovie
Put on your slippers turn on the TV
It's all a part of feeling groovie
It's time to relax, now you've worked your arse off
But the only one smilin' is the sun tanned boss
Work and work and work and work till you die
There's plenty more fish in the sea to fry

 

The Jam - Smithers Jones - 1979

[UpTheLeagueFox]

5 hours ago, Izzy said:

8 years and 15 days to go for me (not that I'm counting )

Blimey, you're jacking work in early! Fair play, I was thinking we'd be doing another 20 years.

Then again I don't have (and never have had) a proper job.

[Izzy]

4 minutes ago, UpTheLeagueFox said:

Blimey, you're jacking work in early! Fair play, I was thinking we'd be doing another 20 years.

Then again I don't have (and never have had) a proper job.

Partly thanks to your mate Jim and how well the pension pot is growing!

 

Remember I started full time work aged 16 mate so by 56 I'll have done my 40 years which is more than long enough thanks!

 

I reckon you'll keep going until you're about 75 like Motty and Martin Tyler. Like you say, it's not proper work any anyway 

[jonthefox]

Found out today i can retire at 55

 

 

 

 

 

 

 

 

 

 

That's 2055, when i'll be 87 years old. 

[SpacedX]

Post pandemic economic devastation, I expect the state pension age will rise to 68 - whilst the triple lock? 

[Greg2607]

37 minutes ago, Line-X said:

Post pandemic economic devastation, I expect the state pension age will rise to 68 - whilst the triple lock? 

it's already rising to 68 isn't it?