Retirement

[SpacedX]

1 minute ago, Greg2607 said:

it's already rising to 68 isn't it? 

Between 2044 and 2046.  For those born after 5 April 1960, there will be a phased increase in State Pension age to 67, and eventually 68. 

[Leicester_Loyal]

6 minutes ago, Line-X said:

Between 2044 and 2046.  For those born after 5 April 1960, there will be a phased increase in State Pension age to 67, and eventually 68. 

It'll be about 72 by the time I get there then.

 

Imagine working till 68, **** that, I think even 65 (my pension retirement age) is high.

[Greg2607]

40 minutes ago, Leicester_Loyal said:

It'll be about 72 by the time I get there then.

 

Imagine working till 68, **** that, I think even 65 (my pension retirement age) is high.

I was born in 1982, so i'm locked in at 68! lol....  plus massive house prices and barely any salary growth.... love being a millenial lol. 

[Spudulike]

Didn't know that we have a dedicated Retirement thread albeit not used for over 3 years.

 

This is my first week of official retirement. I'm one of those 'lucky' ones that qualifies for State Pension at 66. Got my bus pass but don't like busses much (or any public transport).

 

Don't want to laze around all day and need to find a bit of a purpose. Don't want a job in Homebase or selling sofas in DFS, or anywhere else. I'm financially secure even without a winter fuel payment.

 

My ex-boss retired at 60, didn't have much to do and died at 64.

 

What do others do, or plan to do?

[Tommy G]

22 minutes ago, Spudulike said:

Didn't know that we have a dedicated Retirement thread albeit not used for over 3 years.

 

This is my first week of official retirement. I'm one of those 'lucky' ones that qualifies for State Pension at 66. Got my bus pass but don't like busses much (or any public transport).

 

Don't want to laze around all day and need to find a bit of a purpose. Don't want a job in Homebase or selling sofas in DFS, or anywhere else. I'm financially secure even without a winter fuel payment.

 

My ex-boss retired at 60, didn't have much to do and died at 64.

 

What do others do, or plan to do?

My dad retired at 58 - he has a few hobbies and gets involved with the local library, watering plants round the village etc - no adrenaline rush but keeps him occupied - goes away plenty on holidays and weekends away. 

 

Take up something like 5 a side or walking football (not sure how fit you are) but definitely do something as the amount of people that retire and lay about age quickly. Good luck and enjoy it

Edited 2 October 2024 by Tommy G

[Torquay Gunner]

53 minutes ago, Spudulike said:

Didn't know that we have a dedicated Retirement thread albeit not used for over 3 years.

 

This is my first week of official retirement. I'm one of those 'lucky' ones that qualifies for State Pension at 66. Got my bus pass but don't like busses much (or any public transport).

 

Don't want to laze around all day and need to find a bit of a purpose. Don't want a job in Homebase or selling sofas in DFS, or anywhere else. I'm financially secure even without a winter fuel payment.

 

My ex-boss retired at 60, didn't have much to do and died at 64.

 

What do others do, or plan to do?

I plan on finding some engaging voluntary work, there are such a variety of roles out there.  As another poster said walking football is a good outlet and then I would like to travel as much as possible. Unfortunately,  I have a few years before I can retire myself!  Good luck to you! 

Edited 2 October 2024 by Torquay Gunner

[Izzy]

1 hour ago, Spudulike said:

Didn't know that we have a dedicated Retirement thread albeit not used for over 3 years.

 

This is my first week of official retirement. I'm one of those 'lucky' ones that qualifies for State Pension at 66. Got my bus pass but don't like busses much (or any public transport).

 

Don't want to laze around all day and need to find a bit of a purpose. Don't want a job in Homebase or selling sofas in DFS, or anywhere else. I'm financially secure even without a winter fuel payment.

 

My ex-boss retired at 60, didn't have much to do and died at 64.

 

What do others do, or plan to do?

Congrats Spud, I hope you enjoy your retirement!

 

Only 5 years, six months and 17 days left for me until I retire (not that I'm counting )

 

My old man retired at 62 and he's now 76. As soon as he stopped working he's been doing the following:

 

Maintenance at the local Armshouses

Mowing the church gardens/cemetery

Volunteering at the CAB

Joined the local school of governors

Joined the golf club committee

Chaired his local Rotary group

And loads of other small projects

 

I swear he's been busier in retirement than he was in full time employment. In addition to all the above, he's always going on golf trips and weekends away walking. I really admire how he's found his purpose in retirement and kept himself busy. He's also looking after my Mum who's ill so he's constantly taking here to and from hospital too.

 

Makes me think about what I will do to fill the days. Apart from playing golf and detailing my car, I haven't really got any plans right now.

 

Good luck.

 

 

[Foxdiamond]

2 hours ago, Spudulike said:

Didn't know that we have a dedicated Retirement thread albeit not used for over 3 years.

 

This is my first week of official retirement. I'm one of those 'lucky' ones that qualifies for State Pension at 66. Got my bus pass but don't like busses much (or any public transport).

 

Don't want to laze around all day and need to find a bit of a purpose. Don't want a job in Homebase or selling sofas in DFS, or anywhere else. I'm financially secure even without a winter fuel payment.

 

My ex-boss retired at 60, didn't have much to do and died at 64.

 

What do others do, or plan to do?

Been retired 3 years now. My granddaughter was born 4 days after I retired. My wife and me do quite a bit of looking after her while Mum and Dad work. Also see a lot of our grandson. Enjoy the garden and walking which is great for mental as well as physical health. Try not to get too wound up about Leicester City and sometimes succeed 

[Tommy G]

46 minutes ago, Izzy said:

Congrats Spud, I hope you enjoy your retirement!

 

Only 5 years, six months and 17 days left for me until I retire (not that I'm counting )

 

My old man retired at 62 and he's now 76. As soon as he stopped working he's been doing the following:

 

Maintenance at the local Armshouses

Mowing the church gardens/cemetery

Volunteering at the CAB

Joined the local school of governors

Joined the golf club committee

Chaired his local Rotary group

And loads of other small projects

 

I swear he's been busier in retirement than he was in full time employment. In addition to all the above, he's always going on golf trips and weekends away walking. I really admire how he's found his purpose in retirement and kept himself busy. He's also looking after my Mum who's ill so he's constantly taking here to and from hospital too.

 

Makes me think about what I will do to fill the days. Apart from playing golf and detailing my car, I haven't really got any plans right now.

 

Good luck.

 

 

I had you down as being in your 30s!!

[Greg2607]

2 hours ago, Spudulike said:

Didn't know that we have a dedicated Retirement thread albeit not used for over 3 years.

 

This is my first week of official retirement. I'm one of those 'lucky' ones that qualifies for State Pension at 66. Got my bus pass but don't like busses much (or any public transport).

 

Don't want to laze around all day and need to find a bit of a purpose. Don't want a job in Homebase or selling sofas in DFS, or anywhere else. I'm financially secure even without a winter fuel payment.

 

My ex-boss retired at 60, didn't have much to do and died at 64.

 

What do others do, or plan to do?

Congratulations!!   I hope you have plans to stay busy, active and engaged. 

 

My Dad retired at 64 and he is fishing a couple of times a week and does lots of walking. He also goes to the gym every morning.  I went to the lake district with him a couple of weeks back and in his late 60's he was absolutely putting me to shame on the fell walking. not a bead of sweat on him!  He has lots of UK breaks and has a generally great life from what I can see. I've never seen him so relaxed and fulfilled. 

 

My Mum on the other hand, has hit retirement age, and her and my step-dad are absolutely screwed.   They ran their own business for nearly 30 years and never really planned for retirement.  I think they expected the business to give them an income in retirement.  Anyway, the had to close the business during covid and selling everything off, still left a mountain of debt and they still have a £150k mortgage on their house with neither of them now working.   They are about the liquidate the house and have around £180k to buy something to live in.   At one point they had over £1m of property.  But a combination of being terrible at business and being impulsive, means they never capitalised on that and were constantly selling property to pay tax bills. 

 

I hope you have a fantastic retirement and get to do more of the things you love. 

 

I'm about 25 years away from that day!! Albeit, Me and wife were looking at our projected pension provision for when that day comes and we have worked out we should have around £65k a year as a couple in retirement all being well.  I'm hoping that gives us a comfortable retirement to do the things we've dreamt of doing up to that point. 

[Spudulike]

43 minutes ago, Greg2607 said:

Congratulations!!   I hope you have plans to stay busy, active and engaged. 

 

My Dad retired at 64 and he is fishing a couple of times a week and does lots of walking. He also goes to the gym every morning.  I went to the lake district with him a couple of weeks back and in his late 60's he was absolutely putting me to shame on the fell walking. not a bead of sweat on him!  He has lots of UK breaks and has a generally great life from what I can see. I've never seen him so relaxed and fulfilled. 

 

My Mum on the other hand, has hit retirement age, and her and my step-dad are absolutely screwed.   They ran their own business for nearly 30 years and never really planned for retirement.  I think they expected the business to give them an income in retirement.  Anyway, the had to close the business during covid and selling everything off, still left a mountain of debt and they still have a £150k mortgage on their house with neither of them now working.   They are about the liquidate the house and have around £180k to buy something to live in.   At one point they had over £1m of property.  But a combination of being terrible at business and being impulsive, means they never capitalised on that and were constantly selling property to pay tax bills. 

 

I hope you have a fantastic retirement and get to do more of the things you love. 

 

I'm about 25 years away from that day!! Albeit, Me and wife were looking at our projected pension provision for when that day comes and we have worked out we should have around £65k a year as a couple in retirement all being well.  I'm hoping that gives us a comfortable retirement to do the things we've dreamt of doing up to that point. 

£65k is more than a very decent pension. Not sure what we'll have as a couple as Mrs Spud is 6 years younger than me and wants to keep working full time. It won't be that high though when she does retire. 

 

We don't have a mortgage so just need enough to pay the bills, run a car each, occasional holiday and my season ticket 

 

Might get the fishing kit out again 

[fox_up_north]

Due to circumstances that I'd really not prefer to have transpired, I'll be mortgage free at 35, no kids and no desire to have them. Monthly outgoings totalling about £500-£550 for absolutely everything. 

 

My plan is to keep working full time at my current job a few years, until about 40 but also do the things I want. I'm not putting anything off until retirement because, frankly, I'm not convinced I'll live past 60. 

[Trav Le Bleu]

3 hours ago, Izzy said:

Congrats Spud, I hope you enjoy your retirement!

 

Only 5 years, six months and 17 days left for me until I retire (not that I'm counting )

 

My old man retired at 62 and he's now 76. As soon as he stopped working he's been doing the following:

 

Maintenance at the local Armshouses

Mowing the church gardens/cemetery

Volunteering at the CAB

Joined the local school of governors

Joined the golf club committee

Chaired his local Rotary group

And loads of other small projects

 

I swear he's been busier in retirement than he was in full time employment. In addition to all the above, he's always going on golf trips and weekends away walking. I really admire how he's found his purpose in retirement and kept himself busy. He's also looking after my Mum who's ill so he's constantly taking here to and from hospital too.

 

Makes me think about what I will do to fill the days. Apart from playing golf and detailing my car, I haven't really got any plans right now.

 

Good luck.

 

 

I foresee a future in writing joke books for your retirement mate

[Greg2607]

1 hour ago, fox_up_north said:

Due to circumstances that I'd really not prefer to have transpired, I'll be mortgage free at 35, no kids and no desire to have them. Monthly outgoings totalling about £500-£550 for absolutely everything. 

 

My plan is to keep working full time at my current job a few years, until about 40 but also do the things I want. I'm not putting anything off until retirement because, frankly, I'm not convinced I'll live past 60. 

It's a really delicate balancing act isn't it.   My wife definitely wants to live much more in the here and now which i definitely do want to do.... but I also see my Mum's situation and definitely DON'T want to end up like that for having no plan. 

[Free Falling Foxes]

As the OP of this thread, I can't believe where the last 3 years have gone.

Apologies to a couple of posters who asked me to update them on my decision-- I'm not too sure I did so.

 

I finally retired 9 months after my initial post so yes, I did finish and I have not regretted it one bit.

 

Me and others have said you never know what is around the corner and that was very much the case with myself. Less than a week after my first post, I was taken ill, completely out of the blue. I've been lucky all my life to be fit and healthy so it came as quite a shock.

A relatively simple procedure corrected things for a couple years, along with regular medication. I have been back in hospital again however - 3 times this year, with a promise of a further, more invasive procedure sometime next year.

I'm lucky though, I can continue my life as before but with just a little wind taken from my sails.

 

Financially, it was a little harder than when I was working of course but that is now offset as I have just received my first state pension payment.

Edited 2 October 2024 by Free Falling Foxes

[Spudulike]

1 hour ago, Greg2607 said:

It's a really delicate balancing act isn't it.   My wife definitely wants to live much more in the here and now which i definitely do want to do.... but I also see my Mum's situation and definitely DON'T want to end up like that for having no plan. 

I made paying off the mortgage as the priority as we'd always have a roof over our heads. Also not racking up debt so having a clean slate by retirement. Agree it's a balancing act but just about being realistic and cloth cutting.

 

If only we knew how long we'd live for. Probably best not to know 

 

I'm now trying to find ways to legally pass on my worldly goods to the kids without HMRC getting it 

[fox_up_north]

4 hours ago, Greg2607 said:

It's a really delicate balancing act isn't it.   My wife definitely wants to live much more in the here and now which i definitely do want to do.... but I also see my Mum's situation and definitely DON'T want to end up like that for having no plan. 

I'm sort of in the "nice" position in that I don't have much family left and I'm the end of the bloodline, so there'll be a house and a good chunk of change coming my way. It's unlikely there'll be care costs to deal with from my remaining parent. My main goal is to just keep having things to do - things to aim for. I'm not a career person. Ideally, I'll travel and do all the things I want before retirement so that when I'm in my 60s, all I have to do is just get up and go to the gym, then eat.

[DennisNedry]

I'm only 31 and I can't wait to retire - if I am lucky enough to ever do so.

 

I'm a bit of a boring bastard you see, I'm quite happy doing sod all. Love a lie in, love to sit for hours on end watching tele or gaming. 

 

If I could basically plod around the house, broken up by a couple of holidays a year, I think I'd be happy as larry.

[Izzy]

31 minutes ago, DennisNedry said:

I'm only 31 and I can't wait to retire - if I am lucky enough to ever do so.

 

I'm a bit of a boring bastard you see, I'm quite happy doing sod all. Love a lie in, love to sit for hours on end watching tele or gaming. 

 

If I could basically plod around the house, broken up by a couple of holidays a year, I think I'd be happy as larry.

@Larry

[Vowels]

I’m mulling the same. If this thread stays lively and I remember I’ll update you in 14 days. 

[stretch1965]

My FA said I can stop at 65 in 6 years, I have thrown every payrise and then some for the last 10 or so years into my works pension through salary sacrifice which helped.

Our plan is to downsize in 3-4 years and buy a little place in Spain in readiness to go for the winter.

[jonthefox]

I'm 56 and want to retire as soon as possible .I have one major problem though in that i spend far too much money. However, i have a half decent pension and i'm debt free . I'm currently doing my retirement travelling now though. Live while you can eh?. 

[The Quick Brown Fox]

I fully intend on retiring on my 55th. I think that's plenty of work to be done, I own my house so when it's time I will it and use that to live on. Wanting to buy a motorhome and just travel. I dream about it alot. Only 13 years to go. 

[Greg2607]

1 hour ago, The Quick Brown Fox said:

I fully intend on retiring on my 55th. I think that's plenty of work to be done, I own my house so when it's time I will it and use that to live on. Wanting to buy a motorhome and just travel. I dream about it alot. Only 13 years to go. 

That makes you the same age as me then....   Just be aware that for us, State Pension is likely to not kick in until we are 70, so make sure you have plenty in hand to cover that 15 year period.... 

[Tommy G]

33 minutes ago, Greg2607 said:

That makes you the same age as me then....   Just be aware that for us, State Pension is likely to not kick in until we are 70, so make sure you have plenty in hand to cover that 15 year period.... 

Stocks and shares ISA - fill 'em up