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Retirement

Tomorrow I will retire after 42 and a half years of continuous full time employment at age almost 61. It took me 6 months to decide to resign and, having done so, I have served 4 months notice. I'm very lucky to have enjoyed work and to have a satisfactory defined benefit pension after a working lifetime of contributions.

I view the future with excitement about the time to exploit the possibilities as I choose. Work brought stimulating responsibilities and I regard using my time well in retirement in a similar way.

I shall play my retirement playlist on my drive home tomorrow with a smile on my face. Knowing I would feel a bit odd on Monday my wife has booked us a couple of days away to help me ease in gently. We have a sociable run up to the festive period already planned and are then travelling in the new year. My new lifestyle adjustment doesn't properly start until March.

In summary, my view on retirement as a complete novice is: yes the money is important, but using the time is the key. I hope I get the hang of it!
 
Expect to take at least 3 months and probably more like 6 months for the idea to sink in and for your thoughts patterns to adapt.

I was advised that would happen and it did. I reached retirement age almost 5 years ago (after 49 years of working) and still occasionally have vague dreams where I am wrestling with some sort of work problem. The relief when I wake up and remember I''m retired is like that delicious feeling where you wake up resigned to going to work, only to realise it's Saturday.
 
wylton said:
My personal situation isn't really relevant in this context, but I'll be north of your figure by a good margin, due to hard work and due diligence, but I think that there are many folk on this thread that aren't in touch with the real world TBH.
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Context wise I think it is, otherwise why mention the north figure, you must surely feel that money is a big thing.

Bloss
 
Just gone part-time (3 days per week), on the run down to retirement next year. Even that feels weird - “when I’m here I should be there, and when I’m there I should be here”. The lie-ins are nice though!
 
suzywong said:
Just gone part-time (3 days per week), on the run down to retirement next year. Even that feels weird - “when I’m here I should be there, and when I’m there I should be here”. The lie-ins are nice though!
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I did exactly the same earlier this year ahead of full retirement in 16 months time by when I will be 62 and a bit and have worked for the best part of 43 years. I have still to get over the ‘guilt’ of not going to work on two days a week. Sitting and listening to music for a couple of hours a day just doesn’t seem right yet.
 
It took me no time at all to adjust to being retired (though I had, and still have, dreams about being back at work). I certainly had no guilt about not being at work.
 
Despite being retired for over a decade I still have regular nightmares about work.

But I love every waking minute!
 
Bob McC said:
Don’t forget that if at anytime you were opted out of SERPS or S2P you won’t get the full State pension.
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Check your contribution record carefully, I had a few years opted out but still have enough years to qualify for full SP plus a £65k pension pot for those opt out year contributions.

Downside is I probably accumulated some hearing damage working silly hours from 16; could have been Faust and drugs though.
 
Been retired 4 months now (after working from 18 to 56). It's bloody marvellous. Defined benefit pension transferred to a SIPP should keep me in the manner to which I'm accustomed until I'm 81 at least. That'll do. SP after that.
One thing I've noticed is it is much easier to be more financially prudent when you have more time to think about it. So less frittered away and more spent on things I really wanna do. (playing guitar, listening to music, going to gigs, travelling around catching up with friends, drinking nice wine).
 
Bananahead said:
Absolutely
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I'm especially confused by a grand a month on healthcare (though maybe a consequence of £1200 of food and £370 on alcohol?), and over a grand a month (inc fuel) on your car!? And £350 a month on clothes? WTF?

Those figures are utterly beyond my comprehension, you MUST be winding us up. I'm left picturing a proper Mr Toad :D
 
The power of potential misinterpretation. I think the point is that there’s a relationship between earnings coupled with the diligence to plan with a pension early enough that it translates to a good pension. Then fund performance or pension schemes are the final factor. The less you’ve gained (for whatever reason) from each part of that equation, the less you’ll get. No amount of forum debate can change that.
 
calorgas said:
I'm especially confused by a grand a month on healthcare (though maybe a consequence of £1200 of food and £370 on alcohol?), and over a grand a month (inc fuel) on your car!? And £350 a month on clothes? WTF?

Those figures are utterly beyond my comprehension, you MUST be winding us up. I'm left picturing a proper Mr Toad :D
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Its possible. I left work at 66 after having umpteen years of BUPA paid for as a perk of the job. The taxable amount was £1800 pa or similar. Once retired I contacted BUPA and was quoted £5500pa for a similar health plan. The following year it went up to £6000 and I paid up as my wife was about to have her hip op. The year after it was £6500 and after several unsuccessful conversations told BUPA to stuff it. That was 6 years ago so it would appear that I'd now be paying around £10K pa. However this wasn't the 'top' plan and others were even more expensive. So I reckon I've saved around £50k over the last 6 years plus investment profits on top. If we need private treatment I'll pay for it myself as it seems cheaper than BUPA. Oh I remember that with BUPA we still had to pay if something was not on their list e.g. we had to pay for an anaesthetist as the one available was not on BUPAs list!

Cheers,

DV
 
calorgas said:
I'm especially confused by a grand a month on healthcare (though maybe a consequence of £1200 of food and £370 on alcohol?), and over a grand a month (inc fuel) on your car!? And £350 a month on clothes? WTF?

Those figures are utterly beyond my comprehension, you MUST be winding us up. I'm left picturing a proper Mr Toad :D
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My BUPA sub keeps edging up, I could imagine that being £600 each by the time i'm 75. Best value investment I've ever made after the last year.

All those expenses look high, though i'm tight. £350 a year on clothes would be a struggle for me, might clear that this year if I can find a decent pair of green leather shoes.

Down to a bottle of gin a week now; it's Gordons 47.5% and a litre but £18. The bottle of Grange i'm having on 23rd will hit the average a bit.
 
Gosh, you learn something every day, I had no idea people spent that much on private healthcare.

I guess we all adapt our spending to whatever our income can support, so I don't suppose I should really be shocked at some of those numbers. Different world to me though!
 
Most of my figures are reduced from in-employment levels. Not healthcare obviously. And my figures are for two.

How much does a reasonable car cost? (new can of worms) Maybe 30 K. So it lasts five years which is something less than 500 per month. And then you have insurance and servicing and tyres and petrol and tax.

Oh, and I always high budget. I like surprises to be in my favour.

I am a few years away from retirement and currently, it is about 35% of income that goes into retirement savings.
 
Bananahead said:
Most of my figures are reduced from in-employment levels. Not healthcare obviously. And my figures are for two.

How much does a reasonable car cost? (new can of worms) Maybe 30 K. So it lasts five years which is something less than 500 per month. And then you have insurance and servicing and tyres and petrol and tax.

Oh, and I always high budget. I like surprises to be in my favour.

I am a few years away from retirement and currently, it is about 35% of income that goes into retirement savings.
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Thats pretty much what I was doing. I remember when I got an FA and when he asked the question almost chocked on his tea when I replied. With tax relief its a no brainer.

I haven't had to drop my standard of living at all in fact I am spending more with travelling and holidays.

Cheers,

DV
 
I am really enjoying retirement.
This afternoon will walk into town, couple of miles, pick up the salad ingredients for tonight, look around some fab gear in TKMaxx.
Now for the best bit, I am going to try a few pints of cider for the first time (can't drink bitter) in one of those micro beer houses.
Walk or bus home.

Keep it simple.

Bloss
 
blossomchris said:
Context wise I think it is, otherwise why mention the north figure, you must surely feel that money is a big thing.
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Bloss, I give up with you, because whatever I say, you manage to find a way of twisting it. It was you that asked me what my retirement figure would be and I was merely answering you question; my last post in this thread.
 
wylton said:
Bloss, I give up with you, because whatever I say, you manage to find a way of twisting it. It was you that asked me what my retirement figure would be and I was merely answering you question; my last post in this thread.
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That is not my intention I can assure you. It is more my issue with confusion with the written word.

Bloss
 
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