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Retirement

I bought the Devialet as a one-off retirement present for myself. No wish to buy anything else unless something goes tits-up. Indeed, I need to offload some spare bits & bobs ahead of downsizing to a smaller house/flat.
 
Joe Hutch said:
Paid off the mortgage, which was always the biggest outgoing,
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Likewise; I bought a house after selling existing and separation/splitting finances, without a mortgage. Having a £30K repayment mortgage in 1982 which ended up a £35K one in 1996 taught me a lesson. Haven't had one since, and your post reminded me of what I feel is a priority when approaching retirement.
 
I was in an odd position because I took early retirement in 1996 after a major health problem. I was 48. I genuinely thought I'd never work again, but then after a few years decided I was well enough to go back if I kept the stress down. So I went back in at 'basic grade'. The 'system' allowed me to stop drawing my pension and start contributing again, or just carry on drawing it. I did the latter, because I had two girls in uni at the time and didn't have much choice. So I finally retired onto a smallish pension, but after the girls had left uni I was able to save a bit. The combination of my 'occupational' and 'state' pensions is not too far away from my last 'take home' pay.. except that I have no mortgage anymore and no longer have the expenses of working, such as weekly fuel etc. Also, Mrs Mull is now drawing her State Pension. It all helps.

Considering I was made redundant many times in the 1970s, suffered the astronomic interest rates of the time and only got any stibility after four years on a pittance at uni as a mature student, things didn't work out too badly. Mrs Col also went through uni just after. It was financially crippling, but ultimately worth it.

As to actual retirement. I found myself in an odd position again. Gove and the Tories were determined to do away with us all and I spent my last few working years feeling desperately tired of it all and longing to retire, but equally determined to fight for every pay packet I could get until I could retire when I wanted. I decided I could, if allowed.. 'hang in there' to 65.
In the event I was finally forced out kicking and screaming at about 64 and 1/4. Out of bloody mindedness I continued to apply for posts up to my 65th birthday, but since then have accepted my new status. I'll never be rich barring a lottery win, but I live quite inexpensively and am probably more financially secure than I've ever been.

Mull
 
TheDecameron said:
Did anyone find the adjustment to having less income a major challenge?
That’s probably been the biggest psychological barrier to me doing this.
I’m going to have to stop ogling hifi adverts and reversing the major clearout I’ve just gone through.
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This was *the biggest bone of contention between Mrs and me.
I was very cautious, but she had plenty of 'don't need as much as you think' evidence.
She was correct!


*apart from the beach volleyball incident

TheDecameron said:
Did you keep a secret hifi slush fund?
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In my case there is no evidence of this.


Edit:

It's been pointed out to me that various contributions to the 'System Pics' threads may constitute evidence of a hifi slush fund.
I am seeking legal advice on the matter, and will report back in due course.
 
TheDecameron said:
Did you keep a secret hifi slush fund?
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I've had one for decades. When I was working, the family got 'first dabs' on everything I earned, except that I started doing extra paid work in the evening, which I mostly used for hi-fi. ( wasn't so cruel as to keep it all for me if more serious needs occurred.)

That said, I found that downsizing my system etc., also realised funds which pretty much took care of the new kit.

Mull
 
I just drifted into retirement, and am busier now than at any previous time; or, conversely, doing too much knackers me more nowadays. 15 years ago I joined a bi-weekly table tennis club, shortly thereafter a badminton one, then short tennis one (which I run). 7 years ago I discovered tennis (all year round on grass and hard court).

I find myself, at 77, playing 11 or 12 hours table tennis, tennis or short tennis per 4 day week. Bits drop off occasionally, as can be expected, but so far......This morning just got a hospital letter confirming low-level cancer. Only worries are the various medical hassle factors, which seem more difficult to cope with as one degenerates. Aussie open coverage of 1 1/2 hours on BBC 2 in 20 minutes; must go; need my fix followed by my Pinot Noir and bi-weekly music session. Raining now, so cosy feeling firing up the hifi !
 
I wouldn't say I loved retirement, no probs at all, since I loved work too. Once the mortgage had gone we found it fine to get by on much less cash. I'd only have a couple of things to suggest to the OP.
Plan for what happens much later, and
get involved in something tough mentally and physically to keep you sharp.
 
Rockmeister said:
I wouldn't say I loved retirement, no probs at all, since I loved work too. Once the mortgage had gone we found it fine to get by on much less cash. I'd only have a couple of things to suggest to the OP.
Plan for what happens much later, and
get involved in something tough mentally and physically to keep you sharp.
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We don't have a mortgage, or any other debts (cards or whatever), so we can live on not a lot.

Much later? It's difficult to plan for,due to a host of uncertanties re the economy etc, and I don't have the assets to cover either of us (never mind both of us) in the event of long term illness, for example.

In terms of doing things, I ride a bike - a history of racing, maybe 30 miles a week for the last 6 years, although I can now go out whenever I want, weather permitting (this is Derbyshire!). And walking.

Having re-registered with the Hospital to do flexible working stuff, I'll get some mental stimulus, and I might do some of the learning stuff I didn't do when I was at school (lol).

The world is indeed my oyster, to a certain extent at least - which is a pretty good place to be, given that I was ejected from school with one O-level in 1969, and have been making it up ever since.
 
SteveT said:
Lordsummit. Have a word with your local Wesleyan Financial Services Rep. The advice is free. They will come to your home and talk you through all your options. I did after much pushing and I was staggered to find that I would be much much better off if I retired and claimed my pension and then worked for three days a week, earning just less than £24 000 than to do what I am doing at the moment.
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yes wesleyan is excellent company , recommended . they have helped us achieve a few goals
 
pleased to hear some of you have cleared your mortgages , i actually took on another mortgage when i retired !!!
 
Interesting thread. I'm 56 and considering retiring just under 4 years earlier than planned as a bout of ill health (respiratory stuff) has dogged me for nearly 18 months and it's showing no signs of buggering off. Work involves a lot of travel (the type that involves seeing the inside of a car, plane, hotel, office) and a fair bit of stress, and I'm wondering if I can actually be arsed with it anymore. After extended sick leave last year I had to go onto half pay for 2 months. The 1st month I pinched the other half from some savings, but the 2nd month after we focussed on expenditure we managed without using any savings. That will be basically our financial position when I take my pension so it is doable.
I'd certainly not be bored, so I guess it's a goer providing I can convince a certain person...
 
Putting money from a pension pot into the SIPP that allows regular draw down of funds attracts adviser start up and annual fees to him. Given that’s the case, has anyone exercised the option to take out the tax free 25% lump from a pension pot first to live off, before putting the remainder into a SIPP? I only need the SIPP to provide income for a limited period of 6 years, not till I snuff it (hopefully) much later.
 
Dec, if you have taken the 25% tax free from your pension pot then anything else that you take will be taxed at your nominal rate so thats at least 20%. However you can take that hit and then invest the cash in a private pension that'll give you your 20% back. You only have to pay an adviser if you have one. If you go to H&L you can do your own thing without paying for an FA however H&L are not as cheap as some other investment platforms but you do get the flexibility. The H&L site has a lot of info for you to digest.

Cheers,

DV
 
I packed in at 60 after 20 years in the computer industry, sales management & marketing. Then did 20 years teaching in FE. First 5 years survived on Teachers pension, just turned 65 and various pension pots kicked in so income has doubled from November. Keep busy with hifi, electronic / computer fiddling Raspberry Pi etc plus sing in 2 choirs learning guitar, lawn bowling, gardening ,book group, WW1 History project, helping others with computing, general village citizen stuff, dog walking and pilates.
Recent project was building an Ultrasonic record cleaner. All good fun and keeps me busy and happy.
Miss teaching the kids but don't miss the management and Ofsted bullshit. Was Union Branch secretary for the last 5 years at work so met the bullying head on won a few lost a few but saved some poor sods from being beaten down by managers who thought bullying was acceptable.
You save a lot of expenditure by not going to work, we grow our own veg, get clothes from factory shops and ignore all the consumerism bullshit. Tools and records from car boots plus a bit of fun Arfur Daley stuff.
I don't have enough time in the day now all though early on it took some adjusting to shake of the lethargy and low mood remaining after work.
Go for it get out there and live you only have one life. Nobody has on their grave, he should have spent more time in the office.
 
Interesting one just cropped up... A very good friend of over 50 years called today to arrange a meet up in Liverpool as he's having a weekend here soon, along with his wife and another old friend of ours. In the conversation it emerged that the single friend is considering joining the married friends in Mexico for a hol next year. ( They are cool with that), but he's going to have to stand some considerable 'single occupancy' costs. So.. since Mrs Mull isn't over fond of warm climates, we haven't left the country since about 2006 and I've never crossed the big pond... It's got me thinking very seriously about helping an old friend to avoid single occupancy costs....
Mrs Mull's initial reaction? Hmmmm. Work needed I think.

But I am very inclined.......
 
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