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Retirement

naimplayer said:
A good result then. Peace, comfort and joy returning.
Happiness abounding?

Good luck.
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Well I'm not sure I'd characterise it as quite such a level of ecstasy.. ;) But yes. I'm happy. The insurance company are paying for my car to be returned to the near prisitne condition it was in before the shunt.. and I should hopefully get a good few more years out of it. Also, there is almost zero effort required from me. Perhaps as well really because I've felt like shit since the morning after the shunt.

Mull
 
argustimewas said:
Went on an ecellent retirement preparation course today paid from my employer. In summary, five ongoing priorities:
  1. Review and manage money
  2. Address physical heath
  3. Address psychological well being
  4. Consider social networks, relationships, etc
  5. Enjoy
Apparently most common concern / challenge in later life is loneliness.
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Interesting because I spotted your post just as I was trying to figure out why I don't seem as bothered about money as most contributors to this thread.

Clearly, the Micawber principle is more important in retirement than absolute wealth. It works for me. Currently my retirement income from pensions easily exceeds my outgoings, although my income isn't much c.f. some here. I think I can say that because I'm finally able to see a monthly cash surplus, albeit a small one, I am better off than I've ever been financially. Also, I have never been especially concerned with accumulating wealth just for the sake of it.

Physical health? I've survived a heart attack and two strokes, so in one sense every day is a bonus. More rationally, my cardio vascular health is pretty stable apart from a long and slow deterioration in left ventricular function which may well have gone unnoticed if not for the previous events. I need to kick myself into a bit more activity and resume my former regular fitness programme. It gets harder all the time, but I'll do it. Otherwise, all things considered I reckon I'm pretty fit for 69.

Psychological well-being? I'm a natural worrier, and it has taken some time for me to stop worrying about work, even though I'm no longer doing it.. if that makes sense. That said.. I've absolutely never needed to be currently employed in order to feel validated. Idleness suits me. The trick as with most things is to find the right balance between real physical/mental challenge.. and opting for a 'couch day'. Both are correct at the appropriate time.

Social networks? I am very happy with my own company most of the time. I certainly don't get lonely in an empty house for a few hours.. or even days. That said, I do like the stimulus of social, and possibly more so intellectual interaction with others. It's part of the reason I come here. ( Still looking for the intellectuals though... ;) ) OTOH, I'm not one of those 'knows everybody in the village' types. I'm neither aloof nor unfriendly/insular, but I'm content to interact much less intensively and I'm really not bothered whether Mrs Jones in the next street has new curtains.

'Enjoy'. Great advice and for me possibly the hardest component. 4 years on.. although I definitely don't miss working, I'm still sort of trying to convince myself that I have earned the right to do precisely what I feel like doing most of the time. I've concluded that enjoyment of a situation is often as much of a conscious/active process, as work is. So for e.g., if I walk up the local hill, for exercise, it takes a conscious effort to stop at the top and focus on just enjoying the view, rather than the achievement of getting there. I think this may be related to 'mindfulness'.

Mull
 
ks.234 said:
Stupidly I didn't take any before pics, but if I tell you that the up and over door had a gap of 3" all the way 'round and the roof was rotten in places, I think you'll get the picture. Paid someone to do the roof and the electrics, did everything else myself (is there a smug smilie?)

Here's the other end of the retirement home (the West Wing)

25022980527_f81e2aa15c_c.jpg
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Do I see a lento thermometer, with nice emerald green balls, just like the one beside me here?
 
I spoke on the phone to a colleague who retired 18 months ago, to check out the IFA (and the advice given ) that he used and I plan to use. He also made the observations that outgoings are less in retirement, though I’m not so convinced.
 
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TheDecameron said:
He also made the observations that outgoings are less in retirement, though I’m not so convinced.
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Why wouldn't they be, Dec ? Work-related expenses of any description go, leaving you with total choice over expenditure. H'hold expenses remain the same, though winter fuel costs could rise if house use increases. Vehicle use is at your discretion, as are any other outgoings. At some stage, free bus travel and prescriptions kick in, too, plus free TV licence if you get to 75. However, by the time you fully retire, you'd have been there, done that, and simple (and cheaper) pleasures become the norm.

My 10 hours + of racquet sports cost £7.50 a week over the year. As I'm too cream-crackered to do anything else, that's a cheap week's entertainment !
 
TheDecameron said:
I spoke on the phone to a colleague who retired 18 months ago, to check out the IFR and his advice that he used and I plan to use. He also made the observations that outgoings are less in retirement, though I’m not so convinced.
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Well you don't pay commuting charges nor the costs of any coffee and snacks. You no longer have to save for a rainy day nor pay towards a pension and if you are buying your own home then the mortgage should be finished. You don't need 'special' clothes for work and hence no dry cleaning bills.

It all mounts up and you'll find that you can live at the same standard for a lot less. Its already been mentioned that prescriptions are free and you get a free bus pass so you don't actually need a car. Take the bus and when necessary take a taxi. We have an account with the local taxis so we don't pay for each trip rather settle the bill each month. Oh yes my wife and youngest both run cars but I've got rid of my V12 6L Jag.

Cheers,

DV
 
I'd say costs definitely reduce when you stop working, unless you replace work with three 'meals out' or otherwise use your newly acquired free time as an excuse to spend money.
My fuel costs fell from around £200-250 per month, to less than £50. All those fivers/tenners every week towards somebody's birthday/wedding/retirement ( :) ) new baby, etc., grind to a halt. All those lunches. Plus the clothing etc., already mentioned. It all adds up.
 
When working out how much money you need from your pension don't forget there's no NI to pay nor pension contributions to make. Your gross income requirement from your pension could be quite a bit lower than you needed from your employment.
 
We paid the IFA to do one of those economic models of income, assets, expenditure and plot it over time to show how much pension would be needed. I previously took the blunt view- how do you live the same on less than half the income? The idea that you save money by not going out to work won’t work in my case- I’ll just have more time on my hands to think about how to spend it! I need to stay away from bloody hifi...
Thing I’m looking most forward to (something I and just about everyone else slags off older friends about) is a free bus pass at 60. I hate driving and nearly never drive in cities.
 
The free bus pass is a great thing. The Merseyside one is especially good. Although I'm right on the north east fringe of Merseyside, a few hundred yards from greater Manchester, I can get free bus travel countrywide, free rail travel within Merseyside and along 'concessionary' routes to Chester and Ormskirk in Cheshire and Lancs respectively. Also free travel on scheduled Mersey ferries.
One thing I often do is to set off walking to nearby towns and decide when I've run out of enthusiasm or time and just jump a bus.
 
I enjoy my bus pass here also. When on a recent break to Worthing, and when visiting Brighton we took the bus option. I had forgotten my bus pass and a return ticket was £7.50 each for about a 3mile trip e.w. I wonder how some people can afford this.

Bloss
 
lol.
My bastards have increased it to 66. I believe for most it's in line with state pension age assuming pm J-R-M hasn't removed it by then.
 
I work mostly from home, haven't had a mortgage for the last 15 years and when I retire I want to spend more time flying helicopters, driving my cars and going on holiday. I can't see it being cheaper than working TBH.
 
Mullardman said:
I'd say costs definitely reduce when you stop working, unless you replace work with three 'meals out' or otherwise use your newly acquired free time as an excuse to spend money.
My fuel costs fell from around £200-250 per month, to less than £50. All those fivers/tenners every week towards somebody's birthday/wedding/retirement ( :) ) new baby, etc., grind to a halt. All those lunches. Plus the clothing etc., already mentioned. It all adds up.
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I hope so, as we'll have a measly ~£3500 a month pension to play with when I retire... hoping to retire a bit sooner so will have even less.. :(
 
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