Retirement, would you if you could?

[DRM]

I must admit that each holiday it gets more appealing to not bother going back this last 12 months, being outside all day the last few days in this snow and cold doesn't help, and it's worse because of Covid-19, you can't go into the companies canteen to do the admin, and, get a warm, the vans are tracked & monitor excess tick over, all instigated by people who are now working at home, but normally sit in heated offices, yet expect us to sit in a tin fridge.

 

[Beebo]

A long time ago, in the Thatcher years, I worked for a small company which was bought by an "Entrepreneur". He visited the company, arriving in his helicopter, shortly after buying us, and spoke to us (his valuable people, as he put it) as a group. Someone asked him more of less that question. His answer was pretty much as you say, ie "most people would ease up as they approach a £1million, that is why they will never have £1million". I think I remember that correctly. At the time, he was reputedly worth £80million.

Bruce Dickinson, the front man from Iron Maiden is an interesting character. He is a commercial pilot and flys charter flights in his spare time.
He was asked in an interview why he bothered doing this work when he doesn’t need the money.
His reply was that he doesn’t need the money to be the lead singer on Iron Maiden either. 😁

Pretty sure laying on a beach in parts of Asia will be many orders of magnitude cheaper than Benidorm. I'm also not a fan of beaches.

Doesn’t @Dayvo spend half the year on the beach in Asia?

 

[delb0y]

Yes, I'm one of those now WFH. And I must admit that's been the solitary benefit of the pandemic for me. Until last month my non-work life consisted of a few hours between 6:30 pm (arrive home) and 9:00 (go to bed) and weekends. Ironically, Covid has now given me some life back. It's one reason why retirement sometime in the not-too-distant future is appealing. I'm not sure I want to go back to the old routine. That, and I've seen an upward trend in the last five years, or so, around pressure at work, and expectation to do more and more. Getting too old for it all :-)

 

[stephec]

And Europe more expensive

Asia is far warmer too. If I’m seeking winter warmth, I’d choose Thailand for example in the high 20s over Benidorm in the mid to high teens

Two and a half hours almost, and no one's used this as an excuse to mention brexit, standards are slipping.

 

[newfhouse]

Yes, I’d retire if I could. I have a great job, like no other I’ve done previously, and I mostly enjoy it. It’s the having to do it that’s getting to me.

We will both be 58 this year and would like to sell up, downsize to a nice market town further north and use some of our equity to live frugally until our pensions start in 7 - 9 years time.

I still have caring responsibilities for my mother in London and we can’t yet afford to buy a home with an annexe and take her with us. Otherwise, we’d be off up the M1 in the next couple of years.

 

[vickster]

Two and a half hours almost, and no one's used this as an excuse to mention brexit, standards are slipping.

Hours?

 

[stephec]

Hours?

I meant from when you posted to the time that I replied.

 

[Dayvo]

Doesn’t @Dayvo spend half the year on the beach in Asia?

😎

I’m not just sprawled out on the sand all the time. 🏝
I’ve got a bike there and ride almost every day. I walk, swim, jog, meet friends, go to beach concerts, watch Test cricket and English football on TV, have day-trips to neighbouring towns/villages, have a weekly massage (90 mins for £15) and eat & drink good, fresh, healthy, cheap local produce. Other available activities (not by me) are yoga, meditation, cooking, dancing, learning to play musical instruments, painting and other art & craft courses and so on.
Obviously I’m not there this winter but hope (🙏) I’ll return this October.
I only work 6-7 months a year but I enjoy my job (greenkeeper) and get three good (ish) seasons in Norway.
If I could afford to retire I think I’d continue to work a few more years (61 soon) but continue to winter in India (assuming, of course, the current situation improves significantly).
As I write this it’s -10°c but the sky is blue and the sun is shining, at least for a few more hours.

 

[Venod]

and I've seen an upward trend in the last five years, or so, around pressure at work, and expectation to do more and more

This was big problem for me, I had spent most of my life getting payed for doing longer hours on the shop floor, the last 12 years in an office job before early retirment were spent fending off requests from my control freak boss to work extra for nothing, he failed to understand my attitude of any extra work needs paying for, I wasn't working for the fun of it.

 

[dodgy]

Too many people define themselves by their work

Funny considering your cyclechat avatar is literally bicycle repair man

 

[Rusty Nails]

Funny considering your cyclechat avatar is literally bicycle repair man

Retired now, but working on bikes since I was a kid. Stopped for 30+ years then took it up again when I retired and started riding again. I was offered a part-time job in my LBS a few years ago but didn't want to turn it into work. I now volunteer one day a week as a mechanic at a community bike workshop.

My work was miles away from bike repairs.

 

[Lozz360]

Won’t get the state pension for just over 5 years.

Just over four years. You revealed your age in another thread.

 

[Mo1959]

Just over four years. You revealed your age in another thread.

So it is! Day after my 66th birthday according to the website so yep, 4 years in May. At the rate the time is flashing past these days, it won't be long. As much as extra money is always nice, the aches and pains of getting older aren't so it's a bitter sweet feeling.

 

[Lozz360]

In an ideal world I would like semi-retirement of working from October to April and having the summer free for travelling. I am not aware of any jobs that are suitable for this.

Ski instructor, chalet maid...

 

[Lozz360]

so if your earn £2000 a months - but could retire and still get £1500 a month - you are working for £500 and month ONLY
NOW do you want to retire????

That’s sort true for you as you are one of the lucky few that have a final salary or DB pension. You therefore have a guaranteed income for the rest of your life. Most people will have a Defined Contribution pension, which means they draw their pension from a pot which will eventually run out if they live long enough. So if they continue to work, they are not just working for £500 per month as your example. They are adding to their pension pot, and at the same time, not drawing from it so it will last longer into their old age.

People should always get independent financial advice on these issues.