The Retirement Thread

[Stevo 666]

A few questions for you experienced retirees from an aspiring one at some point in the next few years. How did you decide when was the right time to retire, and with hindsight was it the right decision/timing?

At present, my main criteria are pretty obvious and once all three are ticked then I'm out:-
1. Financial security with a bit of buffer
2. Having enough stuff to do/hobbies to fill the days
3. Getting hacked off with the job/working
Have I missed anything?

I've noticed that of my mates who have retired, they generally fall into 2 camps: the ones who have stayed retired and the ones that have 'unretired'. Maybe coincidence, but the ones who stayed retired tended to be those who could wind the job down gradually (moving 4/3 days weeks, going part time etc) and get into the retirement groove over a few years; while the ones who unretired were in fairly full on jobs where there was no wind down option: you either did it full time or not at all - and for them, going back was not about the money, which shows that point 2 is relevant I reckon. (That said, one of them complained that his new 'boss' at home didn't appreciate his work or pay him ) I'm in the latter camp btw.

Any words of wisdom are very welcome 🙂

 

[Dirk]

A few questions for you experienced retirees from an aspiring one at some point in the next few years. How did you decide when was the right time to retire, and with hindsight was it the right decision/timing?

At present, my main criteria are pretty obvious and once all three are ticked then I'm out:-
1. Financial security with a bit of buffer
2. Having enough stuff to do/hobbies to fill the days
3. Getting hacked off with the job/working
Have I missed anything?

I've noticed that of my mates who have retired, they generally fall into 2 camps: the ones who have stayed retired and the ones that have 'unretired'. Maybe coincidence, but the ones who stayed retired tended to be those who could wind the job down gradually (moving 4/3 days weeks, going part time etc) and get into the retirement groove over a few years; while the ones who unretired were in fairly full on jobs where there was no wind down option: you either did it full time or not at all - and for them, going back was not about the money, which shows that point 2 is relevant I reckon. (That said, one of them complained that his new 'boss' at home didn't appreciate his work or pay him ) I'm in the latter camp btw.

Any words of wisdom are very welcome 🙂

Everyone is different.
I worked for 30 years in one job before retiring.
I switched off from working life by the time I'd cycled home. Never gave it another thought. That was 11 years ago.
I feel that people over think things.

 

[Dave7]

A few questions for you experienced retirees from an aspiring one at some point in the next few years. How did you decide when was the right time to retire, and with hindsight was it the right decision/timing?

At present, my main criteria are pretty obvious and once all three are ticked then I'm out:-
1. Financial security with a bit of buffer
2. Having enough stuff to do/hobbies to fill the days
3. Getting hacked off with the job/working
Have I missed anything?

I've noticed that of my mates who have retired, they generally fall into 2 camps: the ones who have stayed retired and the ones that have 'unretired'. Maybe coincidence, but the ones who stayed retired tended to be those who could wind the job down gradually (moving 4/3 days weeks, going part time etc) and get into the retirement groove over a few years; while the ones who unretired were in fairly full on jobs where there was no wind down option: you either did it full time or not at all - and for them, going back was not about the money, which shows that point 2 is relevant I reckon. (That said, one of them complained that his new 'boss' at home didn't appreciate his work or pay him ) I'm in the latter camp btw.

Any words of wisdom are very welcome 🙂

Words of wisdom ?? Not sure you'll get many of those on here .
But seriously, every one is individual.
With me I got the chance to retire at 63. Full state pension, a small private pension of approx £3K per year and a small L/S from selling my small business.
I walked out and never looked back.
I had a good wife (sadly died now) , played golf and cycled. I enjoyed every minute of retirement apart from the serious pain of Sue dying.
So my advice is go for it asap.
My Dad worked till he was 65. Only had a state pension and died too soon..
Do it while you can is my advice.
BTW..... this section of CC was/is a great help to me and you will find a warm welcome here.

 

[Dave7]

Well - I am now officially old

My OAP bus pass has arrived!!

My Bro lives on the Wirral. They get free bus, train and Mersey ferry.
We get free bus at certain times.

 

[Tenkaykev]

Well - I am now officially old

My OAP bus pass has arrived!!

I got mine at 60. Had to go in person to the bus station with ID. Filled in the form and the lady behind the desk had one of those old web cams that look a bit like a golf ball and clip on the top of the computer monitor. Three renewals later and the new pass that arrives in the post ( after an email asking if I'm still alive 😁 ) still has the original photo ( I really miss what was my favourite shirt )

 

[SpokeyDokey]

A few questions for you experienced retirees from an aspiring one at some point in the next few years. How did you decide when was the right time to retire, and with hindsight was it the right decision/timing?

At present, my main criteria are pretty obvious and once all three are ticked then I'm out:-
1. Financial security with a bit of buffer
2. Having enough stuff to do/hobbies to fill the days
3. Getting hacked off with the job/working
Have I missed anything?

I've noticed that of my mates who have retired, they generally fall into 2 camps: the ones who have stayed retired and the ones that have 'unretired'. Maybe coincidence, but the ones who stayed retired tended to be those who could wind the job down gradually (moving 4/3 days weeks, going part time etc) and get into the retirement groove over a few years; while the ones who unretired were in fairly full on jobs where there was no wind down option: you either did it full time or not at all - and for them, going back was not about the money, which shows that point 2 is relevant I reckon. (That said, one of them complained that his new 'boss' at home didn't appreciate his work or pay him ) I'm in the latter camp btw.

Any words of wisdom are very welcome 🙂

My advice: once you are financially secure (means different things to different people - ours was a good annual income that you can easily live on plus a fair old whack in the bank) then go straight away and don't look back.

There will always be as much or as little to do as you want in terms of activities to fill your time. Plus, you want some good healthy years before the joys of old age really begin to take their toll.

I would sum up our retirement (very young) as comfortably-off lazy dossers having a ball but blighted by some bad health news on my part last year. No regrets whatsoever about leaving work with very high pay behind - the benefits came at a very high personal cost. Neither of us miss a single moment of it.

Other advice - never forget how long (or little) time you may have in your 'golden years'. Stay as fit as you can and try to avoid becoming immobile. And, if you have a partner do as much as you can together, as one day one of you will be left on their own and they won't be able to get any wasted time back as it will be too late.

Have fun, stay healthy, live long...

 

[BoldonLad]

Not in this household.
It's being promoted quite heavily on the BBC TV and radio though.
Mainland Europe seem to be mad for it, although how Australia qualifies for it is anyone's guess.

Believe it or not, there was a thread about Eurovision on the dark side. I did mention the Euro / Europe bit and Israel / Australia. Apparently, despite the name beginning Euro, it is not strictly Europe related, but, membership of some other organisation which counts. My interest levels in Eurovision are minimal, so, I have forgotten the name of the other Organisation 😂

 

[BoldonLad]

A few questions for you experienced retirees from an aspiring one at some point in the next few years. How did you decide when was the right time to retire, and with hindsight was it the right decision/timing?

At present, my main criteria are pretty obvious and once all three are ticked then I'm out:-
1. Financial security with a bit of buffer
2. Having enough stuff to do/hobbies to fill the days
3. Getting hacked off with the job/working
Have I missed anything?

I've noticed that of my mates who have retired, they generally fall into 2 camps: the ones who have stayed retired and the ones that have 'unretired'. Maybe coincidence, but the ones who stayed retired tended to be those who could wind the job down gradually (moving 4/3 days weeks, going part time etc) and get into the retirement groove over a few years; while the ones who unretired were in fairly full on jobs where there was no wind down option: you either did it full time or not at all - and for them, going back was not about the money, which shows that point 2 is relevant I reckon. (That said, one of them complained that his new 'boss' at home didn't appreciate his work or pay him ) I'm in the latter camp btw.

Any words of wisdom are very welcome 🙂

IMHO, Spokey's advice is sound. Especially the bit about staying healthy and maximising time with partner (assuming you have one). We retired at 60, had 15 years of fun, but, brought to a halt by Covid, then, once Covid was over, Mrs @BoldonLad's health has curtailed our activities.

 

[Paulus]

A few questions for you experienced retirees from an aspiring one at some point in the next few years. How did you decide when was the right time to retire, and with hindsight was it the right decision/timing?

At present, my main criteria are pretty obvious and once all three are ticked then I'm out:-
1. Financial security with a bit of buffer
2. Having enough stuff to do/hobbies to fill the days
3. Getting hacked off with the job/working
Have I missed anything?

I've noticed that of my mates who have retired, they generally fall into 2 camps: the ones who have stayed retired and the ones that have 'unretired'. Maybe coincidence, but the ones who stayed retired tended to be those who could wind the job down gradually (moving 4/3 days weeks, going part time etc) and get into the retirement groove over a few years; while the ones who unretired were in fairly full on jobs where there was no wind down option: you either did it full time or not at all - and for them, going back was not about the money, which shows that point 2 is relevant I reckon. (That said, one of them complained that his new 'boss' at home didn't appreciate his work or pay him ) I'm in the latter camp btw.

Any words of wisdom are very welcome 🙂

Firstly you have to look at your financial situation. Do the numbers add up with pensions savings so that you can live on what you have taking into account bills and other outgoings.
Do you have interests and hobbies that can keep you busy without having to resort to sitting in front of the telly box watching rubbish daytime telly.
Always have a plan for the day when you wake, no matter what it is.
If the answer to the above is yes then go for it.
I retired 8 years ago at 60 after 45 years on the railway, never had a dull boring day as yet.

 

[Mo1959]

Always have a plan for the day when you wake, no matter what it is.

Now you tell me! Maybe that’s why I do feck all most days and am quite happy with that. Everyone is so different.

 

[Stevo 666]

Everyone is different.
I worked for 30 years in one job before retiring.
I switched off from working life by the time I'd cycled home. Never gave it another thought. That was 11 years ago.
I feel that people over think things.

I suppose the possible overthinking comes from the realisation that once you've quit, then at our age it can be very difficult to get back into work if you subsequently realise you made a mistake/went too early etc. Maybe I'm just being over cautious.

 

[Stevo 666]

Words of wisdom ?? Not sure you'll get many of those on here .
But seriously, every one is individual.
With me I got the chance to retire at 63. Full state pension, a small private pension of approx £3K per year and a small L/S from selling my small business.
I walked out and never looked back.
I had a good wife (sadly died now) , played golf and cycled. I enjoyed every minute of retirement apart from the serious pain of Sue dying.
So my advice is go for it asap.
My Dad worked till he was 65. Only had a state pension and died too soon..
Do it while you can is my advice.
BTW..... this section of CC was/is a great help to me and you will find a warm welcome here.

OK, words of experience

The finances should be fine shortly, but am still working on the hobbies etc. That said, I'm still enjoying the job (as much as work can be enjoyed) and it pays pretty well. I'm sure I will be spending more time on here when the time comes!

 

[numbnuts]

A few questions for you experienced retirees from an aspiring one at some point in the next few years. How did you decide when was the right time to retire, and with hindsight was it the right decision/timing?

At present, my main criteria are pretty obvious and once all three are ticked then I'm out:-
1. Financial security with a bit of buffer
2. Having enough stuff to do/hobbies to fill the days
3. Getting hacked off with the job/working
Have I missed anything?

I've noticed that of my mates who have retired, they generally fall into 2 camps: the ones who have stayed retired and the ones that have 'unretired'. Maybe coincidence, but the ones who stayed retired tended to be those who could wind the job down gradually (moving 4/3 days weeks, going part time etc) and get into the retirement groove over a few years; while the ones who unretired were in fairly full on jobs where there was no wind down option: you either did it full time or not at all - and for them, going back was not about the money, which shows that point 2 is relevant I reckon. (That said, one of them complained that his new 'boss' at home didn't appreciate his work or pay him ) I'm in the latter camp btw.

Any words of wisdom are very welcome 🙂

Long story short, I went to work a happily married man, came home six months later by ambulance aged 38.
Never worked again lost everything and had to start all over again, including being single.
Money wise.....thank God we have a welfare system or I wouldn't be here today.
Advice - live for today, tomorrow will take care of it's self.

 

[Stevo 666]

My advice: once you are financially secure (means different things to different people - ours was a good annual income that you can easily live on plus a fair old whack in the bank) then go straight away and don't look back.

There will always be as much or as little to do as you want in terms of activities to fill your time. Plus, you want some good healthy years before the joys of old age really begin to take their toll.

I would sum up our retirement (very young) as comfortably-off lazy dossers having a ball but blighted by some bad health news on my part last year. No regrets whatsoever about leaving work with very high pay behind - the benefits came at a very high personal cost. Neither of us miss a single moment of it.

Other advice - never forget how long (or little) time you may have in your 'golden years'. Stay as fit as you can and try to avoid becoming immobile. And, if you have a partner do as much as you can together, as one day one of you will be left on their own and they won't be able to get any wasted time back as it will be too late.

Have fun, stay healthy, live long...

Thanks - obviously the finance side is a personal thing: I want enough to be able to do the stuff that I/we want to do without worrying about money. May have to bung the daughter a deposit for a house but that's the last of the big spend items.

Point noted re the days filling up. We both try to stay fit & healthy and both had parents that lived into their 90's so I guess I have to plan for a long retirement unless the grim reaper has a surprise lined up...

 

[Stevo 666]

IMHO, Spokey's advice is sound. Especially the bit about staying healthy and maximising time with partner (assuming you have one). We retired at 60, had 15 years of fun, but, brought to a halt by Covid, then, once Covid was over, Mrs @BoldonLad's health has curtailed our activities.

Yep, I have another half who hasn't had a paid job since our daughter was born, but is clearly a bit of an expert at filling up her days in the absence of paid work and while I'm at work. Point noted!