The Retirement Thread

[Jenkins]

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 🙂

I'd always planned on retiring at 60 so finances were already in place (your point 1) when I took the opportunity to go a year earlier than that due to point 3 on your list. I was on the point of saying the wrong thing to the wrong person due to the way things were going and being got rid of on their terms, not mine.

As for your second point, that's not been a problem for me. I'd worked continuously for 41 years since leaving school and my intention was to spend my time NOT doing anything which I've managed quite well over the past 2 1/4 years. I'd moved to 3 days per week about 18 months prior to retirement, so had got a bit of practice in.

 

[ebikeerwidnes]

I remember my friend's Dad

He didn;t do any DIY or decorating for a few years before retiring so he would have lots to do once he retired

Then several years after retiring he had to pay a professional to do them as he had been too busy!!

 

[Stevo 666]

I'd always planned on retiring at 60 so finances were already in place (your point 1) when I took the opportunity to go a year earlier than that due to point 3 on your list. I was on the point of saying the wrong thing to the wrong person due to the way things were going and being got rid of on their terms, not mine.

As for your second point, that's not been a problem for me. I'd worked continuously for 41 years since leaving school and my intention was to spend my time NOT doing anything which I've managed quite well over the past 2 1/4 years. I'd moved to 3 days per week about 18 months prior to retirement, so had got a bit of practice in.

Sound advice, thanks. I did take a 1 year mid career break so don't feel that I have to go because I never had a gap.

 

[mikeIow]

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...

I find a huge number of folk worry about the money side of retiring, when it is really all about how you want to spend your days 🤷‍♂️

For me, I never felt wholly defined by work, despite being moderately good at it (hey: no one else here will big me up 🤣).
Always had plenty of outside interests (volleyball, cycling, walking….had run an Explorer unit for 10 years and helped facilitate around 50 DofE expeditions at various levels, & only one involved a helicopter rescue…. 🫣). A good family I wanted to spend more time with 🙏
It was a tough decision to “step away”, but around 8 years earlier I went to 4 funerals: two good friends my age, one being my roommate buddy from Uni days back in the mid 80s 😔
That year kind of focussed me on figuring out how to “move on”, with strong support from SWMBO….& coming out of the pandemic, I set off on my Pandemic Pedal.

In the (pandemic) year leading up to it, I wrote spreadsheet (I *love* a good spreadsheet 😜). On the left column, various high level topics: family, garden, holiday, diy, culture, books, cycling, camping, festivals, shows, volunteering, etc etc. About 30 topics, by the time I left 🤪
Along each row I popped activities or things to do in cells under that subheading.
It served as an ideas board for me to tick off over my first year - I literally filled cells in green when things were done.
Didn’t aim to finish all - it wasn’t a race, but it gave me personal satisfaction to see how busy I was without work.
From there on, we got into a nice groove of activities, & it has only accelerated.

I also know many who have no plans, & that is absolutely fine too…it’s all about you

Good luck figuring it out: none of us get out alive, be sure to live your best life!

Here it is, suitably redacted!

 

[PeteXXX]

<yawn>

 

[Mo1959]

Morning. Still damned chilly for the middle of May. 3 degrees at the moment with a high of 11 later. Next week is to start getting much warmer but sadly bringing rain with it.

Talking of retirement, I sometimes feel I should push myself to do more when I read what sort of days others in here have, but I am inherently lazy by nature and seem content doing very little.

 

[PaulSB]

But what was her bike doing in the tree???

Lets not go there..........................

 

[PaulSB]

Good morning. Clear skies and chilly again. This chilly business is beginning to irritate!! It's going to be a busyish sort of day. #1 on the list is an "on the road" FTP. We have a local, flat seven mile loop with just two left turns, later this morning I'm heading out to blitz that. All the bike stuff I ordered earlier in the week is due for delivery today, play time!! This afternoon I've got a PT session, she's just back from holiday. This means it will be a stats week, this means getting on the scales.......☹️☹️

Mrs P asked where the step ladders are. I told her and asked why? She replied the gutters need cleaning out.........even by my wife's standards that's clever. 🤣

@Stevo 666 you've already received much sound advice all of which I fully agree with. My comments would be:

• Do it, as soon as you possibly can. Life is too short
• While still in work carry out all capital projects on your house. We did this over five years, roof, windows, doors etc
• Understand your full annual costs. Everything. As you're still working run a spreadsheet for 12 months, record and analyse ALL spending. This will give a real understanding of the income you need
• Keep in mind inflation for pensioners is generally higher than those in work
• I've told my kids my retirement plan is to leave them the house and an empty bank account
• Have a reasonable idea, not exhaustive, of how you will fill your time. Retirement really does become very busy, very quickly
• I only know two people who returned to work after retiring. They got bored. Why? Well the truth is they'd never done anything outside of work so why would they suddenly have plenty to do in retirement??

None of us know what's round the corner, people in here understand this. Mrs P and I have been retired ten years. We never discussed being alone, I never conceived of it. Mrs P has terminal cancer, we don't know how much longer, she keeps smashing every prognosis!!!!! So my number one piece of advice to you and your wife is go for it and don't waste a single day......be busy when you wish, be idle when you wish.

I learned yesterday a lovely young woman I know, not yet 40, has terminal cancer. Life can be sh1t, grab every good bit you can.

 

[Dave7]

@PaulSB. A lot of truth in what you said but I do feel different** in some respects.
**I won't say 'disagree'..... just a different viewpoint.
I didnt plan ahead financially, it was what it was and I would make do with what I had. Fortunately my finances are fine.
We WERE going to spend our money and leave the house and an empty bank account. However a) we just couldn't spend/holiday etc just for the sake of it and b) Sue died and I got Long Covid which affected my desire for pleasure.
Apart from the severe pain of losing Sue I actually enjoy life without spending on myself.......I get lots of pleasure from being able to financially help my family out. They are nice people and I get a buzz out of helping them.
Bloody hell, I do go on dont I.

 

[Tenkaykev]

Good morning from a chilly Dorset. There's a " Hedgehog Highway " between ours and next doors garden. I have repositioned one of the wildlife cameras to monitor it and last night saw a cat, a vixen, a hedgehog and a wood mouse using it. It's remarkable how the larger creatures can manoeuvre their bodies to get through a seemingly impossible gap🤔
Today is " second Friday " delayed a week due to circumstances, and this month we're off to Wimborne for a wander around the various hostelries. The Green Man does a " Fish Friday " deal for £8 so that should prove popular with several of the group. Mrs Tkk will be joining us later as we head for the Tap Rooms ( 2 almost face each other across the Allen chalk stream) one has an onsite Sauna and cold plunge, it would take more than a few pints to get me to participate 😁

 

[mikeIow]

Good morning. Clear skies and chilly again. This chilly business is beginning to irritate!! It's going to be a busyish sort of day. #1 on the list is an "on the road" FTP. We have a local, flat seven mile loop with just two left turns, later this morning I'm heading out to blitz that. All the bike stuff I ordered earlier in the week is due for delivery today, play time!! This afternoon I've got a PT session, she's just back from holiday. This means it will be a stats week, this means getting on the scales.......☹️☹️

Mrs P asked where the step ladders are. I told her and asked why? She replied the gutters need cleaning out.........even by my wife's standards that's clever. 🤣

@Stevo 666 you've already received much sound advice all of which I fully agree with. My comments would be:

• Do it, as soon as you possibly can. Life is too short
• While still in work carry out all capital projects on your house. We did this over five years, roof, windows, doors etc
• Understand your full annual costs. Everything. As you're still working run a spreadsheet for 12 months, record and analyse ALL spending. This will give a real understanding of the income you need
• Keep in mind inflation for pensioners is generally higher than those in work
• I've told my kids my retirement plan is to leave them the house and an empty bank account
• Have a reasonable idea, not exhaustive, of how you will fill your time. Retirement really does become very busy, very quickly
• I only know two people who returned to work after retiring. They got bored. Why? Well the truth is they'd never done anything outside of work so why would they suddenly have plenty to do in retirement??

None of us know what's round the corner, people in here understand this. Mrs P and I have been retired ten years. We never discussed being alone, I never conceived of it. Mrs P has terminal cancer, we don't know how much longer, she keeps smashing every prognosis!!!!! So my number one piece of advice to you and your wife is go for it and don't waste a single day......be busy when you wish, be idle when you wish.

I learned yesterday a lovely young woman I know, not yet 40, has terminal cancer. Life can be sh1t, grab every good bit you can.

That is very good advice, even though as Dave7 & Mo essentially show, we are all different 👍
I’m an obsessive organiser, hence my approach. I know other happy retired pals who are nothing like me, but who are very happy 😎
An older retired pal of mine also suggested to me to get major stuff done in the house, & in those last 5-20 years, we essentially did that. Being a lover of tech/stuff, ours included adding batteries to our solar, & making one car change to electric. But yes, get those “capital projects” sorted. Or at least, fully budgeted and planned - they could happen after retirement, but we find we are always loathe to spend a big chunk on anything except holidays. Maybe helps being married to a Scot 🤪. No offence, Mo 😉

 

[Binky]

Morning.
Still pretty tired after such early start and travel etc yesterday but time to get moving.
Dry sunny and warm here although a few showers maybe later which is only rain due for week we are here.
So, bike this morning on a shortened route just in case it does rain. The roads here can be lethal when left after a dry spell

 

[Dirk]

Morning all

Yay, Fish Friday!
Weather's looking good, so I'm off for a long ride on the MZ across Exmoor. Bit of a shakedown run to see if anything needs sorting.
Fish & chips being delivered this evening.

 

[welsh dragon]

Cooooeee. 4 deg here. Rather chilly what?

I got waylaid browsing elsewhere.

Stay safe peeps

 

[Dave7]

Morning all

Yay, Fish Friday!
Weather's looking good, so I'm off for a long ride on the MZ across Exmoor. Bit of a shakedown run to see if anything needs sorting.
Fish & chips being delivered this evening.

Its all 'well and good' having fish and chips delivered BUT.......is it wrapped in newspaper ?