The Retirement Thread

[Dirk]

There is of course, the ending of a mortgage, and in some cases, we have managed to pay off mortgages before retirement then there is no more money being spent on commuting, there is no more money being spent on food etc. Clothing for work no longer applies either. Its's surprising how much money you spend where work is concerned. You also have more time to cook, so that means more fresh foods and less processed foods.

Its surprising how you can cut down, and manage on less money without feeling that your lifestyle is suffering. And of course, the upside is that the stress and strains of work no longer apply. Overall, i'd much prefer to have less money, and a better quality of life than having to slog away at work.

Absolutely agree with all of the above.
It's surprising just how much it actually costs to go to work.
Not having a mortgage is one major factor.
We sat down about 2 years before we retired and worked out exactly how much we spent each year....and I mean exactly. Our joint pensions fell £4000 a year short. However, with a six figure lump sum between us, we decided to draw down the shortfall from this figure until we both reach state pension age. It will still leave a sizeable amount of cash in the bank at that time, and we will then actually be able to save about £10000 pa if we so wish whilst easily maintaining our standard of living. Personally, I'm all for going on a spending spree.
We've actually found that since we retired, even though our income has diminished in real terms, our standard of living has increased.
Makes me wonder where all the money went when we were working!

 

[Lee_M]

as Ive said previously on this thread I obly work one day per week at the moment but it does.pay well.

i think I'll be okay when I retire fully as long as I stop buying bikes or sports cars.

i have very little other expenses beyond that

 

[Drago]

How did you lot manage the usual big drop in income? Was it offset by mortgage ending, less outgoings due to not commuting etc etc?

My salary halved, but I got a big commutation which paid off themfinal dregs of my mortgage and still left me with 6 figures. Also have rental income from another house. Once mortgage and taxation are accounted for I'm pretty close to where I was when working in income terms, while what I have left banked has quadrupled. I've never wasted money on German cars or frivolous holidays, so every decade I was saving probably ten grand or more than the typical person on my earnings. That sacrifice and caution has paid off while I'm still young enough to enjoy it.

Mrs D had to medically retire at 36, but very sensibly had her police pension fully insured (few bother, even fewer to the extent she did) so she gets full pension and commutation. She also had critical illness cover which paid out first when she lost her sight in one eye, and then again big time when she was formally diagnosed with MS.

I won't be rushing out to buy a Rolls Royce, but if im not stupid I can survive the rest of my life on roughly the national average wage without lifting a finger, keeping my savings and property for when really needed, if ever.

 

[Dirk]

..... but if im not stupid I can survive the rest of my life on roughly the national average wage without lifting a finger, keeping my savings and property for when really needed, if ever.

That's pretty much my situation as well.
I also have a half interest in my old family home, which will probably come my way in the next couple of years - if that materialises, it will be a game changer.
We've thought of selling up, liquidising all of our assets and renting a property in the next few years. We've got no kids and I certainly don't intend going to my grave sitting on a pile of cash.

 

[Drago]

I'm also set to inherit my Dads pile, although I would far rather he lived another 60 years.

 

[Drago]

Plus about £1400-1500 a year from my solar.

Kerching! Its all coming up Drago for a change!!!

 

[Dirk]

I'm also set to inherit my Dads pile, although I would far rather he lived another 60 years.

My mum died 21 years ago, my dad remarried and died 5 years ago. The house went to my step mother. She is now 88 years old and not in a very good shape. I can't see her hitting 90.
Everything is split between me and my step brother.
I bought her some roller skates last Christmas and left them at the top of the stairs......she didn't find them.....

 

[Drago]

Right, off for a leisurely bimble to the Doctors for a shoulder check over. Luckily, I'm retired and don't have to fanny about with appointment times or grovelling to a boss for 12 minutes off work.

 

[Dirk]

Just got back from an hours walk around the burrows with the pooch.
Was going out for a ride this afternoon, but it's started raining!
Hey ho! Off down the pub instead.......

 

[welsh dragon]

Its raining here so i may just relax and watch a film or 2.

 

[pjd57]

Left the fire brigade six years ago , age 54.

Retirement is magic.
Lot less money but who cares

 

[Deleted member 1258]

Sat in Coventry market with a batch and a coffee, shopping done, drop my Good Lady off at the hairdressers and then a bit of gardening and some odd jobs to do.

 

[Drago]

Doctor was very nice chap. Now treated myself to a can of full fat coke.

 

[Dave 123]

I'm at work, being taxed so that you idle gits can be idle.

 

[arch684]

I'm at work, being taxed so that you idle gits can be idle.

Thanks keep it up