Retiring

MaineDAWG2008 said:
on the topic of retiring. Have income protection with LV, well have had it for 2 years now. Wanted to ask others, if its worth it or not? 40 pounds a month, which will pay me 1500 a month till im 65. Im 42 now, and dont have much savings. So incase I break a leg or semi-retire due to uncontrollable circumstances, im guaranteed that income along with state benefits.
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Like any insurance, the likelihood of needing it is slim but if you do.....

A client of mine had a heart attack when he was 47 and had he not been in a sporting arena at the time with paramedics etc he would have died. He hasn’t been able to work since and receives £2000 a month from his policy and has done for 15 years. He is glad he carried on with it. Having said that, the vast majority of people are back at work within 6 months.
 
marcus said:
This is the thing ... retire and do what? I have a pal who retired at 55. He does fuck all and at 58 is a boring old man now. Sits there feeling smug that he retired but basically is unhappy
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I think the 55 age is a nice one to pass if you are financially able to retire, as it means you hold all the aces when it comes to work. I would have no problem telling my bosses to shove it up their arse once I pass that age if they give me any shit. I doubt I will retire then but I may drop a day at 55 and another around 58. I quite like working but would like a better work/life balance. My old fella died at 61 and that really plays on my mind. I have been bringing up kids since I was 24 (2 marriages and 17 year age gap between them) working full time without a break since 18 and there are a lot of things I want to do but haven’t been able to. The plan is to see every European capital and get the train to other places around that country, ideally on my own. Few days away, explore, have a nightcap or five and then home. The missus can stay at home and carry on working as she is younger and would spoil it!
 
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Millwallawayveteran1988 said:
I think the 55 age is a nice one to pass if you are financially able to retire, as it means you hold all the aces when it comes to work. I would have no problem telling my bosses to shove it up their arse once I pass that age if they give me any shit. I doubt I will retire then but I may drop a day at 55 and another around 58. I quite like working but would like a better work/life balance. My old fella died at 61 and that really plays on my mind. I have been bringing up kids since I was 24 (2 marriages and 17 year age gap between them) working full time without a break since 18 and there are a lot of things I want to do but haven’t been able to. The plan is to see every European capital and get the train to other places around that country, ideally on my own. Few days away, explore, have a nightcap or five and then home. The missus can stay at home and carry on working as she is younger and would spoil it!
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Mate if you have a plan great. And i get the thing about your dad dying so young.

my point , and maybei didnt clarify this, is retire ... and do what! If you have nothing to do.. nothing Planned, then whats the point.

you just turn old quicker
 
marcus said:
Mate if you have a plan great. And i get the thing about your dad dying so young.

my point , and maybei didnt clarify this, is retire ... and do what! If you have nothing to do.. nothing Planned, then whats the point.

you just turn old quicker
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Totally agree with that. My FIL is in this boat. Retired 12 years ago and basically for 12 years has woken up, got dressed, had breakfast, walked to the shop, read the paper, had lunch, watched the news at 1pm, watched a load of programmes like Escape to the Country, gone for a 30 min walk, had tea, watched the news again at 6, bit of TV, watch the 10pm news, bed x 364 days a year for 12 years. he deviates from that routine once a week when he goes shopping with the MIL as she can’t drive and maybe once a month when they visit someone. He looked a young 60 when he retired. He now looks 80.

That doesn’t appeal to me.
 
route46 said:
I have made my living on Betfair for the past 15 years...

I am not classed as employed or self employed, I don't have to pay tax on my Betfair winnings and I neither pay NI, I don't claim any benefits....So in reality I am not sure what I am classed as.

Will I even get a state Pension when I hit 67?

Can I put into a private Pension?
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Up till the age of 75, anybody and everbody can pay up to £2880 per year into a private pension and get tax relief at marginal rate making a total pension contribution of £3600. That's free money from the government and a 25% return on your investment.
 
Millwallawayveteran1988 said:
I think the 55 age is a nice one to pass if you are financially able to retire, as it means you hold all the aces when it comes to work. I would have no problem telling my bosses to shove it up their arse once I pass that age if they give me any shit. I doubt I will retire then but I may drop a day at 55 and another around 58. I quite like working but would like a better work/life balance. My old fella died at 61 and that really plays on my mind. I have been bringing up kids since I was 24 (2 marriages and 17 year age gap between them) working full time without a break since 18 and there are a lot of things I want to do but haven’t been able to. The plan is to see every European capital and get the train to other places around that country, ideally on my own. Few days away, explore, have a nightcap or five and then home. The missus can stay at home and carry on working as she is younger and would spoil it!
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If you’ve got enough to keep you occupied it takes a lot of stress out of your life, I stopped at 46, love it, don’t have much money and can’t take my pension, but can get to the pub and football, the odd holiday, I don’t need much more in my life, ever been more content
 
Millwallawayveteran1988 said:
Totally agree with that. My FIL is in this boat. Retired 12 years ago and basically for 12 years has woken up, got dressed, had breakfast, walked to the shop, read the paper, had lunch, watched the news at 1pm, watched a load of programmes like Escape to the Country, gone for a 30 min walk, had tea, watched the news again at 6, bit of TV, watch the 10pm news, bed x 364 days a year for 12 years. he deviates from that routine once a week when he goes shopping with the MIL as she can’t drive and maybe once a month when they visit someone. He looked a young 60 when he retired. He now looks 80.

That doesn’t appeal to me.
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Nor me.
 
marcus said:
Mate if you have a plan great. And i get the thing about your dad dying so young.

my point , and maybei didnt clarify this, is retire ... and do what! If you have nothing to do.. nothing Planned, then whats the point.

you just turn old quicker
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How on earth does anyone reach 50 plus without having spent hours thinking and planning of what they’d do if they didn’t have the “toad work hanging round their neck”?
 
I will be retiring in December at the ripe old age of 61 due to our place closing down.

Have no idea what I am going to do.
 
denislawsbackheel said:
How on earth does anyone reach 50 plus without having spent hours thinking and planning of what they’d do if they didn’t have the “toad work hanging round their neck”?
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And then it happens and all plans go out of the window.

Oooh... I can go for a lunchtime pint.
Oooh... An afternoon reading.
Oooh... Put a record on.
Oooh... A bit of gardening.
Oooh... Learn to play the piano.
Oooh... Do a masters.
Oooh... Bed when I like.

And then human interaction starts going. You miss work colleagues. The missus carries on working. All your mates are still working. Days turn into days turn into days.

Then you get a part time job.

Heyho... Back at work.
 
Not missed anyone I ever worked with.
Wife doesn’t work.
We spent years talking about what we’d do and spent most of the time since I retired doing it.
All my mates are retired too, that’s how we play golf twice a week, go on golfing weekends, over three years we spent a week cruising the Thames from its first navigable point to where it becomes tidal, etc, etc.
Over ten years now of doing exactly what I want.
Part time job?
Forget it!
 
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andyhinch said:
If you’ve got enough to keep you occupied it takes a lot of stress out of your life, I stopped at 46, love it, don’t have much money and can’t take my pension, but can get to the pub and football, the odd holiday, I don’t need much more in my life, ever been more content
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That would suit me too as I would be busy but having a school age child scuppers it to be honest. Cash drain kids are and I’m finding out owning a dog is too!
 
Millwallawayveteran1988 said:
That would suit me too as I would be busy but having a school age child scuppers it to be honest. Cash drain kids are and I’m finding out owning a dog is too!
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We’re worth it :-)
 
denislawsbackheel said:
Not missed anyone I ever worked with.
Wife doesn’t work.
We spent years talking about what we’d do and spent most of the time since I retired doing it.
All my mates are retired too, that’s how we play golf twice a week, go on golfing weekends, over three years we spent a week cruising the Thames from its first navigable point to where it becomes tidal, etc, etc.
Over ten years now of doing exactly what I want.
Part time job?
Forget it!
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Sounds perfect matey

I was furloughed for three months and didn't miss work at all and in three months, I hardly watched any daytime tv and only watched two films during the day
 
denislawsbackheel said:
Not missed anyone I ever worked with.
Wife doesn’t work.
We spent years talking about what we’d do and spent most of the time since I retired doing it.
All my mates are retired too, that’s how we play golf twice a week, go on golfing weekends, over three years we spent a week cruising the Thames from its first navigable point to where it becomes tidal, etc, etc.
Over ten years now of doing exactly what I want.
Part time job?
Forget it!
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That's where I went wrong. Retire at 46, Wife loves her job, doesn't need to work really so refused leaving me on my own during the day.

We have a nice life, and have a load of holidays but I need to do a bit a week just to get out of the house. Another 5 years and she'll stop.

Then we'll do it properly. 6 months abroad, 6 at home.
 
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