Retiring

nw42 said:
Been helpful this thread, I'm 61 next month, just registered on HMRC and it says I've paid 36yers full NI, 9yrs incomplete, so I'll be entitled to the whopping £175.20pw, can't wait.

Been in a couple of work related schemes in recent years but I don't expect they will amount to much, so it's a case of salting away as much as possible over the next 5yrs and hopefully be in a position to finish work and relax before dying.
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Just check below that were it may say you have been contracted out at some point
 
ganganvince said:
Just check below that were it may say you have been contracted out at some point
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Not sure what you mean mate, it says I've made 36yrs contributions, the 9yrs without was in the 80s when I went rogue, got pulled in at the time and they gave me an amnesty.
Is that what you're referring to?
 
paulchapo said:
I took early retirement four years ago and one thing I've found is you can look back at work with rose tinted spectacles. When I start doing that I think about the pain of travelling, the stress which was sometimes overwhelming due to sickness and bad rostering, moronic bosses, although towards the end I was as good as my own boss and the odd dickhead who ended up on my watch.

As a single person one thing I do miss is the banter and chats, the laughs. I lived on ships when at work so the crew becomes an extended family. I miss the camaraderie of challenging situations weather wise and sorting out problems, the self satisfaction a good shift can bring. It is beautiful though to not be answerable to anybody, to have total freedom of what I want to do each day. That of course is tempered by the present situation.

As I said in a previous post life is short with no guarantees. Too many people flog themselves to death to live a great retirement and don't make it. The main one is paying off the mortgage as that or rent takes a big chunk out of your often smaller income. A nice wad of savings helps for life's luxuries but once my state pension kicks in, if I make it, it will be very comfortable.
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I often roll my eyes at people who say they will be bored when they retire to me that means you’ve not been living previously just working. I for one can’t wait to finish this year, my mortgage will be paid off a huge thing in my opinion, I’ll end up with more cash in my pocket.
I’m relatively young 52 so can still physically do things. There’s lots of things to do in and see in this world and if you work until 68 then I’m sorry but physically youre on a slippery slope, if your lucky you’ll get 15/17 years and out of that you ain’t going to be jumping out of planes etc. I’m not saying I’ll be living the high roller life but I have a realistic view of what I’ll be able to do, hopefully get my camper van and go see a bit of the world. I could drop dead tomorrow as well though ha ha .
The biggest thing I will miss as you say is the banter, we are like a family at work and it will be a huge loss for them ;) but seriously I can go and do stuff if I want for beer and footie money but I don’t want to commit to 5 days a week.
 
Blue Maverick said:
I often roll my eyes at people who say they will be bored when they retire to me that means you’ve not been living previously just working. I for one can’t wait to finish this year, my mortgage will be paid off a huge thing in my opinion, I’ll end up with more cash in my pocket.
I’m relatively young 52 so can still physically do things. There’s lots of things to do in and see in this world and if you work until 68 then I’m sorry but physically youre on a slippery slope, if your lucky you’ll get 15/17 years and out of that you ain’t going to be jumping out of planes etc. I’m not saying I’ll be living the high roller life but I have a realistic view of what I’ll be able to do, hopefully get my camper van and go see a bit of the world. I could drop dead tomorrow as well though ha ha .
The biggest thing I will miss as you say is the banter, we are like a family at work and it will be a huge loss for them ;) but seriously I can go and do stuff if I want for beer and footie money but I don’t want to commit to 5 days a week.
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You're right of course I think the problem is people are so conditioned to have a routine from the age of five, for some younger, that they are totally lost without it. For me it is total freedom and it's a great feeling, even if I might choose to lie on the bloody settee all day at least I have that option. For people who say they won't have the money etcetera to do things, how much freedom do they actually have to spend all that money they earn when they are at work all the time?

I paid my mortgage off at the age of 53, 7 years early. I could have done it even earlier if I'd have been of a mind to do it but it wasn't huge amount so like many I just carried on. It was being transferred to a more stressful ship and position that concentrated my mind as I was going to leave, but fate transpired to transfer me to a ship that was so laid back I could do it in my sleep so I ended up staying until I was 59.

I don't regret it, before this pandemic I was spending 2-3 months abroad a year and could still do all the things I was doing before. Life is for living, go for it.
 
Blue Maverick said:
I often roll my eyes at people who say they will be bored when they retire to me that means you’ve not been living previously just working. I for one can’t wait to finish this year, my mortgage will be paid off a huge thing in my opinion, I’ll end up with more cash in my pocket.
I’m relatively young 52 so can still physically do things. There’s lots of things to do in and see in this world and if you work until 68 then I’m sorry but physically youre on a slippery slope, if your lucky you’ll get 15/17 years and out of that you ain’t going to be jumping out of planes etc. I’m not saying I’ll be living the high roller life but I have a realistic view of what I’ll be able to do, hopefully get my camper van and go see a bit of the world. I could drop dead tomorrow as well though ha ha .
The biggest thing I will miss as you say is the banter, we are like a family at work and it will be a huge loss for them ;) but seriously I can go and do stuff if I want for beer and footie money but I don’t want to commit to 5 days a week.
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paulchapo said:
You're right of course I think the problem is people are so conditioned to have a routine from the age of five, for some younger, that they are totally lost without it. For me it is total freedom and it's a great feeling, even if I might choose to lie on the bloody settee all day at least I have that option. For people who say they won't have the money etcetera to do things, how much freedom do they actually have to spend all that money they earn when they are at work all the time?

I paid my mortgage off at the age of 53, 7 years early. I could have done it even earlier if I'd have been of a mind to do it but it wasn't huge amount so like many I just carried on. It was being transferred to a more stressful ship and position that concentrated my mind as I was going to leave, but fate transpired to transfer me to a ship that was so laid back I could do it in my sleep so I ended up staying until I was 59.

I don't regret it, before this pandemic I was spending 2-3 months abroad a year and could still do all the things I was doing before. Life is for living, go for it.
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Sorry for butting in guys, but I think the main thing is to keep your brain and body active. Both at bit difficult at the moment.
Too many people vegetate in front of the goggle box, which is why you see pensioners walking slowly round Asda with such pale complexions. Get out in the fresh air, learn to do something new each year but relax as well.
I was going to pack it in at 55 but my son advised not too, so I took a part-time job as a sort of stepping stone towards full retirement. So a step down followed by finishing completely. Plus the new job was nothing like my old job so had to learn new skills and which kept me on my toes.
 
squirtyflower said:
Sorry for butting in guys, but I think the main thing is to keep your brain and body active. Both at bit difficult at the moment.
Too many people vegetate in front of the goggle box, which is why you see pensioners walking slowly round Asda with such pale complexions. Get out in the fresh air, learn to do something new each year but relax as well.
I was going to pack it in at 55 but my son advised not too, so I took a part-time job as a sort of stepping stone towards full retirement. So a step down followed by finishing completely. Plus the new job was nothing like my old job so had to learn new skills and which kept me on my toes.
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Yes everyone's deals with it differently. A lot go part time first if they can or take a part time job after being retired for a while. I was going to do similar but I realised I'm back to having someone controlling my time again even if the hours are less so I decided against it.
 
I retired 18 months ago, aged 58 at the time. I have worked for two hours since retiring, as an extra in a police training video.

I've a decent pension, so don't need to work again. I agree about keeping body and mind active. I do plenty of walking and I run something like 30k per week.

I'm keeping my mind active by learning new skills to put on live streaming of church services once a week. I'm secretary of my church also, and this keeps me very busy. I have very little time to watch TV, and life is just great - even in lockdown.

The wife retired last month, and we are looking forward to a few trips once Covid is under control.
 
squirtyflower said:
Sorry for butting in guys, but I think the main thing is to keep your brain and body active. Both at bit difficult at the moment.
Too many people vegetate in front of the goggle box, which is why you see pensioners walking slowly round Asda with such pale complexions. Get out in the fresh air, learn to do something new each year but relax as well.
I was going to pack it in at 55 but my son advised not too, so I took a part-time job as a sort of stepping stone towards full retirement. So a step down followed by finishing completely. Plus the new job was nothing like my old job so had to learn new skills and which kept me on my toes.
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My old fella is 58 and have been trying to advise him to do the same, even if it's 8 hours a week or voluntary work. He won't have it though and is on about staying part time at 60 where he is, in a job he hates.
 
dozzie26 said:
My old fella is 58 and have been trying to advise him to do the same, even if it's 8 hours a week or voluntary work. He won't have it though and is on about staying part time at 60 where he is, in a job he hates.
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I did it for the flexibility so I could do more of my own things during the week, and go and watch City in Europe. Fortunately for 95% of the time I could chose when I had to do my hours which is just what I needed.
 
dozzie26 said:
My old fella is 58 and have been trying to advise him to do the same, even if it's 8 hours a week or voluntary work. He won't have it though and is on about staying part time at 60 where he is, in a job he hates.
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It's crazy staying in a job you hate when you consider you probably spend half your life at work. That means half your life you've been miserable. I know the majority would rather be at home with their feet up but given that isn't really feasible at least try and do something you enjoy.
 
Totally agree about keeping your mind active and body, my dad retired at 60 from local authority a finance manager, he crown green bowls in summer, so in winter he went on contract work and was pulling in loads of extra cash during the winter months, stupid money, trouble was he was that good, reliable and conscientious they wanted to keep him full time, he refused and carried in fir a few years picking and choosing. Unfortunately age has caught up with him, he’s 76 this year and id say for the past 6/7 years he’s been bad, type two diabetes, early stage Parkinson’s, heart problems etc etc. The biggest thing is his knees, he was due an operation on one which Covid has cancelled twice, this has led to his other knee now been fucked, this in turn has led they think to a femoral hernia!
With no bowling for over a year he just sits in his chair watching tv, the godsend is the football I suppose as he isn’t mobile, but he’s not in a good place, I try to get over to watch City with him but with lockdown restrictions I’ve stopped that, still phone him after every match.
I think what I’m saying is had he worked until 68, he would basically have gone from working for the man to a mess almost overnight, he’s certainly nit enjoying his retirement but he did for the first 8 years or so, doesn’t seem a lot for a lifetime of work does it. I’m all for enjoying your life and living in the now, but it’s amazing how quick the years go and a bit of forethought and saving will hopefully let you enjoy later life as well.
 
Blue Maverick said:
Totally agree about keeping your mind active and body, my dad retired at 60 from local authority a finance manager, he crown green bowls in summer, so in winter he went on contract work and was pulling in loads of extra cash during the winter months, stupid money, trouble was he was that good, reliable and conscientious they wanted to keep him full time, he refused and carried in fir a few years picking and choosing. Unfortunately age has caught up with him, he’s 76 this year and id say for the past 6/7 years he’s been bad, type two diabetes, early stage Parkinson’s, heart problems etc etc. The biggest thing is his knees, he was due an operation on one which Covid has cancelled twice, this has led to his other knee now been fucked, this in turn has led they think to a femoral hernia!
With no bowling for over a year he just sits in his chair watching tv, the godsend is the football I suppose as he isn’t mobile, but he’s not in a good place, I try to get over to watch City with him but with lockdown restrictions I’ve stopped that, still phone him after every match.
I think what I’m saying is had he worked until 68, he would basically have gone from working for the man to a mess almost overnight, he’s certainly nit enjoying his retirement but he did for the first 8 years or so, doesn’t seem a lot for a lifetime of work does it. I’m all for enjoying your life and living in the now, but it’s amazing how quick the years go and a bit of forethought and saving will hopefully let you enjoy later life as well.
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Good post, but sorry to hear about your dad.
Covid has a lot to answer for and there are lots of people out there who deny operations and appointments are being routinely cancelled.
Time is finite and the more you get done the better. We made a list of the places to visit but two went by the wayside last spring/summer. I‘ve only got a few years left of skiing and losing one now and lost part of one last year. Need to crack on ASAP.
At least I’m still here to moan about it though.
 
Another good article on state pension and COPE for those still concerned... basically the COPE figure is not taken off your state pension forecast
www.thisismoney.co.uk

How is my state pension affected by being contracted out?

I am a 53-year-old man who has worked since leaving school. I belonged to a company pension which required me to be 'contracted out' for 18 years. How will this affect my state pension?
www.thisismoney.co.uk www.thisismoney.co.uk
 
Blue Maverick said:
Totally agree about keeping your mind active and body, my dad retired at 60 from local authority a finance manager, he crown green bowls in summer, so in winter he went on contract work and was pulling in loads of extra cash during the winter months, stupid money, trouble was he was that good, reliable and conscientious they wanted to keep him full time, he refused and carried in fir a few years picking and choosing. Unfortunately age has caught up with him, he’s 76 this year and id say for the past 6/7 years he’s been bad, type two diabetes, early stage Parkinson’s, heart problems etc etc. The biggest thing is his knees, he was due an operation on one which Covid has cancelled twice, this has led to his other knee now been fucked, this in turn has led they think to a femoral hernia!
With no bowling for over a year he just sits in his chair watching tv, the godsend is the football I suppose as he isn’t mobile, but he’s not in a good place, I try to get over to watch City with him but with lockdown restrictions I’ve stopped that, still phone him after every match.
I think what I’m saying is had he worked until 68, he would basically have gone from working for the man to a mess almost overnight, he’s certainly nit enjoying his retirement but he did for the first 8 years or so, doesn’t seem a lot for a lifetime of work does it. I’m all for enjoying your life and living in the now, but it’s amazing how quick the years go and a bit of forethought and saving will hopefully let you enjoy later life as well.
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Sorry to hear about your dad
That's why I would recommend as soon as you can afford to retire do so
I managed to do so at 60 .
Been on a few cruises .Spend loads of time in the sun at my Holliday home
No stress now have plenty of time to do SFA .
Ive never had a pot to piss in but what I got I manage ok
 
GornikDaze said:
Another good article on state pension and COPE for those still concerned... basically the COPE figure is not taken off your state pension forecast
www.thisismoney.co.uk

How is my state pension affected by being contracted out?

I am a 53-year-old man who has worked since leaving school. I belonged to a company pension which required me to be 'contracted out' for 18 years. How will this affect my state pension?
www.thisismoney.co.uk www.thisismoney.co.uk
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I just read that article in full and that is exactly what it does say!
 
Blue Maverick said:
Totally agree about keeping your mind active and body, my dad retired at 60 from local authority a finance manager, he crown green bowls in summer, so in winter he went on contract work and was pulling in loads of extra cash during the winter months, stupid money, trouble was he was that good, reliable and conscientious they wanted to keep him full time, he refused and carried in fir a few years picking and choosing. Unfortunately age has caught up with him, he’s 76 this year and id say for the past 6/7 years he’s been bad, type two diabetes, early stage Parkinson’s, heart problems etc etc. The biggest thing is his knees, he was due an operation on one which Covid has cancelled twice, this has led to his other knee now been fucked, this in turn has led they think to a femoral hernia!
With no bowling for over a year he just sits in his chair watching tv, the godsend is the football I suppose as he isn’t mobile, but he’s not in a good place, I try to get over to watch City with him but with lockdown restrictions I’ve stopped that, still phone him after every match.
I think what I’m saying is had he worked until 68, he would basically have gone from working for the man to a mess almost overnight, he’s certainly nit enjoying his retirement but he did for the first 8 years or so, doesn’t seem a lot for a lifetime of work does it. I’m all for enjoying your life and living in the now, but it’s amazing how quick the years go and a bit of forethought and saving will hopefully let you enjoy later life as well.
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Yep. Making the retirement age 68 was criminal in my view, an appalling way to treat the population. Just so wrong.
 
GornikDaze said:
Sorry, I should have said that you don’t deduct the COPE figure from the state pension figure quoted.
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Thats interesting, and is certainly clearer than the HMG site. So according to that I can factor in an additional £18 a week to my pension planning budget. I'll be retiring a couple of days earlier then :)
 
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