Retirement...when, how old and how much??

[Slipper One]

There does seem to be a divide of those that want to live it up or do new things when they retire and those (like me) who would be happy just pottering around, doing mundane things and taking it easy.
For my lifestyle I wouldn't need much cash at all, and aside from City, I really don't spend much on anything else.

I think I'm a lot like you Lowtower.

I don't need that much to live on and much of my income now goes on groceries and utilities.

That said, in the last twelve months I've had a mooch around Italy, visited the UK twice and again in a couple of months and then a visit to Germany and onto Paris in October. I'd rather spend my 'surplus' money on travelling. The only issue I have now is that the fair lady is younger than me and is still working, so vacation time can be a problem for her.

Since COVID we even find we don't eat out as much as well. It's not a conscious choice, we just don't seem to have the interest these days.
Other entertainment like concerts seem to have gone a little sparse, so it's normally over to friends for dinner, or visa versa. Once the nice weather comes, that will be even more enjoyable, because it will be outside enjoying a beautiful evening.............unless the f***ing mosquitoes spoil it for us.

Life is good.

 

[Churchlawtonblue]

I am afraid not.
If you fuck up as an employee it’s not taken from your wages.
If you fuck up as a boss you lose the business, the buck stops with you.

This post will be lost on many on here.

 

[Kompany Car]

I am afraid not.
If you fuck up as an employee it’s not taken from your wages.
If you fuck up as a boss you lose the business, the buck stops with you.

You're telling that to someone who works as a Technical Director in a company that deals with safety critical industries. Unfortunately if I fuck up or the teams fuck up then its more than money thats taken, as prosecution, where multiple fatalities occur is almost always in the public interest and thats just within the UK.

 

[Churchlawtonblue]

You're telling that to someone who works as a Technical Director in a company that deals with safety critical industries. Unfortunately if I fuck up or the teams fuck up then its more than money thats taken, as prosecution, where multiple fatalities occur is almost always in the public interest and thats just within the UK.

Very true, but I believe he was talking from purely a financial perspective.

 

[halfmist]

This post will be lost on many on here.

Unless you are successful, then you become a capitalist bar steward who will be burned alive come the Revolution.

 

[halfmist]

Very true, but I believe he was talking from purely a financial perspective.

Mainly, financial, but also on other aspects such as risk, responsibilities and commitment are all different for an owner than employee.
I was also generalising, as there are probably 10 million different reasons why people work for themselves.
Of course there are going to be individual exceptions to risks and responsibilities like Kompany Car quotes.
I assume Technical Director is merely a title, if he was also a shareholder in the Company with bank PG’s etc he would better understand the points that are being made

 

[Kompany Car]

Mainly, financial, but also on other aspects such as risk, responsibilities and commitment are all different for an owner than employee.
I was also generalising, as there are probably 10 million different reasons why people work for themselves.
Of course there are going to be individual exceptions to risks and responsibilities like Kompany Car quotes.
I assume Technical Director is merely a title, if he was also a shareholder in the Company with bank PG’s etc he would better understand the points that are being made

We’ve gone so far off topic that I think we are now passing Pluto so this is the last I will say.

I fully understand financial risk and responsibility as both my wife and brother are self employed. Failure for myself would lead me to being struck off from professional institutions and would more than likely end my career, so in a similar way everything is still on the line. As for responsibility to employees, like anyone with any conscience, the worst thing I have ever had to do in my career is make people redundant, so do everything to avoid it. I don’t work a fixed 9-5, my contract requires me to work the hours to do the job, so minor “cock ups” and issues are resolved by me working more hours which effectively means taking a financial hit on my hourly rate.

To loop back to where this started re CGT rates and pension thresholds. The money gained from aligning CGT and IT plus not removing the pension threshold, should be spent on supplying 100% loan guarantees from the government to banking institutions, where the business case can demonstrate a growth in employment. At present as you are aware, access to EFGs rely upon all PGs to be exhausted. Removing the need for PGs or reducing the liability of the owner to say only 20%, would drive growth as it reduces financial risk exposure of the business owner, but this should be solely for SMEs. Business owners then see a growth in profits, likewise there would be a corresponding growth in PAYE returns and maybe, just maybe we start to move away from an economy dependent upon financial services to keep our balance trade deficit in check.

If people thought bigger, rather than focusing just on their own wealth, society might just stop regressing.

 

[ganganvince]

That's the harsh reality. None of us know how long we've got. We might be lucky and have a good twenty years of life, or longer and good health to enjoy it. There again we might not. A guy I knew well from my local had his 62nd birthday on the Wednesday and was found dead in his apartment on the Sunday. No underlying health conditions and the post mortem was inconclusive. Great guy, the poor bugger didn't even make his state pension. Get out as early as you can and enjoy it while you have good health.

I Just need to man up and take the jump but it's hard when you have worked since 16 it's a big lifestyle change.

 

[paulchapo]

I Just need to man up and take the jump but it's hard when you have worked since 16 it's a big lifestyle change.

Yes it is. It's not just your working life it's being put into that routine and mindset from the age of five when you go to school. I still miss the banter of work but not the pressure and long hours. I like the freedom of nobody dictating my time and life though. That's why I won't take a part time job now as it means you're still being controlled. Everybody is different though, some people love work.

 

[dickie davies]

For those retiring older I wonder what they are going to do, even the fittest 67/68 old isn’t going to be sky diving etc, insurance premiums would be sky high, yes there are holidays but look at what at they cost these days, Brexit will have fucked up many wanting to live in the sun into old age as well. Unfortunately they want to work most of us to the grave.

A friend owns an apartment not far from Torrevieja
As a family we've used it and also with my mate and a couple of other lads, long weekends of sun, beer and a laugh
In the ten years of visiting up to covid I've seen and met so many retired couples who moved there to "live the dream" and every one sold up and moved back to the UK due to ill health or going stir crazy