Retiring

[ChicagoBlue]

Looking for work in retirement is a lack of either resources or imagination!

If you can afford to put gas in your car, there’s always a new adventure waiting over the next hill.

 

[Newman Noggs]

I just don’t get why some think they will be bored when they retire and need to either keep on working or get a little part time job? You should never be bored. There is always something to see or do if you put your mind to it. If I could afford to retire financially I would do it now and I am 56! No prospect unfortunately. Each to his or her own I suppose!

Ha ha ! I said that every day for 40 years. Right until about a month after I retired.

Then I realised that to do all the stuff I really want to do rapidly ate into my savings and my, albeit decent, pension won't fund all the weekends away and travel I'd like to do so needs must. Obviously you have to balance the two, so I work part time. It's very different working to afford to live and working to get life's little luxuries.

 

[blue for life]

Ha ha ! I said that every day for 40 years. Right until about a month after I retired.

Then I realised that to do all the stuff I really want to do rapidly ate into my savings and my, albeit decent, pension won't fund all the weekends away and travel I'd like to do so needs must. Obviously you have to balance the two, so I work part time. It's very different working to afford to live and working to get life's little luxuries.

Well that is true if you want to spend spend spend on things that cost a lot of money. Not everything costs loads of cash. Plenty of things I want to do at very little financial outlay. Life is too short and learn that every single time a friend or acquaintance passes away. Plenty before their time too.

 

[blue for life]

I retired at when I was just over 60 never been bored for a minute
Been catching up doing things, going places, visiting people I couldn't do when I was working
There is absolutely so many things to do & loads of places to visit which doesn't have to cost much
Now I have no stress or worries
I would recommend early retirement to anyone who can afford to do so

My point precisely.

 

[worsleyweb]

Well that is true if you want to spend spend spend on things that cost a lot of money. Not everything costs loads of cash. Plenty of things I want to do at very little financial outlay. Life is too short and learn that every single time a friend or acquaintance passes away. Plenty before their time too.

this is very true.

My biggest pleasures

watching films
Walking
Gardening
Watching city
cycling
Sleeping
Shagging

Cost practically fuck all

 

[blue for life]

this is very true.

My biggest pleasures

watching films
Walking
Gardening
Watching city
cycling
Sleeping
Shagging

Cost practically fuck all

There you go. For me having the time to seriously get back to guitar playing, learning so much on that one instrument itself. I could play for hours on end. Plus having the time to learn to play other instruments. Walking in the countryside, days out here and there, spending more time with my family and friends, watching City, learning new things, simple things like spending all day in town wandering around places I haven't been for years etc etc

 

[Blue Maverick]

this is very true.

My biggest pleasures

watching films
Walking
Gardening
Watching city
cycling
Sleeping
Shagging

Cost practically fuck all

Exactly this, I dont need to be flying to a five star hotel in Dubai (although that would be nice) and what is this shagging you speak of?

 

[Newman Noggs]

Well that is true if you want to spend spend spend on things that cost a lot of money. Not everything costs loads of cash. Plenty of things I want to do at very little financial outlay. Life is too short and learn that every single time a friend or acquaintance passes away. Plenty before their time too.

Hmmmm. Nice theory and one I shared until I retired. Then I realised that the car I drive to get to see family or even the shops or just to do the simple things I want to do costs money. True you could buy an old banger but it would be unreliable when you most need it and a few hundred quid to repair every time. So you buy a newer car but even that needs servicing, delapidates and needs replacing every now and then. New tyres ? That's £80 a pop right there. Car tax ? Insurance ? Petrol ?

Then, of course, there's the house you live in. True, you could live in a rented shed you've built yourself but if you have a half decent house that delapidates too. New windows ? Yup that's a few hundred more quid if you replace them one at a time like we do. Crikey, that council tax has gone up again.

City ? Sky ? Mobile ? Golf club fees ? fishing club fees ? Food ,? Electricity ? Heating ?

Actually, sod that, I'll take the dog for a walk. Ah yes, the dog. Monthly insurance premium (which has to be topped up because it never covers the vets bill), food..

As a poster said earlier, when you are planning retirement, carefully cost everything you need, then what you want to do, even if it seems simple, it's not as cheap as you think.

As for shagging, bear in mind your partner will likely be a woman in her 60s and you probably won't be that desirable a stud yourself.

 

[Citizen of Legoland]

Another good article on state pension and COPE for those still concerned... basically the COPE figure is not taken off your state pension forecast

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

It all depends on your NI profile.
You need 35 years of full contributions to get the full pension, doesn’t matter when that is achieved.

Just wanted to come back to you on your reply, squirty, as I think I have worked out something following Gornik's post which means you might be slightly incorrect (or I may be misunderstanding your terminology).

In the article it mentions how the government calculated everyone's state pension values as at April 2016. I fit almost exactly with the example explained within it, and would have been 29x contributing years at that time, however in my case that seems to have been about 15x full years only, i.e. I was contracted out for the remaining 14. This means my 'starting figure' is around £154 (the basic state pension plus 14 yrs of additional contributions) and with the 5x qualifying years since (come April), will reach full pension - which gov.uk confirm. That's a total of about 20 full years only, nowhere near 35.

 

[blue for life]

Hmmmm. Nice theory and one I shared until I retired. Then I realised that the car I drive to get to see family or even the shops or just to do the simple things I want to do costs money. True you could buy an old banger but it would be unreliable when you most need it and a few hundred quid to repair every time. So you buy a newer car but even that needs servicing, delapidates and needs replacing every now and then. New tyres ? That's £80 a pop right there. Car tax ? Insurance ? Petrol ?

Then, of course, there's the house you live in. True, you could live in a rented shed you've built yourself but if you have a half decent house that delapidates too. New windows ? Yup that's a few hundred more quid if you replace them one at a time like we do. Crikey, that council tax has gone up again.

City ? Sky ? Mobile ? Golf club fees ? fishing club fees ? Food ,? Electricity ? Heating ?

Actually, sod that, I'll take the dog for a walk. Ah yes, the dog. Monthly insurance premium (which has to be topped up because it never covers the vets bill), food..

As a poster said earlier, when you are planning retirement, carefully cost everything you need, then what you want to do, even if it seems simple, it's not as cheap as you think.

As for shagging, bear in mind your partner will likely be a woman in her 60s and you probably won't be that desirable a stud yourself.

Well obviously you don’t know my circumstances and I don’t know yours plus we probably want different things. I don’t have a mortgage and have a lifetime guarantee living in a house owned by my sister paying minimal rent. I won’t need a car later in life where I live. I could live without one now in fact. And I am grown up enough to know what I want and the cost of living into my old age. Oh plus two pensions and the state pension. It’s not a ‘nice theory’.