Retiring

[hammocity]

I'm lucky in that I work in engineering consultancy so if I do want a little bit of work here and there to keep me out of trouble, I can stay on their books as an associate.

Could set up my own business, but it's probably not worth the hassle with IR35, plus staying with the company you still get the perks like BUPA/dental even if you are part time.

Don't worry about IR35, that's well on the back burner, was the big investigative issue before Covid struck but I think you will be well aware of that.

 

[Nellies left peg]

I worked as a printer on shift work until I was 32 years old then started my own business.

Fair play to you, hope you have a long and happy retirement

 

[SWP's back]

Retired 4 years ago at the age of 64 but had only worked 4 mornings a week from the age of 32.

Do as little as you can for as much money as you can and enjoy your freedom and your life.

If you are lucky enough to do it, it`s great.

No way you’re 68!

Hows the golf going bud?

 

[SWP's back]

Quick question for someone who may know..

I am currently in receipt of a widowers pension for life from the dept of education.
Is it possible to sell this pension or do I have to keep taking it? It is currently 8k per year and , God willing, I would expect to live another 25-30 years.
I understand if I did this I would lose out in the long run but I fancy paying off my mortgage early and living a less stressful existence (mortgage is by far my biggest expense).
Is it possible to “sell it” ??
(I doubt it is but thought I’d ask)

You can’t sell it buddy I’m afraid.

 

[jacko74]

Jacked my job in a couple of months back at 47.

£6k a year comfortably covers all my essential outgoings (I'm more than happy living a very boring and unsociable life)

As it stands I should have enough income/draw down from savings and investments to see me through to 65 when I can take my full company pension.

Who knows, it might not work out, if we do get rampant long term inflation or my investment income starts underperforming, but I'm happy to give retirement a go for now and see how things pan out.

At worse I might have to get a little part time job of just a few hours a week at some point in the future if things do start to look a bit tight but I'm hoping I shouldn't have to.

 

[flook]

Jacked my job in a couple of months back at 47.

£6k a year comfortably covers all my essential outgoings (I'm more than happy living a very boring and unsociable life)

As it stands I should have enough income/draw down from savings and investments to see me through to 65 when I can take my full company pension.

Who knows, it might not work out, if we do get rampant long term inflation or my investment income starts underperforming, but I'm happy to give retirement a go for now and see how things pan out.

At worse I might have to get a little part time job of just a few hours a week at some point in the future if things do start to look a bit tight but I'm hoping I shouldn't have to.

6k??? that's.....frugal living. Wouldn't cover the food bill for her indoors and myself :/

 

[ChicagoBlue]

Jacked my job in a couple of months back at 47.

£6k a year comfortably covers all my essential outgoings (I'm more than happy living a very boring and unsociable life)

As it stands I should have enough income/draw down from savings and investments to see me through to 65 when I can take my full company pension.

Who knows, it might not work out, if we do get rampant long term inflation or my investment income starts underperforming, but I'm happy to give retirement a go for now and see how things pan out.

At worse I might have to get a little part time job of just a few hours a week at some point in the future if things do start to look a bit tight but I'm hoping I shouldn't have to.

You can live on £16.44 per day?

I’m not quite sure how, but well done!

 

[Hutchymcfc]

What does everyone have income and assest wise to take early retirement, people are right about work I seen that 3 years ago I used to work loads but don’t know

i really want to retire early had 3 weeks of furlong recently and it gave me a glimpse of what I want but I really don’t have a clue what I will need

I have a house I rent out which has 5 or 6 years left that worth around 130 and get 515 a month in rent so not sure if I should sell it or keep it , invest the monthly rent into a pension and then have the income still if I sell invest into funds and pension fund , have around 40 k in a pension and I think around 250 a month goes into this im 39, around 20 k in funds , I save around 100 a month into this and will increase it to 250 next year plus around 1500k though over time a year

 

[r.soleofsalford]

No way you’re 68!

Hows the golf going bud?

Unfortunate I am 68 Sam.

The golf isn`t great. I`m still playing but last year I was playing off 14 which was my 1st handicap I got in 1983.

I`m off 18.2 now, after 25 year off single figures and it pisses me off. I`ve struggled with illness since 2010 which has cause me breathing and joint problems meaning I can only play with the use of a buggy and in the dryer and warmer months.

As lots on here have come to realise old age and the shit that comes with it can be a bit of a ****.

Keep playing as long as you can and enjoy playing great couses in great weather.

Pete

 

[paulsimpson]

Nice one well done you on catching them out and doing well out of it as a result.

You're absolutely right we're all just a number at the end of the day. I like the old saying, "Put your hand into a bucket of water/sand and then pull it out. The gap that's left is how much you'll be missed when you're gone."

There are a number of reasons why I took early retirement. One big one was seeing about ten fellow shipmates I knew die around the fleet before the age of sixty in a short space of time. Some of those flogged themselves to death and put the company first. Some I had tried to tell to ease off or quit, a few could have done so but didn't. When I was going one said, "If you stayed another four years you'd earn X amount of thousands extra, going now you'll be spending it " I replied " Yes but I'd have to sacrifice another four years of my valuable time doing so."

A couple of months ago one ex shipmate had decided to take voluntary redundancy that was being being offered due to covid. He had met a lovely younger lady on a golfing holiday in Portugal and was going to relocate over there and draw his navy pension. The travel restrictions were delaying the move much to his frustration. One morning he went to play golf and in the clubhouse later he felt unwell, ending up in hospital. Nobody thought it was serious, he posted a picture of himself on the hospital trolley saying they were transferring him to the heart unit. Everyone was ripping the piss out of him. I was on holiday in Tenerife and the next morning got a text to say he'd died. He was 56, no history of heart trouble or any illness.

Never wait or delay, do what makes you happy, you'll always get by. Too many flog themselves to death for a retirement utopia they never get to see.

Great post. A lot of wisdom in there.