Retiring

Champions again in 2012

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I retired on Friday after 43 years continuous service. My wife retired late last year. We're both 61. I'm looking forward to the next chapter in my life and adopting a more relaxed lifestyle. I know I will keep very busy in the summer months but have my doubts about not getting bored in winter but if I think that could happen I would consider taking a 4, 5 or 6 month contract
 

paulchapo

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23 Nov 2010
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Great post. A lot of wisdom in there.

Thanks mate, it comes hard earned and with age. Some of the guys no longer with us I told to leave the stress behind, enjoy life. They were too brainwashed and fixated on "One more year" for this great retirement these extra years were going to get them but never did. Sad really.
 

jacko74

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

I honestly wouldn't consider it frugal, or maybe I'm just used to the life I now live.
I can still afford to run a car on that budget, still afford decent quality premium brand food.
I'm mortgage free and just spent £50k having my house fully renovated so that shouldn't need any major expense in the next 15 years.
Did have a more expensive lifestyle in the past of flash cars and socialising but I'm well over that now! More than happy just spending my time walking, cycling, going for drives out locally.


Here's the basic figures, don't think I'm missing out anything obvious?...

council tax - £1000

utilities inc broadband - £1000

Weekly shopping -£2,400

car running inc petrol -£600

unexpected expenditure - £500-£1000
 

paulchapo

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23 Nov 2010
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22,138
I honestly wouldn't consider it frugal, or maybe I'm just used to the life I now live.
I can still afford to run a car on that budget, still afford decent quality premium brand food.
I'm mortgage free and just spent £50k having my house fully renovated so that shouldn't need any major expense in the next 15 years.
Did have a more expensive lifestyle in the past of flash cars and socialising but I'm well over that now! More than happy just spending my time walking, cycling, going for drives out locally.


Here's the basic figures, don't think I'm missing out anything obvious?...

council tax - £1000

utilities inc broadband - £1000

Weekly shopping -£2,400

car running inc petrol -£600

unexpected expenditure - £500-£1000

Utilities including broadband only £1,000 a year?? I'd estimate it must be double that. Does that include gas, electricity and water rates, all of which are extortionate?
 

r.soleofsalford

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rag central the blue part.
I`m not saying it`s the only way or the right way but other than a mortgage, try and keep as debt free as possible. Whatever you get, pay cash for, otherwise you`ll find lots of your hard earned will be going to service your debt. When I 1st got a mortgage in 1976 you received tax relief on it which made a mortgage a must have. Then they brought out Miras in the early 80`s which gave you tax relief on the 1st £30,000. I thought it was time to pay off the part of my mortgage I wasn`t getting tax relief on. As the government reduced Miras and the tax relief I paid my mortgage off.

My Thought`s

While you have debt you are in danger. Rising interest rates, dip`s in the world economy leading to job losses and as I said servicing your loans.

Make an attempt to become debt free as quickly as is reasonably possible. Make it that everything you have you own. I know neighbour`s who have lost everything because of ill health and being overly indebted. First thing to go were 1 of the car`s they leased, then the 11 properties they were paying mortgages on. Finally when one man died the last car they were leasing and the house they were living in were gone. His partner of 12 years ended up with nothing as his debt`s were bigger than his assets. This isn`t uncommon, it can happen because of health or economic change. Stop working for your debt provider and work for yourself.
 
Last edited:

paulchapo

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Joined
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Messages
22,138
I`m not saying it`s the only way or the right way but other than a mortgage, try and keep as debt free as possible. Whatever you get, pay cash for, otherwise you`ll find lots of your hard earned will be going to service your debt. When I 1st got a mortgage in 1976 you received tax relief on it which made a mortgage a must have. Then they brought out Miras in the early 80`s which gave you tax relief on the 1st £30,000. I thought it was time to pay off the part of my mortgage I wasn`t getting tax relief on. As the government reduced Miras and the tax relief I paid my mortgage off.

My Thought`s

While you have debt you are in danger. Rising interest rates, dip`s in the world economy leading to job losses and as I said servicing your loans.

Make an attempt to become debt free as quickly as is reasonable possible. Make it that everything you have you own. I know neighbours who have lost everything because of ill health and being overly indebted. First thing to go were 1 of the car`s they leased, then the 11 properties they were paying mortgages on. Finally when one man died the last car they were leasing and the house they were living in were gone. His partner of 12 years ended up with nothing as his debt`s were bigger than his assets. This isn`t uncommon, it can happen because of health or economic change. Stop working for your debt provider and work for yourself.

Yes lots of people fall into similar traps. I was brought up by parents that paid as they went and didn't owe anybody. It was a good lesson. The only mistake they made was down to my dad being stubborn and refusing to buy their own house in spite of my mum nagging him to do so. He always mentioned that the council covered all the upkeep and repairs of the house and if they bought one they'd be responsible. Many years later they did end up buying their council house in the right to buy scheme at a greatly reduced price. This means they have managed to live very well in their old age as a result
 

r.soleofsalford

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28 Jan 2009
Messages
20,071
Location
rag central the blue part.
Yes lots of people fall into similar traps. I was brought up by parents that paid as they went and didn't owe anybody. It was a good lesson. The only mistake they made was down to my dad being stubborn and refusing to buy their own house in spite of my mum nagging him to do so. He always mentioned that the council covered all the upkeep and repairs of the house and if they bought one they'd be responsible. Many years later they did end up buying their council house in the right to buy scheme at a greatly reduced price. This means they have managed to live very well in their old age as a result


Yep buying rather than renting is the only way to go IMO. Neither of my grandparent owned their own home. Can you imagine how much of their income they lost by renting.
 

paulchapo

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23 Nov 2010
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22,138
Yep buying rather than renting is the only way to go IMO. Neither of my grandparent owned their own home. Can you imagine how much of their income they lost by renting.

It was madness but people were very traditional and set in their ways back then. I held off buying my own house until I was ,35 but it was the best thing I did. I paid it off eight years early and could have done it earlier if I'd wanted. Even at its peak I think I was paying less mortgage repayments than most people were rent. I feel sorry for the youngsters today most will never get onto the ladder.
 

jacko74

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5 May 2009
Messages
1,732
Utilities including broadband only £1,000 a year?? I'd estimate it must be double that. Does that include gas, electricity and water rates, all of which are extortionate?
Broadband - Smarty, excellent unlimited 4g - £18 a month
Water Meter bills - average £320-£350 a year (and I have 2 showers a day!)
Electric - average £400 a year

No mains gas where I am and I don't like the house too hot anyway so hardly ever have the leccy wall heaters on, plus I get lots of free wood for my logburner, more than I need.
 

paulchapo

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Joined
23 Nov 2010
Messages
22,138
Broadband - Smarty, excellent unlimited 4g - £18 a month
Water Meter bills - average £320-£350 a year (and I have 2 showers a day!)
Electric - average £400 a year

No mains gas where I am and I don't like the house too hot anyway so hardly ever have the leccy wall heaters on, plus I get lots of free wood for my logburner, more than I need.

Okay. I dipped out on not getting a water meter fitted years ago, mine is something like £56;a month and I live on my own.
 

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