Retiring

Just coming to the end of my first year of "retirement". Fuck me it has gone quickly. I had planned a series of travel adventures from April through to October but Covid put paid to that.

I was offered some consultancy work doing exactly what I did before and I've been doing it part-time most of the year from home but earning nearly as much as I was getting full time before. For those who have pensions but are thinking of doing some work, I'd say the big difference is that I can pack it in whenever I want which puts a whole new perspective on it. Makes it less stressful.

I have work if I want it until April so will work over the Winter and think about resuming my proper retirement plans then.
 
Newman Noggs said:
Just coming to the end of my first year of "retirement". Fuck me it has gone quickly. I had planned a series of travel adventures from April through to October but Covid put paid to that.

I was offered some consultancy work doing exactly what I did before and I've been doing it part-time most of the year from home but earning nearly as much as I was getting full time before. For those who have pensions but are thinking of doing some work, I'd say the big difference is that I can pack it in whenever I want which puts a whole new perspective on it. Makes it less stressful.

I have work if I want it until April so will work over the Winter and think about resuming my proper retirement plans then.
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Yep that’s a big one for me and a lot have said it at my work, once your in a position where you are almost set up for retirement and you wouldn’t be up shit creek without the job, you take a different perspective knowing that it’s your choice and you can walk out of the door anytime.
 
bert38 said:
I think if you are happy in your work then there’s every reason to continue. Personally my mental health has taken a toll over the years-officers shot, killed on duty, killed themselves on duty-and that’s just the big stuff-a decade in custody with the constant exposure to horrible, extremely violent people becomes unbearable plus the long exhausting shifts and pressure from above. I miss the people I worked with but I’m out of it-seeing violence now, even on tv triggers my anxiety. Unfortunately I have a warped view of humanity that I hope rebalances itself in the future.
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That outlook on humanity is an interesting one, in your and my line of work we get to see the worst of it and frankly it’s getting bigger, the amount of selfish people in this world is growing, the self entitlement is unreal, this pandemic has highlighted it even more for me.
 
NPBlue said:
Honda CBR650R. Cracking machine. I love riding it.
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Good choice. A great bike by all accounts.
Don't currently own a honda but i've had a few over the years. All been pretty bulletproof and engaging.
Stay safe bud
 
So from now on I'm down to 3 days a week (my choice) and planned a day out with SWMBO on Thursday, and that fucking virus has fucked up my plans. Fuck.
At least I won't be working.
 
Now that I have turned 50 I am getting more and more focused on my pension and retirement plans.
I was advised to list my total household income and identify where every penny we spend goes.
After doing this then deduct anything that we don't expect to be paying out and what remains is what we should be planning for in today's income terms.

I was quite surprised to find that i expect us to only need around £28k a year as a joint income to maintain what I consider to be our current comfortable lifestyle. Given that we should receive around £18k in state benefit between us then I only need an additional income of around £10k a year.

I have been assuming that i would have to work until I was 67 to have any sort of comfort in retirement where now I am seriously considering that I may only work until I am 63.

I found this a really useful exercise and wish I had done this years ago,
 
bert38 said:
Well my time has finally come-25 years service in the police ended yesterday. I lose a small fortune going early but it was a no brainer really-the job has become harder and harder, its far more dangerous and its increasingly thankless and risky.

Its still a great job-unfortunately austerity (May) hammered us along with the rest of the public service-no pay rises in over a decade still grips my sh*t.

Nonetheless, I paid my mortgage off yesterday and I get to retire at 52 on 44% pay.
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There's plenty of people in the private sector who have seen bugger all pay rises over the past 10 years as well you know.

Anyway, enjoy your early retirement and your extra 15 years of relaxing compared to most of the rest of us. Most people in the private sector could only dream of this. In fact 44% of my pay at 67 would be a fucking miracle.
 
Chippy_boy said:
There's plenty of people in the private sector who have seen bugger all pay rises over the past 10 years as well you know.

Anyway, enjoy your early retirement and your extra 15 years of relaxing compared to most of the rest of us. Most people in the private sector could only dream of this. In fact 44% of my pay at 67 would be a fucking miracle.
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I like bert as a poster and thank him for his service but agree with you here.

His bit of a sob story the vast majority of us would kill for.
 
abu13 said:
Now that I have turned 50 I am getting more and more focused on my pension and retirement plans.
I was advised to list my total household income and identify where every penny we spend goes.
After doing this then deduct anything that we don't expect to be paying out and what remains is what we should be planning for in today's income terms.

I was quite surprised to find that i expect us to only need around £28k a year as a joint income to maintain what I consider to be our current comfortable lifestyle. Given that we should receive around £18k in state benefit between us then I only need an additional income of around £10k a year.

I have been assuming that i would have to work until I was 67 to have any sort of comfort in retirement where now I am seriously considering that I may only work until I am 63.

I found this a really useful exercise and wish I had done this years ago,
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That's where I hope to be in five years when I hit 63
A £300k fund, take £75k out tax free and use £10k a year of it added to my pension drawdown planned to be £12.5k a year so I will be on £22.5k tax free plus what Mrs DD brings in. Then the state pension kicks in four years later
A rough calculation says that the drawdown should last until I'm in my 80's

Three month long lets in warm countries are our aim
 
Been fully retired 11 years now. Stepped down retirement is best if you can fix it rather than a sudden cessation of work. I had 3 jobs from 50 -60.
Do a spreadsheet -I know where my income/expenditure went for 10 years and and can confidently say I have enough to match my lifestyle all I have to do is stay alive to enjoy it..
Pay off debt its a killer.
£25K is plenty for a couple with both state pensions incl.
 
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