Retirement

[ferneyhoughgeliebte]

"Come on in: the water's lovely!"

Whether or not you do all/any/none of the things you think you've got planned, the point is it's your decision to do with the days what you want to do - and that is a luxury worth rubies! Of a similar age, I found the first six weeks quite a frightening culture shock - sort-of "Okay: you can do exactly whatever you want; now you've got to come to terms with what exactly it is you do want!" The first day of the new School Term, as I had a leisurely breakfast at around the time my former colleagues were taking morning registers, all that anxiety vanished in a swift breeze of smugness, and I haven't looked back!

More time to read, to listen, to look, to walk, to write, to go places ... to spend on the Forum

[Dave2002]

"Come on in: the water's lovely!"

More time to read, to listen, to look, to walk, to write, to go places ... to spend on the Forum

Maybe, but a lot depends on one's personal circumstances. It's also possible to get totally overloaded with things to do, depending on quite a number of factors.

I was warned about this years ago - someone said that "you'll find you get busier than ever ...." and I resisted for quite a while. Now there are times when I'm really far too busy.

[Nick Armstrong]

Good luck to you, son of Sycorax. Enjoy!

Thanks all! And bon courage, Bryn, Pet, and others soldiering on

Yes, ferns - the element of personal choice (inc. in my case the freedom to do bugger all if I choose - at which I am extremely good!) is a huge attraction!

young Mr Grace

I find I've been doing a lot of young Mr Grace impressions at work lately

I'm out walking and birdwatching most days and feel much the better and fitter for it.

I suppose one of the things I think I have to be careful about (other than trying to avoid smugness!) is the opposite - for the last 10-odd years I've done 60 - 90 minutes of cycling each of 5 (latterly 4) days a week, to and from work, come rain or shine. The temptation (for me) will be to be lazy - I sense I shall have to make sure among all the various sedentary things I like to do (including motoring), that I get out on the bike etc. (hence recently inclining more to a cheeky hour on the bike in the park, with Jazz Record Requests in the ears on Saturday afternoon and Choral Evensong on a Sunday).

[Barbirollians]

I am delighted to report that at the end of April, having turned 55 later this month, I shall be retiring

Ironically, I'm childishly excited about it - increasingly so since last summer when it became clear that it was economically a distinctly attractive option. I'm only too aware I'm astonishingly fortunate to be able to do so (although it's not just good luck - there's been a certain amount of prudence and planning involved over the years).

Various trips (not least to spend more time with family in France), a couple of major redecoration projects at home, the prospect of actually trying to play properly the dozen or so piano pieces I've stumbled through intermittently for years (and other pieces besides), the ability to increase the amount of time I can spend as a flâneur in London, daytime cinema visits, freebies at the music colleges, &c. &c.... All these things I find enticing in the extreme.

Also doing something properly I've not been able to do for years: reading. Proust (see soon-to-be dedicated thread) will be one project: Book 1 already purchased and waiting. But above all, I mean to read Zola's 20-book Rougon-Macquart series of novels. I read 2 or 3 when living in France in the early '80s and loved them. Last year, my interest was rekindled by the first third of Radio 4's terrific "Zola - Love, Sex and Money" series (with Glenda Jackson et al.).

I've made it a task over the last couple of months to add to the 1977-80 Livre de Poche edition of the series, of which I bought a few back in the day, the design of which I love and the format and typeface of which make them ideal for reading whenever, wherever (I often find it easiest to read anywhere but at home, not least when travelling). The internet has proved perfect for this task, and this week I completed my collection from various French secondhand sites

Let me at it !!!!

I confidently expect not to miss the increasingly irritating aspects of work at all (a lot of them have already evaporated, and I already seem to be out and about much more late morning and mid-late afternoon )... and indeed, in the words of the cliché, to wonder how I ever actually had time for work. (There is actually one aspect of what I do, the most enjoyable, that I shall be able to continue on an occasional basis - once I've had the rest of this year off - to keep the brain/hand in and boost the pocket money)

I recalled this thread from a while back and have enjoyed reading the various reactions and experiences above. Any others gratefully received!

Congratulations - hope all goes well and you do not miss the law.

I suspect God willing I will have to work a lot longer than you - but that is legal aid for you !

[cloughie]

I followed a similar pattern to yours - gave up Monday's some time before retiring at 55. Thirteen years or so on I'm busier than I've ever been but the beauty of it is I do what I enjoy and if I stop enjoying it I can say no and move on to something else.
...but don't bank on having more time because things you never really thought about will have a claim on it.

[ardcarp]

I have not read my way through this thread. I am pleased for people who have earned a worthy retirement at an age young enough to enjoy it. Just spare a thought for those of us who, for various reasons, will need to continue doing what they do until infirmity (or death?) intervenes. I'm lucky enough to be able to draw lines through whole weeks in the diary and fit in holiday periods of my choosing. I regard it as 'retirement' taken in instalments. I am sorry for those who cannot do likewise.

[mangerton]

Delighted to hear you're retiring, Cal. Great news indeed. I'll be a year or two yet.

[ferneyhoughgeliebte]

Delighted to hear you're retiring, Cal. Great news indeed.

Another of cali's satisfied customers?

[Nick Armstrong]

Another of cali's satisfied customers?

Yup, they're queuing up to make sure I'm really quitting!!

[Petrushka]

One or two friends of mine have retired at 55 and I'm just baffled as to how it can be economically viable. As I've already said, my pensions would take such a hit on going early they would be rendered worthless while I'm going to have to wait a mere 6 months extra for the State pension (in January 2020). I live on my own, no mortgage, no wife, no kids, no car but an old house to maintain and the usual bills to pay and only a modest amount in savings.

I've worked since I was 20, mostly on a relatively mediocre salary. The maths tell me once the pensions kick in I should hopefully be getting something like the same as I am now but until then retirement isn't an option if I want to maintain a similar lifestyle as now.

Am I wrong?

[Dave2002]

One or two friends of mine have retired at 55 and I'm just baffled as to how it can be economically viable.

Perhaps they had/have one or more of the following:

1. A retirement deal (redundancy, restructuring ...)
2. Had some inheritance money passed on to them around the time they retired.
3. Sold some major asset (such as an inherited house)
4. A rich wife/husband/partner.
5. A wife/husband/partner who continues to work.
6. Been getting paid more than you thought.
7. Won the lottery.

As I've already said, my pensions would take such a hit on going early they would be rendered worthless while I'm going to have to wait a mere 6 months extra for the State pension (in January 2020). I live on my own, no mortgage, no wife, no kids, no car but an old house to maintain and the usual bills to pay and only a modest amount in savings.

I've worked since I was 20, mostly on a relatively mediocre salary. The maths tell me once the pensions kick in I should hopefully be getting something like the same as I am now but until then retirement isn't an option if I want to maintain a similar lifestyle as now.

Am I wrong?

Probably not.

At least it sounds as though you own your house, which is perhaps a good thing, as long as it isn't too expensive to maintain and run. Many people now use the word "mediocre" to mean "very low" - whereas it can mean "merely average" or "satisfactory" which is not so bad. If you think you can manage without a major change in lifestyle, then perhaps don't worry too much about it. If you don't dislike your work you may be able to carry on, or take on part time work, which would help financially for a few years. If you are healthy then hopefully you'll be OK for a while. Assuming your pension is OKish when you get to retiring age, you also have options re the State pension to defer it, which can then either be used for a lump sum payment a year or two later, or to get an income enhancement which I think is about 10% per year for each deferred year. That assumes the rules don't change between now and when you decide to give up work.

While I think that taking the 10% p.a. state pension income enhancement is perhaps not the best option for everyone, for some people it seems to work out quite well. Some people may have no option but to take the state pension as soon as they can, but if you don't need to it's worth thinking about deferment. I've screwed up though, and probably left mine too late to be optimum, but what's optimum for one person would not necessarily be the same for another. In the UK you do have to claim your state pension, and you will be notified a while in advance, but after that, if you defer, the pensions office will probably be rather useless and not remind you, or give you all the information you might need. You need to be ready to claim if you are wanting the state pension to kick in as soon as possible.

If there are ways you can enhance your situation before you retire, then you still have a few years to figure that out. If you don't dislike your work, you can probably taper your exit from work, and depending on timing that would give you more or less income. Otherwise you might find some other - additional/new - way of making money during your leaving period and afterwards, which you might prefer.

Good luck, and keep happy!

[Nick Armstrong]

Am I wrong?

I have no idea, Pet - I can't improve on Dave's answer (everyone's circumstances are different) except to say, have you taken advice recently? This should be available free via your bank; or a good independent financial adviser should be prepared to have an initial meeting free of charge / commitment, to assess whether she or he can bring anything to your pension party. The whole area is confusing to me, but I do know that one thing that transformed my situation was a recent set of changes to the rules on pensions which in my case made the age of 55 a possible one for retirement (for most of my career, the calculations were based on retiring at 60). No doubt you have had recent advice - but just in case not: do!

[Dave2002]

I would say ask for advice, but don't necessarily take it. Financial advisers are in the money business, but many make money for themselves first.

Also, remember that there is no hard retirement age now in most jobs. You can continue to work, or alternatively, do a deal with your employer if one is offered. It's worth keeping your eyes and options open, and a favourable deal might come along if you hang on. Don't just simply resign or retire to suit your employer. Offering to carry on may lead to a better outcome.

[MrGongGong]

Just spare a thought for those of us who, for various reasons, will need to continue doing what they do until infirmity (or death?) intervenes.

Elliot Carter

[teamsaint]

I'm sure it is right that somebody in Pet's position should take advice, and just as importantly talk to people about practical solutions.

Working costs money. Commuting, for instance ,costs money, and takes time. And that time can be converted into cash by working closer to home, even if it means on lower rates.

Many teachers ,for example,are taking their pensions voluntarily at 55. Yes,they do take a hit on their monthly pension,but they can use their lump sum for savings or clearing debts, and continue to do some kind of work, of a less pressured type, whilst saving some or all of their pension, if that is realistic.
In general, it may well make sense to take pension and lump sum now, and use the time and money to subsidise a partial retirement through other , different but less demanding work.