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  #41  
Old 20-01-2019, 08:14 PM
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Originally Posted by chrisophiex View Post
Sounds like itís all about the pension...which is going to be a massive worry for most of us.
This is very true... I know the last company I worked at, for 21 years, disbanded the pension scheme some 10 years prior. Fortunately I was grandfathered in, so had about 11 years worth accumulated.

This is a big problem for the younger folks out there.
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Old 20-01-2019, 08:28 PM
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Age 60 now and I think in a couple of years I will have all the financial ducks in a row.

I am self-employed and quite enjoy my work, though I find it more difficult to handle the pressure these days. It will be great to know that I don't have to work anymore, but if I can fire 40% of my clients I don't see any reason to stop for now. The extra income will pay for some fun things to do while we still can.

Mrs. Jonboy retired two years ago. She has never been busier.
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  #43  
Old 20-01-2019, 08:31 PM
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I'll be 60 in August, mortgage paid off 3 years ago, my wife is younger than me and has a decent income. I have become tired of working and the body has been letting me know it needs a rest, my Mother died 3 months ago and it has made me take stock of things and what things I'd like to do whilst I can.
I am lucky that I have, from this year, reduce my working week to 3 days, I have a small pension coming out at 60 and may even drop to 2 days. Even though it's early days I feel so much better, I will be looking after my granddaughter 1 day a week, have bought a boat and booked 2 holidays for this year. I actually think I will need a couple of days a week working, not ready to give up fully all the time I'm fit. Two other pensions kick in at 65 and if I'm still around, the state pension at 67.

At the moment I feel I have the best of both worlds and wished I'd reduced my work days a few years ago.
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  #44  
Old 20-01-2019, 08:32 PM
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Retired from full-time work at 55 as employer wanted redundancies and was willing to protect pension rights for going early. Never considered it at the time until the offer was made.
Now work part-time on a flexible basis and donít regret the move.
Like others Iíve never been bored and like others find that lying about on a beach no longer seems a relevant holiday. Used to lie-in more at week-ends when at work but donít now. Doing things seems important.
Time is more of a movable element and you find that you use it differently when not constrained by work hours.
What you actually do is of course constrained by the level of your new income and I find that I have to think about large purchases more in the knowledge that my income will not drastically change/increase in the future. Getting the pension sorted when you are earning full-time is crucial.
I donít feel that Iíve slowed down as such through retiring - I just do different things.
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  #45  
Old 20-01-2019, 08:44 PM
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Am reading this thread with interest as retiring is often in my thoughts.

I wrote a long post explaining my situation, but on reading it it is so self-indulgent and quintessential first world problem that I deleted it.

The long and short of it is I have too much money to be arsed to go out and make big money but not enough to retire and live the lifestyle I currently have due to the nature of my business.

Trouble is the business is a sunset one so am going to have face reality at some point soon.

Will be an interesting point when it comes, income versus time is always a difficult equation.

Apologies for the self-indulgence
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  #46  
Old 20-01-2019, 08:49 PM
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I jacked it in last April at the age of 60. I had never even thought about retiring until the pension advice came through (final salary kicked in at 60). at first galnce it didn't looked anywhere near enough, but clubbed together with another pension and savings looked workable. I've always worked in the City and over the past 10 years had come to hate my job - that was a big decision factor. Had I still enjoyed it, I probably would have carried on a few years. So i thought I'd give it a go, knowing I wouldn't be rolling in it, but at the same time, it won't (shouldn't) be a "beans on toast retirement". And worst comes to worst, I can go and work down the pub for pocket money.

I've throughly enjoyed it and glad I made the decision. With 6 grandchildren, we have become child carers to a certain degree, but that's family so we're both happy with it.

- By doing things in the garden and going plces on foot or by bike I've lost about a stone without even trying.

- My wife and I argue less than when we were at work, which surprised me.

- We're having a couple of holidays a year.

- I've started writing, something I've always wanted to do, but have always been too knackered.

- The only downside is the winter months. It's less attractive to get out and you really need to have a plan so that you don't vegetate.
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  #47  
Old 20-01-2019, 08:54 PM
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The only downside is the winter months. It's less attractive to get out and you really need to have a plan so that you don't vegetate.

Buy a house in Florida.
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  #48  
Old 20-01-2019, 09:08 PM
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Retirement

Iím 41 now and I had the choice due to lack of finance at 24 to either buy a property or get a pension. I simply could not afford both. I chose the former and since then have always had the mind set that is Ďlive for nowí so do all the thing I want to and worry about tomorrow, tomorrow. The kids are only young once and want them to enjoy it as much as possible.

My mortgage will be paid off when I retire but I genuinely canít see that happening for a long time. I do however, thoroughly enjoy my work 98% of the time. I do worry about a lack of pension and the fact there probably wonít be a state pension when I do get to retirement age. It seems pointless starting a pension now and if I did, I would have to put in a hell of a lot to make it worth while I think.

My Dad retired at 49 and claims he never knew how he had time to work

Last edited by andyocpfc; 20-01-2019 at 09:12 PM.
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  #49  
Old 20-01-2019, 09:10 PM
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Originally Posted by OldPeanutSeller View Post
The only downside is the winter months. It's less attractive to get out and you really need to have a plan so that you don't vegetate.
Funny you say that... this has been my only concern within the last year.

I live in Southern California, and contrary to belief it does rain, and over the last couple of weeks it has rained on and off for about 10 days - very gray, and somewhat cold by our standards. (I know - I'm a spoiled brat)

I really found it hard to be motivated to go outside the house. I was beginning to fear I was becoming agoraphobic. I was getting pretty depressed about it.

Fortunately it's brightened up, and the sun is out again, and rode my bike yesterday - so feeling a lot better.

I do wonder how I would be living back in England though. I guess you either get on with life (go watch palace etc.) or turn into Howard Hughes - which I started to have sympathy with last week!

Sorry - a little off subject.
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  #50  
Old 20-01-2019, 09:12 PM
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57 and am frantically throwing as much spare £ as possible into my pension as I left it far too late. No Mortgage now which is good 3 of the 4 out at work (and all paying into a pension if if it is small at the moment the magic of compound interest will help them)
My job I hate, even though I just moved to a new company, as I am just tired and stressed all the time. Because its sales its not at all secure. First target is summer 2020 as my last child will have finished snr school. He has been offered a live in place in a football academy followed by help with a football scholarship in the USA. So target two is 2022 then 2025. At that point whatever happens, if I can hang on that long, I WILL say goodbye to work and wait the remaining two years before the state pension kicks in. ( bastards if i had been a few days older I would have had to wait at all) So 6 1/2 years max of work for me and retire at 65
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  #51  
Old 20-01-2019, 09:25 PM
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Very interesting thread actually - particularly reading the views of regular posters who you've built up a picture of, without politics or Palace getting in the way. Shows we are all reasonable human beings underneath it all.

I'm 46, in a well paid profession but heavily indebted with kids yet to get through university (should they choose that route). We have a good amount of equity in our home, which is larger than we will need once the kids have gone, so downsizing to release the equity is a big part of the retirement plan. Retiring at 60 is the target for me, perhaps with a meaty redundancy pay off as a bonus if I can engineer it. I am looking forward to it immensely although I like my job. Will want to keep myself busy and have a couple of ideas for part time low pressure jobs to keep a little bit of additional income coming in for a few years at least.
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Old 20-01-2019, 09:31 PM
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Ive turned 60 and drawing some of my pensions which gives you a chance to breathe
8 months to go on my mortgage and you could say it will be much better then, had 3 jobs now have 1.
Retiring early may well be a good idea but you have to live and you need a hobby, so think carefully about whether you can afford, if you are still fit carry on working and top up your savings and call it a day at 65 and enjoy
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  #53  
Old 20-01-2019, 09:36 PM
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Retiring early may well be a good idea but you have to live and you need a hobby, so think carefully about whether you can afford, if you are still fit carry on working and top up your savings and call it a day at 65 and enjoy

Starting a small, lifestyle business can be a good idea.


You may not make a fortune but it can help pay for some goodies as well as keeping the brain engaged.
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  #54  
Old 20-01-2019, 09:38 PM
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I'm 46, in a well paid profession but heavily indebted with kids yet to get through university (should they choose that route).
You need to think ahead here. Years ago my wife and I decided to bring our kids up to be as thick as ****, so we wouldn't have to pay out for University.
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Old 20-01-2019, 09:54 PM
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You need to think ahead here. Years ago my wife and I decided to bring our kids up to be as thick as ****, so we wouldn't have to pay out for University.
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Old 20-01-2019, 10:53 PM
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It's not even as clear cut as that , Individuals who work in certain professions that involve dangerous substances , shifts , poor conditions , low pay etc are more than certain to have a lower life expectancy on average than those who work in less arduous profession's that have better pay and conditions etc .
There was a report on Radio 5 a couple of years back about Canadian researchers who looked into this. They concluded after a study of long term shift workers that there was a forty percent more likeyhood of dying in the first year after retirement due to the changes to a more sedentary lifestyle and previous stress compared to non shift workers.

Sad to say I've worked with three people (shift workers) who didn't last a year after their retirement at 65 but also known people who have gone on for years after a lifetime of shift work so it's no guarantee of an early demise.
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Old 20-01-2019, 11:32 PM
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Interesting thread with lots of differing opinions.

I sold my business in April last year...I was 48. Now, I didn’t raise enough to put my trotters up in St. Tropez but I did sell for enough to pay off the mortgage (actually I haven’t because it’s offset so no real need) and have about five years income after tax left in the kitty.

This will take me up to about 54 and a year after that I can start to draw down on my SIPPS if necessary. The wife’s dad died suddenly five years ago and (due to headaches over unpaid tax on the estate and him dieing intestate) we finally inherited about three years income last month.

All things considered, particularly as my business was in retail on the high street I thought it was time to get out. So we sold up and here we are. The Mrs. is validated by her work so she’s got herself a new job which she’s loving and will help out as we used to work in the business we sold together.

So in summary, left effectively mortgage free with enough to live a pretty decent life but without enough to take the piss. Not bad at 48. However, and here’s the rub, despite having worked my tail off for nearly thirty years, I don’t feel old enough to retire yet but I really don’t want another job. I’m loving it. I don’t worry when the ‘phone rings, I just take each day at a time but we have two kids still at school and I expect many, many large bills ahead.

My challenge over the next four or five months will be to decide what to do for the next several years until I feel I’ve earned it if you know what I mean? At the moment I’m just loving have no staff to worry about and no stress but I think I may need more in the longer term. Either that or I will need to just embrace being retired so early.

I suppose, I’ve invested in my pension quite well, have a four bedroom property which can be downsized when the kids leave home (although the youngest is only 12) and have only ever spent what I’ve had in the bank... I’ve never had an overdraft or any particularly expensive tastes.

You only live once, let’s see what happens.
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Old 20-01-2019, 11:34 PM
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We both do the same job. At my place, about three years ago, we switched from eight hour shifts (06:30-14:30/14:30-22:30/22:30-06:30) to twelve hours 07:00-19:00/19:00-07:00). I think this has made a huge impact on my working life.

At first I was dubious about the longer shifts but I soon got used to them. There are pros and cons and it does take a certain amount of organisation to make the most of them. We are rostered to work 12 shifts plus two Sundays every four weeks, so it feels like I am hardly ever there. I get seven consecutive days off every four weeks. As a result of this I feel a lot less fatigued, on the old roster I was getting up before 5am for seven consecutive days, likewise I was doing seven consecutive night turns.

The new roster pattern feels like I am already semi retired compared to what I was doing before so at the age of fifty I am planning to continue working until I can draw my pension at 67, health permitting.

There are a couple of other factors which come to mind which might contribute to me being happy to continue working for the foreseeable future. One is that while I wouldn't claim to be in love with my job it does give me some satisfaction that I feel my job is doing something useful for the country as a whole (I work for Network Rail as a signaller) as opposed to jobs that I have had in the past where I was just making money for shareholders.

The second factor is that at the age of 35 I was made redundant from the job that I was then doing and used the opportunity to take a year off and travel the world. This is something that a lot of people who are considering early retirement have in mind. I was fortunate enough to be able to do this while young and fit but old enough to have saved up a few quid to allow me to do a lot more than someone on a pre university gap year.
We changed to 12 hours 19 and 07 changeovers last year and generally its quite good although the six day worked weekends can be endless especially as we do them all on day turns. There is a proposal to bring in a proper 35 hour week which I believe is favoured by the RMT. This would make Sundays part of the working week and make it a genuine three day a week job but I can see that quite a few people would not be happy with the forced Sundays and possible loss of overtime?

I still like signalling but currently work in a WestCad Signalling centre and the sense of detachment is quite real compared to the NX and Absolute block stuff I've worked in the past . Also the location is well overdue for integration into a ROC of which the nearest would be 50 mile miles away but the more likely one 90 miles away. Just need to get another few years in now and that Palace season ticket which has always eluded me due to shifts and distance may be a reality!
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Old 20-01-2019, 11:47 PM
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Originally Posted by LN1 View Post
There was a report on Radio 5 a couple of years back about Canadian researchers who looked into this. They concluded after a study of long term shift workers that there was a forty percent more likeyhood of dying in the first year after retirement due to the changes to a more sedentary lifestyle and previous stress compared to non shift workers.

Sad to say I've worked with three people (shift workers) who didn't last a year after their retirement at 65 but also known people who have gone on for years after a lifetime of shift work so it's no guarantee of an early demise.
There in is another side having watched my Dad die before retirement Then attending three funerals in two years of guys I had worked with for years just before I got the chance to retire certainly focused my own view. Within a year I had another heart attack its now coming up to 5 years since then. Seeing that is the longest for sometime without any issues I have a view that the long term damage stress takes be it work or personal life is underestimated by many. It's fine in a way saying I feel it's to early for me but having the ability to enjoy retirement is also something to take into the decision process.
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Old 20-01-2019, 11:51 PM
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Originally Posted by Bipe View Post
Very interesting thread actually - particularly reading the views of regular posters who you've built up a picture of, without politics or Palace getting in the way. Shows we are all reasonable human beings underneath it all.

I'm 46, in a well paid profession but heavily indebted with kids yet to get through university (should they choose that route). We have a good amount of equity in our home, which is larger than we will need once the kids have gone, so downsizing to release the equity is a big part of the retirement plan. Retiring at 60 is the target for me, perhaps with a meaty redundancy pay off as a bonus if I can engineer it. I am looking forward to it immensely although I like my job. Will want to keep myself busy and have a couple of ideas for part time low pressure jobs to keep a little bit of additional income coming in for a few years at least.
Bipe, your comment about kids and university also caught my eye.

As the university debt for fees is assigned to the student, why do you feel itíll be your responsibility to pay? Itíd be generous to pay it, but those fees arenít your responsibility (whereas private school fees are, for example, if you have incurred those).

Iíd be interested to hear why youíre possibly delaying your own retirement to cover their debt? Apologies if Iíve misunderstood.
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