Retirement - How was the transition for you?

[camelspyyder]

This summer I'm quitting work at 54 years old after 36 years with the same firm.  I will have a fairly comfortable pension and no mortgage.

 

So why am I apprehensive?

 

It's a different world out there really, and I've taken a lot for granted whilst working:

On-call medical and dental for a start and a lot of other benefits.

 

Is it just fear of the unknown or of change?

 

I'd like to hear how other people handled the lifestyle leap from full-time work into retirement.

 

 

 

[SkodaVRS1963]

2 minutes ago, camelspyyder said:

This summer I'm quitting work at 54 years old after 36 years with the same firm.  I will have a fairly comfortable pension and no mortgage.

 

So why am I apprehensive?

 

It's a different world out there really, and I've taken a lot for granted whilst working:

On-call medical and dental for a start and a lot of other benefits.

 

Is it just fear of the unknown or of change?

 

I'd like to hear how other people handled the lifestyle leap from full-time work into retirement.

 

 

 

Can't help you except to say I know exactly how you feel.

 

For example, what on earth do you do with yourself to fill the 14/15/16 hrs between getting up and going to sleep?

 

The thought really does scare me.

 

A guy at my gym was pensioned off at 58 last summer and after the initial novelty wore off he's tried driving for Tesco Home Deliveries and working on the checkouts at B&Q........he's still at a loose end!

 

Everyone assumes that not having to gt up for work everyday is a wonderful life but if you've done it 5 days a week, 47 weeks a year for 36 years it's ingrained into your pysche.

 

I hope someone can give you something more positive to work with!

[kenfowler3966]

I could retire but after a lot of thought, I think I need something to do each day to make me get out of bed.

 

Just committing to a new Yeti for work & private use so thats at least another 3 years I need to carry on for to pay for it!

 

Plus every extra year works increases the final pension

[camelspyyder]

I have been asked to stay on to 60 but leaving this job at 55 has been my planned endgame for so long (since about '93) that I cant face staying on at work for another 5 years.

 

Also the pension benefits of staying on are minimal for me since it's almost at the max now.

 

For the future, I know I want to stay fit and keep the house and garden in good condition but what else will I do? I don't live near work so my social circle is going to shrink drastically too.

 

Hobbies? Different line of work? What did the retired people out there find when work ended?

 

 

Edited 1 April, 2017 by camelspyyder

[Breezy_Pete]

Why not negotiate a compromise and drop to - say - 3 days at work per week?

Phase it out gradually rather than suddenly.

 

If you find that you struggle to fill your spare time, keep working. If you wish you had more spare time, drop the work off more?

[camelspyyder]

Not that sort of job unfortunately.  They might go with 3 months on 3 months off but SWMBO wouldn't have it...

 

...not until she realises just how much I'll get on her nerves

 

I do think she'll put up with me at home though. She's really keen for me to pack it in and avoid the level of risk associated with the job.

 

 

 

 

Edited 1 April, 2017 by camelspyyder

[Titanium_Man]

My missus' dad retired a few years ago and decided to turn a hobby into a job (of sorts). 

 

He's always been into buying vans and converting them into campers and has done many over the years I've known him (I'm now starting to get involved and learn some new skills) No, he's not doing many or making a lot of money from it, but it keeps him as busy as he likes and is doing something that doesn't feel like a job to him. It also scratches an itch as he likes to change his van often as he gets bored with them! 

[MickA]

I took early retirement when I was just over 58 yrs old. I used to work nights (20+ yrs) sometimes it was 6 night shifts but I cut that down before I retired to 5 nights. I found I couldn't work various shifts as in my early days so opted for the night shift. It really is anti social hours, my wife worked 2-3 days per week days but unfortunatly her working life was cut short, she had an accident and damaged her knee. She ended up on crutches for a good while and never went back to work properly, although she tried.

So with my wifes situation and the threat of my job moving to another city (18 miles away) I made the decision to take my pension early and later took early voluntary redundancy. It helped getting a payoff and I am still living on my works pension, I won't get any state pension for another 3 years. My wife also gets a small (very small) pension it helps but we have to be careful with our spendings, we are not rich but comfortable.

Would we have done it if the situations had been different, hell yes, most of our friends (of the same age) envy us but dare not make that leap.

 

What do we fill our time with? well we had a large car to tow a caravan around the country for holidays/weekends away, that stopped mainly because of my wifes situation and of course the cost of it all, it ain't cheap. We sold the caravan, bought a smaller car then later bought the car (pic below) which we use to zoom around when the fancy takes us. Planning on a tour of Scotland this year in it, can't wait, it's all booked.

Well what do we do with the rest of our time, well my wife does a little craft stuff, selling it online, I do similar but not crafty stuff just odds and sods (I had a load of stuff hoarded) but that's coming to an end. I fitted out a new kitchen, a new bathroom re designed the gardens relaid the driveway (it's only paving slabs) in between all that I spend time doing stuff at my sons house (diy) and modding the car below. I even bought a season ticket to watch my local footy team, never been able to do that before as I couldn't get to some games.

 

The beauty of it all is, I can do it when I want, no rush, no time constraints. We are off out tomorrow, sun hopefully will be shining and head for the hills of Derbyshire. I know in the back of my mind I will have the windows to clean, gutters to clear out, the lawn wants scarifying, ho and the neighbour wants a hand with replacing the fence, but that lot can wait a little while longer.

 

Ever thought about retiring early and the figures add up then do it, you need to do the maths of course but you also find the value of money you are spending and cut your cloth accordingly. It also gave me the chance of taking a look at our finances and I have saved loads just by contacting companies for better deals etc. No mortgage to worry about, no loans just the everyday bills to pay. Do it if you can, you'll find someting to fill your time I'm sure.

 

Oh and BTW my wifes knee is getting stronger now, she can manage a 4-5 mile walk now, before it was painful sometimes to just take her shopping. She's done it all herself with one of those exercise machines building the strength up in her knee/leg to a point she is happy with. The NHS didn't offer her anything, just pain killers.

 

 

 

Edited 2 April, 2017 by MickA

[Clunkclick]

Perhaps non-typical experience but with prior form (8 years of unemployment), I think I've managed to get a handle on this extended chilling out business. It involves  a series of  step-downs in achievement and expectations (De-programming - Managed, if that's what grabs you) and once you're there, in the words of the Donald, its wonderful. You lose the third party fascist parrot on your shoulder telling you what to do and when (And usually the wrong and most unsuitable thing) the whole time.

 

Being on a reduced stipend (Due to reduced total working years) and starting on the early on-set path to less than health and happiness (No need for a sports coupe to get the wind through my hair)  also serves to distract and focus the mind on things other than gainful employment.

 

Nick

 

 

Edited 2 April, 2017 by Clunkclick

[Clunkclick]

Despite Brexit looming and  premature  shrill requests  of  "Your country needs you" imparted to the oldies by the ever helpful media, after  enduring the last 40 years of economic and social abuse induced for the benefit of the few,  and the scorn of some of the younger generation, I'm afraid I've been conditioned to think "further employment ? . . . well **** you ".

 

You never know, I may mellow.

 

 

Nick

Edited 2 April, 2017 by Clunkclick

[lol-lol]

 

How much is a sufficient pension pot I am wondering?   

 

Final salary schemes being re-indexed to CPI rather than RPI for all ie not only public servants.  If we are suppose to put 14% of our salary away for at least 40 years to have a similar lifestyle to our working days should the government advertise what we should have saved?  

 

How long am I going to live is the big question?   I came across death clock site which is a good spur to healthy living.....  http://www.deathclock.com/  Simplistic but thought provoking.  Happy 95th Doris !

 

  

[VRS Mike]

get some hobbies! I only work 3 days a week (I'm 33), I usually go for a long bike ride and do some jobs around the house and garden on one day, the second day is gym and chill, I could easily do this full time!

[Kenny R]

I took early retirement/ redundancy in 2013 age 56, and at that time was dreading what to do, and had visions of still getting up at 6.30 as I had done for almost 40 years and pacing the floor all day. 

All I can say is within a few weeks this retirement lifestyle was a painless transition. We watch the grandkids a couple of days a week, and we bought a static caravan and spend most weekends there. It's a great feeling to get up a just decide to go somewhere or do something without revolving round work commitments/ rotas etc. As the old saying goes, I don't know how I had time to work.

A great friend at work, ( we started our apprenticeship together) was even more worried about "early retirement" that he decided to prolong the decision by volunteering to stay back for a couple of years to to help decommission the place. Sadly he died before he got the chance to enjoy the retired lifestyle.

If you can afford to do it, I thoroughly recommend it. 

 

[Redboy]

On 1 April 2017 at 19:29, camelspyyder said:

Not that sort of job unfortunately.  They might go with 3 months on 3 months off but SWMBO wouldn't have it...

 

...not until she realises just how much I'll get on her nerves

 

I do think she'll put up with me at home though. She's really keen for me to pack it in and avoid the level of risk associated with the job.

 

 

 

 

 

Looking at your moniker, I am pretty sure that until May 16 I had similar Regular employment as you for 39 years with the free long  'holidays' and instant dental & med, compensated by a decent pension. I was asked if I wanted to stay on another 5 years and refused. I still work 1-2 weeks each month for the same firm, the beauty is that you can choose when or if you want to work. My friend who started work with me 39 years previously also retired alongside me. He died unexpectedly in his sleep Nov 16. I went out the very next day and bought a new shotgun, which I'd been thinking about buying. I fill my time with clay pigeon shooting and helping to run the range, staying fit, cycling, servicing and riding my VFR750 motorcycle and other handy-man stuff. You have to ensure that you have interests and hobbies or you will stroke out or fade away. Retire you won't regret the lack of stress.

[camelspyyder]

Thanks for that mate. Sorry about your oppo.

[camelspyyder]

2 hours ago, lol-lol said:

 

How much is a sufficient pension pot I am wondering?   

 

Final salary schemes being re-indexed to CPI rather than RPI for all ie not only public servants.  If we are suppose to put 14% of our salary away for at least 40 years to have a similar lifestyle to our working days should the government advertise what we should have saved?  

 

 

AFAIK the biggest difference between CPI and RPI is Mortgage interest - which will not be a factor for me in the future. I have had my salary linked to CPI for many years, however the public sector pay freeze and then 1% pay cap means my wages have gone down in real terms every year since 2010 so I haven't even made CPI.  In effect my pension is going to increase faster than the wages of those still at my firm.  

[lol-lol]

18 minutes ago, camelspyyder said:

 

AFAIK the biggest difference between CPI and RPI is Mortgage interest - which will not be a factor for me in the future. I have had my salary linked to CPI for many years, however the public sector pay freeze and then 1% pay cap means my wages have gone down in real terms every year since 2010 so I haven't even made CPI.  In effect my pension is going to increase faster than the wages of those still at my firm.  

 

Trying to get this message out so that people protect themselves in that it is often worth liquidating pensions now as they are losing ground against living costs and it is better to take as much as possible as cash now (25% tax free), put it in a 3% or so account and turn the remainder in to so suitable annuity or draw-down or whatever as many pension funds are doing so badly and/or are such risk that many will not even get back what they have put in never mind make money from their pension fund so better to take control and invest as one sees fit.

 

People need to look at their pension funds and look at the projected returns, especially the LOW forecast which is entirely in worst case economic scenario and it is less than what has been paid in.

 

Just cashed in £20K so I got £5K tax free cash but my £60K civil service (it is a 60 though and a lump sum of a few £k) is not going to be a life changer so squirreling as much as possible ie £20K a year to build up my private pension and choosing low risk and bonds so it does not disappear in a equity bubble bursting.   All such a faff but with talk of the triple lock going it seems wise.    

[essexalan]

Retired at 59 just a few months before I was 60. My job was moved to a remote support team in Belgium, which did not work, and then to a new team in Germany, no idea how that worked and don't care. I walked away with a nice redundancy payout quietly laughing as I was retiring at 60 anyway.  People ask me how I manage retirement to which I reply "I have no idea how I found the time to go to work". Secret is to keep busy and keep active in mind and body, develop some new hobbies if you don't have any. Two German Shepherd dogs ensure I get up early every morning and keep me on the straight and narrow plus lots of exercise involved. Keen if not very good woodworker and at present making chopping boards for friends and family while a pile of shanks for walking sticks await my attention. Tying flies, making rope dog leads and toys fill in the evenings if necessary. I think it is our duty to live as long as possible so we can get back some of that hard earned cash we have paid in to various pension pots over our working life. Now is the time you have worked most of your life for so enjoy it.

[lol-lol]

4 hours ago, essexalan said:

Retired at 59 just a few months before I was 60. My job was moved to a remote support team in Belgium, which did not work, and then to a new team in Germany, no idea how that worked and don't care. I walked away with a nice redundancy payout quietly laughing as I was retiring at 60 anyway.  People ask me how I manage retirement to which I reply "I have no idea how I found the time to go to work". Secret is to keep busy and keep active in mind and body, develop some new hobbies if you don't have any. Two German Shepherd dogs ensure I get up early every morning and keep me on the straight and narrow plus lots of exercise involved. Keen if not very good woodworker and at present making chopping boards for friends and family while a pile of shanks for walking sticks await my attention. Tying flies, making rope dog leads and toys fill in the evenings if necessary. I think it is our duty to live as long as possible so we can get back some of that hard earned cash we have paid in to various pension pots over our working life. Now is the time you have worked most of your life for so enjoy it.

 

I think gradual retirement sounds good ie drop 1 day a week over 5 years but then I know how companies are, particularly British ones, where they suddenly need you more and you end up being paid for 4 days but working 5 or 6.  Best thing is to be un-contactable during time off, out of the country, sailing etc.  

 

So many of our Doctors are going part time as they realise we tend to work part of Thursday and All of Friday for tax so why not give those days up?

Perhaps this is why the government is raising the 40% stating tax band from £43K to £45K on Thursday?

[SkodaVRS1963]

9 hours ago, lol-lol said:

How long am I going to live is the big question?   I came across death clock site which is a good spur to healthy living.....  http://www.deathclock.com/  Simplistic but thought provoking.  Happy 95th Doris !

 

According to that website, I died 2 years ago?!

 

I did think I wasn't feeling too clever lately......

[camelspyyder]

36 minutes ago, SkodaVRS1963 said:

According to that website, I died 2 years ago?!

 

I did think I wasn't feeling too clever lately......

 

A friend who tried to get a referral to an NHS specialist was refused the appointment.

 

The NHS computer system said he was deceased.

 

Later transpired that another baby was born on the same day in the same hospital with the same first and surnames.

 

That one had died in his 20's, many years before.

[essexalan]

1 hour ago, camelspyyder said:

 

A friend who tried to get a referral to an NHS specialist was refused the appointment.

 

The NHS computer system said he was deceased.

 

Later transpired that another baby was born on the same day in the same hospital with the same first and surnames.

 

That one had died in his 20's, many years before.

Sounds like a "Sleeper" to me, watch very closely.

[VWD]

On 03/04/2017 at 08:39, lol-lol said:

 

How much is a sufficient pension pot I am wondering?   

 

Final salary schemes being re-indexed to CPI rather than RPI for all ie not only public servants.  If we are suppose to put 14% of our salary away for at least 40 years to have a similar lifestyle to our working days should the government advertise what we should have saved? 

How much - up to each, and type of scheme. I'm lucky with one that I'm a section that is final salary ,as at time I was classed as a Civil Servant. But the rest are annuities and thanks to one (not so ,IMHO)Honourable Member the share price is down, and so is my income. Not helped by the (IMHO not fit for purpose )HMRC , who don't realise that we get a tax free allowance and that's BEFORE being taxed, as will be done this year to the hilt on one. ( Well someone has to pay for Teresa May's biccies)

Back on topic- I was made redundant at 62, and only reason I hadn't gone earlier was to try and build up a pension pot.

Biggest problem is what to do.We 've been usd to being early risers a I've always started at 0800. Now, we get up when we like.

I got/rescued a dog and we spend most mornings in the park ,before shopping. That usually takes up most of the morning.

 

Edited 30 April, 2017 by VWD

[lol-lol]

48 minutes ago, VWD said:

How much - up to each, and type of scheme. I'm lucky with one that I'm a section that is final salary ,as at time I was classed as a Civil Servant. But the rest are annuities and thanks to one (not so ,IMHO)Honourable Member the share price is down, and so is my income. Not helped by the (IMHO not fit for purpose )HMRC , who don't realise that we get a tax free allowance and that's BEFORE being taxed, as will be done this year to the hilt on one. ( Well someone has to pay for Teresa May's biccies)

Back on topic- I was made redundant at 62, and only reason I hadn't gone earlier was to try and build up a pension pot.

Biggest problem is what to do.We 've been usd to being early risers a I've always started at 0800. Now, we get up when we like.

I got/rescued a dog and we spend most mornings in the park ,before shopping. That usually takes up most of the morning.

 

 

I have only got £60k in my civil servant pension so that is only going to give me a couple of thou a year and it is now linked to rhe lower CPI so it will get eroded against living cost RPI so need to cram private pension by adding at least £10k a year. Returns are so low with annuities ie 3% or so needs to be a couple of hundred k as i think the private pension is around the same as the state pension to give a reasonable standard of living in retirement i reckon.

[SkodaVRS1963]

On 03/04/2017 at 08:39, lol-lol said:

If we are suppose to put 14% of our salary away for at least 40 years to have a similar lifestyle to our working days should the government advertise what we should have saved?  

 

I won't bore you with the maths but I started work at 16 and (currently) have the privilege of retiring at 67.

 

That's 51 years of paying in to a system that (if my health holds) pays out for perhaps 20.

 

And, yes, the amount I've paid in monthly vastly exceeds what I might hope to get out.

 

Why aren't Brits out on the streets with pitchforks and torches?

 

And, this is close to home, don't forget those who pay into the system for 45 years and die before they get to draw a pension; their contributions die with them.......where the f**k does this money go?