Early-retirement wannabe

OldMusicGuy

Here's an update from the OldMusicGuy household, four months into retirement (aged 60).

The biggest adjustment was going from a big monthly pay cheque to nothing. It's weird after 40 years of continual working to have no income (apart from interest on savings) and also to not pay any tax or NI. My wife has small DB pensions but the total annual amount of those is less than one month's take home pay for me when I was working. Obviously we are living off savings and my pension pot (which is what they are there for) but it was quite a mindset shift.

We are reasonably on track for our "number" but there have been some unexpected expenses so I will hold off reporting on the finances until I have been retired for a year. But I am with itm2 rather than Marine Life on how to fill the time. I just don't have enough time to do all the things I hoped to do. I have many hobbies and I had all these ideas about how much I would achieve, and so far I have hardly scraped the surface. As my user name implies, I am an old musician, so one of the big plans in retirement was to seriously get into writing and producing more music, and I have hardly done anything so far. Gardening, decorating, planning our downsizing move and generally having fun have taken up a lot of time. My relationship with my wife has also improved as I am now more laid back and less stressed. My health has also improved.

For me, it's great to be able to live in the moment and truly enjoy life rather than worrying about stupid deadlines. But the most important lesson I hope this thread has thrown up is that you need a clear understanding of what you will do in retirement and you need to be very honest about what role work plays in your life, like k6chris is questioning. I never saw working in business and IT as anything other than a means to an end (I guess like itm2). It's very clear my employer never saw me as anything other than a cog in their wheel. As important as I felt I was, I have not been missed by anyone since I retired and everything is carrying on as normal without me.

I think Marine Life clearly has a different perspective (and maybe doesn't work in IT!). There's nothing wrong with that and it's important to understand yourself, your partner (if you have one) and your life goals. I think Marine Life has come to that understanding and seems to have a good plan for the future.

I think age plays a part as well. I was not ready to retire at 53 but in my mid to late 50s it really became an important consideration and my whole attitude changed as I realised work was really starting to impact my health and relationships.

gadgetmind

I'm now "semi-retired" in that I could be financially independent (with no drop of income from when working) and I am without a full time job to a degree that's most pleasing.

However, new venture has launched and I'm spending two days in the office each week plus doing a lot of tinkering at home. It's a totally new sector for me (energy) and the management and technical challenges totally different to what I had before, so it's fun.

It's also interesting working in an environment surrounded by non-technical people rather than fellow geeks. Even said geeks thought that I was geeky so this lot regard me as some kind of mad wizard!

itm2

OldMusicGuy wrote: »

My relationship with my wife has also improved as I am now more laid back and less stressed. My health has also improved.

That's a very good point - I too lost all of my stress the moment I walked out of the office for the last time, and my wife (and a few of my close friends) remarked that I seemed like a changed person - in a good way.

Writing and recording music is also something that I need to devote more time to. A few scratchy demos on Soundcloud is not a good return from 5 years of retirement!

crv1963

I enjoy this thread and following other peoples journeys! I think that a lot of people do neglect the need for a purpose or as we bang on about at work "a meaningful life". We are creatures of habit, and need structure and routine, no matter how loose that is.


Work/ career does provide that, it's finding the satisfying replacement for it when you retire that is the key in my view. My father retired and then returned to work because he said "there is only so much gardening and decorating you can do" and when he finally called it a day in his early seventies he regarded his planned trips out as his "job".


For myself I am looking to maximising income now to increase pension in 2-3 years, when I retire I will be looking to have satisfying/ interesting (for me) tasks to do, possibly voluntary work and definitely more travel. Mrs CRV plans voluntary work with rescue dogs as her purpose, more time with her saxophone and sewing machine.


There is no right or wrong it's what suits the person in my view.

PipPip

Really interesting thread. I started thinking about early retirement when I went through an unsettled patch at work aged 40. I realised that I really needed to knuckle down if I wanted to retire early. As an accountant with good experience I had the ability to earn a lot more than I was. In the end redundancy following sale of my employer company forced my hand and I ended up having to find work in London and commute an hour each way by train. This ended up as a good move as I earn a lot more and it means I can pay the maximum each year into pensions. I also found a role that is flexible and allows me to work from home 2 days a week and work 7.30-4.30 on the ither days to miss the busiest periods on the trains. I!!!8217;ll be 48 this year and I believe I am on track to retire at 55 if I want. I have recently been thinking about what I would do with myself if not working. My current job will give me a very marketable skills for finance contract work. If it works out I think I!!!8217;d like to do a few 6 month contracts in my late 50s. As for the rest of the time, I!!!8217;m lucky to have a fitness fanatic wife (at this very moment out running a trail ultra marathon) who shares my love of road cycling and hiking. We have an apartment in the Alps which is the perfect base for these hobbies once I stop work. I have a book called the 100 greatest climbs in the world (cycling) and we!!!8217;ve done about 6 of them together. We!!!8217;ll spend a few years ticking off the rest while visiting new places.

gfplux

I had a conversation yesterday with a female relative who is to retire next year at 60. She has a stressful job in that she commutes by plane weekly and will do so until her retirement.
I offered these words from someone who has been retired for 21 years (beginning to lose count)

Lack of Status can be painful. It takes a long time to get used to just being a civilian. Status is hard to define as it means different things to different people. Status is measured by some as taking a plane twice a week.

Having lead a very busy business life, It will be hard but you have to give yourself permission sometimes just to do nothing.

atush

itm2 wrote: »

That's a very good point - I too lost all of my stress the moment I walked out of the office for the last time, and my wife (and a few of my close friends) remarked that I seemed like a changed person - in a good way.

Writing and recording music is also something that I need to devote more time to. A few scratchy demos on Soundcloud is not a good return from 5 years of retirement!

The problem is I am not married to soneone in IT, i am mrried to a Director who manages people. and he will try and manage me lol.

mark55man

atush wrote: »

The problem is I am not married to soneone in IT, i am mrried to a Director who manages people. and he will try and manage me lol.

I'd like to see him try


*gets popcorn* :rotfl:

itm2

atush wrote: »

The problem is I am not married to soneone in IT, i am mrried to a Director who manages people. and he will try and manage me lol.

All is not lost - I too was an IT Director, spending my days managing people, and I am now largely being managed by my wife ;0)

michaels

I am very happy to do nothjing and definitely find work gets in the way - I really find it hard to even understand the motive of those who think their job defines then or that they won't know what they would do with their time.


To those like you I salute you and am glad the world has people like you or we would probably still be living in caves and dodging Sabre Tooth Tigers, but not for me