Early-retirement wannabe

bugslet

Congratulations marlot, I'll be interested to hear how you make your transition. Sensible to phase out, mine is going to be more of a very sudden full stop unless one of two firms I like gets my contract and I will probably hang around for a bit to offer some transitional advice.

What pup do you have? Dog ownership remains a financial drain and a tie when I want to go out for longer than a few hours, but I would never not have a dog, their love and companionship outweighs any downsides, along with having to exercise and meeting people.

Some time ago, I wrote more than an A4 sheet of paper of things that I did now but wanted to more of, ie reading, walking, dancing. Things I no longer had time for, ie making my own clothes, doing volunteer rescue dog transport. Then things I wanted to learn but never had time to do, gliding, playing the harp and a list of places to visit, including some friends in far flung places.

Whilst being sure that the first few months will be discombobulating, I'm very much looking forward to it.

jerrysimon

I am now 18 months into retiring early at 56. I have two new grandchildren which fill a big gap and which give me great joy, plus I do voluntary work. Also done work getting the hourse decorated new bathroom etc and our garden looks lovely. No big holidays just short breaks (having too much fun with t he G children to go away for long haul holidays). So far its gone well (the first 12 months just felt like extended leave/abscence). Then the only slight obscure thing is I found this last 6 months is I kept thinking back and reliving my career in my head. Part of letting it go I guess ?

marlot

bugslet wrote: »

...What pup do you have? Dog ownership remains a financial drain and a tie when I want to go out for longer than a few hours, but I would never not have a dog, their love and companionship outweighs any downsides, along with having to exercise and meeting people...

I agree.


We had a series of rescue dogs, the last of whom died a couple of years ago. I noticed that without the dog I wasn't going out as much, and not seeing our neighbours - especially in winter.



Because I've been winding down, a pup became feasible as I was working at home enough to make it possible. And everyone wants to say hello to a golden retriever!

crv1963

marlot wrote: »

I buy new or nearly new, and keep them for about 6-8 years. Longer if I like the car.

But coming back to topic. I'm putting in my pension forms today, for retirement at Christmas. I'll be 55.

Preparation:

• Bought a puppy back in Feb, who is now ready to start going on long walks
• Started volunteering one day a week a year ago - I can ramp this up as much as needed.
• Planning to drop in on my local 'men in sheds' and see if its for me
• Planning to drop in on some local ramblers groups to see if they are for me
• Have been gradually winding down at work, so it won't be a sudden transition.

Financial planning:

• Put large amounts of additional funding into my DC pension over the last 15 years
• Have tried to strike a sensible balance between saving and spending
• Prepared a cashflow forcast for retirement - allowed me to try different scenarios (eg. when to take each pension) and to see the effect of varying assumptions.

Edited to add: I suspect the biggest financial issue will be a mental one. Making the transition from being a 'saver' to being a 'spender' won't be easy. Especially when there is a niggling fear of running out of money.

I always used bangernomics best buy was a Citroen Ax, paid £50 for it as it was 12 years old with no MOT, ran it for 5 years serviced every 10,000 miles, racked up another 120,000 miles on it and when it finally failed its MOT sold it on as a project car for £100.

I agree Marlot the biggest hurdle for retirement is fear. Fear that the money will run out, fear that we'll be bored. I think the psychological preparation is as important as the financial.

In discussion with retired friends and some colleagues, it seems men have a harder time adjusting to retirement to women- a generalisation not a criticism and not intended as sexist. This seems to be from observation over time that women have a wider range of activity that carries on when retired, they do more caring on the whole than men, housework, children, planning meals, looking after others, maintain wider social networks, do more shopping etc.

Women keep more active on a day to day basis than men so maybe that's why they live longer? Men on the other hand tend to view retirement as a reward, a long holiday and the daily stuff is tolerated rather than viewed as the normal thing?

I know the above sounds very sexist but it isn't intended to be so. My observation of people (I do a lot of home visits) is that women are nearly always on the go doing, men are far more comfortable having a break, sitting down watching something doing the "heavy work stuff" like the lawns, washing the car, the decorating and cooking the odd meal. Women do the daily mundane.

So for me the key thing after the money side is finding things like social activity (that doesn't involve going down the pub more) so I'm looking at more gardening, training a dog to the sheep, more long walks, volunteering, so trying to plan a balance of activity.

kidmugsy

marlot wrote: »

Especially when there is a niggling fear of running out of money.

In twenty years time buy an annuity.

bugslet

marlot wrote: »

I agree.


We had a series of rescue dogs, the last of whom died a couple of years ago. I noticed that without the dog I wasn't going out as much, and not seeing our neighbours - especially in winter.



Because I've been winding down, a pup became feasible as I was working at home enough to make it possible. And everyone wants to say hello to a golden retriever!

I do! I get about a bit and have been known to jump out of my van to pat a random dog. Confuses the owners no end:rotfl:

crv1963 wrote: »

I always used bangernomics best buy was a Citroen Ax, paid £50 for it as it was 12 years old with no MOT, ran it for 5 years serviced every 10,000 miles, racked up another 120,000 miles on it and when it finally failed its MOT sold it on as a project car for £100.

I agree Marlot the biggest hurdle for retirement is fear. Fear that the money will run out, fear that we'll be bored. I think the psychological preparation is as important as the financial.

In discussion with retired friends and some colleagues, it seems men have a harder time adjusting to retirement to women- a generalisation not a criticism and not intended as sexist. This seems to be from observation over time that women have a wider range of activity that carries on when retired, they do more caring on the whole than men, housework, children, planning meals, looking after others, maintain wider social networks, do more shopping etc.

Women keep more active on a day to day basis than men so maybe that's why they live longer? Men on the other hand tend to view retirement as a reward, a long holiday and the daily stuff is tolerated rather than viewed as the normal thing?

I know the above sounds very sexist but it isn't intended to be so. My observation of people (I do a lot of home visits) is that women are nearly always on the go doing, men are far more comfortable having a break, sitting down watching something doing the "heavy work stuff" like the lawns, washing the car, the decorating and cooking the odd meal. Women do the daily mundane.

So for me the key thing after the money side is finding things like social activity (that doesn't involve going down the pub more) so I'm looking at more gardening, training a dog to the sheep, more long walks, volunteering, so trying to plan a balance of activity.

That was a good deal on the car crv!

I think generally men do struggle more with retirement, I think you are right that women do have more social connections and I also think that men often set more store by work. Maybe that will change as more women now are in more senior positions, than in previous decades. I know I am going to have to realise that I am no longer a big fish in a small puddle.

As for money, I actually don't know what I am going to end up with. In theory I expect my staff to TUPE over, but it may not happen and I'll have exposure to over 100k of redundancy, I also don't know beyond an educated guess what money will be left after I wind the business up and sell the assets. I know I can count on a minimum, but after that it becomes a bit hazy.

Fortunately I'm a big picture person rather than a detail one.

Bravepants

Regarding cars: We have a 15 year old Mazda 6 with 151,000 miles on it. We were told last MOT that it won't make it through the next one because of corrosion (living by the sea doesn't help). I took it for a second opinion to another garage and the guy said about £500 to sort out everything. The car's probably worth £300, but the £500 fixing it up could save a short term £10000 spend. The car's brilliant, drives really well, it's just corroding. Other than that I would be happy to keep it another year. We have until January to decide as that's MOT time! (I also have an 18 year old Fiat Coupe as a hobby/classic car!)


Regarding early retirement: I'm aiming to retire early, in the next 5 years or so, but I was a bit bored yesterday (Sunday). Even though I have things I could have done, I just couldn't be bothered! I get days like that, and I was quite mindful of how I was feeling and reminded myself that, for my own sanity, I cannot afford to be like that in retirement.

bugslet

Bravepants wrote: »

Regarding early retirement: I'm aiming to retire early, in the next 5 years or so, but I was a bit bored yesterday (Sunday). Even though I have things I could have done, I just couldn't be bothered! I get days like that, and I was quite mindful of how I was feeling and reminded myself that, for my own sanity, I cannot afford to be like that in retirement.

I give myself permission to do nothing on Saturday, no to-do list. This means that if I feel like lounging watching a DVD, reading propped up in bed, I will. Often I get quite a lot done but it feels like less pressure.

If you work and you have other commitments, household tasks, possibly child care or aged parent care, then you have to carve time out that is specifically to do nothing.

crv1963

Bravepants it was corrosion that did my Ax in. It needed too much welding. The MOT before the last one I had done before selling it on I was warned that it would need new floor at the next MOT. I paid about £600 to put it through the MOT 2 years before selling it on. More than it was worth but I always viewed it in weekly equivalents so it cost me just over £5 pw over the last 2 years of running it plus basic servicing costs of £100 pa so in total £9 pw then petrol.

In the end it was time off the road I couldn't afford as it was my daily work car.

crv1963

Now I'm back working shifts I'm allowing myself a none working or relaxing day, dogs, hens and a problem just lounging around means I invariably get dressed and go out walking somewhere!