Retired at 50- Now What?

StevieandSonya

Hi,
1st post so here goes!

I have also just retired this month- enforced early retirement but luck enough to get a good lump sum and occupational penion right away. But despite this and being in a OK financial situation at present, everything is very new. Never been out of work since I was 18. I have started a small part-time/ad-hoc job but its only 2-3 days a week, if that.
Was hoping to invest some of my lump sum- the last lump of money I will ever get. any ideas about the safest place to put it, with OK returns and probably for an income?

tocsin

Hi, SandS!

First, I would recommend taking a deep breath and not rushing in to investing your lump sum (as long as you have got it in an easy access account with a reasonable interest rate!) - take time to decide things like how much, how long and how risky...

I would take a look at a couple of other sections of the board - in particular the Savings & Investments and Pensions ones, as they tend to have more answers on the financial side (along with the current public pensions rants).

This section (my humble opinion only) is more good at the emotional side of life after work, and the later issues of aging, care and inheritance - and you're a long way off those!

I took early retirement a couple of years ago (my choice, and hopefully saving some younger people from the possibility of redundancy) - and have never regretted it. Like you, I'm doing some part time stuff (and a bit unusual sort) and have to keep telling the Boss "I'm only casual" as the tasks mount up

Hope that helps!

Bigmoney2

I early retired at 50 2 years ago now. I found it a big change, as I had been working from age 16. The hardest part is self motivation when you have for a huge part of your life always had to be at school/work. Its very easy to get into 'holiday habit', get up late, slow breakfast, watch a bit of TV, have lunch, potter a bit , then before you know it the days gone and you've done nothing.

It does take time to adjust, maybe list what you like doing, enrol on a course, try the local library for resources, e.g. walking groups, local history/family tree groups, art group, what ever takes your fancy. One thing you will notice is that most people will be older than you, and not the range of ages you find at work.
You could also consider voluntary work as well,have a look on the direct.gov web site and click on job seakers page, you can then click for voluntary work close to your post code.
This is also not the best time of year to stop working, dark nights, not much to do in the garden etc.
There is no magic formula, but maybe use the short cold days to research a holiday for next year.

chesky369

Tocsin is correct about posting on the Savings and Investments board - there are people who are regulars on there who would be more helpful in this case. But in the end, you should probably make contact with a local financial adviser. Do not EVER go to a bank for financial advice - what passes for adviser really means salesperson.

You might also take a look at the ISA sub-board which I think is part of the savings and investment board. You must make sure you've invested as much as you can in ISAs as a basic, but it's much more tricky now than it was ten or so years ago.

Good luck and don't forget to enjoy yourself.

getmore4less

Also look at the things you can't do when working,

Go away more on cheap lastminute deals

We picked up a 3 day cruise next week for £150pp

missile

StevieandSonya wrote: »

... any ideas about the safest place to put it, with OK returns and probably for an income?

If you choose to use an IFA, be very careful. Do your own research and try not to be too greedy.

zygurat789

So that's 15 years + before you receive the SP, this is the best pension money can buy, make sure you get your pension quote from Newcastle and make sure you pay enough voluntary contributions to qualify for the pension. At present you only need 30 years but the way pension legislation is changing.......... Keep your eye on it. That goes for each of you. You can significantly reduce your tax liability by splitting your income wherever possible.

marlot

Are there some local charities who would love some of your time?

Ranger8

Bigmoney2 wrote: »

Its very easy to get into 'holiday habit', get up late, slow breakfast, watch a bit of TV, have lunch, potter a bit , then before you know it the days gone and you've done nothing.

Ahh great, at 55 after 36yrs working outdoors thats all I want to do and happy

gfplux

I retired 13 years ago a little over 50 years of age.
My tip - enjoy it. You are not obliged to do anything. Relax do what you want not what you think you aught to do or what other people think you should do.
Investment, remember you are in the business now of wealth retention NOT wealth creation.