Economics of Retiring

moneyistooshorttomention

I would say that people shouldn't overlook the initial expenses phase of retirement.

I have been buying things gradually over the last few years for the interests I intend to pursue in retirement, so I had rather thought that was that and dealt with and just the cost of retirement celebrations at the outset.

There have turned out to be some other bits and bobs of various descriptions that I have spent on though. One thing to bear in mind is that (even with a busier "personal" lifestyle) there is likely to be more time spent at home than whilst holding down a full-time job previously. With that...anything that was grating on you about the place will be magnified and you will want to spend money to put it right.

Admitted I've taken that to an extreme myself....as the house and area its in are just grating so hard on me (as being far from what I thought I would have by now) that I added up the cost for how much it would cost me to get the house to "reasonably finished off" standard and came to a £14,000 conclusion and that was the last straw. I sold up and will be moving shortly.:rotfl:It simply wasn't worth spending any more money (on top of the loads I already have spent) on this house...as I figured it would all just get "thrown down the drain", as I wouldn't be able to charge much more at all for the house with all that money spent on it and I would be wasting some of my savings to do so.

Never mind "silver divorcees" (as in people in my age group who have reached retirement and cant bear the thought of potentially many more years with a person they never should have married in the first place and will now be seeing rather more of). I figure I'm a "silver mover" (cant bear the thought of any longer in my current house).

yorkshireman2

I'd definitely take the time to put a full financial life plan together. It makes sure that you have no hidden surprises that will pop up and bite you in the posterior just when you least expect it - and it will let you finetune your finances in the lead up to the big R to make sure you've got things just right.

But most important of all it will give you peace of mind and that is worth its weight in gold.

Yorkshire_Celt

All very interesting reading. We retired 4 years ago, me almost 55 and him 56. His teachers pension reduced as retired early and mine paltry due to lots of time off with family. We have not regretted it for one nano second! Retirement is great. He does bits of exam work in winter to pay for hols. We look after dgd when her mum does supply. I am loving all the craft activities,bird watching and gardening I never had the the time for. Not worn a skirt or tights once ! We go to Scotland and islands in summer and our friends house in France at other times. Having a week in the sun next month as an experiment. So much of what we does not cost money. We are not bothered about possessions etc. Life is such fun we are getting on with enjoying it whilst we can.

moneyistooshorttomention

An afterthought comment from me, now that I have been a half-pensioner for a while (definition of half-pensioner = retirement age and retired, but not yet reached my revised State Pension Age:() and I am still sticking to my view that a bit of extra savings specifically needs to be mentally "set to one side" if someone knows they will be a half-pensioner for a while on retirement.

I knew I was still going to retire at my Retirement Age (ie 60) regardless of a Government having "revised" my State Pension Age and mentally have £200 per month set to one side to subsidise my work pension whilst I wait to get the rest of my pension.

I wasn't prepared to lead a "half-life" whilst being a half-pensioner. Just as well....as I will be shelling out over £100 this month for "social life extras" over and above my basic social life activities and I'm pretty sure my half-income isn't enough to cover it (being only around Pension Credit level at present:().

melanzana

Loved reading this thread.

I am retiring at 55 in August this year.. Offer from employer. Yay.

I haven't really thought about it much, except, great!

But should I be planning?

There will be a pre retirement course provided, but that won't be until I hand in notice in May. Then I may have to wait a while, as the offer is being taken up by a lot of people!

I feel I am a bit complacent. Not worrying about anything, not planning to DO anything for six months, just changing my mindset. This is freedom. But that now sounds childish!

But I feel I will be OK. Hope so! Financially will be alright. No big demands just a bit of travelling, and a rainy day fund. House in good nick.

I think maybe I'm afraid to think about it?

My partner and I live three days a week together. He lives in the country, I in the city. Best of both worlds.. Bliss. He retired four years ago and has said to me that "retirement is a challenge love."

We have no plans to change our living arrangements when I retire. But eho knows? We will travel more extensively though.

I just feel I am sleepwalking into this. But am not worried about it, if you can understand me!

Am I OK!

black_taxi_2

I guess its getting use to new routine melanz

will be great discovering UK,market towns,,events,shows,cafes, an maybe abroad

plan ahead for much cheaper travel costs

melanzana

black_taxi wrote: »

I guess its getting use to new routine melanz

will be great discovering UK,market towns,,events,shows,cafes, an maybe abroad

plan ahead for much cheaper travel costs

Thanks for the reassurance! I think I am sleepwalking into it, but what the heck?

What's the worst that can happen? Boredom....no, not me. I can spend a lot of time on my own without needing others.

I won't go on about ehat i can and hope to do, because it seems I am now justifying my time off forever!

As you say, a new routine. And get with the program!

black_taxi_2

nothing stopping u p/t job

but I thinkit will be,how did I find time for work with the world out there

pollypenny

I was nervous about finance for the first couple of months, but it's fine.

I enjoy one or two leisurely mornings each week, other times I am up and at it to tai chi, book group or other U3A things.

Travelling is a priority, as my gorgeous grandsons are in the USA.