Regret retiring too early with not enough money?

AllyMac

I think it's a bit mean spirited to poke fun at those who make the choice of luxury holidays, saying they don't have many friends and are boasting on social media.
Most likely, they dreamed of doing these trips, enjoy them to the full, and share photos with friends who believe are true friends and interested - and don't find it boastful.

I'm far too young to retire yet (42!) so I'm not taking it personally by the way - I'm not defending myself! Just get a bit sad when people do down other people's choices.

Live the life YOU want.

I'm planning (if nothing else changes) to live my last 3 planned working years on my retirement income - so I build a cushion and find out before I quit if I've vastly underestimated my preferred income!

chiefie

I'm going to spend all my time in the library until they shut them all ��

kidmugsy

k6chris wrote: »

does anyone regret not working those few extra years

Nope. if you can afford it and your health is good, go. You'll feel an utter chump if you work a few years more and then your health breaks down.


P.S. Don't knock M&S: some of their stuff is very good and their bargain offers can make it good value.

kidmugsy

meer53 wrote: »

I love Whitby. .

Top spot, Whitby. Especially for the afishionado.

ischofie1

I once visited a friend who retired to Borneo at 49.
He lived like a king, on not a lot of money. At the time I was there he was 6 months away from getting his UK SP & reckoned this would double his income, so only knows what life style he'd then be enjoying.
Although leaving home isn't for everyone, I feel this is 1 option retirees often overlook.
I remember eating out on some of the best fish meals I've ever tasted & it didn't come to a fiver a head.
He sub leted rooms for storage in his house that virtually covered the rent.
His biggest bill was £25 PM for satellite TV to get all prem football games.
Whilst I was there, the choice in the morning was either a walk in the rain forest or swimming at the most beautiful beaches I've ever seen.
For anyone faced with retiring in the UK onlow income, I'd suggest they explore this type of option.

The_Book-keeper

I'm a frequent visitor to M & S after 3pm now I'm retired to partake in the reduced food offers!

Nebulous2

ischofie1 wrote: »

I once visited a friend who retired to Borneo at 49.
He lived like a king, on not a lot of money. At the time I was there he was 6 months away from getting his UK SP & reckoned this would double his income, so only knows what life style he'd then be enjoying.
Although leaving home isn't for everyone, I feel this is 1 option retirees often overlook.
I remember eating out on some of the best fish meals I've ever tasted & it didn't come to a fiver a head.
He sub leted rooms for storage in his house that virtually covered the rent.
His biggest bill was £25 PM for satellite TV to get all prem football games.
Whilst I was there, the choice in the morning was either a walk in the rain forest or swimming at the most beautiful beaches I've ever seen.
For anyone faced with retiring in the UK onlow income, I'd suggest they explore this type of option.

The issue I have with this, though I haven't explored the options, is healthcare. I've been very healthy, no sick time, very rare GP visits, but I'm conscious that could change very quickly.

Nebulous2

I've been thinking about retirement options recently - and as the gap between income and pension narrows, you are effectively working for less and less money.

£40k income and available £18k pension means working for £22k a year. As the pension rises the dynamic changes though. A £40k income with an ability to draw a £25k pension means working for £15k a year, which hardly seems worth it.

I'm in the fortunate position that I could easily find well paid post-retirement work, but the unfortunate one that the best paid roles would be very full-on, maybe 60 hour weeks. One option might be taking a well-paid agency role for 3 months and holidaying for the next 9 months. The snag I foresee is that dragging myself through that would become increasingly bothersome. Going from very relaxed to the kind of full-on level I used to do without a second thought, could be difficult.

robin61

Good thread.

As soon as you feel ready to retire and have enough to do what you want I can't see the point in hanging on for a bit more. You won't get those years back.

meer53

I see retirement as another new start for me. A bit like starting a new job, been in my current job for 24 years so i'm ready for a change ! The bonus is that if i don't want to work again i don't have to ! I'm 60 next year and am going to take my time deciding what i want to do, (another 6 years before i have to retire) moving to Borneo sounds a bit too adventurous for me but i'm not ruling out moving altogether, depends on what my kids are doing and where they are. I'm definitely selling my house and using the equity to enjoy myself. I can't wait !