Retiring early

Litchielou

Lamewolf hoping that our costs also reduce as you say less fuel needed etc. Excited to have the time to look for bargains in the food dept having more time to plan meals. Got plenty of ideas of things to do.
Already started to plan our garden as new gates are being made by a friend at the moment.(others blew down 2 winters ago). I have downloaded garden designs and will tweek to fit ours. Looking to recognise the plants we have and what more we need.

Count down to 8th march.
Love to you all xx

lessonlearned

My fuel costs are down too.....mid Feb and I still have a quarter of a tank.... I walk more too because I have more time.

I honestly think you will see quite a drop in your outgoings because time becomes your friend and not your enemy.

pink68

Thank you all for your comments, (un)fortunately hubby has a company car at the moment so is that is something we would have to replace, but I'd save a fortune on petrol on my commute I think.

Swings and roundabouts...

Pooky

DH retired last year at the grand old age of 45 (medical retirement). Obviously his pensions haven't amount to much but having them has been handy to keep us afloat. We still have a mortgage to pay (20 years remaining but we aim to have it cleared in 9). We know that DH won't work again and unless there's a huge improvement in his health (or he passes away) then I will be restricted to what I can do/earn whilst being his carer. I do run a small business from home which gives us a top up to his PIP and ESA and we run a tight ship in order to ensure there's a few treats now and then. I never paid into a pension so have no back up plan other than to clear the mortgage as quickly as possible so that we can downsize and release some money in a few years time.

We survive on less than half of his previous income and still find plenty of free/cheap things to amuse ourselves. We're not interested in holidays abroad and have a few days away camping when his health allows. We both have plenty of hobbies to keep us going and rarely have time to get bored. I've never been a clothes/bags/shoes/make up person so not having those isn't an issue, in fact we worked out that we spent less than £100 on clothes/shoes last year.

We eat well as I have the time to cook from scratch and I get plenty of free exercise by walking along the cliffs when DH sleeps.

Our retirement plans were very different but we've adapted well to the circumstances we now find ourselves in. It's a challenge at times but we've built up a decent savings pot and I work hard to make every penny squeak.

I think the secret is to make sure you're busy when you need to be, you're occupied, you've got an outlet from each other (if you're in a relationship) and that you have time to sit and just be if that's what's required.

moneyistooshorttomention

That's a factor that will differ for all of us - ie our "basic running costs of our lives" when we retire.

I must admit I do wonder at the comments from people about how much money they save on that now they are retired.

I guess a fair number of people do - ie because they spend money on commuting and/or work lunches and/or special clothes for work.

I wasn't spending money on any of those things - so am not saving money personally from no longer doing so.

My one saving I can think of is no longer being asked for money for work collections/work social things - but it's not a big saving.

The other thing I find is that in my previous area I was used to a lot of free social events going on - I could often go off and attend a free music event for instance if I wanted to. Here - in current area - there is very very little indeed of free social events. There was absolutely zilch when I moved here - and the situation has improved very slightly. There are now a (very few) free social things - and I'm keeping my fingers crossed there will be more.

So - it will vary a lot from person to person.

The one saving I think I might potentially make on "running costs" is as things come together more gradually for getting some of my food from the garden (rather than having to buy it) and I should be able to get more into "planning" food-wise generally (ie once I've got that new kitchen of mine up and running - only a few weeks to go now:D).

LameWolf

Something else we've saved on is our car tax!

When Mr LW was working, we paid for our car tax like everyone else.

Now we feel justified in using my entitlement to free car tax (I'm on enhanced rate for the mobility element of PIP) because the car is now used by me also (although I rarely actually drive) - on the rare occasions he goes out in it alone, it's to get something that benefits me as well as him, or to do the shopping because I'm not well enough to go.

If it weren't for the fact that I cannot walk or use public transport, we might well have considered not keeping the car at all.

Litchielou

Well count down has begun 10 days till finish. Had a bit of a wobble last week until DH showed me again the facts and figures. Back on track again now.

Family meal on Saturday, taken out by my work next Wednesday and a celebration party on the Friday with DH work colleagues.

Booked 2 days to York at the end of march. Already have lots of plans.

Exciting times ahead take care x

p00hsticks

moneyistooshorttomention wrote: »

The other thing I find is that in my previous area I was used to a lot of free social events going on - I could often go off and attend a free music event for instance if I wanted to. Here - in current area - there is very very little indeed of free social events. There was absolutely zilch when I moved here - and the situation has improved very slightly. There are now a (very few) free social things - and I'm keeping my fingers crossed there will be more.

That sounds more like it's related to a change of location rather than the shift from working to retired.

I retired early last July, and I've found since then we go out a lot more, although spend the same - or possibly even less.

my OH has always been difficult to drag out in the evenings - he's happy to stay in front of the TV and is usually ready for bed soon after nine, so when I was working we rarely went out.

Now we often go out to lunch - lunchtime menus are often considerably cheaper than evenings (for example, our favourite chinese buffet charges £7.99 for lunch compared to £12.99 in the evening).

Our local Odeon has regular daytime 'silver cinema' screenings for £3 including tea/coffee and biscuits, and feature many recent mainstream films (Sully, Bridge of Spies, Spectre etc)

And we're finally getting a chance to visit local museums etc - mainly free - that are only open during the day.

The only downside is that due to the rises in SPA, like a previous poster, my OH already has his bus pass, whilst I've got another nine years to go for mine.

usernameisvalid

We aren't retired, however I only work 10 hrs a week and DH goes down to a 3 day week this coming month

I've not worked full time for 17 years, only working as an when I can, usually zero hour contracts,NMW, so have no pension contributions worth mentioning

DH has only class 2 contributions

However we have no mortgage, no debts and like so many our age, we no longer feel the need to clutter the house

We worked out that our lifestyle ATM costs £4500 a year, that's not counting going out/holidays etc, that's just to feed/clothe/heat/rates/petrol

We have some savings, not a lot, but enough that things like a replacement boiler isn't going to put us in the workhouse

We are mid 50's now and this work/life balance is working for us and I imagine we will keep it up until we can't any longer. We also have a backup plan of turning the house into a B&B, our house is already divided into two seperate living areas so it's no major upheaval, there's enough bedrooms bathrooms and living rooms that we won't be sitting with strangers

Tbh I don't think either of us are cut out to retire fully, we don't have any leisure hobbies outside the home as such, we are home birds, family and grandkids take our time. We garden, have hens, cycle, go to farming events, car boots etc. We do go out, but like P00hsticks, it's the lunchtime menu, much better value and less packed then evenings when you have to queue and are packed in like sardines ( we live in a tourist area). We used to go half price cinema but now have a Kodi box. Being in a tourist area there's always something free happening, free concerts, fireworks,air shows etc and of course we are renowned for the road racing

We also try to save up for things we want rather then use the savings So far this year we have saved £700 by cutting out the fags. This is money that's put aside so it's not just eaten up. This is paying for the tow bar and trailer for my car and then onwards it's our flights to OZ money. We have never been and want to go before we are 60 and certainly don't want to rough it.

Retirement is personal and different for everyone. I'm grateful that I don't have to work full time but at the same time not working ever again just isn't for me. Funnily enough, all those in the family (inlaws) who have retired, all bar one has gone back to work for 2 or 3 days a week

moneyistooshorttomention

The point I was making is that a lot of people move on retirement - and, if one has moved to a "quieter" (poorer) area - then more money is needed for social life costs than anticipated. Down to having to pay for every/virtually every social thing one goes to - rather than knowing a fair number of social events are free.

Social life becomes more important when retired - just down to all that extra time available and wondering what one is going to do with it.