Preparing for retirement

marlot

I did a phased approach, starting a couple of years ahead of retirement.

I dropped to 4 days a week, and spent the other day volunteering on my local steam railway. I started working from home more, and training up a deputy to take over from me. I gave work six months notice that I was retiring, and dropped down to a day a week in the office for the last three months.

I lined up a couple of projects in the community for soon after retirement. eg. the local foodbank needed some construction.

I was fortunate in having a company that was very supportive.

Now been retired a couple of months - and no feelings of angst!


Edited to add: A few people I spoke with strongly advised not retiring in the autumn - the combination of short days and lots of things being closed can lead to boredom or 'post retirement blues'. Better to go in early spring if you can.

dwsjarcmcd

JoeEngland wrote: »

Just out of curiosity, what preparations did early retirees make in the last year before freedom? We've been getting the house redecorated while I'm still earning, getting repairs done, updating some household furniture, building up the holiday fund to meet a target, and buying loads more books since I'm a bookworm.

A lot of similar activities to yourself. We made some discretionary improvements to the house and paid for a couple of holidays this year. I also helped my daughter financially with a new kitchen. Stopped work in November and my wife finished in December and miss it not a jot!

Bravepants

Great thread!



Plus 1 for living off projected retirement income, I've been doing that for the last couple of years.



That's going OK, but I'm aware of still needed to be prepared for major outlay at times, a recent example over last couple of years being the renovation of our backyard, it's more maintenance free now and there's a parking area - so hopefully have offset cost by adding value to the house.



Not sure what our plans are regarding moving house, but the idea of a small country cottage (not too far from civilisation) appeals. A small cosy lounge, wood burner and comfy reading chair!



I took up piano lessons a few years ago with a view to doing something musical in my retirement (now THAT'S being prepared huh?!).

lisyloo

Bravepants wrote: »

Not sure what our plans are regarding moving house, but the idea of a small country cottage (not too far from civilisation) appeals. A small cosy lounge, wood burner and comfy reading chair!

Consider your access to doctors/hospitals and how you’d get there if treatment meant you couldn’t drive.

tigerspill

I have finally got a date to stop work at end April
I am 53 and have had enough.

Most of my preparation has been financial - probably most enlightening is a spreadsheet recording every penny I spend. I started this in January 2017. It is this that has given me the hard confidence I need.

We are also moving house (hopefully in April) - but still need to sell out existing house. We have gone for a bungalow - thinking ahead.

As for whatI am going to do etc. - well this is the area I have not put much thought into, but dont plan to do much initially then maybe do some voluntary work. The one thing I know for sure is I dont want to be beholden to anyone. I want to be able to do what I want, and when.

So a pretty exciting year ahead.

GreenQueen

Consider your access to doctors/hospitals and how you’d get there if treatment meant you couldn’t drive.

My parents moved house when they retired 20 years ago. They were insistent that they wanted a house rather than a bungalow - to "go upstairs to bed". In the last few years, my mum's mobility has gone downhill, and she has said more than once that they should have bought a bungalow.

She also had a big garden, as that's what she had always had, and for the first 10 years of retirement she spent a lot of time in it, and it was her pride and joy. For the last 10 years, her ability to maintain it has gone down, and is now not even capable of weeding. The garden is a sad reflection of the beauty that it was.

Moral of this, don't buy what you want now, but think about what you are likely to need for the next 20/30 years.

JoeEngland

marlot wrote: »

I did a phased approach, starting a couple of years ahead of retirement.

I dropped to 4 days a week, and spent the other day volunteering on my local steam railway. I started working from home more, and training up a deputy to take over from me. I gave work six months notice that I was retiring, and dropped down to a day a week in the office for the last three months.

I lined up a couple of projects in the community for soon after retirement. eg. the local foodbank needed some construction.

I was fortunate in having a company that was very supportive.

Now been retired a couple of months - and no feelings of angst!


Edited to add: A few people I spoke with strongly advised not retiring in the autumn - the combination of short days and lots of things being closed can lead to boredom or 'post retirement blues'. Better to go in early spring if you can.

That's an interesting point about when during the year to retire. I want to make it to end of June as I should then have 35 NICs, but was planning to hang on till end of August. Luckily I'm not likely to get bored, when the weather isn't good I'll read, write (my hobby), listen to music, watch films and do jobs in the house if I don't have any other activities lined up.

Spreadsheetman

GreenQueen wrote: »

My parents moved house when they retired 20 years ago. They were insistent that they wanted a house rather than a bungalow - to "go upstairs to bed". In the last few years, my mum's mobility has gone downhill, and she has said more than once that they should have bought a bungalow.

She also had a big garden, as that's what she had always had, and for the first 10 years of retirement she spent a lot of time in it, and it was her pride and joy. For the last 10 years, her ability to maintain it has gone down, and is now not even capable of weeding. The garden is a sad reflection of the beauty that it was.

Moral of this, don't buy what you want now, but think about what you are likely to need for the next 20/30 years.

Good advice. I am anticipating 2 more moves, a house in the country post early retirement (prefer a bungalow, but availability is an issue) for 15-ish years then an accessible flat in a large town/small city close to all facilities and a good hospital.

Suzzi59

I’m planning on retiring end of June next to get my final year of NI credits, do you know how much do you need to earn to cover it?

Paul_Herring

https://forums.moneysavingexpert.com/showthread.php?t=5495808

A qualifying year is a tax year in which you have received (or are treated as having received) qualifying earnings of at least 52 times the Lower Earnings Limit for that year.

For 2019/20 that's £6,136 (https://www.gov.uk/guidance/rates-and-thresholds-for-employers-2019-to-2020#class-1-national-insurance-thresholds)