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Sea_Shell wrote: »
Holidays are a strange one IMO.
It depends on WHY you want to travel?
When we're working, holidays can be just about getting away, de-stressing & chilling out. The classic, sun, sea, sand.
Retirement fulfills THAT need, so no need for those types of holidays. You're able to make the most of the nice days here!
Obviously, if you want to travel to actually see the world, not just lie on a sunlounger, then you'll now have the time to pursue this...and hopefully the money.
the_cat wrote: »
After years of saving and planning, OH retires in two weeksat the age of 57
The figures stack up nicely but irrational thoughts of 'not being able to afford' it still linger. I think this is stemming from the need to change our mindset to it being 'OK' to use savings to live on after a lifetime of accumulation.
Any tips from those who have already taken the plunge?
jimi_man wrote: »
I think a lot depends on the how you’ve funded your retirement. If you’ve funded it by means of a DC fund for example, then retiring will generally involve a process of decumulation. This is a major mind shift to get used to and will have an effect on how you spend, since there is a finite amount and there will always be the fear of running out. If you’ve funded it by way of DB pensions then (depending on the amount) there is little difference between retiring and working (apart from not having to work obviously!) since you will continue getting paid monthly and there is no reason not to continue existing habits and continuing to save every month.
It’s one of the reasons for not taking a DB transfer in my opinion. I do understand why people are seduced by the large sums of money on offer, especially if they’ve never had that sort of money, and I know there are knowledgeable posters on here who come out with amazing figures using some financial model that means you could have much more money, but people do ignore the psychological factor and the security blanket of having a confirmed income to fall back on. Sometimes greed is not good.
cfw1994 wrote: »
I think having DB income to cover "the basics" and a DC pot for "the luxuries" is perhaps the ideal scenario.
Sadly my DB pots are teeny tiny, & annuity rates not really appealing enough to sway my view, but nonetheless, having some kind of split and control would be a GoodThing™, IMHO!!
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