From saving to spending!

savingmore

Flycatcher...thank you for your years of faithful service in delivering this country’s mail.   if the pandemic has taught the country anything, it should be we are one family, and everyone’s contribution counts.   that’s appalling if that i should all that happened for you when you left, everyone should be honoured and celebrated, so be that here 😀😀🎉🎉🎉🎉

fly-catchers

savingmore said:

Flycatcher...thank you for your years of faithful service in delivering this country’s mail.   if the pandemic has taught the country anything, it should be we are one family, and everyone’s contribution counts.   that’s appalling if that i should all that happened for you when you left, everyone should be honoured and celebrated, so be that here 😀😀🎉🎉🎉🎉

I did get lots of thanks from the people I delivered to. Lots of appreciation. And indeed meeting the public and not simply delivering mail was the key reason I wanted to be a postie. The management simply wants the cheapest way of delivering mail, with profits above all other consideration. So to get no recognition from RM is par for the course alas. They can't wait to get rid of full time workers and use just part time or casual staff. Thanks for your words of appreciation.  

k6chris

fly-catchers said:

savingmore said:

Flycatcher...thank you for your years of faithful service in delivering this country’s mail.   if the pandemic has taught the country anything, it should be we are one family, and everyone’s contribution counts.   that’s appalling if that i should all that happened for you when you left, everyone should be honoured and celebrated, so be that here 😀😀🎉🎉🎉🎉

I did get lots of thanks from the people I delivered to. Lots of appreciation. And indeed meeting the public and not simply delivering mail was the key reason I wanted to be a postie. The management simply wants the cheapest way of delivering mail, with profits above all other consideration. So to get no recognition from RM is par for the course alas. They can't wait to get rid of full time workers and use just part time or casual staff. Thanks for your words of appreciation.  

Yes, thanks from me too!  Give yourself some time to get adjusted to your new world.  Good luck!

Albermarle

SMcGill said:

I know I will struggle when I retire, at least for a while, because for years I’ve conditioned myself to think that saving = good. I reached my ‘number’ last year and what did I do? Yup, I upped the number. 

I’m actually enjoying work more now than for years just because I have the financial freedom to walk away at any point. 

My main motivation for saving, initially at least, was not for retirement , but so I could walk away from any job that was getting unbearable ( getting a new boss etc ). My mad money.
In fact now it is more retirement focused and I probably reached the 'number' around three years but have carried on. Partly because the job is fine and it is good money for not a huge amount of time and effort..
Finally though planning to go early Summer next year . Could be a bit of a shock to the system as will have to buy/run my own car for the first time for 35 years, and buy a phone/laptop and start paying the bills for them. 

DT2001

ossian said:

Personally I find too little retirement planning writing considers the desire to leave a meaningful legacy.  When I was younger I assumed my children would be able to make their own wealth.  Now I am worried, especially for the disabled one.  I have just retired but am planning to leave a portfolio that will survive perpetually.

Maybe part of the reason is that as we tend to live longer more legacies are inherited when the recipient is also retired or very close to retiring. We either have to help our children whilst we are still planning for our own retirement or divert any inheritance from our parents directly to our children. 
Like many parents we’re assisting/building university funds. One grandparent is utilising IHT relief on excess income to help investing for her grandchildren’s future. We are aiming to fund 40% of our ‘number’ through natural income (60% will be from small DB’s and SP) so guaranteeing a legacy. 
If you’re funding retirement through SIPPs ISA etc rather than DB and SP the odds are if you use a conservative withdrawal rate you will leave a meaningful legacy. 

arnoldy

When you are in your 20s you probably spend most of your money, but as you progress through your 40s and 50s i think you stat to be aware of getting older, your probably more senior (and expensive and vulnerable) in job, you don't want to start again and you know that your speed of learning is slowing down. So you save more. Most studies suggest worry and depression crescendo in late 40s - at this age lost of men especially can get in a very bad place.
By the time i think you pass through the late 50s/60s there is a gradual increase in emphasis of the "time" rather than "money" . 

Stubod

arnoldy said:

When you are in your 20s you probably spend most of your money, but as you progress through your 40s and 50s i think you stat to be aware of getting older, your probably more senior (and expensive and vulnerable) in job, you don't want to start again and you know that your speed of learning is slowing down. So you save more. Most studies suggest worry and depression crescendo in late 40s - at this age lost of men especially can get in a very bad place.
By the time i think you pass through the late 50s/60s there is a gradual increase in emphasis of the "time" rather than "money" . 

..very ,and in hindsight (wonderful thing), we probably did not spend as much as we should / could during our 40's as we always worried about redundancy, and then focusing on retirement. The year we retired we then had an inheritance, which we new there was always a possibility of, but never planned for it as it could easily have ended up paying for a care home, (which never really happened).

DT2001

SMcGill said:

I know I will struggle when I retire, at least for a while, because for years I’ve conditioned myself to think that saving = good. I reached my ‘number’ last year and what did I do? Yup, I upped the number. 

I’m actually enjoying work more now than for years just because I have the financial freedom to walk away at any point. 

When you upped it did you have in mind an area where you were going to spend more?
We’ve reached a number we are happy with however OH enjoys her work and post pandemic with the enforced changes she can do more from holiday destinations which will allow her to carry on longer (v good work/life balance, she says!). So our number will not change but the return needed from our funds will reduce. 

SMcGill

“When you upped it did you have in mind an area where you were going to spend more?”

Not really, it was more the ingrained belief that ‘more must be better’. For me, retirement has meant achieving a number that would unlock a new phase in my life. It’s come as a bit of a surprise to find myself not mentally ready for that phase, even if I am financially. 

zagfles

DT2001 said:

SMcGill said:

I know I will struggle when I retire, at least for a while, because for years I’ve conditioned myself to think that saving = good. I reached my ‘number’ last year and what did I do? Yup, I upped the number. 

I’m actually enjoying work more now than for years just because I have the financial freedom to walk away at any point. 

When you upped it did you have in mind an area where you were going to spend more?
We’ve reached a number we are happy with however OH enjoys her work and post pandemic with the enforced changes she can do more from holiday destinations which will allow her to carry on longer (v good work/life balance, she says!). So our number will not change but the return needed from our funds will reduce. 

If you mean she will be working from holiday destinations - fine if in the UK but very problematic if abroad. All kinds of tax, employment law, data protection issues etc. See https://www.bbc.co.uk/news/business-53524486