How much to live on

drummersdale

blue.peter said:

otb666 said:

well got my end date now only 9 weeks to go.  Feeling very weird about it.  Its definitely what I wanted  but just feeling a bit lost now.  Every one keeps asking what I will do and that freaks me out a bit.  Love this thread always read it first

In a way, it's like leaving school. Well, it was for me. I was happy at school, and didn't really want to leave. At the same time, though, I knew that my time there was over, and that I should move on to the next part of my life. 40+ years on, I still look back at my schooldays and see that they were good. But that's all: I've no regrets. Similarly, I've no regrets about retiring. (OK, I was pushed into it a bit by redundancy, but it was what I wanted anyway.)

As for what you'll do, you can do whatever you like, be it voluntary work, learning, playing sport, or just loafing around. What do you enjoy? You've got time for more of it now, and time to take up new things if you want. If you want ideas, find other people who've already retired and talk to them. Someone might say something that sparks a thought in you. Your time will be your own, with no manager or customers telling you what to do. Don't worry about it. Enjoy it!

I agree - I quite like the idea of loafing around and not feeling guilty for it - others may want to volunteer, some might want a part time job, others go cycling or rambling for miles or running marathons - I’ve had 40+ years of getting up for work, commuting, sometimes getting stressed about work - I feel I’ve deserved the right to do nothing if that’s my choice, however diametrically opposite that idea might be to others, whose choices I respect.

Time4T_Accounts

I spent the first six months pretty much sleeping: I hadn’t appreciated just how tired I’d become!

Farway

drummersdale said:

blue.peter said:

otb666 said:

well got my end date now only 9 weeks to go.  Feeling very weird about it.  Its definitely what I wanted  but just feeling a bit lost now.  Every one keeps asking what I will do and that freaks me out a bit.  Love this thread always read it first

In a way, it's like leaving school. Well, it was for me. I was happy at school, and didn't really want to leave. At the same time, though, I knew that my time there was over, and that I should move on to the next part of my life. 40+ years on, I still look back at my schooldays and see that they were good. But that's all: I've no regrets. Similarly, I've no regrets about retiring. (OK, I was pushed into it a bit by redundancy, but it was what I wanted anyway.)

As for what you'll do, you can do whatever you like, be it voluntary work, learning, playing sport, or just loafing around. What do you enjoy? You've got time for more of it now, and time to take up new things if you want. If you want ideas, find other people who've already retired and talk to them. Someone might say something that sparks a thought in you. Your time will be your own, with no manager or customers telling you what to do. Don't worry about it. Enjoy it!

I agree - I quite like the idea of loafing around and not feeling guilty for it - others may want to volunteer, some might want a part time job, others go cycling or rambling for miles or running marathons - I’ve had 40+ years of getting up for work, commuting, sometimes getting stressed about work - I feel I’ve deserved the right to do nothing if that’s my choice, however diametrically opposite that idea might be to others, whose choices I respect.

I spent the first couple of years doing just that and enjoying it.

Then decided to explore the UK, going to places I'd heard of but never been, obvious places like Lake District, Gretna Green, Cambridge etc. I used coach tours for this and looking back it was the right choice at the time, especially now my health stops a lot of things that were common place

PennyForThem_2

Explore local societies, U3A, check out what is going on at local museums.  In my town lucky to have a college teaching music and drama where the students put on performances.  Some of it is free, some you pay for.  Life is beginning to come back to normal after Covid.  

(I recommend U3A asit is very diverse - check it out     https://www.u3a.org.uk/      )

Dragon_Lily

otb666 said:

well got my end date now only 9 weeks to go.  Feeling very weird about it.  Its definitely what I wanted  but just feeling a bit lost now.  Every one keeps asking what I will do and that freaks me out a bit.  Love this thread always read it first

I hear you   My end date is 6 weeks away now!  I felt the same as you did initially but decided it was all part of the process of transitioning to a new way of life after working for 40 yrs and all the routines etc that went with it.  I'm not planning anything at the moment (although I have things I would like to do in the future) and have decided to just have a good 'rest' for a few weeks, doing my hobbies, walking, art.  Feeling weird about finishing work is probably pretty normal after a lifetime of work.    

Apintplease

mummytummy said:

Just seen this...

Experts say £10,900 annual income needed to retire https://www.bbc.co.uk/news/business-58883053

I’m currently trying to sort my pension provision but really hard when in Oz. Hopefully it won’t be too bad but might have to wait until my next visit in 2022 before I get definitive answers 😬

Mine is just over and for someone who has had a lot of non employment time and a lot of work in Jobs paying NMW due to mental health and refusal  to tick boxes and jump hoops Im still pretty hopeful for my future

Right now Im 57 and I have a NHS pension of £500 a month sat there, available from the age of 55

If I cash in now, I loose 7%, Ive a 14K + one off payment on it

We need to fund a wedding and the pressure to claim is pretty fierce

Im as thick as poo and really dont know if I should claim that pension. I have full state and I will have my nest pension on top

[Deleted User]

Apintplease, is the income you have now from employment or another pension? will the £6000 a year NHS pension be in addition to the income you have now? Have you a partner who is also earning or has pension income?
Sorry about all the questions but we may all be able to comment more usefully with a bit more information from yourself.
If you are finding it difficult to manage on current income it may make sense to take the NHS pension now. that £6000 per annum is guaranteed and index linked for life. Losing 7% is not that bad. Especially for less financial worry and improved lifestyle.
Whose wedding do you need to fund? Weddings do not need to be hugely expensive. Also these days costs tend to be shared.
Best wishes.

QrizB

Apintplease said:

Right now Im 57 and I have a NHS pension of £500 a month sat there, available from the age of 55

If I cash in now, I loose 7%, Ive a 14K + one off payment on it
We need to fund a wedding and the pressure to claim is pretty fierce
Im as thick as poo and really dont know if I should claim that pension. I have full state and I will have my nest pension on top

You might be better off asking on the "Pensions" board:
https://forums.moneysavingexpert.com/categories/pensions-annuities-retirement-planning
They're pretty good at teasing details out of people and helping them decide whether to claim their pensions now or in the future.

middlewife

I fell foul of the break in service rules, so bizarrely, the NHS will pay me my 2008 and 2015 pensions but NOT my 1995 pension until I turn 60 next year. I am going anyway in 3 weeks time, but returning on a contract just 5 hours a week which will go some way to covering the shortfall. Still hopping mad that amongst all the emails back and forth not one person pointed out they wouldn't pay me!!!

On the original query from way back   we should have a comfortable life on £16k per year. We could manage on less but OH wants to run 2 cars....sigh....

Dazza1902

middlewife said:

I fell foul of the break in service rules, so bizarrely, the NHS will pay me my 2008 and 2015 pensions but NOT my 1995 pension until I turn 60 next year. I am going anyway in 3 weeks time, but returning on a contract just 5 hours a week which will go some way to covering the shortfall. Still hopping mad that amongst all the emails back and forth not one person pointed out they wouldn't pay me!!!

On the original query from way back   we should have a comfortable life on £16k per year. We could manage on less but OH wants to run 2 cars....sigh....

16 k a year for you as a couple ?
Would you mind giving an idea of how that breaksdown, I assume that's nett?. I've toyed with 2 X tax allowance for a couple , but deemed it insufficient. I'm always amazed at how little some people appear to live comfortably on, I've never considered myself as particularly extravagant. Modest house, rarely go on hols, don't eat out much, don't smoke etc