Non financial - how to prepare for retirement

Albermarle

There have been quite a lot of similar threads on this forum and it is noticeable that almost nobody says they are not enjoying retirement . That seems difficult to believe and is probably due to the fact a pensions forum does not reflect the wider public very well. 

cfw1994

Well, I stepped away from the daily wage in May, & just yesterday completed a Pandemic Pedal cycle challenge to myself, Lands End to John O’Groats….1,080 miles of cycling over 19 days gave me plenty of time to de-stress!   Also managed to raise over £3k from kind friends and even some strangers for mountain rescue along the way!
Kept me off the boards for a while.  & allowed my DC pot to recover a chunk without me checking daily 🤣

You ask questions I also have been working on answers to.
A wise man at work always advocated having a 30/60/90 day plan.  Literally: “write it down”.  I have to confess I never really did that, despite being a pretty organised person….maybe I didn’t feel “work” worthy of that!
I am, however, planning to try it for the “next phase” - I think it is good to have things you want to do lined up. 

 
I’ve written a biggish list of things we want to do.  Start with major headings (travel, garden, house, self-improvement, etc)….then sub-items below.  Makes me wonder how I had time to work!

My immediate plan includes getting from John O’Groats to Edinburgh (by bus!), then a few days with family there and in Glasgow before heading back home.  Jab #2 due later next week, then a wee trip away to follow.

Terron

I was made redundant at 54. It took a couple of weeks to get over the shock, but I have not done any full time work since then. I worked out that I had enough savings to live off until I was 60, and to supplement my pensions from than until I am 66. But living off my capital didn't feel right. So I after some reasearch I decided to go into BTL, cautiously at first. It worked out and after a couple of years I was able to live off that income rather than capital. Now I am getting my private pensions I have more disposable income than I ever had when working. I use an agent to manage my properties so I have a lot more free time too. Still not enough to do everything I want to do, even with corvid cutting out much travel. I like to read, a lot. I moved back near my family, to a larger but cheaper house on the edge of the Peak District, and have been gradually doing it up. It is the turn of the kitchen this year.

marlot

Albermarle said:

There have been quite a lot of similar threads on this forum and it is noticeable that almost nobody says they are not enjoying retirement . That seems difficult to believe and is probably due to the fact a pensions forum does not reflect the wider public very well. 

When I was made redundant at 49, it made me realise that I was not ready for retirement.
I spent the following six years changing my mindset.  Working less.  Doing more things outside work.  Moving to an area of the country I preferred.
But even then, there were a few moments during lockdown when I missed work.  Now that things are opening up, not so much.

Nebulous2

I'm not sure where I'm at, adjustment has not been straightforward. I did my sums at Christmas, decided I could afford to go and handed in my notice. Finished work early March with the intention of taking a lower paid nursing post on a part-time basis. Recruitment was messy and complicated and I landed up on the nurse bank. Plan was to work two days with five off, as a gradual step into retirement. Availability of shifts is variable, and I find myself booking more than I had intended to work, just because they are there. 

So its early days, but I don't think I've really committed to being retired yet. A complicating factor is that I'm enjoying the work. A hands on role working directly with people is feeling good. If I could get a settled routine of two days a week that would be good. 

Fabtasia

marlot said:

Albermarle said:

There have been quite a lot of similar threads on this forum and it is noticeable that almost nobody says they are not enjoying retirement . That seems difficult to believe and is probably due to the fact a pensions forum does not reflect the wider public very well. 

When I was made redundant at 49, it made me realise that I was not ready for retirement.
I spent the following six years changing my mindset.  Working less.  Doing more things outside work.  Moving to an area of the country I preferred.
But even then, there were a few moments during lockdown when I missed work.  Now that things are opening up, not so much.

I have thought about this.  I can imagine that Winter could be the time when I might feel it.  1st lockdown, general attitude of it being the 1st time plus good weather, last lockdown it felt like a repeat and it was dark and not great weather.  Maybe something to think about when I plan.

Anonymous101

Albermarle said:

There have been quite a lot of similar threads on this forum and it is noticeable that almost nobody says they are not enjoying retirement . That seems difficult to believe and is probably due to the fact a pensions forum does not reflect the wider public very well. 

Genuine question. Is there evidence the wider public doesn't enjoy retirement?
I'm sure there are some people who would like to continue to work but are physically unable but don't most people enjoy their retirements? I'd be interested to read if there are any studies that have been conducted on this.

marlot said:
When I was made redundant at 49, it made me realise that I was not ready for retirement.

I spent the following six years changing my mindset.  Working less.  Doing more things outside work.  Moving to an area of the country I preferred.
But even then, there were a few moments during lockdown when I missed work.  Now that things are opening up, not so much.

Sounds like you may have missed the social side of it? I've been working from home for the duration of COVID and, although I've preferred it to the office generally, I have found I've missed the social side of work more than I thought I would. Although in a regular retirement situation I would be able to seek social interaction through hobbies which wasn't the case with the restrictions.

Neasy

This is such a useful discussion! I'm trying to map out what non-financial benefits I get from work (social network, status, intellectual challenge etc.) and plan how I'm going to get these things once I retire. I quite like the "vitamin" model proposed by Warr, e.g. here https://www.sheffield.ac.uk/polopoly_fs/1.727449!/file/Vitamin_chapter_2017_Handbook.pdf 

Anonymous101

Neasy said:

This is such a useful discussion! I'm trying to map out what non-financial benefits I get from work (social network, status, intellectual challenge etc.) and plan how I'm going to get these things once I retire. I quite like the "vitamin" model proposed by Warr, e.g. here https://www.sheffield.ac.uk/polopoly_fs/1.727449!/file/Vitamin_chapter_2017_Handbook.pdf 

I'd argue that all of the non-financial benefits of work can be gained from either hobbies or volunteering. Which have less of the down sides such as the level of time commitment and the option to stay in bed on a Monday morning if that's what you choose to do. Obviously most people enjoy the income employment provides so there is the option of designing you own role in the workplace or taking a less stressful / time demanding job.

Albermarle

Genuine question. Is there evidence the wider public doesn't enjoy retirement?

Not that I am aware of but there is plenty of evidence that the majority of regular posters on this site ( including me probably) are not generally  representative of the wider public . There are a lot who have purposefully planned ahead for retirement so I guess are more likely to enjoy it and have the money to do so .

I'd argue that all of the non-financial benefits of work can be gained from either hobbies or volunteering.

Unless you do not like hobbies or volunteering .