If in retirement what do you wish you’d known before taking retirement
I'm anywhere from 11 to 18 years away from retirement and at 49 am already considering my retirement. Not that I don’t enjoy my job but I don’t wish to look back at the age of 60 or 67 and think I wish I’d known that when I was say 50.
I work full time and am satisfied with my pension provision but there are also other non-financial aspects to consider regarding how to spend your time when retired. I volunteer in my local community and also have many friends that live nearby and as I get older I think having friends that live near to me will become more important because as I get older it may be harder to travel longer distances.
I would love to hear from people who are in retirement or are approaching retirement but are actively doing something now to improve their retirement. This may be something financial but ideally I’m looking for non-financial responses. If anybody could kindly share their advice perhaps how they enjoy spending their time and what they wish they had done differently with hindsight or perhaps just share their tips for having an enjoyable retirement.
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Older you will thank you for putting more away now for your retirement - it’s been literally my last 5 years that have had most impact in my retirement savings. I wish younger me had had the foresight earlier to really appreciate that deferring salary for retirement income should have always been part of my thinking. But it really is the last few years that will make your finances retirement fit. Maximise tax relief, salary sacrifice, and save. It obvious if you retire early you’ll need to bridge till state pension age, and if you have 10 years to bridge, every 10k saved is another £1k a year during that period. Or as I like to think, another holiday paid for, which motivates me as we like to travel.
Yes, no coincidence it's the amount the government handed out to win my vote. Because the energy companies are coining it in and not sharing it with me or anyone else who's contributing to their profits. Besides their investors. Which may or may not include me currently but will never include anyone without £150 to spare. I've got it in an accruals account and I can keep you posted.
I just heard Liz Truss described as anti establishment. Hah ha hah slow handicap.
The banks are not our friends
The banks are not our friends
Instead, think ahead and plan what you want to 'run to in retirement'.
The best thing I did was drop to 4 days a week, and spend the fifth day starting something that I continued into retirement. As it was associated with a charity, I even managed to persuade my employer to give me a few extra paid days too.
And of those, the happiest are the ones in familiar work.
I retired early. Then went back to my old job four days a week but will drop to three.
Four days can start to feel like it's full-time (I eventually learned). It needs to be three days at the most.
They always tell you don't take Mondays off as you'll miss the bank holidays. That's nonsense; every Monday becomes a bank holiday.