If in retirement what do you wish you’d known before taking retirement

maisie_cat

The only thing I didn't plan well was inflation, the costs of house maintenance of an old cottage and my husband spending 10% of our income on hobbies. I'm quite happy pottering and doing things that are inexpensive but hubby really struggled with the lack of routine and needed hobbies to make up for that.
Our energy bills are an under budgetted 12.5% of our income and council tax another 12.5% although that wasn't far off the budget. We have spent less on going out and food because that's what we can flex.

SarahB16

maisie_cat said:

The only thing I didn't plan well was inflation, the costs of house maintenance of an old cottage and my husband spending 10% of our income on hobbies. I'm quite happy pottering and doing things that are inexpensive but hubby really struggled with the lack of routine and needed hobbies to make up for that.
Our energy bills are an under budgetted 12.5% of our income and council tax another 12.5% although that wasn't far off the budget. We have spent less on going out and food because that's what we can flex.

Thank you for being so honest and sharing that with us.  I wonder if I may struggle with the lack of routine a little too or maybe I just need to fill my diary so I always have something to do or look forward to doing and on those quiet days, well I can read, walk and use that time to do cleaning!     

I don't wish to go part time with work as I think this will mean my pension will be reduced as it is part final salary and part career average so I will go from one minute working full time to not working at all.  I'm aware of how this change could affect me hence why I like to do my volunteering work as I can do more of this if need be in retirement too however I do enjoy the volunteer work now as it really does help our local community.    

I don't plan to retire until at least some of my friends have also retired and then we can go on days out together, local walks, etc and hopefully a few holidays too.  

AlanP_2

Most (if not all) DB schemes, whether FS or CARE, cater for people going part time with no actual detriment.

Yes, you will accrue less CARE benefits as they will be pro-rata to a full time salary but you aren't actually "losing" out.

c'est_moi

I wish I had understood sooner how to pay for missing years in my NI record.

I retired very early - took about 18 months off to rest and recover - and it did take me 18 months and it was lovely. Then I found I was ready for a bit more structure and fancied the challenge of working in a field I had never tried before. I signed up with a temping agency and have found it to be very straightforward and easy, even though the work is poorly paid and a bit dull at times it is very undemanding, and I love that I can pick and choose when to work.

Which brings me to the NI point. I need a few more years before I reach my full SP entitlement. I could pay £800 odd as voluntary contributions for each missing year. Or I could work two days per week, pay no NI contributions and have them paid for me. I didn't realise this. If I earn £123 a week - which I can by working two days per week then my NI is paid. I wish I had known this when I started temping. I could have spread the days I am working out a bit better.

solar_power

I packed up work at 50 in 2004, I wish I had found this pension forum earlier, I'd be on full SP.

MACKEM99

Next week's Euro millions numbers😄

MACKEM99

What I did in the last few years before I retired was to live on the amount I would have in retirement and save\invest the rest.  Let me see if I could do it and provided an extra nest egg.  I agree it will not work for everyone.

Bobinyorkshire

I went part time and personally I think it’s helped adjust to both the reduced income and to managing my greater leisure time. I hope to transition to early full time retirement in18 months thanks to the useful info people has posted here about SIPPs etc. It’s good that your looking so far forward, many people I know seem resigned to working until well into their 60s with fantastical ideas of what retirement will bring. Good luck to them, but I prefer the idea of a lower cost retirement enjoying less expensive lifestyle choices.

Blue_Butterfly

I retired in my late 50's to care for my terminally ill husband. I was fortunate I was in the 1995 NHS pension scheme with many years service as a nurse and midwife, so could retire early with little effect to my NHS pension. I was encouraged to take up a zero hours "pool" contract on retirement. This meant I could work a few hours when requested by the hospital, but I could decline if I couldn't do the shift. I enjoyed doing this for about 4 years after I was widowed, it was nice working much less hours than before. I worked in the same specialised area as pre retirement, and was an experienced person who could fill holiday and sickness gaps whilst they trained up new staff. 

I have always enjoyed dance and creative pursuits, and I went to a local dance fitness class and really enjoyed it. The teacher encouraged me to train as a teacher, and this is what I have done. It put elements of my work and hobbies together, and I'm starting my own class in September. I felt OK when I stopped working in the NHS, as I had lots of interests. I did feel quite sad when I had to lapse my registration. My new course helped me focus on the future instead.

I felt financially well prepared for retirement as the mortgage was paid off and I had savings. The curveball for me was my husbands unexpected terminal illness. 

PennyForThem_2

This is REALLY GOOD ADVICE that you should plan as a couple.

Make sure your partner is on board, understands how you are as individuals you are planning to fund your retirement.

BUT most important of all, KNOW what happens if one dies and what you, as surviving partner, are entitled to.