Retirement planning - have you revised your figures?

Kim1965

Nebulous2 said:

Kim1965 said:

 So what if a person stops doing the 40hr week job they have done for many years, draws some pension and takes on a part time position. Is that person retired?
 In the construction industry the average age a person retires from the industry is 59 yrs 1 month (according to Google). I would imagine they do something else for work.
 I just wonder if the definition of retirement is becoming blurred. I wonder what proportion of people get to their sixties and stop paid work for good. It seems a growing proportion ease into retirement? 

I've discussed the partial retirement idea a bit in the main pension forum. I retired last year at 59, and we also moved to a cheaper area, freeing up money from our house. My DB pension would probably meet our basic needs, but wouldn't be enough for holidays, eating out, leisure trips etc. We intended drawing down cash to bridge the gap to state pension age. 

Two things happened though; I struggled to adjust to retirement after working full-time for 40 years. I had done my sums, but hadn't prepared myself psychologically for retirement. I also disliked drawing down money. We've always been frugal and having a decent sum for the first-time ever, it felt wrong to spend it, even though that is what we had earmarked it for. 

I took a part-time job, working one long day a week,  and that has worked well. If asked about my status I tell people, I retired last year, but I've gone back part-time to give me something to do. 

I liken it to jumping off a cliff. Instead of taking that plunge into the abyss, I've descended to a ledge half-way down as a way of breaking the drop. 

Out of interest what does your part time job pay?
 My dílemma, i can carry on what im doing and save  1 to 2k a month... but its really doing mě in. In essence, i need the state pension on top of a my db 7k pa db pension  (paid in 2 yrs at 60) and sustainable  drawdown of approx 8k pa (based on my current dc pot) . So it feels like im killing myself to save to retire.
 I also think i would struggle to go from hard graft to nothing. So i think pt work is an attractive option, mf, no debts and last child finishes uni in may. 

Nebulous2

Kim1965 said:

Nebulous2 said:

Kim1965 said:

 So what if a person stops doing the 40hr week job they have done for many years, draws some pension and takes on a part time position. Is that person retired?
 In the construction industry the average age a person retires from the industry is 59 yrs 1 month (according to Google). I would imagine they do something else for work.
 I just wonder if the definition of retirement is becoming blurred. I wonder what proportion of people get to their sixties and stop paid work for good. It seems a growing proportion ease into retirement? 

I've discussed the partial retirement idea a bit in the main pension forum. I retired last year at 59, and we also moved to a cheaper area, freeing up money from our house. My DB pension would probably meet our basic needs, but wouldn't be enough for holidays, eating out, leisure trips etc. We intended drawing down cash to bridge the gap to state pension age. 

Two things happened though; I struggled to adjust to retirement after working full-time for 40 years. I had done my sums, but hadn't prepared myself psychologically for retirement. I also disliked drawing down money. We've always been frugal and having a decent sum for the first-time ever, it felt wrong to spend it, even though that is what we had earmarked it for. 

I took a part-time job, working one long day a week,  and that has worked well. If asked about my status I tell people, I retired last year, but I've gone back part-time to give me something to do. 

I liken it to jumping off a cliff. Instead of taking that plunge into the abyss, I've descended to a ledge half-way down as a way of breaking the drop. 

Out of interest what does your part time job pay?
 My dílemma, i can carry on what im doing and save  1 to 2k a month... but its really doing mě in. In essence, i need the state pension on top of a my db 7k pa db pension  (paid in 2 yrs at 60) and sustainable  drawdown of approx 8k pa (based on my current dc pot) . So it feels like im killing myself to save to retire.
 I also think i would struggle to go from hard graft to nothing. So i think pt work is an attractive option, mf, no debts and last child finishes uni in may. 

I'm a registered nurse, whose career has mainly been away from the NHS, managing care services, including some senior roles. I went back to the NHS and very quickly found myself in a promoted front-line management post. Partly because no-one else wanted it, and partly because of my previous experience.

I'm getting about £10k a year for working one 12 hour shift a week. I do an occasional extra day when they are short. 

Kim1965

Nebulous2 said:

Kim1965 said:

Nebulous2 said:

Kim1965 said:

 So what if a person stops doing the 40hr week job they have done for many years, draws some pension and takes on a part time position. Is that person retired?
 In the construction industry the average age a person retires from the industry is 59 yrs 1 month (according to Google). I would imagine they do something else for work.
 I just wonder if the definition of retirement is becoming blurred. I wonder what proportion of people get to their sixties and stop paid work for good. It seems a growing proportion ease into retirement? 

I've discussed the partial retirement idea a bit in the main pension forum. I retired last year at 59, and we also moved to a cheaper area, freeing up money from our house. My DB pension would probably meet our basic needs, but wouldn't be enough for holidays, eating out, leisure trips etc. We intended drawing down cash to bridge the gap to state pension age. 

Two things happened though; I struggled to adjust to retirement after working full-time for 40 years. I had done my sums, but hadn't prepared myself psychologically for retirement. I also disliked drawing down money. We've always been frugal and having a decent sum for the first-time ever, it felt wrong to spend it, even though that is what we had earmarked it for. 

I took a part-time job, working one long day a week,  and that has worked well. If asked about my status I tell people, I retired last year, but I've gone back part-time to give me something to do. 

I liken it to jumping off a cliff. Instead of taking that plunge into the abyss, I've descended to a ledge half-way down as a way of breaking the drop. 

Out of interest what does your part time job pay?
 My dílemma, i can carry on what im doing and save  1 to 2k a month... but its really doing mě in. In essence, i need the state pension on top of a my db 7k pa db pension  (paid in 2 yrs at 60) and sustainable  drawdown of approx 8k pa (based on my current dc pot) . So it feels like im killing myself to save to retire.
 I also think i would struggle to go from hard graft to nothing. So i think pt work is an attractive option, mf, no debts and last child finishes uni in may. 

I'm a registered nurse, whose career has mainly been away from the NHS, managing care services, including some senior roles. I went back to the NHS and very quickly found myself in a promoted front-line management post. Partly because no-one else wanted it, and partly because of my previous experience.

I'm getting about £10k a year for working one 12 hour shift a week. I do an occasional extra day when they are short. 

So more or less the equivalent of the full state pension. 

Nebulous2

Kim1965 said:

Nebulous2 said:

Kim1965 said:

Nebulous2 said:

Kim1965 said:

 So what if a person stops doing the 40hr week job they have done for many years, draws some pension and takes on a part time position. Is that person retired?
 In the construction industry the average age a person retires from the industry is 59 yrs 1 month (according to Google). I would imagine they do something else for work.
 I just wonder if the definition of retirement is becoming blurred. I wonder what proportion of people get to their sixties and stop paid work for good. It seems a growing proportion ease into retirement? 

I've discussed the partial retirement idea a bit in the main pension forum. I retired last year at 59, and we also moved to a cheaper area, freeing up money from our house. My DB pension would probably meet our basic needs, but wouldn't be enough for holidays, eating out, leisure trips etc. We intended drawing down cash to bridge the gap to state pension age. 

Two things happened though; I struggled to adjust to retirement after working full-time for 40 years. I had done my sums, but hadn't prepared myself psychologically for retirement. I also disliked drawing down money. We've always been frugal and having a decent sum for the first-time ever, it felt wrong to spend it, even though that is what we had earmarked it for. 

I took a part-time job, working one long day a week,  and that has worked well. If asked about my status I tell people, I retired last year, but I've gone back part-time to give me something to do. 

I liken it to jumping off a cliff. Instead of taking that plunge into the abyss, I've descended to a ledge half-way down as a way of breaking the drop. 

Out of interest what does your part time job pay?
 My dílemma, i can carry on what im doing and save  1 to 2k a month... but its really doing mě in. In essence, i need the state pension on top of a my db 7k pa db pension  (paid in 2 yrs at 60) and sustainable  drawdown of approx 8k pa (based on my current dc pot) . So it feels like im killing myself to save to retire.
 I also think i would struggle to go from hard graft to nothing. So i think pt work is an attractive option, mf, no debts and last child finishes uni in may. 

I'm a registered nurse, whose career has mainly been away from the NHS, managing care services, including some senior roles. I went back to the NHS and very quickly found myself in a promoted front-line management post. Partly because no-one else wanted it, and partly because of my previous experience.

I'm getting about £10k a year for working one 12 hour shift a week. I do an occasional extra day when they are short. 

So more or less the equivalent of the full state pension. 

I haven't been thinking in those terms, but yes - close to that. 

It doesn't directly compare with reaching state pension age, as I have most of the pension provision, but my wife will have a full SP as well about a year after me. 

I've more deductions than I'll have at that point, and we are running two vehicles, which we wouldn't do if I wasn't working at all. 

gilly1964

I found this an interesting read.  

I have enjoyed the last two years as a retiree but it was not my choice to retire.  We have been doing things in the house, spending time with the grandchildren, days out, holidays, however now that the world is getting back to more like pre covid I am struggling mentally and feel that my brain is stagnating.  I also did some voluntary roles

The back story is I was made redundant two years ago in the middle of the pandemic after 34 years with the Company.  OH was then made redundant a short while later after 18 months on furlough so he had already effectively mentally retired.

We lived on redundancy payouts for 18 months, but also paid off the mortgage and any interest bearing payments such as PCP on the car.  Anything on 0% has been left running,  There were no CC balances.  We also spent money on future proofing the house.

I had a final salary DB pension which pays £21K, OH has a small as yet untouched pension contracted out of SERPS many years ago.

I did initially try to claim job seekers or whatever it is called but due to the redundancy payout and the possibility of claiming the DB pension early did not qualify for anything although was still expected to meet all the requirements for payments, so many applications and interviews per week etc.  

OH now works part time doing something he loves and I am starting a part time role tomorrow, totally different to my previous job, I am nervous but so looking forward to using my brain.

MarzipanCrumble

For those who are fully or partly retired, look up on google 'u3a (name of their town/city/village)'  Anybody who is semi or fully retired or older and not working can join. You are not spoonfed - you join to add what you know or to learn and contribute to interest groups.  

In Bristol there are numerous groups;  but in a small area such as Cowbridge (s Glamorgan Wales) there are a number of varied groups
https://u3asites.org.uk/bristol/groups
https://u3asites.org.uk/cowbridge/groups

Cowbridge has Geology!  Cardiff is looking to set up a Dungeons & dragons group, has a thriving Ukeele Group and Mahjong Group.

Enough to stimulate the brain - yes?

Albermarle

MarzipanCrumble said:

For those who are fully or partly retired, look up on google 'u3a (name of their town/city/village)'  Anybody who is semi or fully retired or older and not working can join. You are not spoonfed - you join to add what you know or to learn and contribute to interest groups.  

In Bristol there are numerous groups;  but in a small area such as Cowbridge (s Glamorgan Wales) there are a number of varied groups
https://u3asites.org.uk/bristol/groups
https://u3asites.org.uk/cowbridge/groups

Cowbridge has Geology!  Cardiff is looking to set up a Dungeons & dragons group, has a thriving Ukeele Group and Mahjong Group.

Enough to stimulate the brain - yes?

Not knocking it but I always think calling it the 'University' of the third age is a bit misleading.
AFAIK it does not offer any courses leading to any sort of qualification ( happy to be corrected on this ), and seems to be a mixture of what otherwise could be called Evening Classes, mixed in with a few WI style Interesting talks, some special interest groups,  and a lot of social occasions.
Nothing wrong with any of that, but maybe needs a different name that better describes the organisation.

Farway

Albermarle said:

MarzipanCrumble said:

For those who are fully or partly retired, look up on google 'u3a (name of their town/city/village)'  Anybody who is semi or fully retired or older and not working can join. You are not spoonfed - you join to add what you know or to learn and contribute to interest groups.  

In Bristol there are numerous groups;  but in a small area such as Cowbridge (s Glamorgan Wales) there are a number of varied groups
https://u3asites.org.uk/bristol/groups
https://u3asites.org.uk/cowbridge/groups

Cowbridge has Geology!  Cardiff is looking to set up a Dungeons & dragons group, has a thriving Ukeele Group and Mahjong Group.

Enough to stimulate the brain - yes?

Not knocking it but I always think calling it the 'University' of the third age is a bit misleading.
AFAIK it does not offer any courses leading to any sort of qualification ( happy to be corrected on this ), and seems to be a mixture of what otherwise could be called Evening Classes, mixed in with a few WI style Interesting talks, some special interest groups,  and a lot of social occasions.
Nothing wrong with any of that, but maybe needs a different name that better describes the organisation.

I concur about the name, the one I went to was mixed, some groups did treat it like school with lessons other groups had more sociable arrangements

MarzipanCrumble

Totally agree about the name - wish it wasn't as it is - and unfortunately the membership does reflect the nomenature - middle class, retired professionals, in the main.   The charitable Trust is trying its best to 'obliterate' it to u3a. 

However do not knock the social aspect because isn't that what is being rammed down older people as being good for their health and well being?  And I for one get as much or as little social interaction as I want - and have learnt mahjong, bridge and had envigorating discussions about current affairs as a result of u3a groups.  

For those nervous about socialising face to face (and there are still a minority) u3a does provide stimulating zoom talks via the main u3a website for regional members:  https://www.u3a.org.uk/events/educational-events

So yes, hate the name, wish that the membership was more diverse, agree that 'university' is totally offputting, but, depending on your local u3a, it can be both - intellectually and socially stimulating depending on your view and participation.

Albermarle

Josuentag said:

Thanks for sharing your experience with retirement planning. I totally get what you mean about struggling to adjust to retirement after working for so many years. It's great to hear that taking a part-time job has worked well for you and helped ease the transition. As for your dilemma, it sounds like a tough decision to make. It's important to prioritize your well-being and not let the stress of saving for retirement take a toll on your health. Have you considered consulting with a retirement advisor to help you make a plan that balances your financial goals with your physical and emotional needs? I've recently discovered some retirement advisor resources online that you might find helpful.

I think the term 'retirement advisor' could mean many things.
However to be clear only registered financial advisors can offer personalised financial advice as defined by law,  and of course they will only do this if they are being paid.
Of course nobody can stop anyone dispensing advice, but you will only ever have any comeback for bad advice if you have paid a registered financial advisor to give you that advice. Any other advice you may get and act on, is not covered.
Guidance/supply of general info is different, as in this case usually only financial options are explained without any personal recommendations.