A Couple of Questions for the Forum Retiree's ...

sgx2000

As I am very near to retirement...
I find myself questioning everything, and doubting my conclusions... lol

1.  Would you still retire when you did?
2.  Did you make any major mistakes?
3.  What would you do differently?

pinnks

Yes
No
No

Best decision ever made

PaulCooper

Yes, should have made decision earlier
No
Nothing apart from earlier
Paul

Lostweekend

I retired about a year ago aged almost 58.  in answer to your questions:

Yes, I would absolutely still retire when I did, if not even a little earlier if I could.

Loads of mistakes over a lifetime of working.  The main ones:

1. Being afraid of investing. Coming from a very modest background we had no concept of savings or investments. I grew up thinking that saving money would protect my future. To a degree it did (I wasn't a spender) but if I had understood investing and compounding I would have been able either to retire earlier or to feel more secure longer term.

2. Not paying into a pension for years in my 30s/40's.  This wasn't because I liked spending or was short of money, it was a distrust of financial products.  One disastrous endowment mortgage put me off financial products for life (almost). I ended up paying off my mortgage very early instead. This helped greatly but I'm sure paying into a pension earlier and for longer would have been a much better option.  The tax uplift and stock market performance would have grown much quicker.

3. Using cash ISAs instead of Stocks and Shares ones. Again lacking knowledge and understanding. This led to far too much in stagnant accounts.

4. My situation changed when I met an IFA. I know they get some stick on here but I met one through a friend. He sat with me, went through my full financial circumstances and gave me an idea of a pathway. He wasn't taking me on as a client (he dealt with much wealthier individuals) but he was prepared to point me in the right direction. That couple of hours was literally life changing for our family and led to me retiring early after researching and educating myself in this area.

I have thoroughly enjoyed my retirement so far.

westv

Are you allowed to say you're asking a couple of questions and then ask 3? 

sgx2000

westv said:

Are you allowed to say you're asking a couple of questions and then ask 3? 

LOL  !!!!

sgx2000

@Lostweekend
Thanks for the replies everyone

Similar background.
Same mistrust after Endowment...

Fortunately worked in local government for 20 years - so DB pension already paying
And fortunate to work for company now that has a reasonable Aviva pension

I have spent a few years trawling this forum and trying to learn as much as I can...
But I will lay odds that I still get it wrong when I eventually pull the trigger...

Pensions_matter_2

1. Yes
2/3. Dont give your all to work - your job isnt everything - spend more time on yourself, family, friends, and fret much less about work.

Stubod

sgx2000 said:

As I am very near to retirement...
I find myself questioning everything, and doubting my conclusions... lol

1.  Would you still retire when you did?
2.  Did you make any major mistakes?
3.  What would you do differently?

1/ Yes...probably could have gone a year or two earlier as I did not like my last job. Conversely I have  friends who love their jobs and will probably continue to work up to at least their SP age and possibly beyond....so I guess it depends on whether or not you like your job, and what you will you fill your time with when you no longer have paid employmeny, (37+ hours a week can seem like a lot of time to fill if you don't really have any hobbies...?)

2/ Should have invested more and for longer. Came to the S&S ISA's relatively late in life during a period of largerly poor growth compared to earlier years.

3/ As above, invest more in either pension and/or S&S ISA's. (Should have maxed out on the NSI Index linked bonds but as they don't do them anymore probably not relevant now). Also should probably have gone part time earlier and had a more gradual "wind down" period.

MalMonroe

westv said:

Are you allowed to say you're asking a couple of questions and then ask 3? 

Yes, it appears that you are allowed to do that. 

MalMonroe

sgx2000 said:

As I am very near to retirement...
I find myself questioning everything, and doubting my conclusions... lol

1.  Would you still retire when you did?
2.  Did you make any major mistakes?
3.  What would you do differently?

Hi 

1. YES
2. Yes, I should have started my own online business straight away! Self-employment is fab. Even in your 70s . . .
3. See number 2.

I absolutely love being retired. Nothing about it I dislike at all. And having friends of the same age group who are also retired is a bonus for me. 

I may not be a millionaire yet (still working on it) but having the time and freedom to mostly please myself (family and self-employed duties notwithstanding) is worth a fortune to me. 

Of course that's just me, my own experience and opinion but I loved it from day 1. My boss asked me to stay on at my job and I could have done that and maybe postponed taking my state pension but flattering though it all was, I felt it was time for me to embark upon the next stage of my life. I'm not talking about winding down, either. I've wound up! Never had any questions or doubts. At all. Still don't and that was 13 years ago. . .  getting older but I'm far more alive than I ever was as just another member of the workforce.

   All the best, I'm sure you'll love it!