Bold leap into retirement

cfw1994

SouthCoastBoy said:

My argument is if you are worried about paying for these things in retirement you are probably not financially ready for retirement. 

Ah, but you are (if I am right) still in the land of the working 😉

It isn’t that we would “worry” about those things - we are in quite a fortunate position, perhaps - but major expenses during retirement are something to question harder.  Do I need to replace our car, or would I rather spend the money on an exotic trip, or perhaps 2 months Interrail 🤷‍♂️

Maybe by getting those major jobs done - I viewed it as future-proofing our home - actually helped get me ready to retire, over 4 years ago.  Certainly getting a battery for home power storage has massively reduced our energy costs.

The near certainty is, unfortunately, that every year you spend working, certainly once in your 50s to 60s, is one less healthy year in retirement.  I know people who tell themselves they will take up sport and get fit once they are retired, where the best thing is to do that whilst you are working.

We do our best to stay healthy - it is perhaps easier to eat well and exercise when you have time on your side - but the body is generally on the decline.  

Retire as early as you sensibly can & enjoy those healthier years.   Don’t mither about building an immense pot for your declining days: you don’t gain more retirement years by working longer 🤷‍♂️

BrilliantButScary

cfw1994 said:

SouthCoastBoy said:

My argument is if you are worried about paying for these things in retirement you are probably not financially ready for retirement. 

Ah, but you are (if I am right) still in the land of the working 😉

It isn’t that we would “worry” about those things - we are in quite a fortunate position, perhaps - but major expenses during retirement are something to question harder.  Do I need to replace our car, or would I rather spend the money on an exotic trip, or perhaps 2 months Interrail 🤷‍♂️

Maybe by getting those major jobs done - I viewed it as future-proofing our home - actually helped get me ready to retire, over 4 years ago.  Certainly getting a battery for home power storage has massively reduced our energy costs.

The near certainty is, unfortunately, that every year you spend working, certainly once in your 50s to 60s, is one less healthy year in retirement.  I know people who tell themselves they will take up sport and get fit once they are retired, where the best thing is to do that whilst you are working.

We do our best to stay healthy - it is perhaps easier to eat well and exercise when you have time on your side - but the body is generally on the decline.  

Retire as early as you sensibly can & enjoy those healthier years.   Don’t mither about building an immense pot for your declining days: you don’t gain more retirement years by working longer 🤷‍♂️

Unfortunately, it often ends in a bigger pot for someone else to spend.

Cobbler_tone

cfw1994 said:

Maybe by getting those major jobs done - I viewed it as future-proofing our home - actually helped get me ready to retire, over 4 years ago.  Certainly getting a battery for home power storage has massively reduced our energy costs.

We've just spent £30k on the front garden, conservatory roof and bathroom. We'll spend the same to go from two cars to one when we retire next year. Definitely good to get anything significant ticked off, although if we have a good innings the cycle will come around again. Hopefully another new car or two at least! You soon realise why you need a decent wedge behind you, if you want to maintain a similar lifestyle. Thankfully our travelling days are done and just want 'peace'! 

katejo

I am getting both bedrooms decorated and refurbished before I retire. One is complete with new built in wardrobes. The other is about to follow. My hall/landing and living room were done a couple of years ago. I always feel more comfortable about spending on the house because its value goes up. I find it harder to spend on travel, at least more expensive trips. I am determined to change that before I get too old to enjoy it. 

MallyGirl

We fitted solar panels and a battery 18 months before I stopped, and had our van converted to a camper about 5 years ago. I don't envisage any significant capital purchases until a car dies but we are going to spend a fair bit on travel. We are holding off on some decorating while we still have the dog as he is not an asset. We will split that - doing some ourselves and getting a decorator in for some.

michaels

In our planned annual spend I include £x for car depreciation, £y for house repairs etc fully understanding that these are periodic spends not annual.

Shimrod

michaels said:

Bucking the trend, I am dong house stuff now I have time to organise properly and do as much as possible myself.  There was never enough time to even properly contract these jobs whilst working.

We couldn't do this as we both worked from home and the noise would have been too disruptive - we put the money aside in a separate account for house repairs and maintenance instead. Downside of this was some of the maintenance work cost a little more than if we had been able to address it sooner.

warrenb

Smudgeismydog said:

I reduced my salary through salary sacrifice prior to retiring to ‘practise’ living on my equivalent retirement income. 

This approach has worked well for me, as in effect I’ve given myself permission to spend my monthly allowance, without feeling I need to save anything from it.

This is the phase I am in now.

cfw1994

warrenb said:

Smudgeismydog said:

I reduced my salary through salary sacrifice prior to retiring to ‘practise’ living on my equivalent retirement income. 

This approach has worked well for me, as in effect I’ve given myself permission to spend my monthly allowance, without feeling I need to save anything from it.

This is the phase I am in now.

I would say that is a most excellent way to 'prove' to yourself you are ready to retire 💪

Some will point out that you might spend more in retirement, which may be true, but equally you might spend less - the ability to travel off peak, spend time getting bargains that you didn't whilst on the hamster wheel, etc, could work in your favour!
Heck, you may even find more time to post on retirement forums 🤪

IndianaDR

Hello Everyone

Yet Another Newbie here (YAwN 😄) !!

I’ve been quietly following this inspiring thread since last year, soaking up all the wisdom, tips and encouragement. It’s been a real motivator while I’ve been weighing up my own retirement plans.

This September, I finally took the plunge and told my manager that I’ll be retiring at the end of October 2025. So the wheels are now firmly in motion, and I’m now in the final countdown to my last working day. It feels both exciting and slightly surreal to say it out loud!

A small experiment I started earlier this year has given me a lot of confidence: from April, I upped my pension contributions to 50% (with employer contribution around 5%). To my surprise, I’ve managed to live quite comfortably on the reduced take-home pay. It’s been a great trial run for retirement spending, and reassuring to see that life doesn’t have to feel restricted.

I’m still fine-tuning the numbers, looking at how best to bridge the gap before State Pension kicks in, and thinking through how to structure my days once work stops. Reading how others have made the leap has been really helpful, so thank you to everyone who shares their stories here.

Looking forward to joining in more on “the other side” very soon!