Countdown to Retirement

Sarahspangles

Any tips for the final year before retirement? I asked before about the best time of year to retire, and have settled on Spring.

I’m thinking more about non-financial actions, although if there are optimum timings for things related to drawdown and taxation those would be interesting.

Trying to motivate myself through the next 56 weeks!

Browntoa

End of tax year is an obvious date. If may be possible to mitigate any tax issues but you would need advice.

I was able to defer part of a redundancy payment to the following tax year for example 

Robin9

There's only so much gardening and decorating you can do.

What you need is dates and times in the calendar -- you need to be able to say "no" when asked "can you baby sit?" 

 Identify those hobbies you enjoy and want to develop - search out the local clubs and societies.

What's on your bucket list ?    Do them asap - don't delay, health can bite.

Confusedlad

I would concur with Robin9.

My own experience is that once I had "a date" work became so much more enjoyable. Not only was I the envy of colleagues but I stopped worrying. I continued to do my job but the politics of the place got less and less stressful as I knew I wasn't going to have to deal with the fallout from the decisions being taken way above my pay grade.  So try to enjoy the time you have remaining at work.  When I left I  didn't go back and preferred to move on. I don't see anyone from my old workplace.

My wife is younger and still works. So I have 'picked up' the cleaning, cooking, baking, gardening etc to give her time back from when I was eyeballs out and working all hours. This might seem unexciting but I find it enjoyable and relatively stress free and I know it is greatly appreciated.

When I retired I was healthy but the last 2 years has seen an unexpected and unwelcome change which has meant 2 short hospital stays and operations and recuperation.  So I'm unable now to do several of the things I had expected and planned to do.  So be flexible and face retirement head on, expecting the unexpected and enjoy it. It's a big step and a big challenge for a lot of people, but it is not the end but simply the start of the next chapter.

Enjoy.

nannypink

My husband and I retired at the end of March 6 years ago so springtime and it certainly felt like the right time, new beginnings 

Greengirl24

If you are able to pay off your mortgage don't pay off all of it immediately . Check best time with mortgage lender, and leave a few £k in mortgage if it's  a building society.
 Make sure you keep your house insurance policy live. I got caught out because the lender cancelled it when I paid off mortgage.

Greengirl24

It is important to have a daily  structure to avoid the daytime TV in pyjamas lifestyle . Local charities always need volunteers. But avoid getting roped into admin or committees!

Pat38493

Greengirl24 said:

If you are able to pay off your mortgage don't pay off all of it immediately . Check best time with mortgage lender, and leave a few £k in mortgage if it's  a building society.
 Make sure you keep your house insurance policy live. I got caught out because the lender cancelled it when I paid off mortgage.

Out of interest, why?  other than the insurance thing.

This is a topic of conversation in our household at the moment as my wife is keen to pay off the mortgage and I am trying to explain that it might not be the best financial decision to make given that I am getting returns on my investments a lot bigger than what I am paying on my mortgage (even if I have to renew at 4-4.5% next year).

Also it doesn't make sense to pull money out of pension to pay off mortgage if it results in busting in paying 40% tax on it (or busting into the 40% bracket).

Lifematters

Greengirl24 said:

It is important to have a daily  structure to avoid the daytime TV in pyjamas lifestyle . Local charities always need volunteers. But avoid getting roped into admin or committees!

Such an underrated activity.

Sarahspangles

Greengirl24 said:

It is important to have a daily  structure to avoid the daytime TV in pyjamas lifestyle . Local charities always need volunteers. But avoid getting roped into admin or committees!

Are you giving me permission to stand down from 20+ years as a School/Academy Governor/Trustee?!

I do know what you mean though.

Albermarle

Lifematters said:

Greengirl24 said:

It is important to have a daily  structure to avoid the daytime TV in pyjamas lifestyle . Local charities always need volunteers. But avoid getting roped into admin or committees!

Such an underrated activity.

For some people working from home, retirement could just mean going from sitting in their pyjamas watching one screen, to watching another screen. A seamless change from work to retirement !