Today is my first day of "retirement"..

p00hsticks

NoMoneyNoWorries said:

blindman said:

NoMoneyNoWorries said:

k6chris said:

Good luck!  Do you have a plan??

I wouldn't say I have a concrete plans - but I have a number of financial options  - as I have a mortgage free house and my sister has a mortgage free house and our parents  while still alive are leaving  the house to us when they finally pass. 

So is your plan to wait 10 years or so to get an inheritance?

How are you paying your daily expenses such as Elec\Gas Council tax\food?

What are you going to do 12 hrs a day if no job?
Become a couch  potatoe?

Are you married?

Any hobbies?

You need all the luck IMHO

Hobbies and killing time are the main issue I need to resolve - may need to join some local group/organisation

Can I suggest looking to see if there is a u3a near you ? There are over 1,000 around the country so there's a good chance there will be one nearby ?
u3a - Join a u3a
Specifically for retired and semi-retired people, each one is run independently by its members for its members, so the interest groups offered will vary from one to another, but usually cover a wide range of activities and you should find some that appeal

gmje

I did a similar thing.took up hobbies and new pasttimes now im having fun. One thing I do regret,living off my savings and not looking into pension drawdown during the years of no proper income, prior to state pension. Had i have done that I would have been better off because my little pensions didnt grow much.I wouldnt have paid any tax on them then. whatever type of pension you have most of them make a reduction for taking it before a certain age.its worth getting a specialist to look over the forecast for yours. 

Pat38493

gmje said:

I did a similar thing.took up hobbies and new pasttimes now im having fun. One thing I do regret,living off my savings and not looking into pension drawdown during the years of no proper income, prior to state pension. Had i have done that I would have been better off because my little pensions didnt grow much.I wouldnt have paid any tax on them then. whatever type of pension you have most of them make a reduction for taking it before a certain age.its worth getting a specialist to look over the forecast for yours. 

This is actually a good point - if your company pension is a DC pension (pot of money), and if your army pension does not use all of your annual tax free allowance, you may want to draw some money out of the pot and put into an ISA  instead, so that you don't waste the tax free allowances for the next couple of years - not really a big deal but could help a bit in the long run.

MarzipanCrumble

Structure to your day is good - especially if you are a single household.  Do look at your local u3a, also voluntering opportunities and/or a part time job - if you don't need the money then start a SIPP and pay into that and get a tax benefit.

(my u3a is Cardiff -  here are the groups offered:  https://cardiffu3a.org/groups/
Bristol has about 4 times as many groups.

sgx2000

Congrats.
Same age...
I did it 4 months ago... voluntary redundancy

Already wonder how I found time to go to work......

jim8888

Assuming you can still drive you could look for a job as a relief driver. I don't think I could recommend working for Amazon, DHL, the supermarkets etc., but there are companies and councils that are always looking for someone to cover in this area. I work for a firm that delivers car parts, and I know guys who cover as a driver for the NHS, some who deliver new cars between dealerships and so on. I really enjoy the days that I work, the only downside is that the cover can be a bit arbitrary from week to week.

eastcorkram

NoMoneyNoWorries said:

blindman said:

NoMoneyNoWorries said:

k6chris said:

Good luck!  Do you have a plan??

I wouldn't say I have a concrete plans - but I have a number of financial options  - as I have a mortgage free house and my sister has a mortgage free house and our parents  while still alive are leaving  the house to us when they finally pass. 

So is your plan to wait 10 years or so to get an inheritance?

How are you paying your daily expenses such as Elec\Gas Council tax\food?

What are you going to do 12 hrs a day if no job?
Become a couch  potatoe?

Are you married?

Any hobbies?

You need all the luck IMHO

I have my an army pension and I have  some cash saved which should last the 30 months to getting my state pension.
Single and bills are max £560 - if push come to shove I can ditch sky and/or virginmedia.
My sister floated the idea of us selling our houses and buying one to share nearer our parents (who are now firmly in their 80s)
My company pension which is not high is there for backup - Ill leave that to fester.
Hobbies and killing time are the main issue I need to resolve - may need to join some local group/organisation

Good luck, and I hope it all falls into place. Can I ask, as you've just finished, are there any things you are supposed to do?

 As in, for example, I guess you get a P45. So what do you have to do with that? Do you still get a P60 at the end of the tax year? 

Do you have to inform anyone of retiring? I have a credit card, which has a limit, which I guess is based on my earnings. Am I supposed to inform banks etc?

trevjl

eastcorkram said:

NoMoneyNoWorries said:

blindman said:

NoMoneyNoWorries said:

k6chris said:

Good luck!  Do you have a plan??

I wouldn't say I have a concrete plans - but I have a number of financial options  - as I have a mortgage free house and my sister has a mortgage free house and our parents  while still alive are leaving  the house to us when they finally pass. 

So is your plan to wait 10 years or so to get an inheritance?

How are you paying your daily expenses such as Elec\Gas Council tax\food?

What are you going to do 12 hrs a day if no job?
Become a couch  potatoe?

Are you married?

Any hobbies?

You need all the luck IMHO

I have my an army pension and I have  some cash saved which should last the 30 months to getting my state pension.
Single and bills are max £560 - if push come to shove I can ditch sky and/or virginmedia.
My sister floated the idea of us selling our houses and buying one to share nearer our parents (who are now firmly in their 80s)
My company pension which is not high is there for backup - Ill leave that to fester.
Hobbies and killing time are the main issue I need to resolve - may need to join some local group/organisation

Good luck, and I hope it all falls into place. Can I ask, as you've just finished, are there any things you are supposed to do?

 As in, for example, I guess you get a P45. So what do you have to do with that? Do you still get a P60 at the end of the tax year? 

Do you have to inform anyone of retiring? I have a credit card, which has a limit, which I guess is based on my earnings. Am I supposed to inform banks etc?

I've been finished 7 weeks and told nobody. I received my P45 which was incorrect, but they have just paid the out standing but apparently P45's are no more as much as the employer sending to the HMRC, its all done by RTI so I am told. You may be due tax back, I know I am so you can go online and claim that if you are not expecting anymore taxable income

Sarahspangles

eastcorkram said:

Good luck, and I hope it all falls into place. Can I ask, as you've just finished, are there any things you are supposed to do?

As in, for example, I guess you get a P45. So what do you have to do with that? Do you still get a P60 at the end of the tax year? 

Do you have to inform anyone of retiring? I have a credit card, which has a limit, which I guess is based on my earnings. Am I supposed to inform banks etc?

We renewed our buildings and contents insurance in the month that OH retired and our premium fell. This prompted him to call about his car insurance next. They said they did need to know, but didn’t reduce his premium until the next renewal. The changes (change of occupation, no use for commuting and reduced mileage) were used for the renewal quotation.

booveedoo

Mr.Generous said:

I think you'll be fine, you find loads of things to do and wonder how you ever had time to work.

Totally agree. At least time is on YOUR side when you retire and not tied to that of an employer. You may not have a plan for your time, but this can evolve anyway. Mine certainly did and has. Life is too short and you`re a long time dead, as they say. Everyone`s circumstances really are different.  All I can add is make sure you have at least something to do from day one of retirement and that you`re savvy with your money which I`m sure you are . This forum certainly helps and have found it invaluable so thanks to all involved.