How do you "let go" of your working life?

leosayer

MeteredOut said:

leosayer said:

My own way of "letting go" of work (as a Project Manager) was to treat retirement planning as a long-term project which felt like a second job to me. It helped that my field of expertise was Investment Management so I already had direct experience of many relevant aspects.

I never really wrote it down before but if I had done so, my Project Terms of Reference would have read something like the below. It's all a bit scientific and formal but without SMART objectives that everyone signs up to, project struggle.

Ironically, our retirement is probably the only project I ever delivered that was under budget (thanks to redundancy payments and good investment performance) and delivered early (we stopped at 54) although of course, the project continues for the rest of our lives.

Objectives

• By the age of 57, remove the constraints on our time associated with working for a salary to allow more time for things we enjoy like travel, reading, music, exercise, and spending time with family and friends
• Remain living in our current house
• Enjoy a comfortable standard of living for the rest of our lives

Assumptions

• No material impact to our plans from changes to the tax, savings and pension regime
• Paid financial advise is not required
• Long term investment performance profile resembled historic

Risks (that need managing)

• Job loss curtails our ability to save
• Material life change (eg. medical issue) require change of plans
• Sequence risk
• Sustained period of high inflation
• Lack of financial advice give rise to a costly mistake

Please tell us you also create a GANTT chart plotting out your path to retirement

Sorry to disappoint but it was just the usual cashflow modelling.

I might have to discuss a Post Implementation Review with the Mrs but her eyes might roll right out of her head.

Albermarle

ali_bear said:

Sorry but - pensioners hobby club 

Are you referring to U3A ?

artyboy

artyboy said:

I found it surprisingly easy... but then I started out in an industry that was very "work hard, play hard", but gradually lost the "play" aspect over the years. 

Maybe I'm a dinosaur that can't or won't adapt (at the grand old age of 52), but I just came to the realisation that I didn't want to do it any more. And fortunately it was well enough paid that I really didn't have to - I accept I'm lucky in that respect.

Mrs Arty can't get her head around how I'm happy with this, as I'm effectively doing bits and pieces now, as opposed to having a single driving purpose. But that's fine with me. Perhaps something big will come along, but for now I think I'm sufficiently occupied, and not just an early visitor to gods waiting room...

It's days like these, when you wake up and it's still dark, and the rain is beating at the window, that really reinforces to me why I don't miss early morning commuting one little bit. Being able to replan my activities around the weather is just one more advantage of retirement...

katejo

kimwp said:

katejo said:

LHW99 said:

katejo said:

SarahB16 said:

katejo said:

SarahB16 said:

katejo said:

sussieclark said:

A very interesting discussion. I have same problem, I am salaried at 69yrs. I live alone and it is the loss of my "work family" and having company that I'm not looking forward to.
Im a community worker and now struggling with mobility that has pushed my decision to retire.

I am 62 now, single  and have just reduced to working 3 days a week. I am also concerned about losing the 'work family'. We have just been offered a VR but I am not going with it for 2 reasons. 1. The payout would be based on my current much lower 3 day a week salary even though I have only just reduced hours 2. I would be completely blocked from any work, even a few casual hours, for the same employer for 2 full years. I want to stay on and do a few casual hours (to cover colleagues' leave). 

Are you sure that's correct? My understanding is your 3-day week would be pro-rated as though it was full time but somebody more knowledgeable than me can hopefully clarify?  

Personally at 62 with the offer of VR (that normally means you can take your pension without the actuarial reduction) I'd be snapping their hands off if I were in your shoes.  

I know people talk about their 'work family' but I really think it's good to have that balance of friends from outside of work too.  Perhaps consider widening your circle of friends by joining local groups near to you.  

I specifically asked about the VR and was told that it would be 8 months salary at my current rate of pay, not the full time rate.  I do already have friends and belong to a small number of groups but have never found it easy to extend activities beyond the group. I am not sure what you mean by the actuarial reduction. I won't get the full pension unless I continue paying in  until 2029. I don't plan to wait that long but I am not quite ready for an abrupt stop in January 2026. 

Sorry I misunderstood, I was referring to your pension being based on the full time equivalent salary (I wasn't meaning your VR payout). 

Re the actuarial reduction, let's just say your normal retirement age is 67 and you are now 62 and taking your pension now.  Normally that would mean a 5-year actuarial reduction but I thought if you had been made redundant and over the age of 55 (currently) then you could take the pension you have accrued to date without the 5 year actuarial reduction because you have taken redundancy.  

Like I said I'm not 100% sure on the above but someone more knowledgeable will clarify this.  If you can then if I were in your shoes I'd taken the VR, take the pension at 62 and get a little part time job (perhaps in a nearby shop or B&Q, garden centre, etc). 

Yes I know that the pension would be based on the full time salary. I am not quite ready to make a sudden stop and my reason for casual hours was to maintain contact with colleagues and still use knowledge acquired on the job. I am not really interested in alternative part time work. 

If you took VR and left, with pension, could you then be able to work for the company as a consultant on an ad hoc (self-employed?) basis? 

Perhaps after having a break of x weeks before doing any work?

No not at all! One of the rules/conditions of their VR is that I would not be allowed to work for the same employer for 2 full years. That's one of the two reasons which stopped me going for it. 

A friend took vr under those conditions and was able to continue consulting for the company by being employed through a third party. It could be advantageous for your company to do this if they wanted ad-hoc holiday cover.

Mine is a university rather than a company and I have been told 'absolutely not'. I have since seen that the NHS allows it ( has done since 2023).

Albermarle

artyboy said:

artyboy said:

I found it surprisingly easy... but then I started out in an industry that was very "work hard, play hard", but gradually lost the "play" aspect over the years. 

Maybe I'm a dinosaur that can't or won't adapt (at the grand old age of 52), but I just came to the realisation that I didn't want to do it any more. And fortunately it was well enough paid that I really didn't have to - I accept I'm lucky in that respect.

Mrs Arty can't get her head around how I'm happy with this, as I'm effectively doing bits and pieces now, as opposed to having a single driving purpose. But that's fine with me. Perhaps something big will come along, but for now I think I'm sufficiently occupied, and not just an early visitor to gods waiting room...

It's days like these, when you wake up and it's still dark, and the rain is beating at the window, that really reinforces to me why I don't miss early morning commuting one little bit. Being able to replan my activities around the weather is just one more advantage of retirement...

I was planning to go to Plumpton races today, but decided not to bother and will just go in a couple of weeks time instead. Working around the weather is very useful !

silverwhistle

artyboy said:

It's days like these, when you wake up and it's still dark, and the rain is beating at the window, that really reinforces to me why I don't miss early morning commuting one little bit. Being able to replan my activities around the weather is just one more advantage of retirement...

Yep, giving the allotment a miss today but it's getting better for sea rowing tomorrow and football training that evening is indoors. Tonight the one on-line language lesson I give a week is cancelled so I can read or practice my instrument (no guessing!;-) or look around at the house and wonder which bit to tidy. Then give up as the decision is too hard and something more interesting will come up.. I find it very difficult to motivate myself for things I don't consider important, and my laziness means that although a state pensioner I've never trusted myself with a colour television in my whole life!

So OP, don't worry about finding things to do, and by the sounds of it your financial situation is comfortable. Your concern for your children is understandable. In my day of grants at university and property within reach even on a single salary my parents didn't have to help apart from top up the grant. Circumstances are different now, I appreciate. 

thriftytracey

I do so much in my retirement that lately I have been missing out on my hobbies ...

Regarding U3A I joined loads of groups when I first retired but found them disappointing so now only in 2 groups.  They weren't what I expected.  For example the Poetry group involved just going around the room reading out a poem with no discussion, music appreciation was the same, listening to a piece of music one after the other with no discussion.  Obviously, it depends where you live.

katejo

thriftytracey said:

I do so much in my retirement that lately I have been missing out on my hobbies ...

Regarding U3A I joined loads of groups when I first retired but found them disappointing so now only in 2 groups.  They weren't what I expected.  For example the Poetry group involved just going around the room reading out a poem with no discussion, music appreciation was the same, listening to a piece of music one after the other with no discussion.  Obviously, it depends where you live.

I am not a U3A member but met a few of my local branch in a cinema last year. The age gap was pretty big. Noone there under late 70s. 

Albermarle

katejo said:

thriftytracey said:

I do so much in my retirement that lately I have been missing out on my hobbies ...

Regarding U3A I joined loads of groups when I first retired but found them disappointing so now only in 2 groups.  They weren't what I expected.  For example the Poetry group involved just going around the room reading out a poem with no discussion, music appreciation was the same, listening to a piece of music one after the other with no discussion.  Obviously, it depends where you live.

I am not a U3A member but met a few of my local branch in a cinema last year. The age gap was pretty big. Noone there under late 70s. 

I think ( from what I can see on our local website) the members are also predominantly female. 
Not that is a problem, it is just an observation from what little I know about U3A.

MarzipanCrumble

I belong to our u3a - I would be very annoyed if it was just a matter going round the group reading a poem!  You should have a Group Co-ordinator - maybe drop them an email suggesting you want to open a discussion group for poetry / art.  
I convene a cryptic crossword Group - this is new and I am a beginner.  But I reached out to other u3as running cryptics and got a wealth of material to use to teach the clue types.  I have 30 members and I know that they are learning and enjoying.  By Christmas we will be attempting a 'proper' cryptic crossword!
Our art appreciation group regularly visits galleries and our Music Appreciation Group discusses various types of music and invites music students to come and demonstratre their instruments.  There is a vibrant film club that had so many on the waiting list they now have 2 groups.  Watch a film a local independent arts hub and then have a discussion about it in an area provided.  Military History has retired quite senior officers from the military in its Group.  And yes, we even have a Dungeons & Dragons Group (in fact 2) for those of you who were around in the early 70's.
Yes, u3a Groups do rely on the Convenor/Leader.