Everyday Ordinary Man Approaching Full Retirement at 59.

I know in the great scheme of things we are only talking peanuts but are you playing the current accounts game? If you diversify your savings a little you could be earning 3% or even 5% on a regular saver by having maybe 8 accounts each! You are then in a position to also play the switching game- the best of these was Clydesdale/Yorks bank which is just starting to pay out £250 to customers who met the t&cs with a switch.

The point is that if you have a few extra pounds coming in per month you won't have to bite so deeply into your savings.

If you are interested look on the banking & budgeting board- or you can pm me

dunroving wrote: »

That is similar to my situation. There was something about watching my "savings" increase every month that I found very satisfying. I have recently retired on a pension that won't quite pay the bills so I have another 6 years to go until State Pension kicks in. During that time, I'll be watching the savings balances gradually decrease.

I know it's not going to be easy to see that after a lifetime of frugality and saving, not spending, I've just told myself to get over it.

This ^^^^^

I sometimes feel a little anxious when I see the savings balance dropping but not anxious enough to do anything about it.

It is a hard adjustment from saving to spending.

I think you need to think about how much stress it will cause you if you stop working but are constantly worried about finances. It's all very well not having to work, having all that time to do "stuff" but if it's taking a toll on your peace of mind it might not be for you.

It took me ages to do it, I COULD have stopped work 5 years ago but was too nervous to take the plunge.

Now I have I know I've made the right decision for ME. Horses for courses. Hope you can get this sorted out in your head.

rosy wrote: »

Thank you all for your thoughts. I know that the savings have all been for this purpose and meant to be spent eventually but it's very helpful to know that others understand how nervous I feel about making that switch - thank you for the reassurance that I'm not being totally OTT worrying about it. I think, having read so many people's experiences of stopping work and even wishing they'd gone earlier, I have been feeling a bit of (self-induced) pressure to just go for it. I'm still not sure whether to take the plunge now or not. QUOTE]



I think go when you feel comfortable but promise yourself that you wont just think "one more year" every year until you hit state retirement age! Is going at 60 so bad if you keep peace of mind?


I went on a pre-retirement course and one area of discussion was using retirement from our public sector roles as a way of having a change of direction maybe part time in another job we liked the look of! One has to look at retirement as a whole and happiness is important, 30+ years post retirement thinking I didn't have enough money or worrying that I'd have been better staying a bit longer would drive me to distraction too!


Good luck with your thinking and planning.

Hi rosy, as I've not retired myself yet, I can't really answer. However, I do think that once you have time to kick back a bit, you can look and see if there is anything you want to do that might produce income, be it a one day a week job, or maybe a mini business.

I've half a mind to do some qualifications in garden design ( I do a bit of advice and suggestions for friends now, so it would be nice to have the ability to do it more formally) and I think if I managed to get on average £100.00 a week, with no mortgage in a couple of years, I can count that £100.00 as covering the basics.

Would something like that assuage your fears a bit?

I read a couple of fascinating sources recently that discussed the US model of retirement, that follows along the lines of all those American TV retirement ads - you know, the idea that we will live for ever and will always have the energy to run along exotic beaches on the other side of the world, kind of thing.

Consequently, I think in the US at least there is an overemphasis on "having enough" (money) for retirement. In the long run, many Americans need all that money saved up to pay for medical expenses ... and in the UK, after a certain age we don't have the energy or desire to be living the high life.

The other part of the American model (the exotic beaches bit) is also a false assumption for many. Like Sukysue, I just want a simple retirement life and have almost zero desire even now for long-haul travel, expensive new toys, fancy restaurants, etc.

So often I read (usually American) articles that include as part of the "How much money do I need saved up?" question various daft assumptions about retiring on half, or 60%, or even 80% of your working income. WHAT the flip is that all about?!?!?? There are so many things wrong with that blanket assumption that I don't know where to begin.

So, as Joansgirl says, it all depends on your personal circumstances how much you need to have saved up and whether you should be worrying about the money running out. But in my inexpert opinion, I think the financial industry (and maybe even places like MSE) overemphasis the conservative approach, leading many of us to wait longer to retire than we really need to. Life is finite and the later we leave it (retirement), the less time we have to enjoy it!