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    • JoeEngland
    • By JoeEngland 8th Jul 18, 12:34 PM
    • 70Posts
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    JoeEngland
    How to keep going for the last couple of years
    • #1
    • 8th Jul 18, 12:34 PM
    How to keep going for the last couple of years 8th Jul 18 at 12:34 PM
    We have a plan to early retire in two years. Hopefully soon after that we'll put the house on the market as we need cash from buying a cheaper property, and I'm looking forward to living somewhere more rural.

    For a few years I've been finding it difficult to stay motivated at work, but it's getting worse now and even two years more feels like a long time. I'm trying to focus on short-term goals such as holidays and getting various jobs on the house done. What is the experience of others in the last few years leading up to retirement, especially those for whom work is a chore rather than a passion?
Page 3
    • AnotherJoe
    • By AnotherJoe 10th Jul 18, 9:36 AM
    • 9,830 Posts
    • 10,973 Thanks
    AnotherJoe
    I am in a weird position that each extra year working only seems to add about 1000pa to my eventual retirement annual income which then makes me wonder how worth it it is....
    Originally posted by michaels

    As "Joe England" hints, I bet you aren't including the (say) 15k a year "basics" you are spending in that year which is currently covered by your salary and you dont have to fund out of your retirement savings. Knock that off what you have for retirement and it would be much worse. Given you have 7 years to go, thats around 100k you dont need to finance, and that 100k can then be spread over (say) the next 30 years of retirement, so thats 3k a year extra at least, then add on top whatever you are saving. If that produces 1k a year, then each year is actually getting you 4k a year.
    • Triumph13
    • By Triumph13 10th Jul 18, 11:26 AM
    • 1,231 Posts
    • 1,543 Thanks
    Triumph13
    OP I feel your pain. I was finding those last few years so hard that I'm bailing 8 months ahead of plan.


    What I have found is that time is very much non-linear in this situation. You can spend what feels like a year stuck at x months to go, then suddenly half a year goes by without you noticing.


    I'm about to hand in my 3 month's notice and the feeling of freedom is positively intoxicating!
    • BBH123
    • By BBH123 10th Jul 18, 12:01 PM
    • 711 Posts
    • 1,353 Thanks
    BBH123
    I am counting down to age 58 in 5yrs which is when my pension kicks in.


    I am slightly different in that my pension is considerably more than I am earning now and that seems unusual in that most expect a drop in income in retirement years.


    I am also not hating my job like others so although the thought of time off is great I don't have that sinking feeling when Monday morning comes along.


    I think the thing I am most looking forward to is choice, do I work or don't I, if the people or the role change I can just leave and not have to grit through it unlike when you are young. I am not even sure I'd finish at 58 tbh but I have set my Coundown app and we shall see.


    I am also another who is not sure whether to relocate or not but given I will have aging parents I'm not sure that is an option.


    I enjoy these threads and seeing how others are preparing for retirement, I have a friend the same age who is already replacing her sofa's etc but that seems premature to me as she wants to work until she is 60.
    Save 12k in 2018 challenge #14
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    • marlot
    • By marlot 10th Jul 18, 12:14 PM
    • 3,523 Posts
    • 2,634 Thanks
    marlot
    I think the secret is to work out what you want to do with your time in retirement and start doing some of that ahead of time - even if it takes some of your holiday or weekends.

    A previous employer I worked at had a wonderful scheme - in your last few months to retirement you gradually wound down the number of days you worked. I seem to recall it was 4 days/week from 6 months out, then 3 days from 3 months out, then a couple of days a week in the last month.
    • JoeEngland
    • By JoeEngland 10th Jul 18, 1:00 PM
    • 70 Posts
    • 75 Thanks
    JoeEngland
    OP I feel your pain. I was finding those last few years so hard that I'm bailing 8 months ahead of plan.


    What I have found is that time is very much non-linear in this situation. You can spend what feels like a year stuck at x months to go, then suddenly half a year goes by without you noticing.


    I'm about to hand in my 3 month's notice and the feeling of freedom is positively intoxicating!
    Originally posted by Triumph13

    Congrats. How old are you now, and do you plan to fully retire or maybe do some part-time work?


    The experience of how quickly, or not, time passes is strange, like the Friday afternoon time dilation when at work in the office!
    • michaels
    • By michaels 10th Jul 18, 2:13 PM
    • 20,954 Posts
    • 96,961 Thanks
    michaels
    As "Joe England" hints, I bet you aren't including the (say) 15k a year "basics" you are spending in that year which is currently covered by your salary and you dont have to fund out of your retirement savings. Knock that off what you have for retirement and it would be much worse. Given you have 7 years to go, thats around 100k you dont need to finance, and that 100k can then be spread over (say) the next 30 years of retirement, so thats 3k a year extra at least, then add on top whatever you are saving. If that produces 1k a year, then each year is actually getting you 4k a year.
    Originally posted by AnotherJoe
    That would be normal, in fact my 12k net income is about 1/3 of our household income, the rest being unearned but diminishing over the next 10 years. Pension contributions are capped at 40k and I used a rule of thumb that this would give 1k pa for 40 years of retirement (inflation adjusted). Adding the 12k needed to replaced the lost income would increase the annual impact to 1300.

    Less conservative drawdown assumptions are also available.
    Cool heads and compromise
    • merlin321
    • By merlin321 10th Jul 18, 2:43 PM
    • 2 Posts
    • 4 Thanks
    merlin321
    After reading all of the previous comments, I have re-jigged the 'plan'.
    Down from 34 months to 30 months.
    Providing the OH sticks to the plan, as her lgps Avc's are needed for a comfortable retirement.
    Glad to see its not just me that is counting the days!
    • pimento
    • By pimento 10th Jul 18, 2:44 PM
    • 5,408 Posts
    • 7,047 Thanks
    pimento
    I found an app for my phone that counted down the number of working days. It is called Countdown. It allows you to set the number of days holiday you are allowed per year, and bank holidays, so that it tells you exactly how many more days you have to go to work. It is a bit daunting at first, and may not be helpful until you have less than a year to go, but it did cheer me up.
    Originally posted by tacpot12
    I have this app. I'm 57 (58 in September) and have two countdowns, one at 59 and one at 60. I really should stay til I'm 60 but it wouldn't be a total disaster if I went at 59.
    My problem is less the job and more the fact that I travel almost two hours each way on public transport to get there five days a week.

    My husband works from home but we plan to sell our house in the south east and move to Exeter which for various reasons will make his job easier to do. I have it in mind to work part time (that's if I can find someone to employ a 60 year old woman)..

    Like someone up thread said, I don't want to wish my life away but I can't wait to retire.
    "If you think it's expensive to hire a professional to do the job, wait until you hire an amateur." -- Red Adair
    • pimento
    • By pimento 10th Jul 18, 2:45 PM
    • 5,408 Posts
    • 7,047 Thanks
    pimento
    Any chance you could go part time - say four days a week, giving yourself a long weekend in which to pursue things you find more interesting than your current job?
    Originally posted by Marcon
    I thought about this and it would affect my DB pension, unfortunately.
    "If you think it's expensive to hire a professional to do the job, wait until you hire an amateur." -- Red Adair
    • Triumph13
    • By Triumph13 10th Jul 18, 3:28 PM
    • 1,231 Posts
    • 1,543 Thanks
    Triumph13
    Congrats. How old are you now, and do you plan to fully retire or maybe do some part-time work?


    The experience of how quickly, or not, time passes is strange, like the Friday afternoon time dilation when at work in the office!
    Originally posted by JoeEngland
    I'm 52 and DW is about to turn 54. I may end up being conned into doing one or two days a week part time for a little while, but I don't really want to so they would really have to make it worth my while. Other than that the plan is to never work again - gardening, DIY and lazing in the hammock with a book until the kids finish school in 6 years time, and then lots of slow travel thereafter. We should have more than enough put by already, and once you have enough the value of any more money drops dramatically.
    • JoeEngland
    • By JoeEngland 10th Jul 18, 6:18 PM
    • 70 Posts
    • 75 Thanks
    JoeEngland
    I'm 52 and DW is about to turn 54. I may end up being conned into doing one or two days a week part time for a little while, but I don't really want to so they would really have to make it worth my while. Other than that the plan is to never work again - gardening, DIY and lazing in the hammock with a book until the kids finish school in 6 years time, and then lots of slow travel thereafter. We should have more than enough put by already, and once you have enough the value of any more money drops dramatically.
    Originally posted by Triumph13
    The money thing depends on what kind of person you are. I'm a similar age (52 this month) and would be content doing a bit of gardening, DIY and reading. I also write for a hobby, will get out for walks more when I'm retired and perhaps do some kind of volunteering. In contrast there are some people with expensive tastes and hobbies who "need" to have more money in retirement than many of us earn in FT work.

    Don't let them con you into more work :-)
    • Thrugelmir
    • By Thrugelmir 10th Jul 18, 6:42 PM
    • 59,225 Posts
    • 52,610 Thanks
    Thrugelmir
    The plan is to hand my notice in on my 54th birthday in July 2020 !!!128515;
    Originally posted by JoeEngland
    Perhaps it's planning for retirement so early that's your problem. Find something you enjoy doing, or start your own business. Work keeps ones brain active and maintains social contact.
    Financial disasters happen when the last person who can remember what went wrong last time has left the building.
    • JoeEngland
    • By JoeEngland 10th Jul 18, 7:54 PM
    • 70 Posts
    • 75 Thanks
    JoeEngland
    Perhaps it's planning for retirement so early that's your problem. Find something you enjoy doing, or start your own business. Work keeps ones brain active and maintains social contact.
    Originally posted by Thrugelmir
    The main reason for planning this far ahead is that there's plenty of preparation stuff we need to do in the next year or so, and it gives me something to look forward to. The downside is that the waiting is difficult. I'm not a particularly social person so I can happily live without that aspect of work, but I've been lucky at a few companies to have one or two colleagues I keep in contact with after moving on.
    • Thrugelmir
    • By Thrugelmir 10th Jul 18, 11:10 PM
    • 59,225 Posts
    • 52,610 Thanks
    Thrugelmir
    I am in a weird position that each extra year working only seems to add about 1000pa to my eventual retirement annual income which then makes me wonder how worth it it is....
    Originally posted by michaels
    To build a decent retirement one needs to start early. Compounding does the real heavy lifting. Enjoy your life will you can. By maintaining a balance. Life is a piece of thread. Which can snap at anytime.
    Financial disasters happen when the last person who can remember what went wrong last time has left the building.
    • tonygcharles
    • By tonygcharles 11th Jul 18, 1:01 AM
    • 2 Posts
    • 7 Thanks
    tonygcharles
    I am 60 in a few days and I keep a close eye on my pension , its growing fast at the moment , so I think the longer I keep working , the more I should have when I do retire
    lso while i'm working we have a good lifestyle which we wouldn't be able to keep up , we love cruising many times a year and eating out once a week at least without having to worry

    I think working part time would be an option to make it easier if it gets to much doing full time
    I also think "how much will I need to retire "
    At spending just 15k a year and living 20 years you'd nee 300k over that period without inflation ,
    • maximumgardener
    • By maximumgardener 11th Jul 18, 2:31 AM
    • 282 Posts
    • 121 Thanks
    maximumgardener
    I am 60 in a few days and I keep a close eye on my pension , its growing fast at the moment , so I think the longer I keep working , the more I should have when I do retire
    lso while i'm working we have a good lifestyle which we wouldn't be able to keep up , we love cruising many times a year and eating out once a week at least without having to worry

    I think working part time would be an option to make it easier if it gets to much doing full time
    I also think "how much will I need to retire "
    At spending just 15k a year and living 20 years you'd nee 300k over that period without inflation ,
    Originally posted by tonygcharles

    remember to factor in your State Pension which should get you approx 8k / year if you have full NI record. Get a SP forecast?
    • BBH123
    • By BBH123 11th Jul 18, 10:43 AM
    • 711 Posts
    • 1,353 Thanks
    BBH123
    I maybe in the minority here but I never even consider the state pension in my retirement planning primarily because it may not even be there when I retire.


    If it is ( and I have a full NI contributions ) then I shall consider it an extra bonus .
    Save 12k in 2018 challenge #14
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    #15 120/365
    • GunJack
    • By GunJack 11th Jul 18, 12:41 PM
    • 10,220 Posts
    • 7,657 Thanks
    GunJack
    I maybe in the minority here but I never even consider the state pension in my retirement planning primarily because it may not even be there when I retire.


    If it is ( and I have a full NI contributions ) then I shall consider it an extra bonus .
    Originally posted by BBH123
    I don't think they'll be politically able to drop it that suddenly so you don't get it..
    ......Gettin' There, Wherever There is......
    • Thrugelmir
    • By Thrugelmir 11th Jul 18, 12:59 PM
    • 59,225 Posts
    • 52,610 Thanks
    Thrugelmir
    its growing fast at the moment
    Originally posted by tonygcharles
    Fully invested in the markets?
    Financial disasters happen when the last person who can remember what went wrong last time has left the building.
    • SeniorSam
    • By SeniorSam 11th Jul 18, 1:31 PM
    • 1,130 Posts
    • 564 Thanks
    SeniorSam
    I do hope that you have enough plans and investments in place to retire so early in life. At 55, you still have a long way to go before State pension kicks in and possibly another 20-30 years ahead of you..

    Fortunately I liked my final job and although working on an 8-10 hour day 6-7 days a week, decided to keep going for a further 5 years after NRD and enhance my State pension by 10% each year and give more time for my private pension to build up. Retiring at 70, I had already planned what hobbies to get involved with and although I have changed those hobbies a couple of times since, at 77, I am reasonably fit and enjoying what I have built up. Had I retired at 60 or 65 I don't believe I would have built up enough to be comfortable and have whatever holidays I pleased.

    It really depends on what you want out of life to be independant and not rely on others to support your old age.

    Sam
    Last edited by SeniorSam; 11-07-2018 at 1:32 PM. Reason: addition
    I'm a retired IFA who specialised for many years in Inheritance Tax, Wills and Trusts. I cannot offer advice now, so my comments are just meant to be helpful.
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