Can we retire please? How much money do you really need need?

[bobnick]

I gave HRH 3 years notice we were selling up and retiring
Worked out well thank you.

 

[Fragle]

Just seen this thread,
I retired 4 years ago (aged49) and to be honest have been a bit lost, seem to have no real purpose, taken the odd job here and there but nothing fulfilling as such so don’t really stay for to long.
Don’t get me wrong I have friends who have retired at a similar age to me and never looked back and love it. But unfortunately that’s just not me.
Just my opinion
Ps This post isn’t meant to piss on anybody’s chips and if you are finishing work soon enjoy it it’s a long time coming.
Cheers all

My plan is to see how it goes. I'm in charge now of my time certainly won't be getting up at 4 to drive to London on a daily basis but in-between travels I might do the odd few hours during the long winter months. but then again might just head down to Spain

 

[RandallC]

Been retired @ aged 64, nearly 6 years.

Only thing I miss is the crack with the folks at work and the Technical challenge to keep the plant running. Was in power generation so never a dull moment. However DON'T miss the stress of meeting deadlines & budgets & unrealistic targets.

Would advise however to ensure financial security for retirement and take it ASAP, then if needing a bit of therapeutic employment, find something that you really enjoy and do part time.

There is too much of the country to see to spend a lions share working.

Just a point of view.

 

[Podney]

Unless you truly love your job what is the point of working if you have enough money to live on.

I retired at 57,never regretted it.

How much do you need? Depends what your spending habits are. I’m going to patent a coffin that will allow me to take mine with me to that other place………..maybe not

 

[Speve]

Retired at 60 nine years ago and never missed work one bit although my last job was probably the best and most rewarding in a personal way not monetary.
never regretted my decision and as time goes by we are as well if not better off now financially and health wise
my advise would be don’t wait to long and retire as early as you can

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[Fragle]

We’ve taken the plunge, mortgage paid of next week,state pension for me next year,did Lakefest last weekend[gold camping ,don’t get me started]now in Manorbier celebrating wedding anniversary in same hotel and room as honeymoon 28 years ago [romantic sod ain’t I] ,already planing next two trips, both complaining we’re busier than we were when we worked ,can’t understand those who say they’re bored hope by the time we’re hundred and fifty might have chance to take it easy.

Excellent. What we never took into account to start with was the state pension. The better half gets hers next year and adding that to the pot has meant the sums added up.
I've not officially finished until 31st but already have people requesting odd jobs to be done. They will keep the old grey matter moving. I definatly won't be bored. Live long and prosper

 

[Cheshirecat57]

64 and counting
on 3 days now and ive had a health scare earlier this year, ok now I think

Going to give them another year and finish at 65

 

[Snowbird]

This is an old thread but I can give a little advice on retirement having had 21 years of it. First things,get shut of any credit you may have, ie, mortgage, car finance etc. After this, consider what are your most expensive overheads, ie, utility bills such as electricity, gas etc. Several years ago we completely got rid of the gas meter and now heat solely with wood which I get free from local tree surgeons. We have a 4 kv solar system which supplies all our electric plus hot water. We live comfortably on pension and still travel 6 months per year without problems. Old school we maybe, but am still of the belief that its the best way.

 

[The Wino]

This is an old thread but I can give a little advice on retirement having had 21 years of it. First things,get shut of any credit you may have, ie, mortgage, car finance etc. After this, consider what are your most expensive overheads, ie, utility bills such as electricity, gas etc. Several years ago we completely got rid of the gas meter and now heat solely with wood which I get free from local tree surgeons. We have a 4 kv solar system which supplies all our electric plus hot water. We live comfortably on pension and still travel 6 months per year without problems. Old school we maybe, but am sctill of the belief that its the best way.

I think what you're really saying is work out where you can avoid spending and do so if you decide that you could better use the money elsewhere and I couldn't agree more. But if you have sufficient income to not need to cut back in some areas and prefer knowing the cost to spend why not.

 

[deleted79651]

I am incredibly lucky.

I have discovered that I have an immense talent and expertise, developed over the years, in the art of sitting in the shade of a magnificent oak tree and doing nothing...

View attachment 528513

As the financial experts here will confirm, this does not cost me very much.

Add into the mix, free solar power, free water and no parking fees and it means I am able to put a little aside each month from the plain old Blighty basic pension. Even after luxuries like the odd burger or tank full of fuel I still have a tad left over.

Obviously if I was into scuba diving or flying or mountain climbing I would not be able to manage fiscally but, as I posted above, sitting in a recliner thinking, is fully covered.

A rich man is not the one who has the most.

A rich man is the one who needs the least.

Sorry to sound so smug...


JJ

The technical term for it is 'The Exercise of Effort Discretion'; sounds almost scientific ...

Steve

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[bobnick]

I am NOT lucky or fortunate in my retirement.
I worked my nuts off for 40 years to achieve the status we have today.
I am however enjoying my retirement.

 

[Adrian1]

Less than you think we retired at 55 and 54 the year before used a web site called retire easy to plan used to be free now a charge but will help you plan long term you finances etc it helps

 

[Podney]

I am NOT lucky or fortunate in my retirement.
I worked my nuts off for 40 years to achieve the status we have today.
I am however enjoying my retirement.

Yes,reminds me of the expression “you make your own luck”. True to some extent.

The diffence between luck and good fortune is a bit grey……..the duchess insists that we are not lucky to be in our comfortable financial situation as it was the result of 40 years of toil,but she will admit that we are fortunate.
Does it really matter? Well,probably not,but it can be irritating when some clever dick comes out with the “well it’s alright for you” cliche.

 

[EuroTrotters]

Less than you think we retired at 55 and 54 the year before used a web site called retire easy to plan used to be free now a charge but will help you plan long term you finances etc it helps

Do you have a website link ?

 

[cyberyacht]

I spent 34 years with the same firm, taking early retirement at 50. My ambition is to spend as long on pension as I did working for them. Another seven years to go. Mind you, it's surprising how life gets in the way of doing exactly what you want when retired.

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[EuroTrotters]

Less than you think we retired at 55 and 54 the year before used a web site called retire easy to plan used to be free now a charge but will help you plan long term you finances etc it helps

Plan for Retirement | Retirement Planner | Planning a Retirement | RetireEasy

The RetireEasy 'LifePlan' retirement planner is a online tool enabling the creation of a comprehensive plan for retirement, empowering retirees to visualise future income, expenses and deal with multiple scenarios.

www.retireeasy.co.uk

 

[Adrian1]

Sorry did not have link but Eurotrotters have added I would only use the basic to put your mind at rest Thanks

 

[andyman]

Think I may have posted this before. Get out as soon as you can afford to. Most people are never missed after a few week of disappearing.

That’s very true. I remember many years ago a member of staff had left over a month prior and the MD said one day where’s Jane. That shows how much valued you are.

 

[bobnick]

We are still in touch with several of our old employees.
In fact prior to Covid we used to go to India quite often and always included a visit to one or more. They loved it.
Been to several weddings in India of sons and daughters of staff. They know how to do weddings over there.

 

[busby]

Biggest asset you can wish for in retirement is good health..Money is of no use if your not healthy enough to enjoy it. In retirement money is for spending not sitting in the bank..Retired 21 one years ago with very little but until Covid we managed 6 months away in the van every year..Slightly reduced at the moment.BUSBY.

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[Fragle]

Biggest asset you can wish for in retirement is good health..Money is of no use if your not healthy enough to enjoy it. In retirement money is for spending not sitting in the bank..Retired 21 one years ago with very little but until Covid we managed 6 months away in the van every year..Slightly reduced at the moment.BUSBY.

So many say the same. It's the time verse money debate. Without good health the money becomes pointless

 

[Garfields]

Biggest asset you can wish for in retirement is good health.

Can't argue with that
Knowing how much money will do is difficult to gauge though
I would think its less than most estimated in the long term
Very few people I have known have died penniless even if some pleaded poverty.
I do know there some out there who are really struggling but not any that made the choice to retire early.
Different for folk that had it forced on them

 

[deleted79651]

Can't argue with that
Knowing how much money will do is difficult to gauge though
I would think its less than most estimated in the long term
Very few people I have known have died penniless even if some pleaded poverty.
I do know there some out there who are really struggling but not any that made the choice to retire early.
Different for folk that had it forced on them

Your final sentence nails it. Ill health, or new bosses, takeovers etc, and suddenly you are 'free to seek alternative life goals' or some other drivel.

Then it's a case of looking at what lump sums can be taken from Private Pensions, what mortgages/loans need to be paid off, what monthly income you'll receive [and when other income such as State Pensions, Endowment Policies maturing will start [!]]. And then the expenses, bearing in mind tha it will the domestic heating that will get you through winter, rather the Office heating [for 5 days each week]!

Steve

 

[bobnick]

Deleted.
New heading.

 

[madroy]

Help. We are looking for some real world advice on if we are near or have already reached the point of retirement.
I have 8 years to pension age the better half has 2 years and both of us have had enough of being beholden to work. The better half has a few issues we feel its time to enjoy life.

Being very lucky to have paid the mortgage and the motorhome and the bills are just everyday stuff from having a property. We don't really want to full time so having done the maths I think we can do it

Ive broken everything down that we can think of insurances, services to car and motorhome, gas electric etc multiplied and divided and computer says yes it can be done. Just.
Happy days.
But the question is? Is there an amount, a real world figure people have found they require. A couple we saw a few weeks back said friends of them had set a target of £15000 per year to live off and only spent £13000. This seems to match our figures. So is this figure realistic? Do you already live on a smaller budget?
New decade new life Any advice is helpful

I have been rtd for nrly 20 years now 73 manage on about 15000 a yr now no overheads,probs to factor in if one of you dies so does their pension .and it's no cheaper living as 1.2 is inflation which is more than you can imagine,fuel 1.50 e a ltr now in France.hope this helps

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[Fragle]

I have been rtd for nrly 20 years now 73 manage on about 15000 a yr now no overheads,probs to factor in if one of you dies so does their pension .and it's no cheaper living as 1.2 is inflation which is more than you can imagine,fuel 1.50 e a ltr now in France.hope this helps

To be honest. We are around the same yearly spend for the past 3 years. That said I think we have double that for at least 20 years and if we are still around there's always the house.
Is that the fuel price at supermarkets?

 

[bobnick]

Not manage on £15k a year with my Mrs

 

[busby]

Not manage on £15k a year with my Mrs

You haven't trained her properly..BUSBY

 

[alanalmoff]

Retired at 60 after 34 years gas engineer, best thing I have ever done, rv'ed the States 8/9 years loved every minuet, what I have noticed is that the confidence deminishises, go for it, there are no pockets in a shroud !!

 

[Fragle]

Retired at 60 after 34 years gas engineer, best thing I have ever done, rv'ed the States 8/9 years loved every minuet, what I have noticed is that the confidence deminishises, go for it, there are no pockets in a shroud !!

I've still got over 2 year left on my gas ticket can't be bothered to keep going. As you say no pockets in shrouds

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