Enjoying Retirement
Discussion
mikeiow said:
Perhaps the definition of plan varies for different people!
Some are very defined by their work, & I suspect they are the ones who might need to give themselves more direction.
I always felt I didn’t want to “commit” to anything for maybe a year. I have a pal who signed up to loads of different things and ended up double-booking themself a couple of times (became a minor standing joke!).
I stopped wearing a watch. A daft thing really, but it was my way to tell myself I was no longer beholden to schedules (& yes, we managed 2 months on interrail last spring without a watch….phones can remind you of departing trains!).
I firmly agree that decompressing after decades of work is also a thing many or most will need. My way was to go cycling for 19 days….by the end of that, I was totally in the playtime zone
For planning, I spent my final months at work building a big list of things I wanted to do ‘at some point’ (& planned a 19-day bike ride…did I do any work in my final months?!)
High level topics like family, travel, events, garden, diy, films, books, etc.
Below each I wrote more detailed ideas (eg, below “events” were some festivals we wanted to get to).
I still like to dip into that list from time to time to see “progress”, & add things, although after the first 18 months it is needed less.
At the end of the day, everyone is different….the important thing is in the thread title (thanks GT3!).
Hi Mike tks for the mention . Some are very defined by their work, & I suspect they are the ones who might need to give themselves more direction.
I always felt I didn’t want to “commit” to anything for maybe a year. I have a pal who signed up to loads of different things and ended up double-booking themself a couple of times (became a minor standing joke!).
I stopped wearing a watch. A daft thing really, but it was my way to tell myself I was no longer beholden to schedules (& yes, we managed 2 months on interrail last spring without a watch….phones can remind you of departing trains!).
I firmly agree that decompressing after decades of work is also a thing many or most will need. My way was to go cycling for 19 days….by the end of that, I was totally in the playtime zone
For planning, I spent my final months at work building a big list of things I wanted to do ‘at some point’ (& planned a 19-day bike ride…did I do any work in my final months?!)
High level topics like family, travel, events, garden, diy, films, books, etc.
Below each I wrote more detailed ideas (eg, below “events” were some festivals we wanted to get to).
I still like to dip into that list from time to time to see “progress”, & add things, although after the first 18 months it is needed less.
At the end of the day, everyone is different….the important thing is in the thread title (thanks GT3!).
I've been watching the thread closely and it's great to see it's still going strong and everyone is chiming in with their own retirement updates and plans.
I've also been meaning to update on my own situation.
Last year we managed to complete on our now house and although lots of the house was finished MRs GT3 wanted some hefty and expensive changes. We are all but finished now save for some making good in bathrooms.
You may recall I also had my flat up for sale. Sadly the flat still hasn't sold despite changing agent and reducing the price which I think is a sign of the current economic uncertainty.
Also, CGT allowances have shifted so my projected sale money won't be what we'd anticipated.
Additionally, there has been a change of plan with my youngest at uni so if the flat eventually sells I will then have to reinvest that cash ( plus a little more) into a flat closer to London.
This bit was never part of the original family agreement but I now find myself with no alternative.
Consequently I've had to keep my head down and soldier on and put back the retirement projections until I can complete the flat moves.
All has been discussed with our wealth manager and although it ties up a chunk of cash initially, the plan is to sell the London flat after 10 years.
Work is currently going ok and funding the renovations and flat plans but as mentioned, for now, I'm a little stuck.
I'm also keeping a watchful eye on future pension changes with an incoming labour government as I'm sure we all are.
Changes to the TFLS might mean a little bit of shifting things around if that's announced in September.
So in summary, we've completed ( nearly) one leg of our journey and I now just need a little good fortune for the next stage. The concern is that our flat is a coastal bolt hole that sells in the summer months so our window is getting smaller & im also paying rent for another flat for work.
The above is damn expensive!
We'll get there eventually I'm sure.
Well done everyone in updating the thread.
It does truly keep me focussed on the end goal.
alscar said:
Hope the plans work out GT3.
Did I also read on here that you had bought or were looking to buy a new Porsche Boxster ?
With regard to your comments- I'm also keeping a watchful eye on future pension changes with an incoming labour government as I'm sure we all are.
Changes to the TFLS might mean a little bit of shifting things around if that's announced in September.
I've just signed the paperwork to have the entirety of the 25% released to me.
Whilst I think the risk is small ( Labour will be raising money in lots of different ways anyway ) I still don't want to risk it and the money will be allocated to my 3 children for their house funds.
Early inheritance .
Waiting ( hopefully ) 25 years + for it won't help them now !
Yes I got rid of an older 911 I had and figured whilst I have to crack on with work I may as well have a little fun. Have to say I've been very much enjoying the car. Did I also read on here that you had bought or were looking to buy a new Porsche Boxster ?
With regard to your comments- I'm also keeping a watchful eye on future pension changes with an incoming labour government as I'm sure we all are.
Changes to the TFLS might mean a little bit of shifting things around if that's announced in September.
I've just signed the paperwork to have the entirety of the 25% released to me.
Whilst I think the risk is small ( Labour will be raising money in lots of different ways anyway ) I still don't want to risk it and the money will be allocated to my 3 children for their house funds.
Early inheritance .
Waiting ( hopefully ) 25 years + for it won't help them now !
I'm poised ready to take some Pension moneys and reinvest them elsewhere but I would have thought it'll be a gradual reduction in TFLS allowances. Let's see.
Glad you are well and enjoying your retirement
Edited by GT3Manthey on Monday 1st July 09:46
okgo said:
Is there a middle ground in your situation
? I.e give a deposit and just crack on with your own retirement plans vs buying a whole property?
Remember sign you used to see in pubs “free drinks tomorrow” - if there’s one thing you see in this thread in spades it is the scores of people who wish they’d done it sooner.
My dad said to me he wished he’d toned down the work far younger than he actually did. He’s still a business owner at 78 but doesn’t do very much of it now, but has basically been doing all the travelling and things he wanted to do now, and over the past 7 years or so.
He’s lucky in that he’s still healthy (going to the jungle in Costa Rica just before his 79th!) and he’s spending months in many different countries next year, but he could have been doing all this for the last 20 years! Instead of now when he’s inevitably approaching the latter part of his life.
My plan is now out in 13 years or so - my son will be 18 the same sort of time I’ll be 50, and I’m hoping to throw a retirement/50th/18th party all at once. I’ve also told my wife I will be buying something fruity and going to the factory to pick it up (hopefully it’ll be in Italy rather than Germany but we shall see) - nice to have something to aim at vaguely.
Hi Okgo tks for your post and idea. ? I.e give a deposit and just crack on with your own retirement plans vs buying a whole property?
Remember sign you used to see in pubs “free drinks tomorrow” - if there’s one thing you see in this thread in spades it is the scores of people who wish they’d done it sooner.
My dad said to me he wished he’d toned down the work far younger than he actually did. He’s still a business owner at 78 but doesn’t do very much of it now, but has basically been doing all the travelling and things he wanted to do now, and over the past 7 years or so.
He’s lucky in that he’s still healthy (going to the jungle in Costa Rica just before his 79th!) and he’s spending months in many different countries next year, but he could have been doing all this for the last 20 years! Instead of now when he’s inevitably approaching the latter part of his life.
My plan is now out in 13 years or so - my son will be 18 the same sort of time I’ll be 50, and I’m hoping to throw a retirement/50th/18th party all at once. I’ve also told my wife I will be buying something fruity and going to the factory to pick it up (hopefully it’ll be in Italy rather than Germany but we shall see) - nice to have something to aim at vaguely.
Edited by okgo on Monday 1st July 10:07
The flat will be for my daughter to use ( and is for us to stay occasionally ) and as she'll still be going to uni for a few years she won't have any income as such to pay mortgage/bills.
I have however mentioned that when she's working she can pay the monthly running costs which will reduce my monthly cost base.
The outlay shouldn't be a dealbreaker for retiring, it just means I have to add a little more structure to the plan.
Like I say, the flat gets sold within 10yrs and the funds drop back into the pot.
Your plan for a combined party sounds spot on so good luck in your continued planing .
Edited by GT3Manthey on Monday 1st July 10:49
Chivs said:
GT3, I don't tend to post on PH myself but I wanted to chime in to say thanks for starting this excellent thread, which I have been reading since the start.
I'm sure you will pay no attention to what a random bloke on the internet thinks, but I really do hope you can get to retirement soon.
I expect there will always be expensive things the wife and daughter want (or indeed a new Porsche for yourself), but putting it bluntly I'm sure the family would rather you have a long and healthy retirement than ending up being another of the sad stories we've heard of people not making it to that point. Looking from the outside it looks like a mindset change is required rather than anything else.
Anyway- best of luck with the flat sale and everything else.
Thank you Chivs. I'm sure you will pay no attention to what a random bloke on the internet thinks, but I really do hope you can get to retirement soon.
I expect there will always be expensive things the wife and daughter want (or indeed a new Porsche for yourself), but putting it bluntly I'm sure the family would rather you have a long and healthy retirement than ending up being another of the sad stories we've heard of people not making it to that point. Looking from the outside it looks like a mindset change is required rather than anything else.
Anyway- best of luck with the flat sale and everything else.
The wife wants me to retire too although as I've pointed out to her, she's not particularly good at managing money. In every other regard she's an amazing woman.
I have been through the numbers with her many times so she'll get there too.
You are absolutely right to remind us all of what can happen. There was a further conversation at the weekend with the wife along the lines of how much longer as we sat on a memorial bench of a man that died at 64.
Very much hoping the sun stays with us and the flat sells.
With regards the car, whist I can afford it I'll keep it but when I can't it goes .
Just to add- the wife loves the new abode and has taken to life there better than I thought she would . She's getting out meeting people more and has even joined the gym.
Edited by GT3Manthey on Monday 1st July 12:48
mikeiow said:
Phil. said:
It sounds like your wife is enjoying her retirement 
Cheeky!But….perhaps an element of truth?
Maybe my wife wanted me to step away at the earliest opportunity because I had effectively been home for over 20 years (albeit with customer visits etc).
We do a load of things together & love having near total control over our time now. Every now & then (weekly or bi-weekly) we have a planning meeting to go through what’s coming up!
As for the ‘kids’, ours (mid to late 20s) are pretty self sufficient now in London enjoying themselves.
We have plenty of contact, & when it comes to house purchase, are seeing whether they can keep their LISAs maxed out (& will help fill up if needed).
We also pay for some joint treats: eg, when they join us skiing, or tickets for next years IOW festival (already purchased on super early bird!), meals etc.
They don’t expect any more - we have always been very open about money with them - but we see those things as a way for them to get some ‘inheritance’ money early when they (& we) can all enjoy it. ABBA Voyage next month for us all
I absolutely understand how life gets in the way of plans, but maybe we need a crowdfunder to get GT3 to join us on “Team Unemployable”
Back on topic….I had caught up with an old school pal via FB a few years back. Today, we finally got together and had a 56km bike ride. Plenty of banter, caffeine & cake, & a plan to have tea next week - the years just washed away - so much to talk about - absolutely fabulous!!
Bit knackered now, mind
I didn't mention this y'day for fear of jinxing things l, but we had a late viewing on the flat which we were told went well.
Sadly it looks like they won't be proceeding due to some concerns over a neighbouring property and planned renovations.
You see, we just can't catch a break at the moment.
Wifey is up for me quitting for sure. She was all onboard with the main house move & as mentioned has settled in well.
Maybe despite my efforts to get this done out stars aren't just aligning.
Anyhow, gotta try and stay positive.
SunsetZed said:
Hi Omnifuse. I hope all is well. if you're still here and reading this I was just wondering if you're still doing this and how you're finding it now that it's heading for 2 years since you retired.
I know of a retired police officer that does 2 days a week for a local Official Porsche Centre. He works 7-7 which nets him around £800 a month .
Quite a useful top up to add to a monthly pension.
I'm sure these jobs are regularly available
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