Enjoying Retirement

[GT3Manthey]

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 .

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.

[GT3Manthey]

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.

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

[GT3Manthey]

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.

Edited by okgo on Monday 1st July 10:07

Hi Okgo tks for your post and idea.

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

[GT3Manthey]

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.

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

[GT3Manthey]

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

Crowdfunding you say , yes please

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.

[GT3Manthey]

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

[GT3Manthey]

Boringvolvodriver said:

I also know a retired police officer who does this………..my sons father in law!

Maybe it's a routine/structure thing who knows.

Or maybe, it's getting away from the wife two days a week

[GT3Manthey]

Gary C said:

Just asked our new pension administrator for my Pension, but apparently I can't ask for that until I have asked for a quote

Why oh why don't they just stick an easy to follow link to apply for your pension with the lump sum you want but no, I have to get a quote by post, then apply for an 'application pack', then send the 'application pack' back by post to actually apply.

Will it all get done by the 27th Feb 2025 ?, I'm not convinced.

Scary times. I'm in my 41st year now and it seems to have suddenly rushed up !

at least this company provides a telephone number.

Not sure why it would take until feb 2025.

Wife and I both asked by post when turning 55 if we wanted to start taking pensions .

I wouldn't have expected it to take 8 months from that point to start drawdown.

It's an interesting post though on potential timings given I fear labour will make changes to the TFLS.

[GT3Manthey]

RDMcG said:

Well, I am still in two minds about retirement though I worked till I was 74. Did not need to ,just really enjoyed it and missed nothing else really. The next phase is of course the beginning of a compromise as few of us get into our eighties with nt diminution of our capabilities in some way. I would say that the great majority of my contemporaries in their mid seventies are on some kind of medication, ( usual stuff, prostate,AFIB, diabetes and of course cancer). In most case these are just things people live with and get on with their lives. I have a few things , nothing life threatening,but of course my track days are beginning to look as it we are on a mild downslope. No bucket list though.

Still, today the truck hauled away my 992 and it goes from Canada to Munich where I will pick it up for a bunch of events including the Nürbirgirng as usual. At 75 I am sure that this will ba a swan song trip. There will be other automotive events but not the challenge of the Ring and Spa. Been a great run though an hopeful will come out the other side in one piece;.....

.





it does not beat working but its not too bad.

Car looks fantastic. Great to enjoy some European trips.

Great at 75 to still have the passion for cars and track days.

[GT3Manthey]

mikeiow said:

Interesting!
We have a good friend who has a fairly senior role at HMCTS. Seems to enjoy it!
Congrats on getting your wind-down underway, I hope our encouragement collectively helped!

Back from another fabulous Latitude weekend.
Amazing weather, some great music, comedy, theatre and spent a larger than usual chunk of time in the Listening Post with some interesting talks (Aardman Animations fella, Russell Kane recording an Evil Genius episode, Marc Burrows on Terry Pratchett & Alexei Sayle very much on form with Robin Ince…who also did a great interview with Reece Sheersmith).
For us, the highlight was actually in the big theatre tent - An Evening Without Kate Bush. A super entertaining show with well-crafted audience participation; it runs in all kinds of venues- I strongly recommend it!

Exhausting: we need a few quiet days now, also to clean the camping kit and pack away again.

Here’s one for your brain cells:
We are all faintly or very familiar with The 4% Rule , right?

Well, earlier today I read about The 5% Rule
I have never had this pointed out…but it is one that those ‘waverers’ and ‘OMY-syndrome’ sufferers ought to heed (yes, GT3, as our honourable leader, I’m afraid this includes you ).

“
Think about the phrase "One Less Year", or as I say the 5% rule when speaking to ex colleagues who are considering staying on at work.
At 60 you have an average 23 years left of life.
So each year you carry on working uses up approximately 5% of your life left.
Of course you may get lucky and live to 95 or be unlucky and die at 75; nobody knows!
Many people cannot retire at 60 or even 65 due to their finances not being sufficient but for those who have planned properly or who have been lucky to be in a job with good pension benefits then its worth keeping in mind the 5% rule in your deliberations.
“

Very interesting read that Mike so thanks .
What he says makes a lot of sense and is inline with my thinking:

Stress testing is most definitely paramount and I've had this conversation numerous times with Mrs GT3.

Me -Still in limbo as there is no change in shifting our flat .
Viewings seem to be picking up with some interested parties trying to sell their own property, so if the market frees up then hopefully we get it sold .

If the flat doesn't sell then I've no choice but to lock into another rental until it eventually goes . Wasn't meant to be this way but I have to deal with what's currently in front of me.

I often look at these articles on what's needed for a "comfortable" retirement. I've come to the conclusion that as our situations are all so very different the guides are merely that. There's also never a mention of spending slowing down as we age but then maybe the guide is allowing for later life care costs.

Anyhow , great to hear all on here are loving retirement, pls keep the updates coming and I'll do the same if things get moving my end.

Edited by GT3Manthey on Thursday 1st August 08:59

Edited by GT3Manthey on Thursday 1st August 09:24

[GT3Manthey]

OldSkoolRS said:

You typed this while I was writing the above: Definitely the case for us; 5 weeks away early next year for less than I've seen people say 2 weeks in the Med is costing them; we even upgraded some hotels to suites/5 star as they weren't that much more money (Vietnam/Malaysia).

Tks again Mike and Okdskool.

I'm sounding like a broken record I know however, within my monthly costs is my youngest to pay for although she is now looking for work to support herself whilst at uni so that'll be another adjustment to the numbers when this happens.
I'm guessing the majority on this thread have seen their kids fly the nest so that's a big deal financially speaking.


You make a good point re DIY Okdskool . I'm utterly useless when it comes to general repairs which is why we've had the house finished over the course of this last year.

This last year I have to say has felt like a huge uphill battle, not least because the flat hasn't sold. I was always convinced that a coastal flat with great sea views would sell quickly. I certainly got that one wrong !

I tend to beat myself up over not being retired but then I've just turned 56 so not the end of the world.

Head down, stay positive and it'll happen I need to tell myself .

Edited by GT3Manthey on Thursday 1st August 10:36

[GT3Manthey]

OldSkoolRS said:

If you've just turned 56, so as you say not the end of the world. You've also started one of the most friendly and helpful threads on PH which I've certainly had a lot of help and support from, so no need to beat yourself up.

Thanks mate .

Running 3 places with the associated costs ( council tax, management fees, standing charges etc) is cleaning me out so adds to the stress.

In a way it's good practice to hammering down on other costs.

Very recently I've had some health issues which are being investigated. Nothing serious I'm hoping but now awaiting results of scans & blood tests.
I'm quietly confident it's all fixable.

Again , will update !

Take care all

[GT3Manthey]

alscar said:

Absolutely second this.
GT3 , even thinking about retirement still counts as such.
You’ve clearly had a lot going on.
If you get down about it try and put each issue down as a step or piece rather than than look at the problem as one and get overwhelmed by it as most would.
Hope the tests all come out well.
My wife has just endured months of various tests complicated by various hormone issues and emotional issues caused by her Mothers death.
Thankfully the tests were negative ( for what we all probably fear ) but it’s been stressful.
One thing that made it so much easier ( for us both ) was the lack of need to work.
A couple of years ago and working , the stress of trying to continue doing my day job and my home role would have been interesting.

Hi Alscar tks for the well wishes and glad to hear your wife got the all clear.

I'm still very much focused on getting out one day . Just had a few setbacks and few unexpected curve balls thrown at me.

Youngest has now decided she wants to continue her studies at a local uni which wasn't in the plan so that leaves me having to allocate funds for a flat closer to London for her.

The monies tied up in the flat will be released further down the line so all good there.

Added to that I'm still paying a lump in rent each month which was only supposed to be short term.

To the above poster-

I have 2 kids at the main house both earning although my Son eats us out of house and home ( the other is his girlfriend who he moved in 3 years ago) but they contribute so all good.

The youngest is who I'm still funding but as mentioned she's now seeking work which might be easier for her now she's going to be studying locally.

I guess on balance having kids at home isn't generally when one retires but if I can get it all in place on paper it works.

Holidays-
We generally have one family one a year . Tbh having had many holidays over the years and travelled it's not my priority to be going away much.
The idea of being retired and being free is more appealing than travelling . I know others feel differently on this. As Mike says " we all have our own journey". Wise words indeed as always from Mike.

Wife sees me stressed and now going through scans and various tests so is fully onboard with the plan . She also now needs an operation so we need to plan for that once I'm sorted . If it's not one thing it's another eh!

I can't think of setting a date yet until the above issues are dealt with but I know I need to get out of work.

This thread -
I never knew how great it would be!
So glad it's helped others with retirement planning and we all continue to contribute and share experiences . It's certainly kept me going.

Thought today a meet up would be good when I'm all done.
Name tags with our usernames so we can identify each other then a few beers and maybe a cheap curry ( pensioners after all ! ) made even better by knowing no work the next day !

Stay safe everyone will be back with an update hopefully soon.

Edited by GT3Manthey on Thursday 1st August 19:28

[GT3Manthey]

Phil. said:

Hi GT3

This may be a dumb question but if your daughter is studying locally then why do you need to sell a flat by the sea to buy one near London? Alternatively can you ditch the idea of buying a London flat and Airbnb the one near the sea until the market picks up? If you’re not working in London then you don’t need a London flat either?

As for buying a flat for your daughter whilst she is studying, can’t she rent/share like everyone else? Probably cheaper than all the fees involved in buying/selling a flat?

Have you robustly tested all the options (even the undesirable ones) to provide you with the shortest path to retirement?

Absolutely no criticism intended with regard to your plans but know from my professional experience sometimes you can make things happen even when they appear impossible at the time.

Hi Phil ,

So the house is an hour plus away from where she will be uni and she won't be staying on campus.

The terms of the lease on the flat dictate we can't rent it and especially Air B+B.

Good point with regards earlier retirement which comes back to me doing a full stress test once we move on from the previous things I mentioned.

I'm someone that always wants to know ( as far as anyone can) it'll work .
Annoying, but if the flat sells I can then plan for late next year to get out .
That's doable I'm sure .

Also never worry . No criticism ever taken, it's great that we can discuss these things in a constructive way as we all have the same end goal.

[GT3Manthey]

MattS5 said:

Good shout that, I just did a quick ready reckoner for myself:

Water - £50
Elec - £120
Gas - £80
WiFi - £40
Sky - £40
Council tax - £225 (Band D)
Home insurance - £20 (Staff discount price
Car insurance x1 - £25 (staff discount price)
Food - £700
Fuel £150

Total £1,450

Thats for an average of 2 people in the house, and I always think the food bill could be reduced by a further £200 quite easily.
In retirement, fuel would easily halve as well

Morning all !

What do you get for £40 a month Sky?

Had a review of ours at the weekend and turns out the wife locked us into a contract of £160 a month that doesn't expire until March next year !

I've cancelled the home phone part of it as we don't even have a telephone at the house . Quick £16 a month there.

I want to cancel sky sports and cinema too but locked in still . That will be another £45 saved.

I think that will leave us with the basic package, sky Wi-Fi and multi room but it'll still be around £100

[GT3Manthey]

The Leaper said:

Mornin' GT3,

That's another reason we don't/will not have Sky. It seems do bloody expensive and we don't watch lots of tv anyway.

R.

Morning Leaper.

I'd bin it all together personally but that means buying 4 TV's that have all the built in freeview channels.

Something to ponder going into the new year I think

[GT3Manthey]

Truckosaurus said:

Sky gets silly expensive once you start running it on multiple televisions.

You can switch to the new 'Sky Stream' which is all via your broadband instead of the dish and much cheaper, but still adds if you want it 4-times for the whole house.

(Also, cheap Freeviews boxes and Amazon Firesticks might be an alternative for some of the rooms, and just keep 'Sky' for the main telly.

Cheers I'll check that option out

[GT3Manthey]

MattS5 said:

Apologies, only just seen this (I don't work Mondays and trends to browse PH during the working day!)

My broadband (I inadvertently called it wi-fi) is £27.50 and TV package is £42.50

I have the poverty spec TV package but do have multiroom in 4 additional rooms, but that's just a 1 of cost, regardless of boxes.

I almost changed to EE TV recently, but they let me down on the switching date, so I cancelled and stayed with sky

No worries and thanks makes more sense with broadband added on .

Will be adjusting monthly phone tariffs soon too when my daughter's contract is up.

[GT3Manthey]

Reading lots on the upcoming budget speculations, as I'm sure we all are.

Anyone already taking pre-emptive measures ahead of 30th of October?

Papers are full of people trying to sell assets and liquidating funds

[GT3Manthey]

mikeiow said:

If I had TFLS to get my hands on, I would probably take that….but the last lot wrecked the Capital Gains allowances….
What are you thinking of doing?

We have a strong plan….to get the bus with our pals in Reeth to Richmond and to have a wander and a few pints. Things are always much clearer then

Hi Mike,

I have a fair bit to consider with my flat not selling so mulling things over but reluctant to grab the 25% just yet.

On the one hand I can take the lump and buy another London flat and stop renting but that still leaves me with the coastal flat that's not selling.

My view, much like the change to school fees, is that there will be notice period. Fingers crossed of course !

Also not being able to sell flat leaves me open to further changes in CGT down the line as well so I really need the flat gone.

Have gone multi agent now and reduced the price again .

Changes to IHT I think are a certainty sadly.