Enjoying Retirement
Discussion
Phil. said:
Here's my 10p worth.....
I retired from ‘employment’ 3 years ago at 55. Part of my motivation to retire early and what drove me to achieve financial independence was the death of my father at nearly 63.
On ‘retirement’ I set up a Ltd company and have been undertaking consultancy in my field of expertise since. Normally a couple of days a week which I manage to ensure a few clear days completely free each week. This work is 100% online and flexible, meaning we can divide our time between the UK and our place in Spain. My wife doesn’t work. I wouldn’t take on any work whereby regular physical attendance is required.
Because of the tax efficiency associated with a Ltd company, this income has covered the majority of our expenses, meaning I have been able to leave my pension and savings to grow, something I intend to do until 60 when I will probably stop working altogether and a small DB pension kicks in.
I have children who have left or are about to leave university. One will be completely financially self-sufficient later this year, the other is still transitioning. They both have a decent sum at hand to provide a deposit on a house when the time comes. This has been facilitated through our savings and some early inheritance from a grandparent.
I have dipped into our cash reserves over the past couple of years due mainly to buying expensive cars, which positively have retained their value. I’ll probably have to stop this hobby at some point but (because it's PH) I do have an order in for a new Range Rover for delivery sometime in the next 12 months ??
The method I used to determine when I could afford to retire early meant having a realistic understanding of the family’s annual spend over the past few years. I knew this would reduce as my children became financially independent. Then compared this annual sum with the potential for my pension/savings to generate 4% over the longer term. I then had my assumptions confirmed by my IFA. I don’t keep a detailed monthly spreadsheet preferring to work on an annual basis.
I enjoy the balance and stimulation of working on my terms and having plenty of free time to do other stuff, like walking and travelling. I’ve just booked to attempt the Yorkshire 3 peaks in June with my wife and son. It’s my motivation to get fitter and lose some weight.
My mother was independent and active until 80 and then aged quite quickly. In the past few weeks she has taken a significant downturn and has little quality of life. Life’s short. If you can do it, retire early. No regrets.
The Yorkshire 3 Peaks is quite the day out!I retired from ‘employment’ 3 years ago at 55. Part of my motivation to retire early and what drove me to achieve financial independence was the death of my father at nearly 63.
On ‘retirement’ I set up a Ltd company and have been undertaking consultancy in my field of expertise since. Normally a couple of days a week which I manage to ensure a few clear days completely free each week. This work is 100% online and flexible, meaning we can divide our time between the UK and our place in Spain. My wife doesn’t work. I wouldn’t take on any work whereby regular physical attendance is required.
Because of the tax efficiency associated with a Ltd company, this income has covered the majority of our expenses, meaning I have been able to leave my pension and savings to grow, something I intend to do until 60 when I will probably stop working altogether and a small DB pension kicks in.
I have children who have left or are about to leave university. One will be completely financially self-sufficient later this year, the other is still transitioning. They both have a decent sum at hand to provide a deposit on a house when the time comes. This has been facilitated through our savings and some early inheritance from a grandparent.
I have dipped into our cash reserves over the past couple of years due mainly to buying expensive cars, which positively have retained their value. I’ll probably have to stop this hobby at some point but (because it's PH) I do have an order in for a new Range Rover for delivery sometime in the next 12 months ??
The method I used to determine when I could afford to retire early meant having a realistic understanding of the family’s annual spend over the past few years. I knew this would reduce as my children became financially independent. Then compared this annual sum with the potential for my pension/savings to generate 4% over the longer term. I then had my assumptions confirmed by my IFA. I don’t keep a detailed monthly spreadsheet preferring to work on an annual basis.
I enjoy the balance and stimulation of working on my terms and having plenty of free time to do other stuff, like walking and travelling. I’ve just booked to attempt the Yorkshire 3 peaks in June with my wife and son. It’s my motivation to get fitter and lose some weight.
My mother was independent and active until 80 and then aged quite quickly. In the past few weeks she has taken a significant downturn and has little quality of life. Life’s short. If you can do it, retire early. No regrets.
I did it back in May 2018 - we had 8 of us doing bits, with 3 of us managing the whole lot - walking by 6am, 45km, almost 60,000 steps, and an elapsed 13 hours: phew!
Glorious weather for us though - very enjoyable!
& yup....once you are over 80, things certainly do appear to slow down dramatically!
mikeiow said:
The Yorkshire 3 Peaks is quite the day out!
I did it back in May 2018 - we had 8 of us doing bits, with 3 of us managing the whole lot - walking by 6am, 45km, almost 60,000 steps, and an elapsed 13 hours: phew!
Glorious weather for us though - very enjoyable!
& yup....once you are over 80, things certainly do appear to slow down dramatically!
We’re planning to do the whole route and have booked a cottage that is actually on the route, so I can collapse on my return. I’m planning a route up and down Pen y Fan in a couple of weeks as part of the preparation. It’s great being able to pick a day when the weather is good. I did it back in May 2018 - we had 8 of us doing bits, with 3 of us managing the whole lot - walking by 6am, 45km, almost 60,000 steps, and an elapsed 13 hours: phew!
Glorious weather for us though - very enjoyable!
& yup....once you are over 80, things certainly do appear to slow down dramatically!
GT3Manthey said:
The beauty of starting this thread ( for me anyway ) is that all the input and actual retirement experiences are key.
Its helped me compile a genuine monthly cost base which includes anything from monthly food costs to having Spotify at £7.99 and month !
It all adds up and needs to be accounted for.
We will all be different in our wants and needs & it adds a sense of planning away from what our IFA or WA tells us .
Only we really know what’s important in our day to day lives .
Do I really need the full sky package at £130 a month or equally so I need a budget of £800 a month for food and wine & how can I Taylor that to make it all work .
There have been so many incidentals i would have never thought of if it wasn’t for this thread so personally I’ve found it enormously helpful .
Always good to hear from those that have actual experience of pulling the pin and retiring and sharing how it’s working out.
Personally I’ve found it reassuring and also an eye opener in equal measure and I think for those planning for future retirement it’s a good yard stick to come back to.
For those that have retired pls keep the updates coming and for those looking at future retirement pls keep the thread updated on how you are getting along .
This all highlights the importance of having enough flexibility in your planned budget to be able to react when you need to.Its helped me compile a genuine monthly cost base which includes anything from monthly food costs to having Spotify at £7.99 and month !
It all adds up and needs to be accounted for.
We will all be different in our wants and needs & it adds a sense of planning away from what our IFA or WA tells us .
Only we really know what’s important in our day to day lives .
Do I really need the full sky package at £130 a month or equally so I need a budget of £800 a month for food and wine & how can I Taylor that to make it all work .
There have been so many incidentals i would have never thought of if it wasn’t for this thread so personally I’ve found it enormously helpful .
Always good to hear from those that have actual experience of pulling the pin and retiring and sharing how it’s working out.
Personally I’ve found it reassuring and also an eye opener in equal measure and I think for those planning for future retirement it’s a good yard stick to come back to.
For those that have retired pls keep the updates coming and for those looking at future retirement pls keep the thread updated on how you are getting along .
For someone in my situation 2022 is a perfect storm. Global markets are down, inflation is soaring and we have no pensions. So our capital base is shrinking and, were we to maintain our habitual outgoings, our expenditure would have to increase.
We’ve re-budgeted and for this year we plan to reduce our expenditure by 20% vs our usual run rate despite inflation pulling in the other direction. It means cutting a few things out but it is doable.
I would counsel strongly that one retire with the ability to fund a lifestyle that is at the upper range of your wish list so that you can easily flex it down when needs must. If you retire on a plan that just about scrapes by there could be some rocky years ahead.
PistonHead007 said:
That sounds more feasible. There are some exceptions but your pension likely has two thirds for a spouse. This is relatively generous and gives it a higher valuation.
Finally, are you sure there's no GMP in there?
Taking it pre NRA can affect whether you properly benefit from a probable 6.25% revaluation rate due to GMP franking. In short, taken at 62 you can sometimes see a step up at 65 when the GMP age for men kicks in, effectively masking the true long term potential of your DB pension.
I say this because those muktiples seem high enough to be hiding something. If you have the breakdown of how much is in each tranche and their respective revaluation rates I may be able to offer further comment.
Ah 007… you evidently do have a sound understanding of the Lloyds schemes. There is indeed a 2/3 spouse’s provision. Finally, are you sure there's no GMP in there?
Taking it pre NRA can affect whether you properly benefit from a probable 6.25% revaluation rate due to GMP franking. In short, taken at 62 you can sometimes see a step up at 65 when the GMP age for men kicks in, effectively masking the true long term potential of your DB pension.
I say this because those muktiples seem high enough to be hiding something. If you have the breakdown of how much is in each tranche and their respective revaluation rates I may be able to offer further comment.
If it’s OK with you and in the interests of not derailing Manthey’s thread here, I’ll get some more detailed info and then post it on the old ‘cashing in final salary pensions’ thread. May take a little while though, depending on WTW response times.
Do appreciate your comments on this matter…
Hang On said:
This all highlights the importance of having enough flexibility in your planned budget to be able to react when you need to.
For someone in my situation 2022 is a perfect storm. Global markets are down, inflation is soaring and we have no pensions. So our capital base is shrinking and, were we to maintain our habitual outgoings, our expenditure would have to increase.
We’ve re-budgeted and for this year we plan to reduce our expenditure by 20% vs our usual run rate despite inflation pulling in the other direction. It means cutting a few things out but it is doable.
I would counsel strongly that one retire with the ability to fund a lifestyle that is at the upper range of your wish list so that you can easily flex it down when needs must. If you retire on a plan that just about scrapes by there could be some rocky years ahead.
This is all very true . For someone in my situation 2022 is a perfect storm. Global markets are down, inflation is soaring and we have no pensions. So our capital base is shrinking and, were we to maintain our habitual outgoings, our expenditure would have to increase.
We’ve re-budgeted and for this year we plan to reduce our expenditure by 20% vs our usual run rate despite inflation pulling in the other direction. It means cutting a few things out but it is doable.
I would counsel strongly that one retire with the ability to fund a lifestyle that is at the upper range of your wish list so that you can easily flex it down when needs must. If you retire on a plan that just about scrapes by there could be some rocky years ahead.
My monthly costs leaves me with around 20% spare cash but what if the growth of my pension & investments don’t match spiralling inflation or we get hit with some unforeseen cost.
This or me is the reason for still looking at a P/T job so I’ll hopefully have some form of buffer in the event things go slightly wonky.
That said I don’t want to be fully dependant on the P/T job incase that doesn’t work out so the initial figures would need to work ideally .
Reading this thread and others makes me observe that people find lots of reasons not to do things when really they should be looking for just one good reason to do it.
I guess the really critical point is working out what is important to you and then doing everything you can to make that your priority,
I used to love my job, put lots of hours in and got a lot out of it. But then came the 2020 lockdown and I was able to work from home. What I discovered was that I really enjoyed having a lunchtime walk with the wife, being at home and not commuting through traffic. This really helped crystallise my priorities and I gave up work at the end of 2020.
My only regret? I didn’t do it sooner.
As a few people have mentioned life is short and you only get one chance at it, so if you have an opportunity to stop work, at whatever age, then I would say do it.
I guess the really critical point is working out what is important to you and then doing everything you can to make that your priority,
I used to love my job, put lots of hours in and got a lot out of it. But then came the 2020 lockdown and I was able to work from home. What I discovered was that I really enjoyed having a lunchtime walk with the wife, being at home and not commuting through traffic. This really helped crystallise my priorities and I gave up work at the end of 2020.
My only regret? I didn’t do it sooner.
As a few people have mentioned life is short and you only get one chance at it, so if you have an opportunity to stop work, at whatever age, then I would say do it.
Interesting thread. Been reading this with interest over the last few weeks.
I am in my mid-40s and am starting to seriously consider when i might be able to "retire". By the time i get my state pension it'll be at 68, which seems too far away (25 yrs!). I am paying a good amount (about 25% of gross) into a private pension, so plan to "retire" at 58 at the latest. I plan to save into a S&S ISA to fund retiring a few years before 58.
My kids are still young (between 7 and 11), so i have a good 10-15 yrs before they are self-sufficient, so that kind of limits when i might be able to "retire".
We have a house that is bigger than we need, with lots of building potential, so we are continuing with that and plan to downsize in 10 years, moving to northumberland, and at the same time buying a property somewhere warm and spanish speaking for the winter months.
That's the rough plan anyway!
I am in my mid-40s and am starting to seriously consider when i might be able to "retire". By the time i get my state pension it'll be at 68, which seems too far away (25 yrs!). I am paying a good amount (about 25% of gross) into a private pension, so plan to "retire" at 58 at the latest. I plan to save into a S&S ISA to fund retiring a few years before 58.
My kids are still young (between 7 and 11), so i have a good 10-15 yrs before they are self-sufficient, so that kind of limits when i might be able to "retire".
We have a house that is bigger than we need, with lots of building potential, so we are continuing with that and plan to downsize in 10 years, moving to northumberland, and at the same time buying a property somewhere warm and spanish speaking for the winter months.
That's the rough plan anyway!
I said "retire" because i'm observing some very different meanings of the word.
I'm coming to the conclusion that retiring is just a state of mind, and detached from the financial aspect of it.
My dad for example. He worked all of his life and from memory seemed to moan about his colleagues, his boss, his company, and couldn't wait to retire.
Finally he retired at 65. Since then he's been heavily into hobbies and clubs. He seems to get heavily involved and quickly gets onto the board, taking a role such as treasurer, or gaining some qualification so that he can be in charge of this or that.
He is currently so involved with a club that he basically lives there now. When i speak to him, he moans about his colleagues (in the club), the club itself, the club chairman/committee, etc. To my mind, he hasn't retired. He's just switched from one source of stress, to another.
I think it's entirely possible to mentally "retire" and keep working, just as long as that work is satisfying and interesting, and that you could walk away as soon as you felt it wasn't worth continuing. That's where i'm trying to get to now. The next 10 years i'm going to try to get into that mindset.
Working from home is certainly helping with that. Work now occupies only 1/3 of each day, and only 5/7 days per week, with no commuting hassle and stress.
Keep posting on here. It's nice to see how people are scaling back, and how the transition feels.
I'm coming to the conclusion that retiring is just a state of mind, and detached from the financial aspect of it.
My dad for example. He worked all of his life and from memory seemed to moan about his colleagues, his boss, his company, and couldn't wait to retire.
Finally he retired at 65. Since then he's been heavily into hobbies and clubs. He seems to get heavily involved and quickly gets onto the board, taking a role such as treasurer, or gaining some qualification so that he can be in charge of this or that.
He is currently so involved with a club that he basically lives there now. When i speak to him, he moans about his colleagues (in the club), the club itself, the club chairman/committee, etc. To my mind, he hasn't retired. He's just switched from one source of stress, to another.
I think it's entirely possible to mentally "retire" and keep working, just as long as that work is satisfying and interesting, and that you could walk away as soon as you felt it wasn't worth continuing. That's where i'm trying to get to now. The next 10 years i'm going to try to get into that mindset.
Working from home is certainly helping with that. Work now occupies only 1/3 of each day, and only 5/7 days per week, with no commuting hassle and stress.
Keep posting on here. It's nice to see how people are scaling back, and how the transition feels.
Having retire three years ago (at 58) I’ve just come back from a weeks skiing (probably my last as a knee injury whilst out there is likely to stop me skiing).
I am thankful that I have Private Medical Insurance which means I’m having an MRI scan next week. I also used it a couple of months ago when the NHS couldn’t accommodate me in a reasonable time.
It is expensive but something I wouldn’t be without. It also offers ancillary benefits like Private GP service (some dire GP practices around here). I’ve had PMI all my life through employer, just glad I continued when I retired.
Also booked three other holidays this year and definitely get annual travel insurance. Saves huge amount of money and covered me for £800 med expenses on ski trip.
Currently funding my youngest through Uni to the tune of £600pm which will end next year.
We also moved to a slightly small but much more energy efficient house last year which as kept a lid on fuel bills. It’s also within walking distance of virtually all services and shops so we are using our cars much less. Debated going to one car but we don’t want to lose that independence.
I am thankful that I have Private Medical Insurance which means I’m having an MRI scan next week. I also used it a couple of months ago when the NHS couldn’t accommodate me in a reasonable time.
It is expensive but something I wouldn’t be without. It also offers ancillary benefits like Private GP service (some dire GP practices around here). I’ve had PMI all my life through employer, just glad I continued when I retired.
Also booked three other holidays this year and definitely get annual travel insurance. Saves huge amount of money and covered me for £800 med expenses on ski trip.
Currently funding my youngest through Uni to the tune of £600pm which will end next year.
We also moved to a slightly small but much more energy efficient house last year which as kept a lid on fuel bills. It’s also within walking distance of virtually all services and shops so we are using our cars much less. Debated going to one car but we don’t want to lose that independence.
craig1912 said:
Having retire three years ago (at 58) I’ve just come back from a weeks skiing (probably my last as a knee injury whilst out there is likely to stop me skiing).
I am thankful that I have Private Medical Insurance which means I’m having an MRI scan next week. I also used it a couple of months ago when the NHS couldn’t accommodate me in a reasonable time.
It is expensive but something I wouldn’t be without. It also offers ancillary benefits like Private GP service (some dire GP practices around here). I’ve had PMI all my life through employer, just glad I continued when I retired.
Also booked three other holidays this year and definitely get annual travel insurance. Saves huge amount of money and covered me for £800 med expenses on ski trip.
Currently funding my youngest through Uni to the tune of £600pm which will end next year.
We also moved to a slightly small but much more energy efficient house last year which as kept a lid on fuel bills. It’s also within walking distance of virtually all services and shops so we are using our cars much less. Debated going to one car but we don’t want to lose that independence.
Our thinking is along the same lines . I am thankful that I have Private Medical Insurance which means I’m having an MRI scan next week. I also used it a couple of months ago when the NHS couldn’t accommodate me in a reasonable time.
It is expensive but something I wouldn’t be without. It also offers ancillary benefits like Private GP service (some dire GP practices around here). I’ve had PMI all my life through employer, just glad I continued when I retired.
Also booked three other holidays this year and definitely get annual travel insurance. Saves huge amount of money and covered me for £800 med expenses on ski trip.
Currently funding my youngest through Uni to the tune of £600pm which will end next year.
We also moved to a slightly small but much more energy efficient house last year which as kept a lid on fuel bills. It’s also within walking distance of virtually all services and shops so we are using our cars much less. Debated going to one car but we don’t want to lose that independence.
Having had several operations including recent knee surgery I’m keen to keep the private medical insurance going .
Also I’d allocated the same monthly amount for my daughter when she starts uni .
Housing wise we plan to sell the main family home and our holiday flat to buy one cheaper home further away from London & bank some more cash .
Car wise I can see us with something hybrid and a play car for me for a period of time until I consider it too expensive at which stage I’ll probably get back into bikes.
Part of my monthly costs base is an allowance of £750 put aside for holidays throughout the year . This might sound a little excessive but I can always use any left overs for other costs .
Plan is to retire in 12 months
Rarely if ever on PH has there been a thread such as this one where no arguments or aggressively given opinions have surfaced so that in itself is good and helpful to see !
Ignoring the money aspect for a second ,having a plan for retirement sounds great but I always said it’s not so easy planning that whilst still working - or maybe that was an an excuse.
3 months in and it does feel like a holiday and whilst slowly working through various to do lists what I like most is simply the knowledge of not having to do anything. I have yet to lie in at all ( my wife has horses so still gets up “ early “ ) but perhaps I should treat myself to that occasionally ?!
In common with some recent posters my father died not long after he finally retired and I guess that also perhaps sub consciously was a factor.
Not having to look at emails constantly ( depends on your levels of conscience here ) is also something not missed at all.
Money obviously is the bigger concern before making the call to stop ( and it’s a huge call ) so yes I am fortunate that I was in a position that I could do that.
Do I wish I had done it sooner ? No because it didn’t seem right. Am I glad I’ve now done it ? 200% yes.
Ignoring the money aspect for a second ,having a plan for retirement sounds great but I always said it’s not so easy planning that whilst still working - or maybe that was an an excuse.
3 months in and it does feel like a holiday and whilst slowly working through various to do lists what I like most is simply the knowledge of not having to do anything. I have yet to lie in at all ( my wife has horses so still gets up “ early “ ) but perhaps I should treat myself to that occasionally ?!
In common with some recent posters my father died not long after he finally retired and I guess that also perhaps sub consciously was a factor.
Not having to look at emails constantly ( depends on your levels of conscience here ) is also something not missed at all.
Money obviously is the bigger concern before making the call to stop ( and it’s a huge call ) so yes I am fortunate that I was in a position that I could do that.
Do I wish I had done it sooner ? No because it didn’t seem right. Am I glad I’ve now done it ? 200% yes.
alscar said:
Rarely if ever on PH has there been a thread such as this one where no arguments or aggressively given opinions have surfaced so that in itself is good and helpful to see !
Ignoring the money aspect for a second ,having a plan for retirement sounds great but I always said it’s not so easy planning that whilst still working - or maybe that was an an excuse.
3 months in and it does feel like a holiday and whilst slowly working through various to do lists what I like most is simply the knowledge of not having to do anything. I have yet to lie in at all ( my wife has horses so still gets up “ early “ ) but perhaps I should treat myself to that occasionally ?!
In common with some recent posters my father died not long after he finally retired and I guess that also perhaps sub consciously was a factor.
Not having to look at emails constantly ( depends on your levels of conscience here ) is also something not missed at all.
Money obviously is the bigger concern before making the call to stop ( and it’s a huge call ) so yes I am fortunate that I was in a position that I could do that.
Do I wish I had done it sooner ? No because it didn’t seem right. Am I glad I’ve now done it ? 200% yes.
Many tks and let’s hope the thread stays nice and friendly. Ignoring the money aspect for a second ,having a plan for retirement sounds great but I always said it’s not so easy planning that whilst still working - or maybe that was an an excuse.
3 months in and it does feel like a holiday and whilst slowly working through various to do lists what I like most is simply the knowledge of not having to do anything. I have yet to lie in at all ( my wife has horses so still gets up “ early “ ) but perhaps I should treat myself to that occasionally ?!
In common with some recent posters my father died not long after he finally retired and I guess that also perhaps sub consciously was a factor.
Not having to look at emails constantly ( depends on your levels of conscience here ) is also something not missed at all.
Money obviously is the bigger concern before making the call to stop ( and it’s a huge call ) so yes I am fortunate that I was in a position that I could do that.
Do I wish I had done it sooner ? No because it didn’t seem right. Am I glad I’ve now done it ? 200% yes.
Sorry to hear about your father passing so soon after retiring , this is obviously a concern for all .
May i ask how old he was when he passed ? I ask this as my father also died 3 years post retirement.
Also at what age have you retired ?
Congrats btw and I sincerely hope you are enjoying it so far
GT3Manthey said:
The beauty of starting this thread ( for me anyway ) is that all the input and actual retirement experiences are key.
Its helped me compile a genuine monthly cost base which includes anything from monthly food costs to having Spotify at £7.99 and month !
It all adds up and needs to be accounted for.
We will all be different in our wants and needs & it adds a sense of planning away from what our IFA or WA tells us .
Only we really know what’s important in our day to day lives .
Do I really need the full sky package at £130 a month or equally so I need a budget of £800 a month for food and wine & how can I Taylor that to make it all work .
There have been so many incidentals i would have never thought of if it wasn’t for this thread so personally I’ve found it enormously helpful .
Always good to hear from those that have actual experience of pulling the pin and retiring and sharing how it’s working out.
Personally I’ve found it reassuring and also an eye opener in equal measure and I think for those planning for future retirement it’s a good yard stick to come back to.
For those that have retired pls keep the updates coming and for those looking at future retirement pls keep the thread updated on how you are getting along .
You really do need to look at your outgoings.Its helped me compile a genuine monthly cost base which includes anything from monthly food costs to having Spotify at £7.99 and month !
It all adds up and needs to be accounted for.
We will all be different in our wants and needs & it adds a sense of planning away from what our IFA or WA tells us .
Only we really know what’s important in our day to day lives .
Do I really need the full sky package at £130 a month or equally so I need a budget of £800 a month for food and wine & how can I Taylor that to make it all work .
There have been so many incidentals i would have never thought of if it wasn’t for this thread so personally I’ve found it enormously helpful .
Always good to hear from those that have actual experience of pulling the pin and retiring and sharing how it’s working out.
Personally I’ve found it reassuring and also an eye opener in equal measure and I think for those planning for future retirement it’s a good yard stick to come back to.
For those that have retired pls keep the updates coming and for those looking at future retirement pls keep the thread updated on how you are getting along .
I made up a spreadsheet of all my household bills (worked out as a monthly cost) but put the cost in an essential or luxury column,and added a column for potential savings.That gave me the realistic retirement budget, and a list of things that could go or be reduced.
Most of the luxury stuff, or reductions we're there because we weren't on a budget when I was working so a few hundred a month made no difference.
I was paying a ludicrous amount for my broadband because I wanted fiber to the property. Lumping it in with sky and getting fiber to the cabinet made no difference, but effectively came for free (as a package deal)
My sky package included Sky Kids for some reason, and I dumped HD because the free HD channels are still included, and frankly I don't notice the difference. We're thinking of binning sky altogether as we really don't want much TV at all.
We stopped some of our subscription services (Prime, Britbox and Disney) We had them specific reasons, but hardly watch anything on them since first subscribing. We've just kept Netflix.
We stopped getting phones packages and went to Gift Gaff (£10 a month each).
We got rid of one car. Both my kids live at home still and we have 3 cars I can drive, so why have "my" car.
I renegotiated my mortgage and took a 5 year fixed. That saved £100 a month alone.
I'm sure there were others but I can't remember them.
Edited by 98elise on Wednesday 13th April 10:31
I can highly recommend this book for inspiration on getting the most out of not HAVING to do anything:
https://www.amazon.co.uk/How-be-Idle-Tom-Hodgkinso...
It's not about being lazy. It's more zen than that, and filled with interesting historical stuff.
https://www.amazon.co.uk/How-be-Idle-Tom-Hodgkinso...
It's not about being lazy. It's more zen than that, and filled with interesting historical stuff.
I have a weird hatred of form filling and being sold anything so I have avoided any pensions and financial stuff for ages.
However, I am now about 5 years from retirement and maybe it wouldn't hurt to put a bit more money into my pension pot and get some advice. I have a full Army pension and also 3 other private ones floating around. I did try and consolidate them a couple of years ago but failed miserably to fill in any of the multitude of forms required.
I am now after some independent pensions advice in my area but looking at their websites they will only speak to people if they have an amount to invest? 50K 100k etc. If I set up an appointment they are just going to try and sell me something aren't they?
However, I am now about 5 years from retirement and maybe it wouldn't hurt to put a bit more money into my pension pot and get some advice. I have a full Army pension and also 3 other private ones floating around. I did try and consolidate them a couple of years ago but failed miserably to fill in any of the multitude of forms required.
I am now after some independent pensions advice in my area but looking at their websites they will only speak to people if they have an amount to invest? 50K 100k etc. If I set up an appointment they are just going to try and sell me something aren't they?
272BHP said:
I have a weird hatred of form filling and being sold anything so I have avoided any pensions and financial stuff for ages.
However, I am now about 5 years from retirement and maybe it wouldn't hurt to put a bit more money into my pension pot and get some advice. I have a full Army pension and also 3 other private ones floating around. I did try and consolidate them a couple of years ago but failed miserably to fill in any of the multitude of forms required.
I am now after some independent pensions advice in my area but looking at their websites they will only speak to people if they have an amount to invest? 50K 100k etc. If I set up an appointment they are just going to try and sell me something aren't they?
Have a look at the im pension thread in this section, then pop an email off to nik for some free guidance as to what your likely options are, I'm not on commission just a satisfied customer. However, I am now about 5 years from retirement and maybe it wouldn't hurt to put a bit more money into my pension pot and get some advice. I have a full Army pension and also 3 other private ones floating around. I did try and consolidate them a couple of years ago but failed miserably to fill in any of the multitude of forms required.
I am now after some independent pensions advice in my area but looking at their websites they will only speak to people if they have an amount to invest? 50K 100k etc. If I set up an appointment they are just going to try and sell me something aren't they?
dingg said:
272BHP said:
I have a weird hatred of form filling and being sold anything so I have avoided any pensions and financial stuff for ages.
However, I am now about 5 years from retirement and maybe it wouldn't hurt to put a bit more money into my pension pot and get some advice. I have a full Army pension and also 3 other private ones floating around. I did try and consolidate them a couple of years ago but failed miserably to fill in any of the multitude of forms required.
I am now after some independent pensions advice in my area but looking at their websites they will only speak to people if they have an amount to invest? 50K 100k etc. If I set up an appointment they are just going to try and sell me something aren't they?
Have a look at the im pension thread in this section, then pop an email off to nik for some free guidance as to what your likely options are, I'm not on commission just a satisfied customer. However, I am now about 5 years from retirement and maybe it wouldn't hurt to put a bit more money into my pension pot and get some advice. I have a full Army pension and also 3 other private ones floating around. I did try and consolidate them a couple of years ago but failed miserably to fill in any of the multitude of forms required.
I am now after some independent pensions advice in my area but looking at their websites they will only speak to people if they have an amount to invest? 50K 100k etc. If I set up an appointment they are just going to try and sell me something aren't they?
GT3 , my Father died at 73 and had ceased his part time work ( he part owned his company then ) at 70 so 3 years only.
I had just reached my 60th when I stopped working so compared to some on here not particularly / excessively early.
Totally agree with the spreadsheets suggested prior decision ( they don’t have to be as complex / impressive as some on here ) but without knowing your spend and what it becomes post no salary difficult to judge what you then need and what ( if anything ) do u then need to reduce on etc.
I always assumed we would just need to have an income based on our existing lifestyle which my wife said she had no intention of changing !
I had just reached my 60th when I stopped working so compared to some on here not particularly / excessively early.
Totally agree with the spreadsheets suggested prior decision ( they don’t have to be as complex / impressive as some on here ) but without knowing your spend and what it becomes post no salary difficult to judge what you then need and what ( if anything ) do u then need to reduce on etc.
I always assumed we would just need to have an income based on our existing lifestyle which my wife said she had no intention of changing !
98elise said:
You really do need to look at your outgoings.
I made up a spreadsheet of all my household bills (worked out as a monthly cost) but put the cost in an essential or luxury column,and added a column for potential savings.That gave me the realistic retirement budget, and a list of things that could go or be reduced.
Most of the luxury stuff, or reductions we're there because we weren't on a budget when I was working so a few hundred a month made no difference.
I was paying a ludicrous amount for my broadband because I wanted fiber to the property. Lumping it in with sky and getting fiber to the cabinet made no difference, but effectively came for free (as a package deal)
My sky package included Sky Kids for some reason, and I dumped HD because the free HD channels are still included, and frankly I don't notice the difference. We're thinking of binning sky altogether as we really don't want much TV at all.
We stopped some of our subscription services (Prime, Britbox and Disney) We had them specific reasons, but hardly watch anything on them since first subscribing. We've just kept Netflix.
We stopped getting phones packages and went to Gift Gaff (£10 a month each).
We got rid of one car. Both my kids live at home still and we have 3 cars I can drive, so why have "my" car.
I renegotiated my mortgage and took a 5 year fixed. That saved £100 a month alone.
I'm sure there were others but I can't remember them.
I did the spreadsheet thing for 5 years before taking the plunge. I realised I really spent very little. I share all costs 50/50 with the wife.I concluded that my savings and pensions would provide me the same lifestyle for many years without any significant growth. Any growth in those funds would cover inflation. I have now had 3.5 years and the growth is keeping ahead, not by a lot but enough. I know have more money than I had on the day of retirement, which seems ok. Present growth and inflation have certainly put a stop to a car replacement planned for next year, but then i would rather choose what i do each day than replace a car that is perfectly serviceable.I made up a spreadsheet of all my household bills (worked out as a monthly cost) but put the cost in an essential or luxury column,and added a column for potential savings.That gave me the realistic retirement budget, and a list of things that could go or be reduced.
Most of the luxury stuff, or reductions we're there because we weren't on a budget when I was working so a few hundred a month made no difference.
I was paying a ludicrous amount for my broadband because I wanted fiber to the property. Lumping it in with sky and getting fiber to the cabinet made no difference, but effectively came for free (as a package deal)
My sky package included Sky Kids for some reason, and I dumped HD because the free HD channels are still included, and frankly I don't notice the difference. We're thinking of binning sky altogether as we really don't want much TV at all.
We stopped some of our subscription services (Prime, Britbox and Disney) We had them specific reasons, but hardly watch anything on them since first subscribing. We've just kept Netflix.
We stopped getting phones packages and went to Gift Gaff (£10 a month each).
We got rid of one car. Both my kids live at home still and we have 3 cars I can drive, so why have "my" car.
I renegotiated my mortgage and took a 5 year fixed. That saved £100 a month alone.
I'm sure there were others but I can't remember them.
Edited by 98elise on Wednesday 13th April 10:31
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