I had always assumed I would retire next year age 67, how wrong you can be. Work and Pensions informed me yesterday that I can retire this year not next, that's going to take a while to sink in. I'm ok financially, no big bills and some savings, with a few adjustments I'll be ok, sack the cleaners, I can do that, cut down on the insurance and road tax bill, vehicle cull. I have other projects that will keep the grey matter going, I've had enough of building for sure. Get rid of the BT landline, sky tv can go, I can get the football on bing, maybe do a couple of shifts in one of the pubs around here. The bike will get more use for sure, I'll have more time for the odd blatt here and there. Am I missing something?
Well, you made it...! (still got another 12 years of work to go) that being said im hoping to give up a good few years before 67 but you never know what the future holds...
It's not something I had really considered or planned for, but now I've been presented with it I'm all over it.
WooHoo!! I have just recently, at the end of March, taken early retirement at 61 & 7/8 ths. So still a good 5 years to go before I get me state pension but we have enough savings plus a monthly annuity to keep us in corned beef sandwiches. And besides our wants now don't stretch much beyond corned beef sandwiches Still feels a little like a holiday at the moment but I have found I'm taking a lot longer and more care with those jobs that need doing. For example I cut the hedge using hand shears that took most of the afternoon to do rather than wazz over it in 30 minutes with the electric ones - and it was a lot more satisfying. My big project will be a full recommission of the V-Raptor and for the winter months I'm thinking of taking piano lessons. And for the distant future moving house to a smaller cheaper to heat place with a bigger garage would be ideal. Hurrah!
Well done! I retired last year at 60, zero regrets. I was done with office politics, the creeping wokeism and virtue signaling that was entering the workplace, I'd probably end up getting sacked if I hadn't retired... Health and wealth review. Get a 'well man' check at the GP and insist upon a PSA check. Financial planning is now more important than ever, sounds like you're on the right path by cutting off some of the fat. Make sure your pension is in the right place and you're not getting bummed too hard for fees, if so move it. Life too bastard short to be working...Enjoy your retirement.... Keep away from women. "The true man wants two things: danger and play. For that reason he wants woman, as the most dangerous plaything".
In my old workplace i got in early and there was one guy (one of the project managers) in his car...otherwise i was first in... sat at my desk and got logged in (IT support) - there was a knock on the door and it was him....standing there with his phone and his laptop...so i said " so where you going...Airbus or RollsRoyce? (i worked for a aeronautical design consultancy and when people left thats usually where they went) - he said "no...ive just done the numbers and i can retire..." - never saw him again...awesome...
I took me a few months to get control of my spending. Not that it was out of control, just kept spending like I had a salary and not a pension. I’ve been retired 7 years and looking forward to our second full season of track side marshalling the BSB Andy
Train yourself not to spend it like a good chunk of money is coming in every month and you will wonder how you had enough time to work
Nope you’ve pretty much bossed it……some advice I was given which I’ve found very useful is always plan to do one thing a day, even if it’s just buying a stamp at the post office, and then you can Fanny around for the rest of the day. And if you don’t manage to do something today it’ll always be there to do tomorrow Enjoy your retirement
I’m trying to sort mine out as I’m 55 end of this year and I’m hoping 4 years tops, targeting 3 and drop a day to start. From mates who have, they all got a bit bored and weren’t sure what to do that wasn’t spending money early in then got to realise they no longer have to ‘cram stuff in’ but they do have to plan what they are doing or they do nothing abs are busy at it lol
I retired almost 4 years ago when i was 59, circumstances aligned all at the right time, redundancies at work so i volunteered and was successful, around the same time i also looked into the transfer value of my final salary pension which had been stopped 8 years before, although i still had over 25 years as a member of it, and was very pleasantly surprised at the amount available, so got in touch with my financial adviser and took a 25% tax free lump sum with an annual monthly annuity, i have honestly never looked back, after spending all my working life in a factory i initially had to keep pinching myself! ...one piece of advice to anyone thinking of taking it early, you will need something to keep you ticking over, with me it was taking my advanced Bike test and getting operational as a Lincs blood biker, fantastic sense of giving something back to the NHS every time i'm on call ,and getting to ride a bike whilst doing so.
I was fortunate to have a similar planetary alignment, turned 60 and was able to grab some redundancy on my exit...Which was nice. You do need hobbies/past times, I hate just sitting on my arse, I'm in the gym everyday, I do look great in my yoga pants..... I did consider an OU course, but it was too big in an investment in time and £. The university of YouTube will have to do.
Congratulations! I've been retired for a few years now and it's great! Some people think being retired means sitting around doing bugger all, it couldn’t be further from the truth. I'd suggest keeping physically active (perhaps join your local gym, swimming, cycling... ), mentally active (plan motorcycle journeys, build stuff, restore things, study...) and socially active too! Have a look at your bucket list and start planning. Travelling outside peak season is more affordable, and with some planning knocking around Europe is often cheaper than staying in the UK. Have a great time!
Yep. You need to run down the street shouting ‘woohoo..Im retired…’ If you can afford there are very few negatives.
I'm slowly working towards mine, just under 3 years time with any luck as I hit 65. Looking to get all the big bits out of the way house & vehicle wise so that the drop in income until State pension kicks in isn't too impactful. One thing, not so relevant to you, that my former financial advisor told us to do was to buy two new cars on finance, end date to coincide with retirement so that you lose that outgoing bill at the same time as your income drops, thus lessening the blow. The other thing that stuck with me was that someone wiser than I once said never retire FROM anything, always retire TO something; in other words don't just stop but plan to have something to keep you occupied. Looks like you've got that covered, good luck with it.
I sacked BT and got rid of my landline/Broadband/BT TV packages. I was paying over £100 for it all and the broadband connection was crap (rural location). I found out that EE had a really good 5g signal where I live. Bought a GSM router off ebay and took out an unlimited data Sim only contract for £32 (first 6 months £16). Got 6 months Disney channel thrown in. Through Martin Lewis’s money saving expert site I found some 02 sim only contracts with 15/30gb data, unlimited calls/texts for £7.99/£10 (now £8.68/£10.80 due to April increase). Took out contracts for wife and me. Taking out two contracts meant I qualified for 20% off each through O2. Cancelled my Amazon prime and took it out through O2, same price but O2 give a £2 discount off your phone bill. Took out Disney Channel through O2 and got a further £2 discount off my phone bill. Then signed up for Netflix at £4.99 (with ads but not intrusive) paid via my O2 phone bill. So I am getting all the above for £49.25 (after 6 months £65.25 and lose Apple TV). The broadband via a mobile SIM is brilliant, it is fast and does not drop out. Been retired 11 years and have another 6 years before state pension.
