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I do feel very sorry tho for folk wanting to buy a house now tho. Its basically unaffordable for public servants in most of the UK. My flat was 2.5 times my salary, now its worth ten times the salary for that same job
I’m expecting that holds true for most people (on this thread and still working) that you wouldn’t be able to afford your house with your current salary if you were buying at todays prices.
I’m expecting that holds true for most people (on this thread and still working) that you wouldn’t be able to afford your house with your current salary if you were buying at todays prices.
I couldn't afford the cheapest property in our village on my salary. The numbers my lad and his girlfriend are looking at for their first house blow my mind, despite the fact that at 22 their combined income is greater than ours.
I'm 12 years away from 67. Just taken some tax free cash from some old spare pensions. My main pension would give me a reasonable amount now, and a very decent amount by 67. That's excluding the other three pensions. I'd like to retire in maybe 6 years - the figures add up if, and it's a big if, my adult kids leave home. Son is 25 and has ADHD and, whilst working, it's not full time. He's on the path to become a HGV driver, theory passed, but with his condition is a shocking time keeper and has lost most of his other jobs in IT because of this. He is a genius with fixing cars though.
Daughter is 22 and about to do her masters. Unfortunately, her boyfriend has some disability issues (adhd/autistic) and is unlikely to be in a position of getting a job - he just 'games' all day - tried Uni 3 times and packed it in after a month, then went back to gaming all day. Unless either of them have 'left home', I'm not retiring and being at home where I'd be tempted with 'murder'.
Son does nothing around the home, hasn't even helped out following my recent broken pelvis or torn rotator cuff.
I don't want to be working till 67 as I can feel the broken spine issues starting to catch up, and add on a recent fractured hip socket and pelvis, I'm going to be struggling even riding in 12 years.
Mine isn't coming down to the money aspect as i've been very fortunate with the company pension. But more down to 'what will i do all day every day' I simply can't think of what i'd honestly do. I can't go MTBing every day, i don't have the energy for that. I can't fettle bikes all day, there's only so much work needed.
I think in summers like this it would be easier to deal with nothing all day, but over winter when it's raining most days, i have no clue at all what i'd do to pass the days.
I'm not retiring and being at home where I'd be tempted with 'murder'.
I feel your pain, one immovable rule I have is stepdaughter & boyfriend have to move out before I reach retirement age (6yrs & counting) although I am planning working to 70, I'm already on 4 days, so 20% retired anyway....
Mine isn't coming down to the money aspect as i've been very fortunate with the company pension. But more down to 'what will i do all day every day' I simply can't think of what i'd honestly do. I can't go MTBing every day, i don't have the energy for that. I can't fettle bikes all day, there's only so much work needed.
I think in summers like this it would be easier to deal with nothing all day, but over winter when it's raining most days, i have no clue at all what i'd do to pass the days.
Exactly this for me too (without the generous pension of course as i've only been a high earner in the last few years).
I had a period of 10 months, about 10 years ago after finishing a lucrative contract when after the travel etc i got very bored, especially in the winter months. I plan to move to Spain/Portugal anyway so may be not an issue on retirement.
I think you would be surprised at how easy it is to fill your time. Naps. there is always time for a nap 🙂
In all seriousness its not something I have found an issue partly because I have spent 1/3 of the last 3 years away from home travelling and have plenty of stuff to do around the house
"what would I do all day" is definitely a problem I would like to have because I know the answer is not "I'd like to go to work."
I simply can't think of what i'd honestly do
cor.
Personally I'd sleep in, cuddle the wife, head to the local bakery, read a book, fire up my synths and have a tinker (this bit may take up anywhere from 1 hour to the entire rest of the week), practise the drums, go for a bike ride, go for a hike, tidy the garden, do jobs around the house, cook something fancy for dinner, watch a film, drink a nice glass of red, listen to a great album, catch up with friends or family for lunch/coffee, stare out of the window, yak yak
i am really looking forward to it. Only, uh, about 16 years to go
"what would I do all day" is definitely a problem I would like to have because I know the answer is not "I'd like to go to work."
Well no, i think most people would rather not... but i still don't see how i'd fill a week.
Lets assume the weather is nice enough and trails are dry, so i'm getting up Monday at 6.30am, breakfast etc, so i'm done by 7...
I hit the trails for a few hours and i'm done by 10am.... then a coffee/cake and it's 11am. By the time i'm home it's 11.30.....
So the afternoon.... what am i doing then ? The bike isn't dirty, the garage is clean and the wife has done the online Tesco shop...
If i get stuff done in the afternoon, what does that mean for the evening !!!
Tuesday, lets replace the MTB ride with a swim.... but still what's the rest of the day and evening...
I don't see it at all... i can't see what i'd do other than killing time waiting for the next day.
so i'm getting up Monday at 6.30am
Well you can knock this madness on the head for a start
so i'm getting up Monday at 6.30am
Well you can knock this madness on the head for a start
That's not bad for me in honesty... I'll take 6.30 and was being optimistic... If i get up later then it just means i'm up till midnight instead... So i'm bored at night in the dark instead of the daytime lol.
You surprise me weeksy,I would have had you down for a time full of track days on custom builds ,then touring around on motorbikes with Mrs weeksy and your lad if he gets in to them. The dark rainy days hold no fear if you have a big list of projects and planning to enjoy at your leisure.I am lucky that being bored is (and never has been) a problem I have ever had to worry about. 😉 🤣
I do feel very sorry tho for folk wanting to buy a house now tho. It’s basically unaffordable for public servants in most of the UK. My flat was 2.5 times my salary, now its worth ten times the salary for that same job
like him or not, but that is exactly Gary’s Economics’ point. And will get worse not better.
Some of his videos are great - he is certainly very blunt and 'matter of fact', and can come across as quite flippant, but when you are good at that kind of job I guess it kind of comes with the territory.
This vid, not from his channel, is great and really eye opening to how the trade industry works..
You surprise me weeksy,I would have had you down for a time full of track days on custom builds ,then touring around on motorbikes with Mrs weeksy and your lad if he gets in to them. The dark rainy days hold no fear if you have a big list of projects and planning to enjoy at your leisure.I am lucky that being bored is (and never has been) a problem I have ever had to worry about. 😉 🤣
Not ridden a motorbike in 3 years mate, holds very little in the way of interest to me. I honestly don't have the skills to build customs, certainly nothing that anyone would like. I don't have the imagination either. I could arguably get enough interest out of it over a few summer days, but winter, mmmm.
I can see myself doing 'something' in MTB/DH stuff, but what that could be, i'm currently unsure. Things like suspension telemetry stuff really interests me, but i'm pretty lacking in the knowledge at this stage.
I could see myself driving the uplift van at FoD and chatting shit with MTBers just to give me something to do 😀
The what to do all day is an interesting one. If you, your partner and a few mates are all retired with plenty of cash then it's great. Holidays, hobbies, days out, pub lunches etc. A bit different if you are billy no mates and/or skint.
so i'm getting up Monday at 6.30am,
Well no, i think most people would rather not... but i still don't see how i'd fill a week.
Lets assume the weather is nice enough and trails are dry, so i'm getting up Monday at 6.30am, breakfast etc, so i'm done by 7...
I hit the trails for a few hours and i'm done by 10am.... then a coffee/cake and it's 11am. By the time i'm home it's 11.30.....
So the afternoon.... what am i doing then ? The bike isn't dirty, the garage is clean and the wife has done the online Tesco shop...
If i get stuff done in the afternoon, what does that mean for the evening !!!
Tuesday, lets replace the MTB ride with a swim.... but still what's the rest of the day and evening...
I don't see it at all... i can't see what i'd do other than killing time waiting for the next day.
It would seem to me that you have a serious lack of imagination.
Just a few suggestions (all things I currently do but not often enough due to work getting in the way;
Volunteering, Board memberships, visiting family, reading, cooking, studying, museum visiting, wildlife watching, golfing, lunching with wife / friends, learning instrument, planning trips, organising life admin, language learning, writing.......
Surely the list of non work things is endless?
I'm with Weeksy on this as someone who's pension pot is barely damp, never mind overflowing, I'm not going to be able keep myself occupied every day unless it's free or very low cost.
What to do all day?
You just take longer doing things, because there's no rush. Spend all day reading a book? Why not. Listen to some podcasts? Sure, take all day over it. Cut the grass? Do it tomorrow.
You'd be surprised how easy it is to fill your days.
so i'm getting up Monday at 6.30am,
Well no, i think most people would rather not... but i still don't see how i'd fill a week.
Lets assume the weather is nice enough and trails are dry, so i'm getting up Monday at 6.30am, breakfast etc, so i'm done by 7...
I hit the trails for a few hours and i'm done by 10am.... then a coffee/cake and it's 11am. By the time i'm home it's 11.30.....
So the afternoon.... what am i doing then ? The bike isn't dirty, the garage is clean and the wife has done the online Tesco shop...
If i get stuff done in the afternoon, what does that mean for the evening !!!
Tuesday, lets replace the MTB ride with a swim.... but still what's the rest of the day and evening...
I don't see it at all... i can't see what i'd do other than killing time waiting for the next day.
It would seem to me that you have a serious lack of imagination.
Just a few suggestions (all things I currently do but not often enough due to work getting in the way;
Volunteering, Board memberships, visiting family, reading, cooking, studying, museum visiting, wildlife watching, golfing, lunching with wife / friends, learning instrument, planning trips, organising life admin, language learning, writing.......
Surely the list of non work things is endless?
I could easily see me getting back to a bit of golf, i was a semi-pro back in the day and can still swing a bat reasonably well, so yeah that would work a bit.
None of the rest of the list has any interest at all to me.
Not ridden a motorbike in 3 years mate
I have no words 😢 😕.
Just when you think you know someone 😉 🤣 🤣 🤣
golfing
I suppose the only issue with that is that you need to have enough money for the yearly green fees.
Its one of the other rulez of life - Time or Money.
(You have the time but not the money or you have the money but no time.)
Tied in with the other rule of you can’t buy time.
I suppose you can factor this in to not retiring early but when you do you might be on a waiting list for a hip jobbie so last thing on your mind would be a nice game of golf 🙂
You just take longer doing things, because there's no rush.
One short step from becoming a doddery old chap clogging up the supermarket aisle....
The "free time" issue only comes up if you enjoy your current job. If you don't then there's plenty of opportunity to go and do something that might not pay much but is more fulfilling/relaxing/enjoyable. That's how I ended up working in a bike shop, then doing bike hire and cyclist transport, becoming a qualified bike mechanic and a licensed taxi driver. I didn't see any of that coming iny retirement thoughts 😆
Nowadays I do some volunteering but I also run, walk, swim, gym, camp and so on. Having said that, I always regarded cycling as just one of my hobbies. I never had it as a lifestyle thing. I can see how it could be different for others, especially if they'd focussed on a narrow niche of cycling.
Along with lots of other people I had a dummy run at this during covid. I had no bother filling my time with DIY, litterpicking, trailbuilding and keeping fit despite being an early riser. Then around 4pm I'd down tools and open a can of IPA, my weekly units were 85-95! I think I'm going to need a part time job...
I'm not here to sell golf but, my local club is currently £295 per year for membership, so if you play once per week it's costing you just over £5 per round. So it doesn't have to be a spendy hobby. I don't really play but I see the health and social benefits my parents get from doing so.
During lockdown we spent half the week making a mess and the other half tidying it up.
I fear retirement will be the same.
Volunteering, Board memberships
I do a limited amount of volunteering for a community library, fortunately I can't do much as I have a full time job. All the other trustee board members are retired. It is like a full time job for them without being paid - endless admin, organising staff rotas, office politics, the list goes on. No thanks!
I find the " I wouldn't know what to do with myself in retirement" weird tho I fully accept its a real issue for some and some folk retire, become couch potatoes and thats it.
Ive had a couple of weeks of doing very little I will confess - but thats at least in part recovery after a very demanding trip. Generally I take my time to do things and do a fair amount of just "pottering about" but I also would usually have a walk or cycle ride most days, have a posh brunch once a week, I entertain cooking for folk which is a day at least in prep. Many weeks I will go away overnight to visit folk, I watch every rugby game I can, every few weeks I'll have a trip away somewhere for a couple of nights and of course I have spent almost a year of the last 3 away from home on big trips - none of which have been hugely expensive because I have been either staying with folk or camping.
I have so much I want to do in terms of wandering around the countryside. Its great not to have to rush around and being able to take my time and to take pleasure in simple things. I have bought a canoe that I have not even had time to really use yet. Must get a trip up north oraganised with it.
Winters are harder hence I have been away the last two winters
I do not know how I had time to work even part time as I was the last couple of years 🙂
plenty of opportunity to go and do something that might not pay much but is more fulfilling/relaxing/enjoyable.
this is very much my plan, and I really hope I can find that something later on in the summer/autumn.
I don’t currently feel a desire to get back into the corporate dollar life and the stresses and pressures that go with it, and whilst my pot is not enough to retire right now at age 59, I don’t need anything like the high tax rate salary I was on till very recently.
Thankfully I am in a position to be able to now take a couple of months doing nothing work wise while I come up with the plan, though at the moment I have no idea what it will be !
I had two main things I was going to do when I retired. That was nearly five years ago and I haven't done either of them. I have a couple of voluntary roles (your local Wildlife Trust can always use some help), my car almost never gets used for journeys of less than 5 miles, I walk or cycle instead - which takes time. I walk/hike a fair bit, cycle quite a bit - still getting PRs at nearly 66. There's always something on the bikes that needs fixing/cleaning/upgrading. I spend time on here, and a bit on Bluesky. 3 times a week I do an exercise/physio set that takes about 90 minutes. I work in the garden or the allotment, do stuff around the house. If I go to London to meet friends I make a day of it and visit museums, art galleries, gardens, Serpentine Pavilion, whatever - last time I had a day in London I did 28000 steps as I tend not to use cabs or TfL to get between the various activities. All in all, I struggle to find the time to reduce the size of my books to read pile, and I've no idea what's on daytime TV - or pretty much any TV really. Don't have time to watch it, so I don't pay for any media subs.
It's a fine life.
We both finished at the end of March, I think we both just assumed we would finish together, and up to now i haven't had a minute.
Today has been another day in the hills with 1500m of climbing and 2700 of singletrack descent. Now sat with a glass of wine and a book.
Tjagain what are you going to strap your canoe to to transport it or are you starting from Portobello heading towards the Isle of May? It gets choppy out in the Firth . Three chippies to choose from at Anster
Tjagain what are you going to strap your canoe to to transport it or are you starting from Portobello heading towards the Isle of May? It gets choppy out in the Firth . Three chippies to choose from at Anster
Unfortunately despite being an inflatable canoe its too big and heavy even deflated to put in my trailer for the bike. Bus / train / taxi / hire car depending how far I am going. I do have the river just outside my flat tho but I can't get very far on it. 🙂
Spent today with my mate who was made redundant at 56 a couple of months ago. His wife wants him to find a job, despite them being able to comfortably manage on her salary (her monthly take home is 20% my annual gross salary) and he is feeling somewhat conflicted on the subject.
Being able to catch up with a mate (even me) after getting household tasks done, and then taking the dog out for a walk to a leisurely cafe lunch looked quite a tempting lifestyle, I have to say.
@mwab65
"was that quote for a lifetime or fixed duration annuity?"
It was Lifetime. The detail is that I actually had 3 separate 'pots' with Scottish Widows, totalling ~£320K (it was going up & down a bit while Trump played his Tariff Shenanigans game, obviously). I got a single quote for that total amount from a broker, accepted that, and they then started the paperwork rolling to transfer the 3 pots to the annuity provider. It took a few weeks to get things moving, and they've ended up spread out over a period of perhaps 10-12 days, because they didn't all get cashed in & transferred simultaneously for some reason or other. As I write this, 1 of them has turned into a pension commencing 23rd June, 1 of them commenced 27th June, and I've not yet had the confirmation paperwork for the 3rd. But it'll probably be in tomorrow/Sat post. So far, I've had a small payment from the first of them of about £220 for the period 23rd - 30th June in my bank account.
So I'm actually going to end up with 3 separate pensions being paid, all on the same day at the end of each month, which I expect to be the monthly portion of ~£16.5K, less tax obviously. If it's a few quid off one way or the other, I'm not going to fret.
The "free time" issue only comes up if you enjoy your current job. If you don't then there's plenty of opportunity to go and do something that might not pay much but is more fulfilling/relaxing/enjoyable. That's how I ended up working in a bike shop, then doing bike hire and cyclist transport, becoming a qualified bike mechanic and a licensed taxi driver. I didn't see any of that coming iny retirement thoughts
whats that saying
Choose a job you love, and you will never have to work a day in your life.
Mrs DoD forgot what day it was yesterday and thought it was Tuesday,I DoDplained to her thats what happens to you retirees as your not tied to having to worry about what day it is 🙂
(i’m still kicking the tyres on my retirement date.)
I worried incessantly about how I would fill my time in retirement and kept putting it off. Turns out it isn’t a problem. I have no idea where the time goes but it just does. I have however always been an active person with lots of interests who can’t sit still for long so always find something to do. The old adage about not understanding how I had time to work is true for me. I genuinely don’t know how I got the mundane things in life done while working.