Something I think a number of people consider is what they want to leave to their dependents.

This is a good point – chap in my office who is 62 is only still working to give his daughter a chunk of Money when her baby arrives in the summer..

Not sure how this will pan out with my kids (currently 11 and 14) as we know they’ve been left significant values in a couple of elderly relatives Wills – so hopefully won’t need much from us.. Which is good as they’ll be getting the house and very little else!!

Which works well, but how do you capture and accurately categorise spending on credit cards, Paypal, and other sources of spending that are not directly from your current account?

As per footflaps. I only have 1 debit card, no credit cards so easy to track. Paypal is a doddle, just look at transaction history. OK there was some manual fiddling involved which is why it took all day.

It’s surprising how much your outgoings reduce when you stop work

Yep, agree with the posters above, I reckon I pay about £2k a month into mortgage, pension and savings, the missus perhaps twice that.

@thegeneralist 6K in total!!!???

My wife is a medic and will be forced to reduce hours quite dramatically due to her pension topping out. We are 42 (me) and 45 (her). Plan is to reduce hours / pressure in 10 years time by which point kids should no longer be dependent. We both intend to be fully retired at between 55 – 60, working only through choice, if at all. Project this year is to do some serious financial planning to make that possible.

For the retirees, how long did it take between you realising you could retire and actually doing the deed? Early this year I had an IFA check my sums to confirm that I can now retire (55) and more than cover my outgoings. Before that point my thoughts were that I kinda mostly sometimes enjoy my job and so would stick around for a while longer but try to wind down the hours even further from my current 4 day week. Since then it’s started gnawing away at me and every time I deal with a load of crap at work I’m thinking ‘why am I bothering with this when I don’t need it’. The frequency of that crap also seems to be going up but based on the reaction of others around me at work that is a real (and hopefully temporary) thing rather than just my skewed perception. My current plan is now to stick it out while Covid winds down and see what ‘the new normal’ is like if/when we start going back to the office, but as it stands I can’t see me staying around for the 2+ years I first thought I would.

how long did it take between you realising you could retire and actually doing the deed?

I wasn’t even sure I could. I was offered early retirement at 17:30 on a Friday and told I had to make a decision on the Monday morning. My wife convinced me that we’d make a go of it somehow. IIRC that was 6 weeks before my 50th birthday.

When I worked about 1/3 retirees died within 2 years, something like that. Ftse 100 company so spread of employees from head office to drivers. Seem to remember it was something like 1/3 die early, 1/3 avg, 1/3 make 90s.

A mate similar age to me died a few years ago, first non accident mortality, focuses the mind. I just potter about doing a few jobs for other people, really enjoy it as if I don’t want to work I don’t.

My pensions kick in at 60 so I ‘ve a few years to go, then the state pension at 67. I have aimed to accrue the UK avg salary in retirement so 30k pa, should easily do that with property income, some shares, private and state pension.

I maxed out company pension from first job all the way through.

For the retirees, how long did it take between you realising you could retire and actually doing the deed?

For me it was not so much about the money as the age I was. I did want to go at 58 when my mortgage was clear but my other half insisted i stayed on till at least 60 ( she wanted 65) 60 is the youngest I can take my NHS pension without reduction so I had to wait until I was 60 in the end. I retired the day of my birthday

Surfer, erm yes. 😔

I finally got my shit together to talk to a IFA , after and account friend encouraged me to do so. Soon afterwards, my previous employer , who I had 23 years of service with started making noises about closing down the final salary pension scheme.

Between the discussion with IFA and talking with my wife ( she is older than I am, so it is prudent to assume one of us is likely to not be here in 15 years time, and dubious that both of us will be here in 25 years time), and informing work was 6 months. My employer was wanting to be a global company – and doing everything not to. As I was trying to force it to change, and i was being made a fall guy (despite the growth and programs delivered). So in a terse meeting in Japan, I just told them that i was no longer interested in helping them because they were no longer interested in trying to do what the employed me for!. They were somewhat taken aback – you don’t to that in Japan! But they invited me back 4 weeks before I left – and we had a fun 3 days !
Unfortunately I left my employer end of March ’20. Covid time.
The only thing I regret is not getting the big piss up before I left.
The first year has been a challenge – and great travel plans have been shelved. Considering that we are both over 60, we are not overly time rich. But we will be able to fit them in over the next few years. “Stay at Home” have meant it was way more boring that expected, but I have a couple of volunteer gigs – and in one of them , I get to launch lifeboats !!
It’s better than working

I retired last august, rather than sitting at a PC 8 hours a day I’m having great fun doing diy and riding my ebike.
Spring has sprung and I haven’t had a day off in 2 weeks, decking ripped down, being replaced with stone, new rockery and garden plan, it’s great waking up and doing what you enjoy while you can, I finished at just over 60.

I’m 40 and I would retire tomorrow if I could. There was a decent thread on the financial aspect of it all recently and due to that I’ve rejigged all my money to avoid tax and send a load to my pension so will hopefully get there closer to 50 than 60 with a tactical house downsize in there at some point.

I reckon I could fill 1000 years of active retirement before I got bored so I wont be working any longer than i absolutely have to

I’m 40 and retirement occupies my mind a lot and motivates me at work. I do have to remind myself not to wish my life away.

I’ve a figure in mind for a pension pot somewhere between 500-700k would be happy days for me. So, head down and either wind down, do a different job later on.

Also saving in s/s ISAs as no access to pension till 57 so might use the ISA to bridge over to the pension.

I’ve always wondered what that feeling must be like as that tipping point comes closer and closer. It seems a long way off for me but a few years of compound growth and contributions things can change quickly. Retirees?

i cycled away from my job today, with a pretty big smile on my face.i have been there 20 years and 12 days exactly. i had go to the stage where i hated going. it made me moody and angry. and dealing with tradesmen over a counter, it came close to taking it outside a few times.
the thought of never having to go back was brilliant.

Just think when you’re having a lie in tomorrow that every day could be like this.
Congratulations on your retirement.
I’m very, very jealous.

That sounds like a nice feeling. Anyone else like to share their experience and feelings on the day they retired?

Good on you Ton,I’ve got 92 shifts MAXIMUM before I finish.
I get on with everyone at work but I won’t miss the place.
Enjoy a retirement beer!!

i cycled away from my job today, with a pretty big smile on my face.i have been there 20 years and 12 days exactly. i had go to the stage where i hated going. it made me moody and angry. and dealing with tradesmen over a counter, it came close to taking it outside a few times.
the thought of never having to go back was brilliant.

Good luck

Leaving my place after 27 years on the 31st, good package but not retirement level. Looking forward to a second career hopefully

Congratulations Ton. I hope the sun shines on your ride tomorrow

Nice one ton

Congratulations, Tony.
Enjoy yourselves as best you can.

Re £700k from a house sale at 55…..on this I’d say it would be fairly straightforward to live nicely until you receive state pension. £250k to buy a new home mortgage free. Let us say £50k to buy a new vehicle (if needed) and bits and pieces for the new house. You then have £400k to live off and if you forget totally about any interest it is £2770 a month for 12 years…..or £1500 a month for over 22 years. You’ll have no mortgage. No car payments. Just day to day living costs that may well be c£1000 or less pcm.

I retired 6 years ago, at 49. My wife retired 5 years ago also at 49. We had both been on a 30 year fixed contract with final salary pension. We both feel a mixture of good fortune but also good decision making when we were 18/19 and immediately started paying a decent chunk into a pension. We’ve not moved house repeatedly, not chased flash cars/holidays etc lived a pretty normal life. We now have the ongoing choice as to whether to remain fully retired and enjoy our time or to go back to either part of full time working as we are bored. So far we have not been bored. Up until Covid, we did interesting stuff midweek and stayed at home on weekends to avoid the crowds who only get weekends to do what their social stuff. What covid has shown us is how little we actually need to live without a mortgage, the need to both run a car (we are down to one and quite fancy trying without) travel to work expenses etc etc.
With our kids, we have chosen to give them chunks of money now rather than the lottery of them waiting for us to die and inherits half a house and a bit of cash each. We figured they’d do better with £25k apiece now rather than £125k in perhaps 30 odd years when they’re in the mid to late 50s (Or next to nothing if care home life awaits one or both of us)
I’m quite happy to talk ‘proper’ numbers but with a newish car paid for and no mortgage, we live very nicely (in our terraced house) on less than £1k a month. In 12 yrs we will/should get an extra £970 pcm with state pension…we’ll feel like millionaires

After 30yrs working with same company I am hating it, but know nothing else.

I have 6 yrs on mortgage and 7 yrs to 55. I am hoping I can stick it out until then at which point I should have about 400k in my pension pot. I would love to get to around 500k+ so may need to stick it out for a couple of years past 55. Kids will be 20 and 23 when I am 55 so again, depending what they are doing working a few years past 55 may be needed to support them (uni, wedding etc etc). At 55 I would not pack in working all together but take a low paid/stress free job to pay a few bills and keep me going. Counting the days

Thanks dave661350, that was a very interesting post.
I think I just get a bit freaked out now I’ve just turned 50, reading all the posts about how everyone seems to have massive pension pots when all we’ll have is capital from our house. We’ve got no children to worry about so for me it’s just a case of trying to work out exactly when we could at least afford to slow down a bit.

Interesting reading and done food for thought….

My old man worked till he was 64 and now doesn’t have the health to enjoy the things he enjoys… Golf, fishing, playing with the grand kids.
My mum stopped at 62 and died at 68. Yay. 😕

I’m 38. Always said I wanted to retire at 55 like my uncle. However, seeing how short life can be and the fact that we’re getting older I’m tending toward not entirely jack in working, but slowing down. 1/3 less work, but working/pottering around for longer.

I’ve no property, but ~300k in various funds /investments. Likely to inherit half parents house plus eventually Plan buy a place for 120k in Italy with space for a workshop for pottering/income.

See how it goes.

I think I just get a bit freaked out now I’ve just turned 50, reading all the posts about how everyone seems to have massive pension pots when all we’ll have is capital from our house.

I am lucky ( took good decisions?) so I have a small NHS pension. I have nothing like the capitol or pension pots of some on this thread. i will just have to cut my cloth accordingly.

A part of the reason I accepted the lowish saley of being an NHS worker was for the pension. I certainly could have earned a lot more elsewhere if I had chosen to

A part of the reason I accepted the lowish saley of being an NHS worker was for the pension. I certainly could have earned a lot more elsewhere if I had chosen to

I also turned down higher paid jobs for the benefit of a better pension. Of course, not everyone has that option.

FWIW, having retired early, so drawing down early and not paying into it full term, my pension is currently paying me around 75% of the UK average salary. I’ll also qualify for state pension in a few years. Mortgage is paid off though and no other huge debts to worry about. Wife is still working and likely she’ll take early retirement in 3 years or so at which point we will also downsize the house and have a wee bit more capital to save/spend/give to my daughter.

Congrats, Ton

Fortunately I find my work interesting, and always have done, so I see myself going into my 60s hopefully (early 50s now). Likewise a good proportion of my mates and social life has come through work. Absolute worst case I’ve always thought it can just be 37.5 hrs out of your week plus 5 weeks holiday which leaves plenty of time for other things.

Interested in how many of those on here who retired early did so WITHOUT a final salary pension? Suspect it will become less and less feasible in the future. Slaves!

I had a final salary pension but I transferred it out into a SIPP.

Much more flexibility and many other benefits as well.

Switching out of final-salary pensions is usually not a good idea, no matter how much money is on offer.

Interested in how many of those on here who retired early did so WITHOUT a final salary pension?

The point I made above ( somewhat poorly) was that I chose a lower paying role partly because of the good pension. If I had gone into higher paying work without the final salary pension I could have put a lot more money into a pension pot without effecting my spending power and ended up in a similar situation. Ie instead of earning £30 000 pa and paying 11% in pension contributions if I had earned £40 000 pa and put that extra 10 000 into a pension I would be in a similar situation

In many ways you can view the NHS pension as deferred salery?

Since then it’s started gnawing away at me and every time I deal with a load of crap at work I’m thinking ‘why am I bothering with this when I don’t need it’

This. I am the same and at 56 I feel I am 1 conversation away from leaving my well paid job.

Switching out of final-salary pensions is usually not a good idea, no matter how much money is on offer.

I have a couple and 1 of them is quite small but I would have to pay to get out of it. Of course its a small amount guaranteed for life but I would prefer to put it in my SIPP and draw down on it differently.

The excellent thing about these threads is the education and reminders you get. At the time of Tons first post I got my annual pension statements from Reassure, who have been taking over 3 of my little pensions at 1.15% fee. With the statements comes the advice of moving them to cheaper cost funds, for which last year I tried to call to do so but well, Covid happened an no one answered the phone.

Last week I took action and transferred the smallest into a Vanguard SIPP at 0.15% as a trial for ease/cost/loss, which actioned yesterday. It all went well and I actually gained £250 in the process, so I’ll be moving the two bigger ones into the same SIPP over the next few weeks while the markets are a little suppressed.

Now we’ll have 4 diversified options; HL 100% equity with employer contributions, Vanguard SIPP 60/40 equity and bonds on a Target fund, a pot in a NS&I Premium Bonds, equity in the house with the mortgage gone in 3 years and a couple of ISA’s. At 49 there’s time for all that to grow and more contributions to be made. Yes it could be more aggressive but I’m risk averse.

Although I did bugger all when I was young except begrudgingly listen to people about opening pensions and contributed the least amount that affected my beer money at the time, we have a decent amount to afford our retirement. Hindsight to have saved more is a wonderful thing though, I think I’ve got quite lucky in retrospect to be where i am.

A question which I have an it occurs others may also have. I know I could dig out the answer but it may be useful to ask as there are quite a few in the same boat. I dont want to upset anyone asking questions but TBH if you browse a thread about retirees you are going to reads such stuff..

If I have 4 pensions all with different amounts over my career and I want to take out my maximum tax free cash (to reinvest in ISA’s to draw tax free over subsequent years) Lets assume that is £100k I then do the same for part of my SIPP, say another £100k. Do I just contact each one and ask them to send me a cheque??

a cheque?

how quaint 😁

Had to resign at work and fill pension form, money paid by BACS. Tax paid at source and lump sum paid in account, 1st working day after I finished. Tax man thought this was new monthly pay which was fun for a while with HMRC.

I have a couple other smaller private pensions that I haven’t cashed in yet, The pru one keeps prompting me to take it for some reason, but its just a case of informing them you would like your money.

In many ways you can view the NHS pension as deferred salery?

Any pension that has company/state contributions is “deferred salary”.

OK,  perhaps ‘in lieu of higher salary’ would be a better phrase?

I have a small NHS pension. I have nothing like the capitol or pension pots of some on this thread

You’d probably be surprised how big a pot that pension equates to. If you’re buying an annuity at 60 that keeps track with inflation, a grand a month will cost in the region of £450k