[cockney steve]

Sold my last shop, intended to do something else, couldn't find a site where I was comfortable with the figures , cut my losses and "retired"
spent a load of time helping "lame ducks" , everything from repairing an oven to dormering an attic, also kept busy at mate's farm, currently rebuilding a Range Rover classic,rotten bodyshell and you can't buy repro front footwells! keeps the tin-bashing skills sharp, as does the MF 35 tractor I'm restoring the tinwork on, and painting.

Also have some plastering,wiring, plumbing and laying a parquet floor and a woodstrip floor for a friend whose downsized and got rid of a huge mortgage, but lost their main income as well.
The biggest problem is persuading people that "retired" = "for MY benefit, not your personal charity.....once they realise the error, they're happy to cover the petrol and car-costs- those who try it on,find i'm ALWAYS too busy to do them a favour!

Retirement works on a budget, if you adapt. ?I don't need any new suits refuse to wear "designer" labels (what genius worked -out the Public was stupid enough to pay to advertise their wares for them? ) recently had glasses frames fitted with new lenses....£60 instead of £300.......own-label brands at supermarket......15-year-old Volvo estate is daily runner.. £500 covers tax, ins. and MOT......have the remains of another that I'm cannibalising for spares. cost £350 to buy and maintain for a couple of years hard work.

Retire! I've never been busier! but beware of those "spongers"....oh, and if you're inclined, keep chickens, grow veggies.

As P.S says above, cover family if you croak before they're independent. In my case, endowment (had a shortfall) Pension plan.... both helped the Financial Advisor to prosper
cashed in all I could when the kids were off hand and relationship failed......paid her off as well. enjoyed my fitter years, blew the reserves House will be left to kids, no debts, boat, cars, motorbikes will pay for burying/burning my remains and fund them a good holiday to boot. no guilty feelings, they all got a good education well fed, warm and a permanent, secure roof over their heads. all have done well.

[flybymike]

Retire! I've never been busier!

And you haven't even started to learn to fly yet.

[lobstaboy]

I think using the word retire is not helpful, it gives the pipe and slippers impression. Most of us in our 60's, even if no longer in a 'proper' job can make a significant and active contribution to society. 'Ive never been busier' is certainly true for me. The great thing,as CS says, is being able to turn stuff down if you wish.

Also it's good to change in stages over a few years. I was forceably 'retired' seven years ago (late 50s), worked for myself for 5 years, then sold up and downsized the house, now living off hitch pitch of earnings and savings.

You don't need anything like 60% of salary though you will need to make adjustments to life style.

[Paultheparaglider]

Although this thread started out talking about the financial considerations, I think there are other more important things to think about. I'm currently working my way through M R Hall's series of novels, and one comment struck a cord. It was that many people, particularly men, actually die fairly shortly into retirement. It isn't just the obvious age factor. It reminded me of a comment I'd heard about the international staff in my own company living on average five years after retirement, and that particular group had a very early retirement age at the time.

We have a lot more of our lives invested in our careers and jobs than many of us realise. It gives us a reason to get up in the morning. It provides us with structure, meaning, status, social interactions, and so much more than just a paycheck. I think it is fair to say that, for many, the financial compromises, if any, that retirement bring are much easier to incorporate in our lives than the other changes.

I gave up work nearly 13 years ago at a very young age. Looking back, I don't have any regrets, but I had lots of interests and hobbies. I also bought myself a house and garden that demands an awful lot of time. Like Rob P, I value my time over anything, and although I still always have lots to do, at least I can choose when I do it. A lovely sunny day means one of my hobbies often takes priority.

I have friends, though, where work is their central interest, and they are dreading retirement. Even I felt strong pangs of guilt for the first couple of years, and I wanted to retire very much. I did miss the social interaction even though I think I'm a fairly self contained person.

Anyway, my point is to think hard about the factors other than money. They probably will make far more difference to a long and happy retirement than the money. That said, you have to be practical, but as Misc and others have said, it is not usually the money that makes retirement a challenging, but hopefully enjoyable and satisfying, new phase in your life. Like most things in life, it will be what you make of it. And it won't be all a bowl of cherries, so be prepared.

[lobstaboy]

I'd add to what Paul has said that the key thing is to have a good plan for what you are going to do. Agree it with the family. Take time to adjust - it really is a massive change.

Mind you I do worry about people who dread retirement because they don't know what they'll do all day.

[flybymike]

I spend all bloody day on this forum since I retired.....

[seanjd]

Wise words from some wise people

For me, the nervous bit is leaving a well paid job now. I am fortunate to have cleared my mortgage, and have no other financial outgoings other than the aeroplane. I have enough tucked away to fund the aeroplane for 5 years, assuming nothing spectacular goes bang. But I won't have enough coming in to add to those funds.
However, I will have 4 clear days to do other stuff.

Newtons Third Law (maybe)

[Charles Hunt]

That was going to be my question. The mortgage could have been c30% of income, so with that gone your disposable income won't be down much.

Even having downsized, and not flying at the moment, I still manage to spend a fair amount. Looking forward to getting the state pension to support a flying fund!

[matthew_w100]

Matthew, I'm in two minds whether to engage with someone who's opener is that's nonsense on the basis you've already made up your mind.

Sorry - should have put a smilie!

But in general i think people *do* expect to need less income once they've retired. Which is why final salary pensions are (were?) formulated to top out at about 2/3 of final salary. Expenses of work ar part of that reduction, as are other factors such as having paid off mortgage, got rid of kids, finished paying for pension, ability to grow food in garden etc etc. No one person will have every reduction, but most people will have some of them.

Sure, if you want to do more flying that will need more money, but that's not maintaining lifestyle. And you could always try paragliding instead.

[Paultheparaglider]

... the key thing is to have a good plan for what you are going to do. Agree it with the family.

I remember being at a party hosted by my then boss who was shortly due to retire. I asked his wife what she would do when he retired. She replied, get a job.

[seanjd]

... the key thing is to have a good plan for what you are going to do. Agree it with the family.

I remember being at a party hosted by my then boss who was shortly due to retire. I asked his wife what she would do when he retired. She replied, get a job.

I am hopeful my wife will do the same

[PeteSpencer]

I spend all bloody day on this forum since I retired.....

Same here: When I was working I had no access to the internet and by the time I got home 8-9pm every day all the little spats and bitcheries had ended so I had nowt to add.

Now I can stir the ordure from 7am.....

Peter

[morticiaskeeper]

A woman I knew endured two weeks of her husbands' retirement before pronouncing " I promised for richer or poorer, but I never promised lunch"

[PeteSpencer]

With identical twin grandsons arriving four months ago me 'n' 'er indoors have got our remaining retirement mapped out to the grave.....

Peter

[Rob L]

Wise words from some wise people

For me, the nervous bit is leaving a well paid job now. I am fortunate to have cleared my mortgage, and have no other financial outgoings other than the aeroplane. I have enough tucked away to fund the aeroplane for 5 years, assuming nothing spectacular goes bang. But I won't have enough coming in to add to those funds.
However, I will have 4 clear days to do other stuff.

Newtons Third Law (maybe)

I was in a similar situation about 8 years ago (although I was made redundant ) Mortgage paid and no dependants. I now work for myself at a much lower disposable income, but much happier with it. I can now go on trips, holidays etc without being answerable to anyone.
Rob