Retirement n/g

[Whisky Gill]

Assume that`s a Scottish privilege ? I believe Greater London has a similar offering. But, elsewhere in England, I believe that bus pass entitlement is linked to State Pension age.

Anyhow, good for you. Public transport is generally crap in the UK and requires a huge upturn. A retired non-driving person living in a more rural community is pretty much marooned. So the previous advice about exercise and running may be a good tip for getting the shopping done

As we live in Glasgow the bus service is pretty good. It was a very different picture in Moray though. One bus an hour on the main routes and pretty much nothing for the villages. Only one train every 90 minutes between Aberdeen and Inverness. Yes I think that it is a Scottish initiative and one that I'm very grateful for. Love to walk for miles then get the bus back home!

 

[alex_farrells_left_peg]

Thank you all for your replies.

I rang DWP. As long as i am not claiming any bnefits they don't need to now what i am doing. They confirmed i have already qualified for the full state pension when i retire at 67 (currently).

I worked out we can live on the money we have in the bank for 14 years but we will be getting state pension and other private/company pensions at that point.

I used to have isas but stopped when the rates were better elsewhere. That will need to be looked into.

We are currently getting all the work done in the house and garden and will pay for a battery for my solar panels and get a plug-in-hybrid in november when my 14 year old diesel car's MOT expires. About £40 - 50k to make good everything.

We are trying to set-up for the future in a 6 month period before xmas.

Then we will know how much money will be left over.

I might take something part time but i'm getting more agrophobic as i get older and i just like being at home with family.

As an employee i've got more and more frustrated with people telling me what to do. I took a job recently and was told i would have to work full-time for a month (training period) but the truth was it was at least 6 months so i left after 4 weeks.

I've not worked full time for over 5 years and i didn't really enjoy working full-time.

I am only going to say this..... I utterly recommend it especially if, as you say, you can afford to stop working, do so, as soon as possible and enjoy your new found freedom to it's fullest. It may take a wee while to acclimatise but once that process is over, your lives will become so much enjoyable. I speak from experience, thankfully!

 

[Defenestrator]

Whatever you say, Paul.

Unfortunately the temptation to run the cars instead of sorting the supports is too great

 

[octopus]

make beer at home, learn how to cook a good curry

I’m not quite retired yet myself yet but add Gills to those two and you’ve got my perfect Saturday!

 

[daveycrocket]

Downside is that you put-off doing jobs immediately & when you do get round to them, you find that you are much slower than before. Main thing is to stay very active (used to do fast walking around Hyde Park at lunchtime), make beer at home, learn how to cook a good curry & get an allotment for all that lovely fresh food.
Avoid stress ( don't support the Gills) & above all get early nights in bed!

Agree with the putting off jobs now I'm retired, but disagree with going to bed early. I use to be up at work for 5 when I was working, now we get up at around 8 in the morning having gone to bed at 11:30-12 (luxury after all those early nights dictated by my work pattern) to get our 8 hours (ish) in. Usually watching a thriller from around 10.

We go to different venues to watch bands, I play snooker one day a week, play golf another day while my wife meets her friends, have 2 of our young grandkids all day on another day, go to see an elderly friend fortnightly in London another day, squeeze in meeting some friends for a meal once a week if there's time, depending on my 4 grandkids needs, and of course a certain football team dominates my Saturdays. We sometimes get a whole Sunday to ourselves, although then there are jobs indoors to catch up on.
I have the state pension and 2 moderate private pensions so financially we're comfortable.
Life's great for us at the moment although a bit hectic, we're in relative good health so if you have the chance to retire...go for it.

 

[Kura]

Your not regret it. Suddenly your find lifes totally different to the "daily grind".
My wife and i both took early "retirement" at aged 56 and 50. Got fed up with city living. Sold our house, bought a rural property and started afresh.
A 17,500 sq mtr lifestyle block, rural yet only 10 minutes from town with Doctor. cinema, swimming pool and one supermarket.
Always learning about gardening, horticulture and rural life. Had opportunities that would never have come along if we hadn't. My wife became the Electorate secretary for our local member of Parliament for three years is one example.
Our friends in the UK see us as a mad cross between The Good Life, The Waltons and Homestead Rescue.
Never pass up the chance to explore something new. Retirement is a "lifestyle" just need the courage to make the leap.

 

[Tarian]

By the time I was made redundant, the Bank I worked for...
...They outsourced anything requiring specialisation and their share price has been below 50p most of the time since so the main perk of share options would have been valueless.

So that'll be Lloyds Bank !?

 

[Archiepoptart]

Your not regret it. Suddenly your find lifes totally different to the "daily grind".
My wife and i both took early "retirement" at aged 56 and 50. Got fed up with city living. Sold our house, bought a rural property and started afresh.
A 17,500 sq mtr lifestyle block, rural yet only 10 minutes from town with Doctor. cinema, swimming pool and one supermarket.
Always learning about gardening, horticulture and rural life. Had opportunities that would never have come along if we hadn't. My wife became the Electorate secretary for our local member of Parliament for three years is one example.
Our friends in the UK see us as a mad cross between The Good Life, The Waltons and Homestead Rescue.
Never pass up the chance to explore something new. Retirement is a "lifestyle" just need the courage to make the leap.

I can identify with that

 

[markinkent]

Sounds like half this board is retired and I can't wait to join them.

I know there is no simple answer to this but I have been trying to work out what income I need to live the kind of retirement I want (active, lots of travel, etc. ).

Currently trying to fill my ISA each year with dividend paying shares to try and get a passive income to top up the retirement income.

 

[Tarian]

Sounds like half this board is retired and I can't wait to join them.

I know there is no simple answer to this but I have been trying to work out what income I need to live the kind of retirement I want (active, lots of travel, etc. ).

Currently trying to fill my ISA each year with dividend paying shares to try and get a passive income to top up the retirement income.

Have you looked at Investment Trusts ?
They provide ready-made portfolio of shares.
e.g. ones that track the FTSE reasonably well - or a market sector (e.g. Renewable Energy, Asia-Pacific)

Most pay dividends - some better than interest rates.
Like shares, prices can go down as well as up.

Depending on size, most I.T.s are usually quite liquid.
i.e. almost always a price.
Link:> Assoc. of Invest. Trusts

IMO I.T.s are more transparent than Funds.

This is not "advice". This is info.
(Personally, I wouldn't buy today/Monday as Friday was a big up day - on BoE not cutting interest rates yet !.... But I could be wrong!)
DYOR.

 

[markinkent]

Have you looked at Investment Trusts ?
They provide ready-made portfolio of shares.
e.g. ones that track the FTSE reasonably well - or a market sector (e.g. Renewable Energy, Asia-Pacific)

Most pay dividends - some better than interest rates.
Like shares, prices can go down as well as up.

Depending on size, most I.T.s are usually quite liquid.
i.e. almost always a price.
Link:> Assoc. of Invest. Trusts

IMO I.T.s are more transparent than Funds.

This is not "advice". This is info.
(Personally, I wouldn't buy today/Monday as Friday was a big up day - on BoE not cutting interest rates yet !.... But I could be wrong!)
DYOR.

Thanks but i enjoying picking my own. I tend to keep it very simple. During covid i bought a lot of RR as the shares collapsed (they get most revenue from service based on flight hours) and i thought it would recover when lockdown ended. Similar with centrica at start of energy crisis Sold both at fair profit and put it into slow and steady insurance e.g. m and g, phoenix, lgen and aviva.

Not all been good buys thpugh . A medical research company, miner and african telecoms company are well down.

Overall doing ok and divi income healthy. Should all help top up the pension in a few years.

 

[Gills 58]

Loving retirement and slaughtering my Oyster free travel card here in London.

Walks with groups/the missus, cinema, gym, theatre, 'do gooding' for the environment, voluntarily pick up all the shitty rubbish people throw away locally, snooker, cricket, pubs (including a local spoons). Gills, of course.

Great.

Unfortunately, having retired at 61 and got all these benefits I find I'm getting older, less fit, more achey, less stamina. Wish I could have frozen my age at 61.

Ps. Don't have expensive tastes or waste money on fancy cars/clothes, so can afford a good lifestyle.

Cheap fresh food from market stalls in Bromley (no transport cost) and I'm the yellow sticker champion in my local Morrisons.

 

[Colburn]

Sounds like half this board is retired and I can't wait to join them.

I know there is no simple answer to this but I have been trying to work out what income I need to live the kind of retirement I want (active, lots of travel, etc. ).

Currently trying to fill my ISA each year with dividend paying shares to try and get a passive income to top up the retirement income.

To work out what income you need you need to first work out your outgoings. Break it down into bills (utilities etc) groceries, clothing, insurance, motoring, home maintenance etc etc. Add on the holidays and the other stuff and a bit of a buffer (you'll forget stuff) and that will give you an idea of the income you need

 

[Sturdy Gill]

To work out what income you need you need to first work out your outgoings. Break it down into bills (utilities etc) groceries, clothing, insurance, motoring, home maintenance etc etc. Add on the holidays and the other stuff and a bit of a buffer (you'll forget stuff) and that will give you an idea of the income you need

Great advise

But then multiply x 20 taking the fucking wife into account

 

[ARFUR CONNELL]

Loving retirement and slaughtering my Oyster free travel card here in London.

Walks with groups/the missus, cinema, gym, theatre, 'do gooding' for the environment, voluntarily pick up all the shitty rubbish people throw away locally, snooker, cricket, pubs (including a local spoons). Gills, of course.

Great.

Unfortunately, having retired at 61 and got all these benefits I find I'm getting older, less fit, more achey, less stamina. Wish I could have frozen my age at 61.

Ps. Don't have expensive tastes or waste money on fancy cars/clothes, so can afford a good lifestyle.

Cheap fresh food from market stalls in Bromley (no transport cost) and I'm the yellow sticker champion in my local Morrisons.

Keep doing the things you mention. You will find that the aches wear off & your stamina will improve. Well done for the litter picking, you will find that your mental health stays positive. We need more like you.

 

[ARFUR CONNELL]

To work out what income you need you need to first work out your outgoings. Break it down into bills (utilities etc) groceries, clothing, insurance, motoring, home maintenance etc etc. Add on the holidays and the other stuff and a bit of a buffer (you'll forget stuff) and that will give you an idea of the income you need

I find that everyone's taking the piss over insurance, in particular. The shareholders demand an increase every year, without justifiable reasons. We pay the prices on everything without question. Tesco pretend to cut prices, but put them up to balance the books on other items.

 

[shotshy]

Loving retirement and slaughtering my Oyster free travel card here in London.

Walks with groups/the missus, cinema, gym, theatre, 'do gooding' for the environment, voluntarily pick up all the shitty rubbish people throw away locally, snooker, cricket, pubs (including a local spoons). Gills, of course.

Great.

Unfortunately, having retired at 61 and got all these benefits I find I'm getting older, less fit, more achey, less stamina. Wish I could have frozen my age at 61.

Ps. Don't have expensive tastes or waste money on fancy cars/clothes, so can afford a good lifestyle.

Cheap fresh food from market stalls in Bromley (no transport cost) and I'm the yellow sticker champion in my local Morrisons.

Your health is your wealth.
I’m similar age to you but make sure that I get plenty of steps every day and we also do Pilates three times a week.
I’ve two totally buggered knees and a severely arthritic ankle but still do my best.
Still get a bit of surfing in as well.
I’ve slowly lost a stone in the last year by exercising and still eating and drinking as before.
I feel and look the best I have for years.
Endeavour to persevere.
It’s worth it.

 

[Gills 58]

I find that everyone's taking the piss over insurance, in particular. The shareholders demand an increase every year, without justifiable reasons. We pay the prices on everything without question. Tesco pretend to cut prices, but put them up to balance the books on other items.

That's free market Capitalism for you. Just watch people vote Reform to make their lives even worse. They've been duped by that sh#t Johnson and now jump out of the frying pan into the fire with Tice and Farage. Sad.

 

[Gills 58]

Oops, double post. Once was enough.

 

[LancsGordoRoad]

We ( older folk) have the benefit of all manner of lived experience. I`ve found that getting too heated over politics is not that good for one`s health, nor, frankly, is it likely to achieve much in the way of change. I still get a bit cross over things like failing public services etc., but i`m constantly reminded, by loved-ones, that in retirement, staying in my own lane and concentrating on family, is a far smoother route to happiness and contentment than is getting hot under the collar about stuff beyond my control ( isn`t there a famous prayer about serenity).

In my professional life I had to inter-act with a lot of very bad people, it was often tough to keep cynicism at bay. In retirement, a major priority for me is to be the most considerate, kind, respectful and helpful person I can possibly be - it`s a fulfilling pathway and makes retirement a happy experience.