To retire. Or not to retire. That is the question?

[MPx]

To me its all about enjoying your life.  Only you know what you enjoy.  Maximise what you enjoy, minimise what you don't.   If you're not enjoying more of your time than not then make changes until the balance is positive.

Money is the killer for most, but the majority have no handle on how much is "enough".  Once you have enough money to enjoy more of your life than you don't enjoy, then paid employment becomes irrelevant.  Nearly everyone in the world could enjoy more money, but having money itself seems pointless to me, and the one's I know with the most seem pretty hopeless at spending it - and certainly haven't learnt to enjoy it.  Its seems more of a destructive thing than the enabler it should be.

Its essential to have interests and things to do that occupy your time.  This can often look like (unpaid) work which might be a bit daft.  If you enjoy your job then might as well stick with being paid.  However, there can be the too much of a good thing issue.  If to do the job you have to live it to the exclusion of other things you want to do in life then it would be good to at least explore how to find time for the other stuff.   But no point in giving up 60hrs + / week doing stuff you like on the off chance you might be able to find something else to fill your time.   I was always amazed by people at work who got "bored" over the weekend.  I never had enough time to do much of the stuff I wanted outside work, was never bored and certainly have never been bored in 15 years of retirement.  But its just what suits you and we're all different.  We've got a decent plot of ground here and, in season, it takes me two days a week to cut the grass.  To most that would seem (and would be!) ridiculous - but for me it means I can have machines, play, loose myself, have the satisfaction of the finished outlook - and those two days actually total less than 10 hours grafting activity so its not like the old 12 hour daily grind I used to work at work.

My best mate at work retired a couple of years after me, but only stuck it for about a year.  He didn't have other stuff he wanted to do.  Soon got a new job back in the city.  In fact he's just retired (again) today - some dozen or so years later - will be interesting if he sticks with it this time.

Another mate and one time boss got a really senior position in Europe in the 90s - indeed a sequence of 3 really senior positions in Europe and was on several multiples of my very reasonable level of pay.  So much much richer than me, but never felt he had "enough" and continued to work past potential retirement age until diagnosed with a rare terminal disease.  By time he left work he was incapable of doing any of the things he was going to enjoy in his retirement and and suffered a cruel end to his life, dying this Christmas.  He did leave a very wealthy widow, but I really cant see the point in that.

So my advice is:

Work out what you'd really like to do with your time.

Work out how much money you need to do that.

Once you've got enough, retire as soon as poss and get on with enjoying the rest of your life.

[pete]

12 minutes ago, C8RKH said:

Colin, I am so sad, in the past 2 years I have been building my "workshop" - bench saw. Table saw. Planer. Jointer. Drill press. Router. I've been watching you tube videos on how to make chopping boards and other stuff.  My thinking is to retire, build my skills, and create "wooden gifts" to sell.  Not to make me real money, but to cover costs and provide some pocket money and to keep me busy doing something I enjoy, find rewarding, and keeps me active - which I know is really important. A part time job in B&Q would be ideal with the staff discounts etc...

 

We need an apprentice

[C8RKH]

@MPx Wow Mike. A superb post.  Loved reading it and a lot to learn from this.

I love my job. I don't resent the time I spend working.  I find the time to do what makes me happy. I certainly do not want to be the richest person in the region etc.

I guess what I am trying to work out is the "balance". When to strike it.  I have no wish to work myself to death (whom who is sane does?) but I do want to get the balance right. My wife and I have many places we want to visit (and we enjoy multiple  holidays and city breaks now) and see. We have hobbies and despite my bravado on here we get on just fine! (she is never on here so will not see this admission haha!)

 

7 minutes ago, pete said:

We need an apprentice

I'll be your padawan Obi Wan!

 

[Chunkv6]

2 hours ago, C8RKH said:

So, next January I will be 55.  I have the opportunity to retire on a similar standard of living to what I have now (without the bonuses and obviously not building my pot further) and whilst it is really tempting, I'm not sure what to do to be honest.  Is 55 too young to retire?  

So for those of you who have retired early, how has it gone for you?  Have you ever looked back and asked yourself why you retired so early? Or did you miss work? Or........   

It's a big decision and one I really don't have a clue about.  I've worked since I was 15 (part time till I was 18) then non stop, and pretty full on, for the 36+ years since then. I love my job. I work hard and long hours and don't resent it. But.......

So fella's (are there any women on here?) is early retirement a great new start, or, endless days wondering what to do today?

Thanks in advance for your thoughts.

I deal with these type of discussions for a living and have helped many people with the same dilemma. There are a few things which i can share with you which will help. Feel free to message me and we can arrange a chat about it.

[mg4lotus]

25 miles in under 1 hour.

20 miles in 2 hours.

You need to up your game a bit or use some sneaky shortcuts to find that extra five miles. 😜

[snowrx]

Early out at 52 worked for me, but I was fortunate financially and my group health insurance plan carried over into retirement.

The old chestnut that you are so busy in retirement you don't know how you found time to work before does seem relevant.

If you're maintaining a household and have a backlog of projects and hobbies, you'll do fine, but if you're bored in an apartment watching TV by all means stay at work.  

Volunteer organizations will be after you if you've got skills, a fine distraction if you enjoy helping out your community.

I lost my brother-in-law just weeks after he retired, I really wish he could have spent more time as he saw fit...

 

[drdoom]

Loads of worthy insights expressed above, here's my 2p. It's rightly summed up in terms of time and money, and how those best suit what makes life fulfilling. There's a natural transition awaiting most who are willing to adapt in that we take ownership of time once financial resources enable it. So, face it or not, one cannot elude responsibility for how time is spent once liberty has been achieved and it is further clear how ever more precious time seems to be as we push on into the years. The very concept of retirement is not universally relevant, given how varied are preferences in passing time well.

Plan to remain engaged in whatever activities primarily float your boat, take care of your health, make time for those whose company you treasure, and enjoy the simple pleasure of doing bugger all when that suits your fancy.

Cheers and congratulations!

[C8RKH]

5 hours ago, mg4lotus said:

25 miles in under 1 hour.

20 miles in 2 hours.

You need to up your game a bit or use some sneaky shortcuts to find that extra five miles. 😜

Was gonna get one of those new fangled electric bikes! No problem then! 🙄

[Colin P]

8 hours ago, C8RKH said:

I guess what I am trying to work out is the "balance". When to strike it.  I have no wish to work myself to death (whom who is sane does?) but I do want to get the balance right.

My wife and I have many places we want to visit (and we enjoy multiple  holidays and city breaks now) and see. We have hobbies and despite my bravado on here we get on just fine! (she is never on here so will not see this admission haha!)

 

Too much of point 1 in my industry. Particular company I used to work with but occasionally reconnect with, there are half a dozen into their late 70s still commuting into London City and working full time, including the MD who is a heart attack waiting to happen (makes you and I look anorexic Andy), who only works because he can't find anyone to take over from him. He'll be carried out in a box, stuff that!

Point 2 - bloody hell, you actually go away with Mrs C? I was beginning to think she was imaginary.

I've got a lot of freedom, basically work where, when and how I want, but I'm basically the "fixer" so I have good and bad days. Will probably drop days before retiring.

 

[Mark Blanchard]

See if you can work 2 days a week.  Will keep the brain active.  That allows 5 days of fun.

[Ali tuck]

I wouldn’t go go balls out for a start- I sort of tried it, but really struggled as you’re so conditioned to getting up and working- made me quite miserable.can you do 2/3 days a week just to see how it goes?

[Greg | ValetPro]

9 hours ago, C8RKH said:

Colin, I am so sad, in the past 2 years I have been building my "workshop" - bench saw. Table saw. Planer. Jointer. Drill press. Router. I've been watching you tube videos on how to make chopping boards and other stuff.  My thinking is to retire, build my skills, and create "wooden gifts" to sell.  Not to make me real money, but to cover costs and provide some pocket money and to keep me busy doing something I enjoy, find rewarding, and keeps me active - which I know is really important. A part time job in B&Q would be ideal with the staff discounts etc...

 

Maybe you should look at this http://furniturecraftschool.co.uk  its a years course for about £12k.  Been thinking about doing it myself. Maybe you do a year out. Using something like this and then go back to what you did if you wanted or even as its term time maybe do some work for the charities in the term breaks.

[Chillidoggy]

For me, it was simply a question of finance, as I couldn’t wait to retire. Did I have enough to enable me to do so, and still have a reasonable standard of living? And if so, what was the point in carrying on working? Having now been retired for two years, I can say I am far less stressed, spend much more time with the wife, and am generally happier that before. I no longer place much emphasis on material goods, instead life experiences have become more important.

Retirement doesn’t suit everyone, though.

[Greg | ValetPro]

10 hours ago, C8RKH said:

I'm deputy chair (was chair and trustee for 5 years) of a social innovation and social enterprise charity and do pro-bono advisory for a charitable organisation that supports social enterprises. have done this for the past 7/8 years on top of the day job! And was a pro-bono hands on trustee of the first public/private charitable enterprise in the Uk based on the famous Wall Street welfare to work programme where we helped the 2% "unemployable" in the region (physical/mental health issues, addiction issues etc) to get sustainable long term employment contracts so have lots of stuff I can do there @windymiller  and know how rewarding it can be.

That really interesting line of work.  If we ever meet would like to know more about this work.  Being an employer I've seen all sorts of people in difficult life situations and how some people just don't have the support network I've been so fortunate to have.  

ValetPRO is looking to do some work with https://www.takona.co.uk This chap came to us several years ago and has been aiming to build a business raising awareness of mental health. Working using the love of cars to bring people together.  Though you might find this interesting. 

 

Anyway on the subject of retirement.  I've made another post making a comment on the woodwork that you mentioned.  

 

My personal plan has always to earn my freedom. Thats why I built my own business.  I fear that I won't be able to fully let go thou.  My dad is 77 now and has still not wound his business up fully.  Ironically it cost him to run his business. Luckly he has a good pension.  I don't want to end up there.  I'm 47 now and starting to think about how I can ease my way out of my business.  I'm constantly thinking about my business and how to grow it and expand it.  How it will continue after me. I'm a bit obsessive in my thinking which does not help, hence my fear I won't ever let go.  

Any way I think the work you do is invaluable to the worlds community.  But there are alway others that can take your place.  My suggestion is to wind things down. But do so with other options to do with your time.  If your like me I think I need a challenge or something to aim for. Just can't spend my time in garden centres or cafe's.  I need an objective.  If thats you then I sure there are things you have always dreamed of doing. Make a list of these dreams and then start putting your time that way. 

 

Good luck.  Head to retirement if you feel it's right and I suspect it is because you're asking the question. It sound to me like you have earned it.

[oneshot]

I retired just before I was 55. 

I think you need to consider what you want to do. My wife suffered with a rare blood cancer (under control now) and took early retirement. I went down to 3 days a week so I could support her. I then decided to retire.

We run a boarding cattery and I still do bits and pieces for the University but on my terms.

It's important to have something to do otherwise you will get bored easily.

[C8RKH]

24 minutes ago, Greg | ValetPro said:

Maybe you should look at this http://furniturecraftschool.co.uk  its a years course for about £12k.  Been thinking about doing it myself. Maybe you do a year out. Using something like this and then go back to what you did if you wanted or even as its term time maybe do some work for the charities in the term breaks.

That's an interesting course. Thanks Greg. It's millions of miles from where I live but as in Kent I'm sure @Bibs would lend me his spare room lol....

[pete]

I'll do it for 10

[Bibs]

You'd be very welcome so long as they house didn't fill up with sawdust every day. I'm a bit OCD! 

My Dad retired at 60 from a career in the electricity board so had a dozy of a final salary pension. He now hoovers the house 3 times a day. I try and get him out for a round of golf or similar but he often makes excuses, at the moment it's his hip he says so won't book anything with me, it's that he's comfortable doing nothing. He did volunteer for a charity but didn't like the work they asked him to do, it was too menial!

Early retirement doesn't suit him. 

[Kimbers]

@C8RKH I can only give MJK as an example. He retired from Lamborghini in the late 90's as he had been working 80 hour weeks (Nothing new for him) and he was in his 60's. One day he was in a helicopter on the way to another meeting and he had a fit and his heart stopped. His bodyguard (he had an armed bodyguard) gave him CPR and saved his life. He was an Usher at my wedding and one of my best friends. 

The Doctors said it was work and stress related and told him if he didn't stop working he would die within a year or so. So he retired. 

6 months later and 2 stone heavier from sitting bored he woke up one day feeling ill and went to the Doctors. The doctor told him if he didn't start working again he would be dead in a year, from doing nothing and generally drinking beer and watching TV. The rest is history as he started doing some consultancy, worked for MG Rover, Tata then finally Proton and Lotus in 2006 where we all know what he did because not only did TLF (Then LEF) get factory access and I introduced Bibs to Dad, but we are all driving cars he instigated....well most of us.

So the point of all this. It depends what kind of person you are! If you are like MJK, don't retire it will kill you. He doesn't really have any hobbies outside the car industry so boredom takes over. However do have a better work life balance or work could kill you too! Could you go part time or is that not an option?

However, if you are like @Sparky or myself, and have loads of things to do and interests, maybe start a business of your own, then go for it!

Sadly I don't have the option as I only started a pension in my 40's so even when I retire at 67 I'll only get about £240 a month. But would love to do something I have a passion for like Antiques, instead of sitting in my office selling cars!

 

[Escape]

If the past year has thought us anything, it's that we need to enjoy life to the fullest while we can. So if you think you know what to do with your free time once you retire, or you have plans/projects long postponed, go for it!
I wouldn't hesitate for a moment if I had a chance to retire from my dayjob. I'd just need to look carefully into the possible effects on taxes if I'd keep Escape's Workshop.

Filip

[Beady]

last week i went into London, first time this year.

I finally realised that for almost 30 yrs i have been leaving home at 6.30 am (ok a bit later when I used to lived a bit closer) and getting home anywhere between 7-8pm. So 5 days a week I simply work, no time really for anything else. Admittedly in recent years i have tended to work from home on a Friday but in truth that averages out at every other Friday across the year.

The last year has finally made me realised this is no fun anymore so when we start going back to the office later in the year my plan is to work from home 3 days (4 if i can) and go into london max 2 days per week, but still working full time. I am lucky that i am one of 3 Partners owning a business so have that flexibility.

I am 51 now and if i could afford to retire on a comparative income then I would do it tomorrow, no questions. Financially I think I need another 4-5 years to be able to do that.

My current plan is to work full time 4-5 more years until circa 55 then step down to 2 days a week for perhaps a couple of years before getting out completely. Part of this partial slow down is due to having kids a bit later so I will be circa 60 before the youngest goes off  (hopefully) to uni.

I have watched parents, in-laws and other older family and friends as they start to get older. Its seems to me that somewhere between 70-75 there is a slowdown in what you do and are able to do and quite honestly life is too short

So 55-65/70 is 10-15 years of retirement with still enough energy to really enjoy the time

the next 5-10 years (if you make it that far), you will do less and therefore need less money also.

80+ and this activity (and so need for money) steps down again.

If you can retire early then do it, you will always find things to fill your time and lift is just too short, who knows what tomorrow brings.

 

 

 

 

 

 

 

 

[SFO]

I had a very serious car accident when I was 51. While in intensive care in agony, I realised that life is fragile, and that although my job was a really good one (great package, and 9 to 5, with no stress), what I really wanted was freedom. Freedom to do or not do whatever I wanted, whenever I wanted. 

Financially, I could retire but it was a touch scary. So I said I was going on an "extended career break"; during which I would decide whether being NEET would suit me.

I left (helped along by a lovely redundancy package) in October 2018 when I was 53. I didn't draw on either of my pensions, living off savings instead. 18 months later I concluded that work is too regimented for me, having to have to spend x hours per week on something I may or may not enjoy. Once I realised I had financial independence, the motivation to have a job for money evaporated. 

The freedom from the routine of work, the freedom of not having to deal with corporate nonsense, the freedom from all the crap you have to put up with from work; it was and is completely liberating. Yes, I miss some of the thrill and challenge of work, but I enjoy the freedom to just be a bum and an indulgent so and so, much much more. I am not going back to work, and I have changed my status to "retired".

The financial planning has been fascinating, and interesting - luckily, my finances have turned out better than I expected. The way I looked at it was I spent my working life putting away water (money) in a big tank, and it was time to start opening the taps because I am not going to live forever, and the tank is big enough (I hope!). For me, the luxury of having time to do with as I please, with no one to answer to, is the great benefit of not working.

 

[mayevora]

I have a different answer now than I would have had a year ago. I always said I would retire as soon as I could afford to retire. 
I understand the last 12 months has been a very different 12 months for most of us with all the restrictions and not much open but whilst I’ve furloughed myself for 8 of the last 12 months I am itching to get back out and to work again. 
I saw my Father in law retire at 65 in good health and drop dead a month later and my Mother-in-law didn’t even make it to retirement age and she was in good health also.  My own Father loved working and didn’t retire until he was 69 and as soon as he did retire my Mother passed so he now lives our retirement by himself watching a lot of TV - not good in my opinion and I wish I lived nearer.

The big unknown is - nobody knows what will happen to us by this time next week. If you have your health - fantastic.
If you have interests to pass the time - fantastic. If you have a wife/partner to share retirement with - fantastic. If you have friends also retired to share time with - fantastic. If you have financial security/good pension again fantastic.

I enjoy my job but it is the perfect job to cut down to 1/2/3 days a week if I wanted to which I will start to do in 5 more years but after the last 12 months I can’t see myself even wanting to totally pack it in anymore.

Who knows in another 12 months I might change my mind again. It sounds like you have worked hard to get yourself to that desirable position you are now in to ask this very question and all the options are available to you. 

Good luck with whatever you decide to do.
 

 

[Kevin Wheeler]

Judging by your post count @C8RKH, I thought you had retired!

[mg4lotus]

15 hours ago, C8RKH said:

Was gonna get one of those new fangled electric bikes! No problem then! 🙄

Is electric really the answer? 😁