Older Ages, "Retirement Planning" & Death (don't read if sensitive issues)

[seagullwedgee]

I retired 2.5 years ago at age 51. Yes I am fortunate to have a final salary pension scheme I can draw on at age 58. If I run out of money I'll deal with it. I had years of cardiac and other health issues. I want some 'me time' before I peg it.

 

[ferring seagull]

I understand your post but (to some extent) sod the financial considerations and make sure that you make the absolute most of your life because, if you haven't already noticed it, the passage of time gets quicker and quicker the older you become.
No way can I understand where the last twenty years have gone !
What I am saying is there is no point in setting yourself up financially if when you reach retiral stage you are then unable to enjoy !

 

[Tim Over Whelmed]

My Father died when he was 52, and I was 27, no age at all. He died of a non-heriditary heart defect.

My plan is to retire in 2 years and 2 days 6 hours and 5 minutes, aged 56. Will I stop, no, but I'll do some work that interests me or is for a good cause. I'll travel a bit too.

 

[The Antikythera Mechanism]

I like spreadsheets.

Give us a clue on how you set it up, did you get a template from somewhere?

Is there a column for the Albion

Oh i so feel the need to knock one up right now.

I've kept a spreadsheet of my personal finances for the last 19 years. I have recorded all income and expenditure on a monthly basis, updated nett worth every month and projected forward how many years I can maintain my current standard of living, should I choose to retire in the following month. I'd like to think that I have covered all eventualities and won't be subject to any nasty surprises in the years ahead.

 

[Deleted member 2719]

I've kept a spreadsheet of my personal finances for the last 19 years. I have recorded all income and expenditure on a monthly basis, updated nett worth every month and projected forward how many years I can maintain my current standard of living, should I choose to retire in the following month. I'd like to think that I have covered all eventualities and won't be subject to any nasty surprises in the years ahead.

I am very impressed with NSC.

I can now confirm that NSC members do not represent the general everyday public they are far superior.

 

[AmexRuislip]

Is this completely barmy...? So many RIP threads on here of blokes in their late 60s and early 70s. One could easily follow the above approach and have almost NO years of "relatively comfortable retirement"...

But as a reasonably healthy 48 year old (albeit one who has enjoyed in the past some less healthy lifestyle options) can you really work on the premise that retirement years could well be quite few? If I did work until 67 how many years of retirement should be my best guess for which to budget? 5? 10? 15? 20?

No so much as a personal experience for me, but my father-in-law retired at the age of 48.
He had worked for BT for the majority of his life,
Choice for early retirement was mainly a good package from BT and health issues.
Left with a decent pension (then) and some dosh put by.
Now at the age of 73, he has no regrets and has made sure he has kept busy in retirement.

 

[m20gull]

My Father died when he was 52, and I was 27, no age at all. He died of a non-heriditary heart defect.

My plan is to retire in 2 years and 2 days 6 hours and 5 minutes, aged 56. Will I stop, no, but I'll do some work that interests me or is for a good cause. I'll travel a bit too.

Similarly my dad was 56 when he dropped dead. I have just stopped working at age 55 though I have an expectation that I may have to do something to generate some income on top of my pensions. The joy is that should be on my terms. The new pension flexibility means that I can draw more income before state pension age (66 in my case) to level out income.

 

[Seagull58]

I retired on my 56th Birthday, having made a list of my monthly outgoings and ensured that i can take an income from my pension and other investments sufficient to cover my typical outgoings without eating into capital..I am confident that capital growth will enable me to deal with any planned or unplanned events and extraordinary outgoings without hitting current capital value. It is very important to take a good look at your pension and any other investments you have and ensure that you have the right mix of capital growth and income producing products e.g. fixed income notes and equity income funds. As to what I do with my days; firstly I workout in the gym 5 days a week and I'm 10 kgs lighter than I was 4 years ago. Health is important.

 

[SIMMO SAYS]

I'm sixty.
I intend to work for B&Q from sixty five till ninety five imbuing my plumbing knowledge built up since the dawn of time

 

[SIMMO SAYS]

I retired on my 56th Birthday, having made a list of my monthly outgoings and ensured that i can take an income from my pension and other investments sufficient to cover my typical outgoings without eating into capital..I am confident that capital growth will enable me to deal with any planned or unplanned events and extraordinary outgoings without hitting current capital value. It is very important to take a good look at your pension and any other investments you have and ensure that you have the right mix of capital growth and income producing products e.g. fixed income notes and equity income funds. As to what I do with my days; firstly I workout in the gym 5 days a week and I'm 10 kgs lighter than I was 4 years ago. Health is important.

I've not paid tax since 1973 enjoy what's left of your life.
��

 

[happypig]

No so much as a personal experience for me, but my father-in-law retired at the age of 48.
He had worked for BT for the majority of his life,
Choice for early retirement was mainly a good package from BT and health issues.
Left with a decent pension (then) and some dosh put by.
Now at the age of 73, he has no regrets and has made sure he has kept busy in retirement.

He would have got the best package they offered (as technology advances meant they needed to shed 000's of engineers). If I recall right it was 2 years money plus 6.66 years added to pension and the ability to take the pension at 50 without an actuarial reduction. Anyone with 30+ years service would have completely bonkers not to take it.
I'm planning to go in 3-5 years and thinking I might spend 5-10 years working the winter and taking the summers off.

 

[Beach Hut]

53 tomorrow and planning to retire in two years time, will be mortgage free by then and just about uni free with the younger providing he just does the three years as the numbers work being blessed with the final salary option.

And before everyone sneers you do pay at least twice as much for this every month you have worked.

However I may change my mind and work longer dependant of whether things improve at work but will decide nearer the time.

 

[Dolph Ins]

I have been self employed for the last 27 years and have therefore not paid into a pension plan. My pension plans from my working years are expected to return £16 tax free and then £1 per year there after. There is no way I could live off the government pension so I shall work until I drop.

Therefore I smoke rollies without filters, I drink far more than is good for a rhinoceros and if anyone offers me drugs I will neck them.

But being a gardener, on the whole I am happy with my life and would probably die of alcohol poisoning if I didn't wait for my first drink until I got home from work.

This is not a self-pitying rant but just another view. I really enjoy my life but don't expect it to last into my 80's or probably far into my 70's.

 

[AmexRuislip]

He would have got the best package they offered (as technology advances meant they needed to shed 000's of engineers). If I recall right it was 2 years money plus 6.66 years added to pension and the ability to take the pension at 50 without an actuarial reduction. Anyone with 30+ years service would have completely bonkers not to take it.
I'm planning to go in 3-5 years and thinking I might spend 5-10 years working the winter and taking the summers off.

That sounds about right for him.
I guess you work for BT?

 

[Wardy's twin]

As covered by others it is a combination of can you afford to do it financially mixed with your personal circumstances (health/family/hobbies/ambitions). I had no real plan when I retired because I took a deal which was hard to ignore which came from nowhere. It has worked for me so far as Over the last year i have been been spending a lot of time with my grand daughter and doing a lot of physical work in my garden which has helped me loose weight. I realise I do need a plan for this coming 12 months...

 

[SIMMO SAYS]

I have been self employed for the last 27 years and have therefore not paid into a pension plan. My pension plans from my working years are expected to return £16 tax free and then £1 per year there after. There is no way I could live off the government pension so I shall work until I drop.

Therefore I smoke rollies without filters, I drink far more than is good for a rhinoceros and if anyone offers me drugs I will neck them.

But being a gardener, on the whole I am happy with my life and would probably die of alcohol poisoning if I didn't wait for my first drink until I got home from work.

This is not a self-pitying rant but just another view. I really enjoy my life but don't expect it to last into my 80's or probably far into my 70's.

Other than the drugs we have a lot in common

 

[Seagull58]

I've not paid tax since 1973 enjoy what's left of your life.
��

I'm enjoying it immensely.

 

[warmleyseagull]

I have been self employed for the last 27 years and have therefore not paid into a pension plan. My pension plans from my working years are expected to return £16 tax free and then £1 per year there after. There is no way I could live off the government pension so I shall work until I drop.

Therefore I smoke rollies without filters, I drink far more than is good for a rhinoceros and if anyone offers me drugs I will neck them.

But being a gardener, on the whole I am happy with my life and would probably die of alcohol poisoning if I didn't wait for my first drink until I got home from work.

This is not a self-pitying rant but just another view. I really enjoy my life but don't expect it to last into my 80's or probably far into my 70's.

The cynics might say you are the sort that costs the rest of us when you have pointless Chemo that extends your lifespan 5 days, but actually with the full Monty of fags and booze you are probably contributing reasonably to the Exchequer. Don't have to worry about Brexit as you probably won't see it happen, shame you might only see promotion to Premiership from an angelic cloud but that was life...

 

[warmleyseagull]

I decided at an early age in my working career to retire early. Mostly this was the reaction to my fathers early sudden death at the age of 64. He was born in Southover St area of Brighton, schooled at St. Lukes, worked locally, never had a car, did his time in the RAF during the war period ending up fighting the Japanese in India/Burma. He always kept his head above water money wise but as a building society clerk and rent collector was far from well off. I was 26 when he died suddenly, our daughter was just 6 months old so 1973 was a year of very mixed emotions but I decided then I would do whatever I could [legally] to retire early.

All the planning worked and I retired at the target age of 60, downsized the house and enacted the plan to live in Spain and indulge in what I love best [next to the Albion of course!], birdwatching. Having been a birder most of my life, it was Mr. Packham at Patcham junior School in the 50's who started it. I now, 10 years after retirement, have my life filled watching and writing about birds [I'm editor of the Andalucian Bird Society magazine] and looking after several fruit trees. I love it and do not for one moment regret any of the decisions I made.

The secret? There isn't one really, you make a decision and you stick with it, but we're all different so what suits one doesn't suit another - whatever you do good luck!

Love this. It has all the right connotations for retirement: reason, activity; empathy. I rate twitching only 2nd to fishing as the most useless, unproductive, and activity I would least like to do when reinacarnated, way of existing in retirement. But you do such a good job of selling it. Good on you, and Anadalucian Bird Society should be very grateful.

 

[SIMMO SAYS]

I decided at an early age in my working career to retire early. Mostly this was the reaction to my fathers early sudden death at the age of 64. He was born in Southover St area of Brighton, schooled at St. Lukes, worked locally, never had a car, did his time in the RAF during the war period ending up fighting the Japanese in India/Burma. He always kept his head above water money wise but as a building society clerk and rent collector was far from well off. I was 26 when he died suddenly, our daughter was just 6 months old so 1973 was a year of very mixed emotions but I decided then I would do whatever I could [legally] to retire early.

All the planning worked and I retired at the target age of 60, downsized the house and enacted the plan to live in Spain and indulge in what I love best [next to the Albion of course!], birdwatching. Having been a birder most of my life, it was Mr. Packham at Patcham junior School in the 50's who started it. I now, 10 years after retirement, have my life filled watching and writing about birds [I'm editor of the Andalucian Bird Society magazine] and looking after several fruit trees. I love it and do not for one moment regret any of the decisions I made.

The secret? There isn't one really, you make a decision and you stick with it, but we're all different so what suits one doesn't suit another - whatever you do good luck!

My old Dad is 84 born in Hanover Street - went to St Lukes during the war and became an armourer in the RAF National Service after.

Served at Watchet camp with someone called Brian Clough

He says he saw the bombs coming out of the German Bombers that hit The Franklin Pub