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


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He's already accepted my offer as non-Exec Director of Thread Drifting with a min post count target close to 150 per day. 

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 th

Retired a month before my 55th birthday because the company had become intolerable.  Was in discussions with a similar company, but quickly realised I was done with it all.  Much lower pension, but ri

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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

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hindsight: the science that is never wrong

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@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! :)

 

Alcohol. Sex. Tobacco. Drugs. Chocolate.  Meh! NOTHING in this world is as addictive as an Evora +0. It's not for babies!    

The first guy to ride a bull for fun, was a true hero. The second man to follow him was truly nuts!   

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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.

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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. 😜

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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...

 

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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!

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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! 🙄

Alcohol. Sex. Tobacco. Drugs. Chocolate.  Meh! NOTHING in this world is as addictive as an Evora +0. It's not for babies!    

The first guy to ride a bull for fun, was a true hero. The second man to follow him was truly nuts!   

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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.

 

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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?

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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.

All the Best

Greg

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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.

All the Best

Greg

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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.

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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.... :)

Alcohol. Sex. Tobacco. Drugs. Chocolate.  Meh! NOTHING in this world is as addictive as an Evora +0. It's not for babies!    

The first guy to ride a bull for fun, was a true hero. The second man to follow him was truly nuts!   

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I'll do it for 10Ostriches Going Crazy GIF by chuber channel

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hindsight: the science that is never wrong

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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. 

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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.

 

 

 

 

 

 

 

 

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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.

 

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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.
 

 

Always do sober what you said you'd do drunk - that will teach us to keep mouth shut!

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