Retirement

When do you wish you could retire?

When do you think you'll end up retiring?

Yes and I have two weeks off and feel reasonably rested then within days of going back to work I'm exhausted again.  I now find it hard to work late as I'm really tired by the end of the day.

What do you mean by retiring? Stopping work completely? How will you know if you‘ve got enough saved? Imagine another cycle of inflation in 10 years time. Nobody wants to die poor ffs

I've got a load of stuff I can sell but as per other threads will keep doing something just not something with a constant risk of dealing with the kind of aunts who agree a bill and then don't pay it and then accuse you of negligence when you pursue them for it.

What I have noticed with grandparents and gradually with parents that once  they get into 80s they dont actually do much that costs a lot - they lose interest in restaurants and holidays and are happy pottering around at home.     I take from that if I have enough money to properly enjoy my mid to late 60s and  70s a reduced income in 80s (if I get that far) will matter far less.  I am inclined to gamble on drawdown and throw myself on the mercy of the state if I reach beyond early 80s.

In about 5 years I think, at age 60.  Am in a great job I really enjoy and earning good money for the first time in my life so I want to enjoy that and use the cash for travel, projects and supporting my daughters into homes.  Lots of non-work projects, ideally it will be a gradual transition, would be great to do 3 days a week for a few years or stay around as a consultant or NED on some of the subsidiaries.  

Ash - I will keep looking at/ringing birds but less intensively and closer to home. Last summer I had 9 0300 starts in 14 days during a busy period. That was pretty tiring …

I will also get authorised as a ringing trainer so I can help train the next generation.

No I don't wish to retire. The effort/reward ratio is far too high and I enjoy doing stuff others can't. Anyway, having work keeps you sane and happy. Not having work is bad for you. Retirement is the biggest mistake most people make. 

I'm in my mid-40s and am basically retired now.  House paid off, so just doing side hustle stuff for income (have a savings nest egg).  Had to reign in my lifestyle a bit but that's had health benefits too.

I have no idea what a putative retirement would look like.

Just about to start a new business in the group which will take 3-5 years to establish but should then be a solid base with a nice life span even if not taken forward.  Have ideas for another new business in the HNW services sector. Maybe feel different in 10 ish years when I hit 60 but still plenty in the tank I think.

I do not and will not garden or play golf.  We already enjoy travelling to do and see stuff.

Expect to go out feet first.

I consider it a side hustle as I spend maybe 5-6 hrs a week on it, which feels too little to call a "job" (even part time).  I don't want to disclose too much on a public forum as it would out me I'm afraid, but the things are social media based.

Ash - I like gardens and enjoy the product of the work of gardeners.  I just find it a bit rubbish.  It doesn't bring any joy.  Planning cropping for the 1-3 years ahead? Now you're talking.  Golf? Too many w@nkers is the glib answer but some very good friends are etc so the real reason is a back which doesn't work too well.

At 38 too mcuh travel can kill if not doing it right/balancing.  Too often it's not seen as part of working and therefor you are deemed refreshed as though constantly coming back from holiday.

I could retire comfortably at 63 or so (assuming no fundamental changes in the world, which is a big assumptions tbf) and manageably at 55 but I think I need/want work as a grounding plus it's depressing to think that it's the last big thing before death.

I was talking to Mr Nex about this recently.  

 

I used to be hugely motivated by work.  A bit of a workaholic.  I got completely disillusioned with the BigLaw partner schtick and am now in a role that gives me interesting work and a much better lifestyle.

But if I could retire tomorrow I would.  The aim is to get the mortgage paid off in the next 5 or so years, do a couple of projects that need doing around the house (extension) and then take my foot off the gas.

It is not a binary Clergs.

And things change. i saw my mother miserable for years until she finally accepted care and now she is v happy (post stroke and in a wheelchair) we thought it would be dreadful but it isnt.

Being reliant is disgusting to me. Nappies. Wipe your bum. Being spoken to like a toddler. Saying weird labile things as your brain rots. And that's the best case scenario assuming you don't end up with an abusive carer. If I spend all my money now what's the worst that can happen when I'm 75?

I do feel we should be offered an easy way out. I have long term conditions with which I can currently live well so I’ve been travelling again this year.  I’d like to carry on doing that with a small amount of work as currently but then be allowed a way out if I get frail 

Am toying with the idea of sticking with the current job until around 50 to build up cash (if they let me stay), do a PSL job for a couple of years to reacquaint myself with all the ‘new’ case law that I have missed over the decades while working 9-5 + taking big summer holidays before the kids fly the nest, then try to start again as a barrister in my niche.

If I’m successful, great, I make good money again. If I’m not successful, then I have more time on my hands. 

The worry about not taking a break around 50 is that when I finally retire I’ll be too old/maybe even in poor health, to do things like mountain biking, which I love but currently don’t have enough time to do.

I would like to be able to retire in a few years (early 40s) as it would mean I have a big BOMAD trust fund to rely on 

By retire I mean go and get a job at Tesco with set hours and then do some charity work 

But as it stands I'll probably go early 50s and then do some bits and bobs to keep the mind ticking over. Charity work, part time job, bit of consultancy etc 

This is actually very interesting 

My cousin had a decent job and no kids, but her husband didn't work. Lived frugally, retired at 53.  No plays competitive sport in a senior category to a high level.  Amazing.

I have seven kids and am heading to the same age.  I make a ton of cash but I won't retire till 70 unless I find a rabbit in my Lock.

Retirement is a solution to the wrong problem. That is, being in an exhausting career rut. Get an easier job that still pays and you don’t have to retire. Win win. 

Hopefully never. I stop supporting the twins next year (when they qualify) and like my work which is mostly from home so might as well carry on. My father worked full time as a doctor until 2 years before he died.

I've tried retirement a couple of times and it was only disappointing because it was unplanned and so I had limited resources.  Still did some really cool stuff though like having a go at the Fastnet Race course record on a super fast giant catamaran.

living a frugal life in order to cease working and live frugally sounds grim a.f.

I'll work until I cease to enjoy it and will then do different easier work. Never feeling bored because never being boring, as the sage of the synth said

at some point, I want to do a stint being the person in the corner of the room at the V&A or nat gall or wallace collection, pointing things out and dispensing wisdom (most likely about where the loos are tbf) and then eg going to the Royal Geographic Soc monday night lecture and breeding abyssinian cats.

Retirement used to be ‘im too told to work’

for those in good jobs with high burn out it seems to be about giving up before you’re burned out or when you think you might

I don’t think we should assume that employment will be available if we decide to change lanes unless we plan that.  Most of us actually wouldn’t want to work at Tesco stacking shelves - because we’d be the odd one out.  
 

finding the happy medium is something that needs a transition and probably some false starts.  I started a business and sold it thinking that it might be a long term lifestyle play - but after a few years running it - I realised the joy was in building it not running it.

now I’ve found other roles to do which use my legal skills, pay well but don’t have the stress of PP (or the pay).  I’m taking a long term view that being occupied in something I enjoy is as important as maxing the cash. Partly because I maxed the cash early with an expat gig 

won't be able to afford it particularly young, but hopefully by 60.

i have relatives who were happily retired for 35+ years. i don't have the "omg i must work i need purpose" gene (/mental illness) at all

I can find plenty of ways to occupy myself that aren't work.  I might just head back to one of the holiday jobs I had at uni working in a local shop frequented by lots of nice PLU types.

one of the holiday jobs I had at uni working in a local shop frequented by lots of nice PLU types

Would they really want a greying wrinkly middle-aged guy at the job? 

would like to slow down from age 55 or so, but not sure if i necessarily want to properly retire (my dad retired from his "career" job aged 63 but then did some consultancy gigs till he was 70 - now fully retired).

slight complication we have is that one of our kids has special needs and not sure he'll be able to live a fully independent life, and not sure what his work prospects will be once he's done with school. So we may have to tag-team it a bit with both working part-time. Then there's the whole worry about what happens when we're both gone but that's not for this thread. 

Reminds me of someone I know in a similar position.  Trying to encourage her if she leaves most of what she has to her son who will always need help that it needs to be some kind of trust so he doesn’t end up giving it all to someone who takes advantage.  Basically any major spending needs someone else to approve it.

@pugnose we are in a similar position, just older.  If you would like a chat send a nonny - our kid has just left supported education aged 23 and a whole new world etc.  And what you wrote about when we are gone.

March 2027 at age 60, though I'll probably still work a day a week for a few years after that (to help out the firm and because it's very tax efficient as money drawn down from my pension will be tax free for the first few years).

 

I find all this planning for retirement at 55 (or similar) baffling.  I enjoy what I do, it's paid pretty well and I like the opportunities that it brings.  I really would have expected most lawyers to be in a similar position.  I can't imagine anything duller than being retired for perhaps 40 years.  

If you don't have a pretty easy but well paying job by 45 and certainly by 50, you're doing it wrong. What's the point of killing yourself doing something you dislike only to quit as soon as you start making good money? The trick is to transition into a low effort high reward role once you've done your coal face years, not throw in the towel and have to start over but on peanuts.  

Earning good money doing "something you like" isn't an option for most people. So you earn good money doing something easy. That leaves energy for the rest. Yes it takes your time but that's the deal. 

Mortgage will be paid off at 55 - I’ll see how I feel then. I suspect if I’m still enjoying what I do I’ll take my hours down gradually until I can’t be arsed any more. That’s the plan anyway… but, who knows?