Big Decision

[Uncle Mort]

Since my operation I’ve been in discussions with the financial advisors about early retirement. They’ve been off touting my pension pot on the marketplace seeing what I could expect. I’ve just received the paperwork with their findings and recommendations.

The bottom line income is not great and is less than I’d hoped for, even with the quote being based on “impaired health”. Still, with the lumpsum added to my savings and the mortgage paid off I’d probably manage well enough.

BUT ~ it’s a big step into the unknown.

Work has always been a big part of my life and what with having young sprogs and the divorce I seem to have ended up with no social life. Family and acquaintances yes, but no close friends. I probably could and should cultivate a few outside interests but there’s going to bags of time to fill.

I’d appreciate your comments and suggestions.

[Barman]

Give it up Uncle - you're a long time dead...

I've never regretted giving up 'proper' work and you could always start something on your own - part time - if you get bored (which is highly unlikely)...

[Nick]

I guess Snoops is your man as he has been there and done that. WIth mortgage paid off and no commuting to pay for you can survive on less and there will be other things to do, either voluntarily or freelance for dosh. Children tend to get more expensive as they head to university, but there is still means testing available, so that may not be a concern. I guess that you need to explore activity options as well as financial options. My sister seems to keep fantastically busy with U3A, counselling work, all kinds of societies and Adult Ed attendance.

WHat is there to do round your way? You may even meet some rich widows  

[Pastis]

There are many facets to this situation Unc but have you thought of discussing a "staged" retirement? Rather than taking The Big Step in one, reducing your working week. A friend of mine had a heart problem a few months ago and is going back to work soon but on 'lighter duties' and a shorter working week before he retires completely in a year or so.

[Snoopy]

I We were agreeably surprised when we actually worked out the costs of going to work which would no longer need to be met. being at home also enabled me to "cook from basics" which is also a big saving.
Dropping from £45k pa to circa (sorry that sounds a bit like Kim) £17k was a hell of a shock, especially as we had been living up to the higher income (Mortgage, credit cards etc).
It has been a pleasant surprise to find just how much "help" there is out there (Thanks mainly to NuLabour I admit) and once you get over the silly attitude of "I've never asked for owt in my life and I don't want charity now" which we all do to a greater or lesser extent then it is relatively simple if a little irksome (form filling, answering the same silly questions every other month etc) to tap into the largesse of the state.
Financially I have never been in a position whether employed or since when I did not dream of a lottery win or at least £50k from the Premium bonds. One simply manages to get by. Strangely the less you have the less you need.
Nick is right ~ kids do get more expensive as they get older but they do also learn to be realistic in their demands. The THW will be off to Uni next year and she knows she hasn't a hope in hell of my being able to fund any of it ~ so she will max out on student loans, get a part time job etc. But plenty do that. Nobody expects you to buy them a flat, pay all their bills etc (unless you belong to the Blairs that is). The THW has the opportunity to attend uni in Wales and the WAG will pay her tuition costs in full so she only needs to find her living/travel expenses. BUT she has elected to put 5 English unis on her application. Not interested in the £3250 available from WAG. No I don't understand it either since the course she wants is available in Wales but it's her choice.
Filling your time is the big one. I prolly spend far too much time in here but it is no more time than I would spend chatting about non work issues to colleagues if I were still in an office. I see this as my "Photocopier time". Other than that I involve myself in village affairs, local charities and other things of that sort (and make a bit by ensuring I claim due expenses for it) Every community needs people to make it work, expenses are a valid part of that and they are tax free as are the lunches that go with the meetings.
Today I have various matters to attend to. It is the start of Magazine editing week. I have banking to do for the Village Hall Trustees. I have "credit control" calls to make to chase up monies owed to both the Magazine and the Hall. Letters to write as well as two boys to look after and dinner to prepare as their mother is out for the day. I won't "sit down" until about 8pm.
My lil bro is finding it all hard going now that he is 60 and is actively discussing part time work with his employer and, as back up, with other potential employers. He will also get back on the golf course and join me in other ventures. there is plenty to do. Life is about more than work.

[tel]

I am sort of "retired", as no work for over 2 years.
I am taking one of my pensions, which not great, will pay the bills. Other pension is Civil Service based and cannot be taken until I am 60. Got some AVC stuff as well, which should be used to buy an annuity, so lots of, yes I have had a heart attack, smoke and drink - supposed to get you maybe 25% more if they think you are at risk.

As for time - well I am still looking for work, anything really, although you need cert'ing to be a labourer these days. And I have been putting myself about as an IT bod for home users, slow but still trying (have even put cards in newsagents windows).

Time is also taken up with family, dad mainly and now neighbour. Hobbies etc help as does gym.
Winter is worst, obviously, but even then I have remained sane somehow.
I suppose I don't really want to admit to being retired but I would rather do it on my own terms than having it thrust upon me and having no choices in decisions.

Generally most of the people of my age who have "retired" are seen as being more healthy and happier now that work pressure/stress has been removed, even when things might be tight.

[Uncle Mort]

Thanks chaps, lots to ponder.

The U3A looks a good starting point, not heard of them but a quick google shows groups in the area. Financing the sprogs is a bit of a worry, even now there's always some trip or the other to pay, and I would like help them through Uni if at all possible.

Snoopy, is that £17k gross? I resent having to pay tax on my pension but I guess that's the way it is. I'm on very good money at the moment and I never think twice about what I spend, the drop will be a shock. And I don't know about the government largesse, I do have savings so I may fall foul of means testing.

I don't fancy 'light' duties or part time, I think it's going to be all or nothing.

[tel]

I would still like to use my skills in some way or another, whether that produces income or is used for voluntary purposes will pan out over time.
I do have plenty of things to keep me occupied at home, garden, house, music, reading, family history, but I still enjoy the challenge of IT related problems - it's all I really know work-wise and it keeps me on my toes.
I'm not ready to put my feet up yet.

My dad's nearly 83 and I have trouble keeping track of him - he's always off gallivanting somehere.

[Snoopy]

Gross ~ no. I do pay tax and of course SWWLTBO does contribute towards that figure.
Her income is deliberately kept below tax thresholds and at a level that does not effect too much what I can claim in benefits. For every £1 extra she earns I lose 70 pence and if her £1 is taxable then it doesn't need a calculator to see that we would be worse off.
Three lots of Child Benefit are included and we do get Child Tax Credits (which is crazy when you consider that they tax my meagre pension). Of course these both reduce once the THW leaves the nest (or education).
I do get pension credit (yet they still tax my meagre etc etc) and some disability benefit. I am "fortunate" to qualify for Mobility Allowance too tho' frankly I would rather be able to walk.
About £2500 of that income is "expenses" but if people wish to pay me 40 pence a mile to attend meetings then I am not going to say no. Equally I am paid 15 pence a mile to attend hospital appointments and since the round trip is 146 miles and I have to attend monthly at the moment I am not going to refuse the money. £22 a month = £264 a year  

[Snoopy]

I would still like to use my skills in some way or another, whether that produces income or is used for voluntary purposes will pan out over time.
I do have plenty of things to keep me occupied at home, garden, house, music, reading, family history, but I still enjoy the challenge of IT related problems - it's all I really know work-wise and it keeps me on my toes.
I'm not ready to put my feet up yet.

My dad's nearly 83 and I have trouble keeping track of him - he's always off gallivanting somehere.

My skills lay in negotiation, drawing up of technical quotations etc. Thus working as a volunteer with charities is a good way of still using the skills acquired over the years.
Calculating the expenses is tricky but I tend to submit receipts for everything I pay out in the course of performing whatever task I take on and if some of the paper /stamps/envelopes/toner etc bought happen to get used for other purposes 
For example (and knowing how honest you are) how would you go about charging to produce 16 copies of minutes 12 times a year and posting them out each month to committee members? It is impossible to break down the cost of the paper, toner, envelopes etc so I just buy them and submit a receipt every now and then. Frankly life is too short to calculate the cost of each sheet of paper when you buy it by the box (5 quires at a time) and they do get the benefit of my experience, knowledge and, most importantly, time free of charge.
As for travel ~ They set the rate per mile and I always take the direct route. Not my fault if I get paid £25 for a journey that actually cost me, in fuel terms, £10. I do, after all, have to insure and maintain the vehicle.

[GROWLER]

S'pose I'm very lucky in some respects, as both my full and part time self employed jobs were chosen by me and could almost be classed as hobbies in fact.
I can't see myself ever 'retiring', sitting at home all day wearing a white cap fluffy slippers and a zip up cardy, doing a bit of weeding and then in to have another brew and to watch the Jeremy Kyle show, waiting for the 'big black bus'.
That is my image of retirement, rightly or wrongly, so what I'm actually saying is combine your hobby with some werk, DO NOT vegitate.

[Pastis]

Same here Growler. Also glad to hear you've made your mind up about part time and 'light duties'.

As one of my contractors says on their adverts: "There's a whole world out there!"

[Uncle Mort]

I can't see myself ever 'retiring', sitting at home all day wearing a white cap fluffy slippers and a zip up cardy, doing a bit of weeding and then in to have another brew and to watch the Jeremy Kyle show, waiting for the 'big black bus'.
That is my image of retirement, rightly or wrongly, so what I'm actually saying is combine your hobby with some werk, DO NOT vegitate.

Not my idea either. I don't plan to vegitate (or even vegetate  )

[GROWLER]

I can't see myself ever 'retiring', sitting at home all day wearing a white cap fluffy slippers and a zip up cardy, doing a bit of weeding and then in to have another brew and to watch the Jeremy Kyle show, waiting for the 'big black bus'.
That is my image of retirement, rightly or wrongly, so what I'm actually saying is combine your hobby with some werk, DO NOT vegitate.

Not my idea either. I don't plan to vegitate (or even vegetate  )

Looks better the way I spelt it.

[barmisspah?]

When my father retired he started stewarding at racecourses :- Ascot, Newbury, Sandown, Windsor & Kempton. It gave him 2-3 days work a week for a sizeable part of the year. Now he is 83 he has cut it down to just 3 (Kempton changed to all weather & they wanted them 4/5 days a week which was too much & he got fed up with the traffic at Newbury).

I can't remember where you live so it may not be feasible, but there is also a requirement for stewards at football stadiums & at music gigs etc.
No pressure or stress.

This may not be for you but it goes to show that there are 'part time' jobs out there if you want them.