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Full retirement at 58? Sensible?

Discussion in 'Retirement' started by -, Mar 28, 2015.

  1. stopwatch

    stopwatch Lead commenter

    I think the key thing to think about is to fill your time with low cost/no cost activities (I think I might have mentioned this in another post). Also trying to appreciate simpler things.

    I'm not advocating taking up the life of a monk, but,for example, in my recent mini-retirement year, I joined 3 volunteer groups, did lots of walking and cycling and used my rail card for cheap rail fares to visit relatives.

    I still bought wine though!!! :)
    lynneseptember and frangipani123 like this.
  2. the hippo

    the hippo Lead commenter Community helper

    Absolutely! Wine merchants in the UK need your support. The weird thing about Bulgaria is that they make some great wines, but Bulgarians all drink vodka, whisky and rakia.

    MAGAorMIGA Star commenter

    What will happen if you're ill, or need an operation in Bulgaria? What's their healthcare like?
  4. Guest

    Guest Guest

    In some ways this thread is now redundant although hopefully remains useful.
    If you have read other threads you will know I have now returned to teaching. I did so from September on a fixed term part-time contract of 0.26. I have now been offered further teaching from January 2019 at my old school, which, for several months at least, will take me back to nearly full time. To be honest I am very happy doing so. I know others on here will think me crazy, but I am not yet ready to retire. The break has been useful and somewhat enjoyable. It gave me time to think about what I wanted. The work will also enable me to achieve my medium term financial and life plans. (Although the former is an added bonus)
    It was actually when I was invigilating at my school shortly after 'retiring' that I realised I had gone too soon. I am thrilled to be offered another opportunity to do what I love.
    Each to his own.
    Wishing you all a Happy and Peaceful Christmas.
  5. eljefeb90

    eljefeb90 Senior commenter

    I have seen one or two part time jobs and thought about applying for an hour or two. Even a one third timetable would leech into the rest of my week, with preparation, marking and the myriad admin tasks. They were at places where behaviour wouldn't be an issue, but even so. The work I do now is between £9 and £13 an hour , but I can turn it down and it is stress free.I am too addicted now to being able to get away from the lack of light and the lousy weather in term time. Cheap flights and cheap accommodation. It was a shock yesterday coming back from twenty degrees to two.
  6. eljefeb90

    eljefeb90 Senior commenter

    ...but glad it works well for you. Merry Christmas.
  7. Guest

    Guest Guest

    Thanks Eljefeb90. Always appreciate your. Moments.
    eljefeb90 likes this.
  8. TheUmpire

    TheUmpire New commenter

    Remember that age is just a number and everyone's situation is different. Whatever you decide to do its important to stay active. I know many colleagues who are busier in retirement than they were when teaching, and loving every minute of it. Retirement brings new opportunities to do what you enjoy from travelling to studying to spending time with the grand kids. Embrace it and enjoy it to the fullest!
    Gainingcontrol and eljefeb90 like this.
  9. Guest

    Guest Guest

    Just over halfway through my current contract with my former school which ends on August 31st. Been back there since January on 0.65 Not going too badly. My contract of 0.26 at another school finishes in June. Must admit looking forward to just having 3 and a bit days a week from middle of June rather than the nearly full time at the
    moment since January.
    Now thinking about what to do if offered a new contract from September. Having salaries and pension has been great. Enabled me to put back money spent in last couple of years on car and house too.
    My thinking is to accept if offered in my own subject and no more than 0.5. To be honest I may even prefer bits of days to whole ones. We shall see. That would take me to August 2020 and age 62. Maybe then just settle for the occasional invigilation. We shall see!
    Hope everyone is well.
  10. eljefeb90

    eljefeb90 Senior commenter

    Well done, sir! I personally couldn't have faced going back to teaching, but I really enjoy the casual invigilation and council work I do. It is definitely a good feeling to add to your bank balance , but I prefer casual work so I can take regular holidays abroad during the colder six months of the year and take advantage of cheap flights.It is great being able to pick and choose when to work but still have the social, psychological and financial perks of working.
  11. Guest

    Guest Guest

    At the moment reconsidering plans from next September. Will post update when decisions have been made.
  12. Guest

    Guest Guest

    Looking like I will be offered another part-time fixed time contract by my school until August 2020. I said I don't really want more than 0.5. Have to admit that working 0.9 at 2 schools since January has been tiring. However one contract has now finished which now gives me nearly two days a week free.

    Although I worked full time for 35 years before taking final benefits in fairly senior posts my pension is only just over £18000, which is ok but not brilliant. I did phased retirement from 55 to 58 and then took the rest AAB. I also maximised lump so completely debt free with just over half of it left. All this reduced my pension about £3000. However have topped up lump sum with current earnings. In retrospect maybe I should have waited till 60, but wasn't sure I could have done that at good enough standard.

    I am currently paying into new scheme and will continue to do so. I will be 62 in 2020 and will review my options again then. I did have a year 'retired' from 2017 to 2018. However missed school. I did sort house and garden etc.. However not really into DIY etc... May do some travel after 2020 depending on finances. I don't really want wont to have less than £50000 savings/investments as back up.

    Unfortunately wasn't able to save much when working and not do have,as many seem to on here, a large AVC pot, rental income nor inheritances to look forward too. Also unattached so no combined incomes with a partner.

    Always impressed how many seem able to have so many holidays and treats on here.
    Admittedly,I do save from pension monthly to fund annual bills. Also invest a small amount each month into low risk S&S ISA.

    Will update when things are confirmed.

    Take care everyone.
    eljefeb90 likes this.
  13. binaryhex

    binaryhex Lead commenter

    The thing about retiring is to move from a 'saving' mentality to a 'having fun' and 'balancing the books' mentality. Lots of new retirees still insist on planning to save, investing for the future. The idea in retirement is not to invest for growth but preserve what you have and spend it enjoying yourself, whatever that means. Sure you need to have a safety net for leaky roofs and replacing the car every now and again, but it's about projecting how to spend what you have and whittle it down, and spending the income you have coming in each month. Tricky to make that switch and many people, including myself, find it hard to spend what they have each month without feeling frivolous or frittering it away needlessly. Even now, I can't bring myself to stay in hotels on my many travels that cost more than a basic one for the country. Anything more than about £30 a night anywhere in the world I think I'm being stupid wasting money like that. All I need is a bed, bog and shower.
    Last edited: Jun 19, 2019
  14. Guest

    Guest Guest

    I take your points BInaryhex. However as you have mentioned before you have quite a decent financial back up compared to others.
    I am also not a risk taker. Yes of course have fun but responsibilities and the real world don't just disappear when you retire.
  15. eljefeb90

    eljefeb90 Senior commenter

    @binaryhex and @no longer a user . Great to see that it is still possible to see two people with opposing views debate so civilly ! What's more, you are both right. If your working conditions are at least tolerable, why not keep going a bit longer to build up a stronger safety net? @binaryhex and I , on the other hand, had had enough of an increasingly stressful and toxic school environment, so escaping from it was a true liberation. However, retiring at 57 , with a nine year gap till I accessed a state pension, seemed a long time to eke out an existence on under £20,000 a year for the two of us. To be honest, having now, at 60, been retired for three and a half years, finance has been the least of my worries. Paying off my mortgage with a small part of my lump sum was a true liberation and I have several low stress casual jobs . I have never felt better off and no longer have to make do and mend for the first time in my life.
    Dorsetdreams likes this.
  16. Startedin82

    Startedin82 Established commenter

    I agree that by the time you retire you shouldn't be thinking about stashing money. Yes you need a rainy day pot but enjoy the rest of it! Life is short!

    As I've said before - my mother-in-law wouldn't spend her considerable savings - preferring, I think, to spend the day looking at her Bank and Building Society statements. The result was that the person who got most of her money is the owner of her care home.
    Dorsetdreams and diddydave like this.
  17. Dorsetdreams

    Dorsetdreams Occasional commenter

    I enjoy reading this 'can I afford to go' thread because I know I'll soon be contemplating this very dilemma.

    I don't want to sound rude, but I hope I can be more decisive than @no longer a user , who was debating retirement four years ago and is still undecided.

    I fear I may not be. I've spent most of my life worrying about money. Now, I look back to those long student summer holidays, and wonder why I spent them doing tedious menial jobs: I should have been travelling and getting into debt. Instead I left uni with money in the bank. But I could never buy back those lost sunny days of freedom.

    It would be awful to squander years of healthy early retirement in the same way.
    Prim, eljefeb90 and Startedin82 like this.
  18. Guest

    Guest Guest

    I thank you all for your comments. However I will point out that many contributors on here have the resources necessary to be free. Yes I have had trouble deciding. I am a natural worrier. Money has been concern for reasons I have posted elsewhere. I am concerned that after 36 years of giving my all to the job I will spend whatever time I have left unable to do much owing to lack of funds.
  19. binaryhex

    binaryhex Lead commenter

    After 36 years teaching, five years posting 'shall I retire' posts and banging on about if you'll have enough to retire on, I genuinely do think you need therapy, to talk through your anxiety issues. You sound like you won't be happy till you're six feet under and don't have to worry anymore.

    One life. Live it (on the cheap if that's what it takes.)
    Prim and seasoned like this.
  20. ikon66

    ikon66 Occasional commenter

    I wish I had 36 years of salary pension!!!
    binaryhex likes this.

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