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What are the downsides and drawbacks of retirement?

Discussion in 'Retirement' started by Startedin82, Aug 13, 2017.

  1. frangipani123

    frangipani123 Lead commenter

    When I investigated this I was told that I could pay the extra nearer my State Pension age - don't feel entirely comfortable with that in case they change the rules in the interim. I believe you can pay whether you are working or not. Don't know about paying whilst overseas - how would they know?

    Feel that this whole issue is a can of worms, as many will not realise they will receive a reduced State Pension.
    stopwatch likes this.
  2. stopwatch

    stopwatch Lead commenter

    I am registered as non-resident for tax purposes,so they know I am overseas and also the reason I am able to pay voluntary Class 2 - it's actually a good deal at around £13 a month..

    I also worry about rule changes (happens all the time when they realise people are getting a good deal/or they need to make more money/spend less).

    I also think it is a massive can of worms with lots of people thinking "OK I have my 35 years - I am fine" - but they are not OK.

    When the rules were 30 years (and pension was paid at 65), I was paying voluntary Class 2 overseas. When it got to 30 years, they automatically stopped taking it out of my bank. Problem was, they changed the rules to 35 years about 6 months after and I hadn't realised.
    frangipani123 likes this.
  3. stopwatch

    stopwatch Lead commenter

    I just managed to re sign up to a Gateway account (what a palava!) and access a forecast and a summary.

    Forecast is that I can get a full pension if I continue to pay 4 more years in the next 5. I am currently on 31 'full years' (I am assuming this means that I would currently get 31/35ths if I paid no more). I will have another full year from this year, up to April, so 32/35ths. The current amount I would get as is, is £129 per week.

    There are 13 years of non-full payments. The frustrating thing is that, even if a year is missing 1 payment, it cannot be counted.

    If I pay the extra 3 years, to guarantee full pension, this will cost me around £2200 and give me the additional 27.35 per month. I would need to live another 80.4 months/6.7 years. I reckon that is a good enough gamble!

    Hope I am understanding all of this correctly!
    frangipani123 likes this.
  4. thistledoo

    thistledoo Senior commenter

    After reading all the current posts (I apologise for my late 'likes') I believe that the 'downsides and drawbacks to retirement' are entirely a personal matter!
    Everyone has a completely different set of circumstances and views. Generalisations can be made but it is indeed up to the person retiring to decide what they can afford/ what they hope to afford to support their anticipated lifestyle.
    I am of the gardening and good book brigade, I am easily content.My working life was frenetic and stressful, to retire early, pay off the mortgage and be able to save (even if it is a pittance) is a bonus for me.
    We didn't calculate to include the state pension. We calculated the 'now' - can I afford to retire now - yes/ no, anything else was/ is a bonus. I appreciate that it is important but I retired early and the budget we had to live on/ off was important at the current time.
  5. khib1

    khib1 New commenter

    I'm really liking retirement after a year and now my husband has joined me. We are trying to live by the motto carpe diem as i think our teaching careers took over our lives to a certain extent. I would say that both of us feel that the only downside is a hangover from our working years of feeling that every day we have to be doing something useful. We still feel a bit guilty if we get up late or spend a whole day binge watching a box set etc etc . However this is probably just us and to be fair the guilt is slowly but surely wearing off.
  6. thistledoo

    thistledoo Senior commenter

    No, it's not just you. I felt guilty if I did very little, sometimes I still do but I'm trying to get over it! We should indulge ourselves... we worked for it!
  7. Piranha

    Piranha Star commenter

    My wife is like that. I try to tell her that a day can't have been wasted if you did something enjoyable.
    khib1, sally90, eljefeb90 and 3 others like this.
  8. Alice K

    Alice K Occasional commenter

    I am winding down and teaching two days a week. I really look forward to my teaching days and also enjoy having the rest of the week to meet friends, go out and sometimes have a 'duvet' day. A close friend who is a head teacher is retiring next year and intends to work part time.
    Startedin82 and thistledoo like this.
  9. Alice K

    Alice K Occasional commenter

    Some great points in this post and honesty about moving into another phase of life. I can only say that many of my colleagues have been retired for several years and are enjoying their retirement in different ways. Some are travelling and developing interests that they didn't have time for before.
    eljefeb90, Startedin82 and thistledoo like this.
  10. Duke of York

    Duke of York Star commenter

    I retired when I was 59. It had never been my intention to take early retirement, but I got fed up with the amount of traveling I was doing. The traveling was unavoidable, given the nature of the business I was in; and as the business grew, it meant I was often spending all week away from home, which wasn't fair on my sweetheart. Coming back home to Kent from Scotland in a week I'd put in 90 hours, the journey was horrendous. Torrential rain coupled with high winds had closed the Dartford bridge and it took hours to get from the M1 to the tunnel. I eventually got home around 11:00pm and decided I'd had enough.

    I worked out that we could survive until I could draw my NHS pension at 60. It meant giving up the car so we could make ends meet, and adapting our lifestyle in other ways to keep within a budget and perhaps more importantly, getting used to spending all week long in the company of my sweetheart, something that we'd only ever previously done for brief periods.

    We'd always had plenty of things to talk about when we were working, but after we lost those conversations about work colleagues, people we'd met and things that had happened in the course of the day, we became a little more testy with each other.

    I spent more time gardening and at some point acquired an insect bite which left me with an infected leg and subsequently cellulitis, which results in regular leg infections, so I started spending a fair bit of time at the doctor's.

    At home I took the opportunity to catch up on the history education I'd never had via podcasts, along with the wealth of other interesting podcasts the Internet offers. The net result of this was that I spent an inordinate amount of time resting my elbow on the desk, which resulted in crushing a nerve in my elbow which fed the large muscle in my hand and rendering that hand to be pretty well useless for anything delicate.

    It seemed to me to be ridiculous that throughout my working life, I'd hardly ever needed to visit the doctor's but as soon as I stopped working I was down there all the bleedin' time.

    But it was an excellent surgery and when one day I saw they were looking for volunteers to deliver prescriptions, I asked my sweetheart if she fancied doing it with me to get a change of scenery and that's what we did.

    I should explain, we lived in a rural area where the village we and the surgery were located was the largest. The surgery served quite a large area with lots of hamlets reached by narrow country lanes, so had no bus service, nor pharmacy within easy reach. And it transpired, lots of elderly people who couldn't drive lived. I sometimes gained the impression that we may well have been the only people they had seen all week, but we delivered their prescriptions to them every week and got to know them. They were all lovely.

    Eventually a couple told us that their b.astard landlord had increased their rent to a level they couldn't afford and they'd have to move into social housing. The council required them to bid for properties on a website as they became available, but they didn't own a computer, so I offered to check what was available on their behalf. One thing led to another and while I was checking out a property on a housing association's website that the council's link led me to, I noticed they had a button called vacancies.

    In it I found they were advertising for an Estate Manager, read the job description and decided to find out more. It turned out to be the best thing I'd done in a long time.

    So I'm out of retirement again. The job is fascinating and the housing association is brilliant to work for. Everyone who works for it is so supportive. It's entirely unlike any other job I've had and when I help a resident out with something, they are eternally grateful.

    I'm what's called a lone worker. Although there are tiers of management above me, I'm largely left alone to manage the way I work and decide for myself the best way the estate needs to be managed.

    I'm back to not knowing whether I'll actually retire. I may be forced to I realise, if ill health forces me to, as it surely must one day, but it's a job that keeps the brain active and is enormously satisfying.

    One that I suspect a teacher to be eminently suited for, since it has in its way all the reasons and values that people sign up to become teachers, but without all the grief.
  11. the hippo

    the hippo Lead commenter Community helper

    Duke of York, what a wonderful post! As for me, I really cannot see us returning to the UK. We just cannot afford to do that. Although there are quite a lot of things that I miss about the UK, I think that we will be able to settle down well in Bulgaria and you will be able to read about our adventures on my blog, www.bulgariawithnoodles.blogspot.com
    At the moment we are still in China, but I will be retiring at the end of this academic year.
    Duke of York likes this.
  12. binaryhex

    binaryhex Lead commenter

    I have had a wonderful year this year, involving a long distance walk in Spain, another along the Lycian Way in Turkey, skiing in Bulgaria (nice country and will be spending more time there one day), cycling around the Orkneys and have just got back from two months in Burma and Cambodia. I’ve also done some voluntary work in a school in Cambodia and am starting the new year off by spending the first few months in Cambodia helping to train their teachers, then it will be Japan for a month, skiing of course, Spain again and national parks in South Africa for June for two months.

    There is so much to do and I’ve met great people along the way. I still like teaching and training but not when it involves crazy workloads. Voluntary work ticks my boxes, makes a difference and is a lot of fun. Teaching kindergarten and really young ones has been especially good fun, as I’ve taught secondary all my career. Surprising perhaps, retiring is a lot less expensive than you might think. Cheaper flights, cheaper off-peak hotels, cut back on stuff you don’t need, run a small car, cook your own food ....

    If you can, retire and live. Don’t keep putting it off so you get an extra £5 a week Pension!
    Piranha, Alldone and eljefeb90 like this.
  13. ikon66

    ikon66 Occasional commenter

    Que The Hippo ;););)
  14. heldon

    heldon Occasional commenter

    I have done some of the Lycian way between Fethye and Kas, would like to have a go again. Did you camp?
    There is also the Carian trail now near Bodrum. I have my eye on the Kom-emine trek in Bulgaria. Also would like to consider the following treks, GR1 Sendero Historico in Spain, the TeAraroa in NZ. Done the GR11 twice and also the GR10, GR5 and GR20 in Corsica. There are just so many treks out there. Also have cycle touring South East Asia on the radar. There is also some great stuff in the UK, Scotland, South West Coastal path etc.

  15. Shedman

    Shedman Star commenter

    Brilliant post full of common sense and wisdom. Thanks for taking the time to type it all in. The recommendations bit has got me thinking.
    stopwatch likes this.
  16. S1a3t5u7r9n

    S1a3t5u7r9n Established commenter

    I have been retired for a whole term now.
    Pluses I have completed a major DIY project
    Downside is that I still feel I have a lot to offer struggling maths students.
    I know it is early days and an out of term tip to Lanzorote at the end of January is very appealing
  17. the hippo

    the hippo Lead commenter Community helper

    Regular readers of my online ramblings will know that we are currently living in Shenzhen, in southern China, just round the corner from Hong Kong. Mrs Hippopotamus has been feeling rather unwell for the last few weeks, with swellings on her forehead, face and throat. Recently she has started to have chest pains as well. At first we thought that it was some sort of food allergy, but when we we went to a very good clinic here in Shenzhen, we found out the real cause: air pollution. According to the doctor, this can build up in your body and then some nasty symptoms will appear. Retirement cannot come soon enough!
    eljefeb90 likes this.
  18. stopwatch

    stopwatch Lead commenter

    About to head back to the Land of Sand for the penultimate term. Melancholia begins to set in along with a definite desire for time to pass more quickly to the end of June 2018.
    We have had a very hectic, but fun and eventful Christmas and New Year with lots of visitors and many memorable events. I guess that, although we look hesitantly forward to the next 6 months, when we get to June we will appreciate it all the more.
    As you might guess from my avatar, I have a sports background. I can only liken the current situation to hitting the wall in a marathon - knowing it will feel like a great achievement crossing the line, but also knowing the final few 'miles' will be all the more difficult to face.
    Onward and upward....:)
    eljefeb90 likes this.
  19. the hippo

    the hippo Lead commenter Community helper

    The medication is helping to reduce the symptoms. The side-effects are that Mrs H often feels sleepy (and hungry!) However, the problem of air pollution in China is not going away sometime soon. Yes, the Chinese government is trying to plant more trees, more electric cars, fining factories that are releasing a lot of pollution and so on.

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