Retirement options

[artie]

Years ago when I was really working, 100 or more hours per week, I always thought I would retire to a 9 to 5 job.

But around 10 years ago pensions were performing so bad, I cashed out and kind of semi retired, doing enough to pass the time.

Next year I'll have more options and less need to work.

Problem is, all my life I never knew what I wanted to do and still don't.

I could carry on as I am, I could work less, or I could do something different.

I would like to have a reason to get out of bed in the morning.

 

[doctor Bob]

Watching with interest.
I'm 55 and want to go in 5 years time. I'll end up as a sleeping partner I expect, maybe 1 day a week.
I'm already looking forward to it.
One of the things I want to do is walk the uk coastline, maybe in 2 -3 month intervals over x number of years.
I have numerous home projects too big to take on whilst working.
I would also like to build another house, subject to planning on some land I have.
what with dogs and a secondary smaller business, I think retirement will be busy for me.

When I was a kid my mates Dad built a full size areplane in his garage, that might be fun.

 

[AES]

I sympathise artie. I'm 75 now and finally retired at age 69. But that was only for health reasons and if not for that, I'd probably be still working now, albeit less hours (I worked on a self-employed project basis, so would simply have chosen projects more carefully/less frequently/generally a bit nearer home rather than "anywhere and everywhere").

The problem is that if you really "loved" your work (as I did, in general) it's VERY hard to replace that "strange" feeling of satisfaction after a job well done - not to mention the money of course!

What I've done, with some success (not complete success mark you) is to take up:

A) More time in, plus expansion of my workshop (both a bit of metal and wood in my case);

B) Singing in a couple of local choirs (or at least, until Covid!!);

C) Bits and pieces of home and garden maintenance;

D) Writing (on a semi-professional basis).

AND an VERY understanding partner is IME, absolutely vital. Retirement, forced or otherwise, really does change your life (and your partner's).

Please note my comment above about "not with complete success". I still miss my professional life, sometimes more so than at others. BUT although the specific "hobbies" I've listed above obviously won't appeal to everyone, I think it IS worth pointing out the of the above 4 items, 2 are more-or-less "solitary/indoor" occupations, and 2 involve meeting other people on a fairly regular basis (or at least home maintenance and choral singing both did until Covid)!

I'll be very reluctant to try and advise anyone on a definitive basis, but to me the "key" (if there is one in my case) is that the above 4 main things involve a mix of both "solitary" and "collective" items (especially with new people). So I think it is important to concentrate on more than one activity/hobby, AND to be sure that whatever items you choose do get you into that sort of mix.

And don't forget that "one thing CAN also lead to another" - e.g. I joined this Forum to learn stuff (and still do). But I now also get some satisfaction in passing on through the Forum "stuff" I've learnt (often the hard way)!

HTH mate - IME it ain't easy!

 

[eribaMotters]

You are so correct, you have to have a reason to get out of bed in the morning. You cannot revert to doing very little after being so busy. I've learnt the hard way.
I taught secondary school for 35 years and was mentally and physically knackered. Up at 5:15am, cycle to work for 6:15am no lunch break, clubs and meeting till 4:15pm at earliest and then home for a couple of more hours work. Added to this weekend schoolwork was a must, just to stay afloat. Towards the end and doing 60hrs a week plus holiday stuff I had no energy to do anything else and jumped into early retirement at 56 years old.
We started on a 2 year plan, sold the house, moved north, took on bungalow refurb and remodel, an 80m2 extension, made fitted and freestanding furniture, landscaped the garden, took up crown green bowls [love it], managed a couple of 4 week breaks in France with the caravan and then planned for 2020 and lots of time away. Keeping busy was great, doing stuff we wanted to do for us.
The problem then came, Covid. I have been bored rigid. Every job I could have done was completed for March 2020.
Plan carefully is my advice.

Colin

 

[artie]

One of the things I want to do is walk the uk coastline,

I had made a start on walking right around NI, I started on the north coast, but it's on hold now for a while.

 

[Roland]

What to do? There’s no single “right“ answer, except that doing nothing isn’t good for your prospects.

... I never knew what I wanted to do and still don't ...

My personal philosophy is that, if you keep your eyes open, then something will present itself. When we plan we tend to have a narrow focus. When we keep our eyes open we get wider experiences. I expected to plan my retirement. In practice my working life came to a sudden dead stop before I got around to planning anything. As I recovered I felt as though I was picking up the threads of the life I had before education and career got it the way. I realised that I could pick and choose which to continue with. Model aircraft I dropped. Guitar maintenance and building I picked up again. I also did some odd manufacturing jobs for my son’s employer, making sample products where small volumes made them difficult to contract out. Recently I’ve got involved with my local community, and that now takes up one day per week of my time.

One of the strengths that recently retired people have is the experience of making things happen. Have you watched Robert Di Nero in The Intern? There are life skills which are transferable. A friend of mine started with Citizens Advice. He said that he spent his time helping people add up their weekly spending. He was good at being patient and sympathetic. Another friend volunteers for a food bank. She’s good at fund raising, and she’s good shopping, buying food and groceries.

 

[Woody2Shoes]

I think that a "portfolio" of activities is good. Stuff that involves human interaction is good. Something that involves learning new mental/physical skills is good.
Helping people with disabilities, helping with local sports club, volunteering for stuff, etc etc

 

[Dee J]

Currently paused working life and returned to being an art student... After that, who knows.

 

[Sandyn]

You sound as if you have been working so hard you possibly haven't had time to develop hobbies. You should try some new things, some might take your interest. You need to have lots of interests in different things, hobbies for different seasons. Challenge yourself to learn some new skills. What hobbies do you have?

 

[dannyr]

I've kept on with hobbies and sports/exercise in retirement, and combining both on the allotment and in the workshop, but the new thing for me was volunteering in the medical sector - starting with local hospitals and then national organisations like BHF and NHS_NIHR (in both cases on the research side) -- there's a lot to learn, give and it's great 'brain gym' -- also a good answer for "and what do you do?" -- see for example www.involve.org.uk. -- (You may get the occasional expenses covered but don't think of this for income).

the virus has made this seem even more relevant.

 

[AES]

@artie: I must agree 100% with the above posts - those that talk about volunteering in various ways. Also don't forget the "Mens' Sheds" organisation (which we don't have here BTW).

All the above point toward one of the things I consider VERY important, i.e. meeting & "working with" new people. IMO it's important that whatever your interests are (or become), that you don't restrict yourself to something solitary with no interactions with others.

Again, HTH.

 

[Blackswanwood]

I wish I hadn’t read your question Artie as I’m trying to avoid thinking about something similar.

Several of my colleagues/friends have opted to retire relatively early over the past couple of years. One hates it - interestingly he was the one who moaned the most about work - but he misses it. The others have flourished and look younger. My wife thinks I should set a plan to do as they have done but I prefer to carry on as long as I find it to be satisfying and deal with it when/if that changes.

It’s definitely a first world dilemma but a real one!

 

[Terry - Somerset]

I retired early (58 years old) about 8 years ago. This is how I got into woodworking as I figured daytime TV would be full of the second rate and repeats of the second rate.

Some days I may spend 5 hours or more in the workshop, sometimes none - depends on weather and other things going on. Some travel, walking, winters somewhere warmer, friends, family etc.

But the main challenge was one of mindset - at work focus is on effectiveness, efficiency, profits etc - it now takes as long as it takes to produce something I am happy represents my best.

I also realised hat there are socially conventional ways to contribute in retirement - charities, volunteering, school govenor, etc etc. But I came to the conclusion that if these rock your boat" - fine. If they don''t, do what you want and enjoy.

You may have spent the last 40 years doing what others expect of you - you have a window of indeterminant length between retirement and ........ to do whatever YOU want.

 

[D_W]

make something well and sell it. It will keep you involved with something stimulating and have you working to a standard.

For 40 years, my mother had a part time business, and when she retired early (her choice - she retired at 54), she just did more of her business. But not tons more, just still part time (like 1000 hours a year, maybe - but she'd been doing that on top of a full time job, so it just felt like fun to her - she could indulge in some things, like trying to sell designs or faffing with online selling which can be a time soak if you sell something that goes quickly locally in person).

That's my suggestion. Have something you want to do well, but that doesn't feel like it will have you peeing into the breeze when you don't want to pee.

This past year at 72, my mother started losing her memory at an accelerated rate, and I don't know how long she'll live, but she can no longer keep track of things for her business (we noticed the start of this a couple of years ago). Not being able to get up and do this stuff hasn't been good for her, but she had 18 good years in retirement, and never went through the depression and "why am I here, what is my purpose" kind of stuff. She also went to the gym and got a horse (the latter sounds dopey -she had a horse as a kid and always wanted another one, and can/could ride like a movie stuntman considering she's an old woman).

 

[mikej460]

I retired at 60 having had a successful career that as I got into my 50's became a very heavy cross. I hated the commuting and the politics but when I did retire I found I missed the people and the challenge (and to a lesser extent the money), which surprised me; however that began to disappear after about 6 months. Anyway, as I accelerate to 'proper retirement age' I am more at peace with the decision as I have filled my days with house renovation, gardening, running my smallholding, volunteering in the village and now woodworking. I am one of those retired blokes that doesn't know 'how I had time to work'. My only regret is that I've filled my day so much that I can't find time to go walking, which I really enjoy. But I do so enjoy getting up at 8am and spending an hour over breakfast before starting 'work'.

So my advice would be to think hard about what you want out of the rest of your life, what excites or interests you. Think about the times you've thought 'if only' and write it down.

 

[D_W]

My mother experienced the same thing as you mentioned above - but it took about a year for it to wear off, and she was hard on my dad (who also retired at 54). He was ready to get a part time job behind the register at a golf course (so that he could play for free) and she was ready to work her part time job 1000 hours a year (her own business, not really a "job") and come up with 2000 hours a year that she and my dad would do, including completely re-landscaping and cleaning a full acre of hilly land covered with ornamentals, a fish pond, etc, and working over a large house and two freestanding garages.

My dad had other ideas and there was a lot of friction. After a year, that "border collie chewing on their knuckle joint" thing wore off with my mother and she ended up getting a different group of friends than her work friends as she started to realize that the work common bond was the thing they shared, but not much else.

19 years later, dad still works 1 1/2 days a week at a golf course, but the most strenuous thing he does there is move carts and plug them in at the end of the day. The rest of the time is just gabbing with people he mostly already knew.

 

[RobinBHM]

My Dad retired from his job as a financial director in 1986 and died in 2020

34 years of retirement!

 

[cowtown_eric]

The Japanese have a word for a reason to get up in the morning...I think it is ikigai

My 30 yr time in Calgary with the phone constantly ringing dropped off a tad with the plummeting oil prices, and then with covid, it totally slowed and has stopped x 3 months. No more balancing jobs/home, finances ARRGHHH

I'm 69 and a tool junky, so now that my makerspace worshop has closed because of covid, I can no longer fill in my time by fixing the machines thee the tyros trash, introducing the newbies to hand tools etc. I wake up, late, have the coffee, check the email then go searching for tools to sell (no shortage of them) then floggin them, and meeting other beginners and helping them out. (takes an experienced cabinetmaker to know what a lamello invis system is!)

I'm also doing some of the roundtoits that I'm sure we all have, and going over a tad to the darkside with tuning up metalworking lathes and skills.

The inactivity has added a few pounds around the waste, and tool boxes that were not previously heavy now are....what more can I say!

My wife is telling me that is the universe telling me It's time to retire,, but I ain't there yet. and don't really want to be there, as long as she's till working her butt off working and creating a "honey do " list .

IKIGAI

Eric

 

[Doodahdebs]

You need a PMA - positive mental attitude. Think of this as a fantastic opportunity. For the first time in life you can steer your own ship with less constraints. The lack of structure is daunting so, if you need it, make your own. As to what to do, my advise would be relax and follow your curiosity.

 

[Puggers]

I retired early a couple of years ago by choice but driven by a relentless workload that was preventing me from relaxing or sleeping properly. That said, I enjoyed most aspects of my work bar primarily the politics and of course ever increasing expectations across my wider peer group, which was becoming unsustainable.
Apart from a regular and decent income, my fear was missing the interaction, problem solving through the team and ironically given the workload thrust on me, being “needed”, relied upon and trusted.
I realised within days that I wasn’t really needed that much as my replacement was going to do a great job in their own right, albeit differently to me and with a steep learning curve but I was chuffed at being part of their selection process and I delayed leaving for a few weeks to help settle them in.
I’ve done a couple of short term bits of unrelated work since and have some lined up but the buzz is having that choice rather than what I’m actually doing although it won’t replace what I did or with the people I worked with - it’s hard not to compare but I still throw myself into it knowing it’s short term.
We also relocated back towards my wife’s family in North Yorkshire and have a fairly large chunk of work to do on the house once we can nail down some contractors for the main bits and so in the meantime I’m refitting the workshop, constantly tinkering with it and planning the wider works whilst trying to learn about my new area without being able to travel!
I won’t lie, occasionally I’ll just watch some TV I’ve recorded during the day and still find it hard not to try and plan things as my work life dictated that mindset but I can now afford to let plans slip and it doesn’t matter much.
I need to stay mentally active and sometimes think “s**t, what am I going to do next week” but something always comes up that I can get into.
My wife still works (from home) so I need to respect her time and need for quiet but otherwise I don’t regret it but it does take adjustment that I found didn’t come naturally but I worked hard at.
If you can afford it, it takes pressure of a bit and most people I knew who had already taken the leap said I’d find I’d spend less. That’s certainly been true and not simply due to travel restrictions.
I suspect when we can get out more, my other hobbies will take up more time which was the whole reason for taking the plunge in the first place.
Don’t rush your decision but certainly think about what you want with your time and whether on balance that’s worth what you’ll be giving up by no longer working.
For me, with a couple of wobbles along the way, I’m relieved I did it.
Best of luck.