I'm exhausted just reading it...
Retirement options
- Thread starter artie
- Start date
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This is kind of a strange notion. It takes luck to be a teacher and head teacher? It takes luck to start a business making something that 10 other businesses make and have fortunate turns so you're the last one standing. Being a teacher takes being conscientious and diligent. There's not a whole lot of luck involved when the outcome is far more often than not the same just by not doing something wrong or not being sued by some liar. Being thankful that you weren't wrongfully sued is kind of a strange notion.
If CA's job is to deal with people who make bad decisions, I guess it wouldn't be in their best interest to measure outcomes if that may lead to less makework.
But almost certainly, a person straightforward enough to connect likely outcomes with certain decisions would lead to a lot of complaints dealing with a group of people who really want someone to tell them it's not their fault (when only a minority of the cohort can really lean on that, but still needs to be led out based on their ability to make decisions going forward).
As a person who cannot resist experimenting with something that has a high rate of failure, only to try it again and again until success is had, I have to find a humorous point in this.
experimenting with things outside of the comfort zone is really what my comfort zone is. If I had some habit that I could repeat successfully over and over, I would become depressed about it (whereas others who love a habit like that would love it - it's their comfort zone).
I'm 30 and want to retire now, although I suspect it has more to do with my unfulfilling deskjob writing software for a pensions company than my age. I just want to build my first workshop and make things.
starlingwood
Established Member
Have you considered volunteering if you have not already done any in your life?
I actually registered my interest to volunteer at a local museum to do gardening, but that was right as Covid was starting so it was a no go. Have you had much experience with it?
I have to say I am very impressed, having recently removed about 10' of box hedges it is hard work! Although I did not have any power tools, just lots of leverage.
Bristol_Rob
Established Member
What a brilliant thread - I've enjoyed reading all the responses.
I was recently talking to an independent financial adviser and one thing he told me that I feel is worth repeating here is time & money.
He told me most clients when planning for retirement plan to have a fix figure available in their minds (pension/funds etc) for the rest of their lives.
But experience has shown him (he has been an IFA for about 35-40 years) that the vast majority of clients spend a large amount of money when fresh into retirement and that the needed funds drop off significantly after 20 years of retirement (or thereabouts). (80+ generally)
as people age and their health drops off, their needs and financial needs also drop off significantly. (Let's not talk about care home fees
)
When I reflected on this statement against a lot of senior friends and family I know - I believe this to be true and worth genuine consideration/planning.
My personal comment for this thread is for everyone to not forget that their health is their true wealth.
Right - back to the shed!
I was recently talking to an independent financial adviser and one thing he told me that I feel is worth repeating here is time & money.
He told me most clients when planning for retirement plan to have a fix figure available in their minds (pension/funds etc) for the rest of their lives.
But experience has shown him (he has been an IFA for about 35-40 years) that the vast majority of clients spend a large amount of money when fresh into retirement and that the needed funds drop off significantly after 20 years of retirement (or thereabouts). (80+ generally)
as people age and their health drops off, their needs and financial needs also drop off significantly. (Let's not talk about care home fees
)When I reflected on this statement against a lot of senior friends and family I know - I believe this to be true and worth genuine consideration/planning.
My personal comment for this thread is for everyone to not forget that their health is their true wealth.
Right - back to the shed!
starlingwood
Established Member
No, im in my 30's and I think Im too busy apart from the odd marshaling at Parkrun ive not done anything but if I had a lot of free time I would definitely do something. How about teaching young offenders woodworking, dont know how one go ahead about it but that would be lovely to do.
Jameshow
Established Member
Have you thought about befriending?
Spend half an hour a week chatting to an older person who lives alone can make the world of difference to them and to you. Voluntary sector organisations in your area will be able to organise it.
Cheers James
I remember years ago my cousin doing some sort of motivation course and coming back and saying one thing that stuck in his mind (then mine). The lecturer asked them in turn what their aims in life were .......... then asked them what they were doing to work towards those aims that day - which of course in every case was nothing.
I think much depends on the person in retirement - my wife works with two people in their early fifties and says they are are both old, and she doesn't think of me as old and I'm disabled and sixty seven.
Citizen's Advice was mentioned before - a relative was looking forward to working with them, as she felt she had a lot to offer. (She's a very clever and kind lady.) She went for an interview and they asked what her employment history was. She told them she'd been a lifelong teacher and head teacher. The interviewer said she'd been very lucky and she said no, she'd worked hard for her degree, her post graduate qualifications and throughout her career - luck had nothing to do with it. They turned her down out of hand as they said there was no place at the CAB for people with attitudes like that .
Have been retired for 30 years from job where I interacted with many professional people.
Have had smallholding for 20 years, now amateur wood turning and gardening. Living with wife at home but find it essential, for the benefit of both of us, to have separate friends. Once a fortnight put on some smart clothes, meet up with about six friends , get on a train to a different destination, a few pints, a good lunch and then home
A 9-5 job is not my idea of retirement!
Retirement definitely needs some planning and some ideas of what you want to do.
Sounds like your options are carry on working, do less work, do different work. It doesn't sound like retirement.
Nothing wrong with carrying on working for as long as you enjoy it.
Are there things you enjoy doing that you don't have enough time for, or other stuff you want to try?
Keith 66
Established Member
A friend of mine has a sticker on his van, "Be thrifty til you'r fifty, then spend till the end".
Not a bad way of looking at it.
My parents retired aged 60, they had a good income from pensions & investment bonds & bought what they wanted, Dad bought all the tools he ever wanted & used them. Mum did the same. As they got older they didnt need to buy anything else.
I see people i know fretting over vast pensions from Fords or mobil, & they cant spend it all, Another guy is always worried sick about his huge final salary pension & says he cant afford to retire. He will be the richest man in the graveyard.
You cant take it with you no matter how hard you try.
Not a bad way of looking at it.
My parents retired aged 60, they had a good income from pensions & investment bonds & bought what they wanted, Dad bought all the tools he ever wanted & used them. Mum did the same. As they got older they didnt need to buy anything else.
I see people i know fretting over vast pensions from Fords or mobil, & they cant spend it all, Another guy is always worried sick about his huge final salary pension & says he cant afford to retire. He will be the richest man in the graveyard.
You cant take it with you no matter how hard you try.
Phil Pascoe
Established Member
I have an acquaintance who's worth maybe three or four million - he spends his life worrying that his (well adult) children will waste the money when he dies. Which they will.
I have an acquaintance who's worth maybe three or four million - he spends his life worrying that his (well adult) children will waste the money when he dies. Which they will.
Same with a relative, except the figures are somewhere around 15 times that and he lives by himself. He decided he's only going to give a little bit to his kids for the same worry. Here's my tip that I gave to him, you can give it to your friends. "If you don't worry about how the money will be spent while you're alive, I guarantee, it won't bother you when you're dead".
I hope he remembers his nephew!! I had the kids that he wanted his kids to have (part of his reasoning "if they didn't have kids, then it's not my responsibility to make them comfortable"). Both of his kids learned his spending and investing habits and don't need any help from him at this point, anyway.
He doesn't find my line about not worrying about it that entertaining
Send some to me and let me worry about it!!
I retired 21 months ago, aged 61 after 44 years in IT related jobs (never a programmer). I could have carried on forever if I wanted to.
Not hard to find other interests if you work in IT
Covid has impacted plans but I've done a Thames Discovery Programme FROG volunteers course.
I've started a recommissioning a friend's Mini Cooper S that has been laid up in a garage for 20 years.
I've built a shed and BBQ Shack - nearly finished
I'd signed up for our local(ish) public workshop Blackhorse Workshop and smashed a finger up on the bandsaw.
Started a woodwork project to replace the dog walking paraphernalia storage bench in the hall
Been on numerous pre-Covid holidays
Built an Ugly Drum Smoker and did a couple prototype porcelain enameled drums. What a great material!
Replaced rotten joists under my Ipe decking.
Successfully challenged numerous parking fines for family friend who can't read road signs
All this interspersed with a lot of procrastination, bad weather and interacting on various website forums like this one.
I've not missed work one bit. I'd never go back to it.
Having primarily worked from home for a few years before Covid the work camaraderie had waned.
My lasting work friendships were formed over twenty years ago.
What gets me up 4 mornings per week is the dog and enforced 2 hour walks. Wife does the other 3 mornings.
Wife thinks that now I've retired I'll work 8 hours a day, 7 days a week on various projects so she's on my back on slack days.
She agrees I'm easily distracted and not a good completer finis....
Not hard to find other interests if you work in IT
Covid has impacted plans but I've done a Thames Discovery Programme FROG volunteers course.
I've started a recommissioning a friend's Mini Cooper S that has been laid up in a garage for 20 years.
I've built a shed and BBQ Shack - nearly finished
I'd signed up for our local(ish) public workshop Blackhorse Workshop and smashed a finger up on the bandsaw.
Started a woodwork project to replace the dog walking paraphernalia storage bench in the hall
Been on numerous pre-Covid holidays
Built an Ugly Drum Smoker and did a couple prototype porcelain enameled drums. What a great material!
Replaced rotten joists under my Ipe decking.
Successfully challenged numerous parking fines for family friend who can't read road signs
All this interspersed with a lot of procrastination, bad weather and interacting on various website forums like this one.
I've not missed work one bit. I'd never go back to it.
Having primarily worked from home for a few years before Covid the work camaraderie had waned.
My lasting work friendships were formed over twenty years ago.
What gets me up 4 mornings per week is the dog and enforced 2 hour walks. Wife does the other 3 mornings.
Wife thinks that now I've retired I'll work 8 hours a day, 7 days a week on various projects so she's on my back on slack days.
She agrees I'm easily distracted and not a good completer finis....
It's a good idea, but I am already sitting down at my desk all the days, I need something physical to tire me out and take my mind off things. I'll see what's available post-lockdown!
I have an acquaintance who's worth maybe three or four million - he spends his life worrying that his (well adult) children will waste the money when he dies. Which they will.
It's funny how strongly people feel about preserving their legacies...
A business contact of mine caused serious (but thankfully, temporary) ructions in his family when he revealed that because none of his children wanted to join the family business and learn it inside and out, he had altered the treatment of share ownership in the company's articles of association (which would not be able to be challenged in the same way a will would be) in order to turn it into a worker co-operative in the event of his death or permanent incapacity.
He's deadly serious that he doesn't want the company to be run or owned by people who didn't understand it and care about it after he's gone, or worse sold off and broken up over time; and was entirely willing to endure some very tense dinner table conversations to achieve that aim.
dannyr
Established Member
A lot of worker co-operatives haven't worked out but if the rules are well sorted, it's a fine way to go --- Swann Morton here in Sheffield is the best example I know, and John Lewis is fine too as a 'mixed economy' example ---- didn't work so well for Triumph m/cycles.
Whilst I don't want to drag the thread off course too much, you're right that it's pretty much a "Go Big or Go Home!" strategy.
Arup Partners, Mott-McDonald and Mondragon Corporation are all huge and extremely successful businesses which are employee owned.
As are Lush cosmetics, and closer to home Loadhog and Gripple (both sheffield based) operate as employee owned businesses too.
The manufacturers of Crystic Roofing Systems (the Scott-Bader Group) are also employee owned although via by a charitable trust which draws trustees from employees, so slightly different to a conventional co-op.
The thing they all have in common is that they were healthy businesses with strong market presence and good workplace cultures before becoming a co-op, or were built on that model from scratch...
Turning an ailing business like Triumph into a co-op seems like a much much bigger gamble, much in the same way that management buy-outs usually are.
Trainee neophyte
Established Member
I retired at 31 - best decision I ever made. The really hard part is actually making the decision to jump ship - everything else just follows on from that. There is only one question to ask: what's in it for you? If you don't like the answer, then change your life. You could be anyone, do any job, live in any place (Brexit made the paperwork harder, but not impossible, and Europe is hardly the new, exciting up - and - coming place to be). Carpe jugular.
