Retirement options

[D_W]

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.

I'm 14 years past you, but have a job that I've learned to like for what it is. After 10 years of it, I was burned out and realized at the time (and sometimes need to be reminded if I get too deep into "trying to do the right thing" longer than I should be trying to do it when someone doesn't want that - as in a client someone) that the idea that our relatives live fulfilled had less to do with how much better their jobs were (they weren't) or their means were (they weren't) and more to do with how they viewed things. They were happy to have a job that they didn't love every part of because some of their relatives literally lived scratching dirt and almost having to resort to eating it.

Doing things that you do well at work and making a point of gratitude for it plus a little mini celebration may be as spicy as it gets. Dealing with the parts that you don't like and not letting problems that aren't yours become yours (like worrying about future projects that aren't today, or promotions to a level that you don't want to be in - an actual problem in the past where a supervisor was gung ho to push me into something I despised - he was so confident that everyone just needed to be convinced why his version of them was better than their own)...just tolerate them, do them and let them pass.

My only one personal tip is don't do a job that you roundly don't like at all, spend foolishly and have nothing to show for it (I never did that, but have seen many bounce around from one thing they had to another in haste because they have a burden laying on them. Suddenly around age 50 they decide they're going to save money and settle down, and it's too late. And then at that age, the jobs don't come quite as quickly and easily. )

 

[G S Haydon]

Hi Phil,

Honestly it sounds like that was the right choice to me. A successful career needs ability, hard work and luck; not just the first two. Anyone who is successful and does not recognise where they have had luck or advantage would be offering poor advice to someone ‘down on their luck’. Not trying to read too much into a 4-line anecdote, but if some going to CA because they couldn’t pay their bills, had maxed out all their cards etc, I don’t think that a recommendation that they should work harder would have been helpful.

The flip-side if this is that the group who does need encouragement to work hard would be those with less ‘work experience’, so youth generally, until it clicks that if they work hard they can get where they want to be.

Veritasium explains the luck versus hard work idea better than I can:

Brilliant! I'm sure many would disagree with the video but in my experience it's bang on. I've had this perspective for many years now but virtually nobody I know thinks like this. Nice to see somebody does.

 

[Dave Moore]

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!

What about volunteering for the Canal trust or forestry?

 

[JoeS]

Interesting reading. I’m 32 and have just suffered a life changing injury. I’m totally lost, nearly bankrupt after this year and absolutely devastated about my loss of function. This year has cost me almost all my savings and I’ve just no idea what to do next. I almost feel I am retired, pottering about, building sheds, decorating things that don’t need decorating.

My previous job involved being very active and being on my feet all day. I was an army reserve and was about to do a years permanent job with the army (my original industry has almost been shut down by C19).

 

[Ian down london way]

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!

There is an interesting book I used to help me plan my financials for retirement which was called “enough”. It was all about encouraging you to think about the lifestyle you wanted post retirement and it too talked about phases of retirement with different spend profiles. Also to use savings not just sit on them.
I retired 18 months ago, but plans to do travelling when I retire were short lived .

 

[Blackswanwood]

Interesting reading. I’m 32 and have just suffered a life changing injury. I’m totally lost, nearly bankrupt after this year and absolutely devastated about my loss of function. This year has cost me almost all my savings and I’ve just no idea what to do next. I almost feel I am retired, pottering about, building sheds, decorating things that don’t need decorating.

My previous job involved being very active and being on my feet all day. I was an army reserve and was about to do a years permanent job with the army (my original industry has almost been shut down by C19).

Sorry to hear that Joe. I guess the global events of the past twelve months has meant support that would have been available was constrained? Have you any thoughts about what next as things hopefully get to the new normal?

 

[thomashenry]

41 years here, and the prospect of retirement is what keeps me going in my job. I can't wait. There's so much I want to do and enjoy doing (woodwork for one), but can't do because I spend most of my time bloody working. Realistically, I've got 25-30 years of work left before I'll be able to though.

 

[Jameshow]

Interesting reading. I’m 32 and have just suffered a life changing injury. I’m totally lost, nearly bankrupt after this year and absolutely devastated about my loss of function. This year has cost me almost all my savings and I’ve just no idea what to do next. I almost feel I am retired, pottering about, building sheds, decorating things that don’t need decorating.

My previous job involved being very active and being on my feet all day. I was an army reserve and was about to do a years permanent job with the army (my original industry has almost been shut down by C19).

Hi so sorry to hear of your injury and loss of function.

Could you see if there is niche product you could make? A friend of mine makes CNC rememberence items out of decking which although not my cup of tea seem to sell.

Another option might be to get an apprentice at a joiners workshop. You seem to like woodwork and if you have a passion for it and good work ethic then you might find a workshop willing to take you on.

Finally find a local men's shed after Easter and find some support there.

Any questions just ask.

Cheers James

 

[crossg7mwh]

Just a couple of words, relax, look up pond yachts, buy or build, lovely way to spend a sunny afternoon, having a workshop doesn't help unless something to make and then make lots of them, model RC sailing boats, use them sell them.

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.

 

[Sandyn]

Interesting reading. I’m 32 and have just suffered a life changing injury. I’m totally lost, nearly bankrupt after this year and absolutely devastated about my loss of function.

Most people can't imagine how devastating what you have gone through, can be. I am constantly amazed and humbled by seeing what some some people achieve after life changing injuries. Mark Ormrod for example, is one the most incredibly inspirational men I have seen. You are on a journey that very few have to face, there is no way I can even start to give any meaningful advice, apart from seeking every bit of help you can get for support from friends and the state to get you through your situation and get to a better place.

 

[kinverkid]

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 remember a ninety year old lady being interviewed after completing her fiftieth marathon. She was asked if she was young when she started. She said she was much younger, she was sixty-five.

 

[G S Haydon]

Interesting reading. I’m 32 and have just suffered a life changing injury. I’m totally lost, nearly bankrupt after this year and absolutely devastated about my loss of function. This year has cost me almost all my savings and I’ve just no idea what to do next. I almost feel I am retired, pottering about, building sheds, decorating things that don’t need decorating.

My previous job involved being very active and being on my feet all day. I was an army reserve and was about to do a years permanent job with the army (my original industry has almost been shut down by C19).

Hi Joe
Sorry to hear this. As your post shows, life is truly unpredictable. It's not always as easy as just traveling and having fun. I hope there is some support around you. When I started having seizures I needed the support of epilepsy helplines to negotiate what was going on. I'm lucky to of got through it.

 

[Doug B]

When I think about retirement I look at the good lady wife’s to do list & get back to work.

 

[Regex]

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.

Decisions decisions, we all fear the unknown and get used to our creature comforts.

I'm 14 years past you, but have a job that I've learned to like for what it is. After 10 years of it, I was burned out and realized at the time (and sometimes need to be reminded if I get too deep into "trying to do the right thing" longer than I should be trying to do it when someone doesn't want that - as in a client someone) that the idea that our relatives live fulfilled had less to do with how much better their jobs were (they weren't) or their means were (they weren't) and more to do with how they viewed things. They were happy to have a job that they didn't love every part of because some of their relatives literally lived scratching dirt and almost having to resort to eating it.

Doing things that you do well at work and making a point of gratitude for it plus a little mini celebration may be as spicy as it gets. Dealing with the parts that you don't like and not letting problems that aren't yours become yours (like worrying about future projects that aren't today, or promotions to a level that you don't want to be in - an actual problem in the past where a supervisor was gung ho to push me into something I despised - he was so confident that everyone just needed to be convinced why his version of them was better than their own)...just tolerate them, do them and let them pass.

My only one personal tip is don't do a job that you roundly don't like at all, spend foolishly and have nothing to show for it (I never did that, but have seen many bounce around from one thing they had to another in haste because they have a burden laying on them. Suddenly around age 50 they decide they're going to save money and settle down, and it's too late. And then at that age, the jobs don't come quite as quickly and easily. )

Thank you for the sage advice, I am currently working on finding a new job with colleagues I can better relate to. I agree that one does not necessarily need to find fulfillment in a day job, and instead can use it to fund the life we would otherwise like to lead. RE savings: I am indeed saving thriftily into my pension, as one might expect from someone working in the pensions sector

I remember a ninety year old lady being interviewed after completing her fiftieth marathon. She was asked if she was young when she started. She said she was much younger, she was sixty-five.

Thanks for the inspiration, I went on a short run today.

What about volunteering for the Canal trust or forestry?

Forestry sounds interesting and I will see if there is anything close by. I will be applying at the local mining museum initially, also interested in drywalling perhaps there is opportunity in rebuilding some tumbled down ***** in the fields!

Just a couple of words, relax, look up pond yachts, buy or build, lovely way to spend a sunny afternoon, having a workshop doesn't help unless something to make and then make lots of them, model RC sailing boats, use them sell them.

It helps the missus in that there will no longer be sawdust on the kitchen counter or on her office desk Also it's not much fun clearing off your desk so you can saw half an inch off the bottom of a door you're about to hang! Do you make RC boats?

Interesting reading. I’m 32 and have just suffered a life changing injury. I’m totally lost, nearly bankrupt after this year and absolutely devastated about my loss of function. This year has cost me almost all my savings and I’ve just no idea what to do next. I almost feel I am retired, pottering about, building sheds, decorating things that don’t need decorating.

What was your injury, if you don't mind my asking? Knowing what it is might help with ideas for new things you could do.

 

[doctor Bob]

How much is enough?
I love the structure work gives me.
I love the banter
It would have been a really crappy year to have retired.

 

[Spectric]

Hi

Well you cannot understand how retirement will feel until you do it, one day you are on one side of the fence in the rat race and next on the other and in control of what you do and when but your finances will play a large part in how you live. You will find that you need far less money than what you were used to earning, to many people put it off because they struggle with getting to grips with the money side. The best way to look at it is as if your life is like a piece of string, you dont know how long it is but you do know that it is always getting shorter and that there is a risk that something might cut it short so the sooner you jump ship the more you will have left and it is one thing money cannot buy, and you will find ways to occupy your time, which will not drag. I found that I enjoyed working more when younger, perhaps because the need was higher and I think you want more but certain companies still have fond memories whilst others were just a means to an end, so I suppose it also depends upon what sort of job you have now, some of my nicer jobs were in Basildon, Harlow and Chelmsford but I still think I would have jumped just to have a more relaxed life. You can try your hand at all those things you may have put off and find something that makes you jump out of bed and look forward to. What ever you decide it needs to make you happy and put a smile on your face, so all the best and perhaps you will be another woodworker to join the clan.

 

[Flynnwood]

How much is enough?
I love the structure work gives me.
I love the banter
It would have been a really crappy year to have retired.

Structure is good.
Retirement is time relative. When/if one gets into the 60's, it's more attractive to spend time more freely. Even on the continuation of structure, young man

 

[Freddyjersey2016]

Plus one for Men's Sheds - worth looking at, there are many in Norn Iron.
Also youth organisations like Scouts need people to do stuff on an occasional basis - Scout campsites always need something doing...

 

[Sandyn]

It would have been a really crappy year to have retired

Apart from all the truly horrible things happening, (this may sound odd to some) but I found the full lock-down last year was a really good time for me to be retired. Being forced to stay at home for 10 weeks forced me to slow down. I really missed seeing my grandson, and not being able to attend close relatives/friends funerals was terrible, but the amazing weather we had was some of the best quality time I have ever had. I got into the routine of opening the outside doors of the workshop every morning to beautiful sunshine, turning on the radio, being able to work outside, but at a leisurely pace. There was no where to go, so never any reason to be in a hurry to go there. Having a leisurely breakfast and lunch on the patio in the sunshine was wonderful. I was still able to go cycling, the roads were deserted, so safe. Weather was beautiful, it was bliss. I was always aware of all the dreadful things going on, hearing ambulances most days, all the terrible news,. Just making the most of a really bad situation and not wasting the little time I have left!

 

[AFFF]

Most of my working life was spent in the services (Royal Navy) then 20 years in IT culminating in running my own business specialising in database design consultancy for medical imaging software. The latter part of my career was very rewarding but stressful and not good for my health (I now have poor eyesight from constantly staring at pc monitors and type 2 diabetes from lack of exercise due to sedentary lifestyle). Sold my business 14 years ago at the age of 50, paid off the mortgage and set about enjoying early retirement. Ironically I have never been so busy working! But its work I can pick and choose. Lots of home improvement and carpentry for locals who either haven't got the skills or time to do the work they want done. Love it! Get to meet lots of interesting people and every day I seem to be doing something different. I now have the time and opportunity to exercise properly which I do now by beating for local pheasant shoots. Of course, I don't make as much money as I used to but as I paid off the mortgage. It doesn't matter that much. I am fortunate, a lot of other people don't have the options that I had to follow this lifestyle, but I would recommend it. Very good for body and soul!