After Retirement

mary poppins said:
My main motivation in retiring before 60 is so I can travel and spend most of the winter abroad. I rekon I will have 10 to 15 years of good health and mobility and then chances are the body will want to slow down and ai will spend more time here in Dublin. My financial planning is all geared around making that happen. I would rather have those good years while I still can than store money for the twilight years. I am very much just tolerating the rat race meantime.

Edit to add, Dublin in the summer is a glorious place to be.
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That's a good approach and one l am aiming for and l am 49. Also l figure that many younger people glibly accepting 30-40 yr mortgages and retirement at 70 haven't a clue nor do Gov peddling myth that people will be able or want to work into late 60s...
 
Gordon Gekko said:
Our aim is to split our time between here and the Algarve. January, February, March, and April in Portugal, but I’ll come over and back for the Six Nations games. Mrs Gekko might pop back here and there as well. We’ll always be happy to host close friends and close family.
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We want to do this. However, we have this awful fear of leaving our home unoccupied for such a long time. We are already retired. We have family that could each visit once a week (so two visits per week).

I know that these thoughts are irrational........ but they linger.

We can afford to fly back home every so often to "check on stuff" but we both hate flying. We have even considered getting boat to France, then train all the way down to Valencia area. Road trip kind of thing but we could not do this every month.

The plan would be to have a base in Spain and then use that base to have nights away, staying in hotels in other areas of Spain/ Portugal.
 
I’m 56 now myself, Mrs is a year younger.

My DC pension fund isn’t well enough stuffed yet, and working now on house upgrades over the next 4 years.

This thread makes me want to retire soon as possible and the thoughts of winter in Portugal, Canaries, Greece or Sicily is so appealing.

I’m checking in here every day and dreaming.I don’t ever imagine I’d be bore in retirement, so much to do at weekends now, they pass in a blink!
 
PaddyBloggit said:
The thread has lots of couples enjoying their golden years together.

So how what's the experience of somebody who is single with retirement?
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To give a more realistic answer - look at something like Toastmasters.

You can be a member of one club and build public speaking & leadership skills and that's what most members do.

Then you have members that will enter the various contests to challenge themselves, thus immerse themselves further.

Many members will join the club committee/leadership group that is part of the learning.

But that just the start..

You can join a 2nd club, you can be a guest at any club in the world, you can become area, district, division leader in various roles.


You then also build up skills of a MC - that opens many opportunities.


Some people stay as a member for 2-3 years, others will stay for 20+ years. And if you like travelling, the chances are there's a club near whatever place you travel to, and you effectively find you have friends there.

To give an example - I'm currently in a officer training conference. 486 zoom attendees from Ireland and UK and got invited to make a speech in the Inverness club when I'm in Scotland in Sept. One of their members works in a distillery and he'll give me a personal tour. - Rinse and repeat all over the world
 
I'm 48 and can retire in just over 3 years with DB pension. Plan is for spouse - same age to go to a 4 day week (if it is not in by then) and to reduce down to a 3 day week at 56, followed by retirement at 60. We have enjoyed life so far but are wise with our money so as we could plan this. we had our children late so we won't be in a position to be swanning off all the time during school terms but will not miss the commute and rush to get everything done around the house and be squeezing in visits with friends etc. I'm totally loving this thread.
 
If you can, and it’s probably more achievable post pandemic with the drive towards more flexible work practices, transitioning from 5 to 4 to 3 to 2 to 1 day a week makes a lot of sense.

I’d love to do that from age 55/56.

Mrs Gekko can step back at age 60 on a full pension and we’re the same age, so my plan is to mirror that.

Then it’s travel travel travel, health permitting.

I’m starting to think more about health than money in this context to be honest. Diet and exercise are more important that investments.
 
Working towards a healthier lifestyle ourselves, and trying out lots of home cooked foods since the pandemic started, more so. its been great.
 
Mechman said:
My DC pension fund isn’t well enough stuffed yet, and working now on house upgrades over the next 4 years.
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My private pension is not that big. Both myself and my wife have qualified for the full state pension. Make sure you check out the contributions that you will need to qualify before you reduce your working week before retirement.

We don't have an extravagant lifestyle at all. Non smokers, light drinkers. No big cars, fancy clothes, hairstylists, bling etc. But we spend on overseas holidays. Staying in hotels or apartments in different countries. I don't think that we would ever purchase abroad as we like to go to different places/countries. All though we do have a few favourite places that we often said we could easily move to. I have joined a few expat Facebook pages about living in France and Spain. There are dozens of very interesting posts on these pages every day. From where to buy Marmite, get a washing machine fixed, bugs, buying houses, living abroad....most of these are UK posters, you can see how much Brexit has impacted on their retirement plans abroad. Well worth joining.

Just to pass a comment to Mechman. You don't need a huge amount of money to retire on. It's amazing how little money you actually spend.
 
SlugBreath said:
We don't have an extravagant lifestyle at all. Non smokers, light drinkers. No big cars, fancy clothes, hairstylists, bling etc. But we spend on overseas holidays. Staying in hotels or apartments in different countries. I don't think that we would ever purchase abroad as we like to go to different places/countries. All though we do have a few favourite places that we often said we could easily move to.
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I could have written that! We are exactly the same. When we got promoted and earned more our outgoings stayed mostly the same. We live well within our means. Mortgage paid off last year thanks to a small inheritance. Our one extravagance is holidays. I can live on very little but I love a glass of wine, beside the sea, after a swim, and a nice meal! I will have to find more hobbies to avoid turning into a raging alcoholic in retirement!!
 
Intriguing thread. I'm 50 and would love to retire from the rat race. Pretty stressful job and it's shift work also with a lot of night shifts. I find as I get older that it's taking more of a toll on me both emotionally and physically. Trouble is in my line of work it's almost all shift.
I'm lucky I just paid off the mortgage but I've two teens. Would love to try something completely different career wise but I'm a little anxious as to what to do. I'm a pretty decent musician and would love to commit 100% to that.
The shift always ruined any chances before due to the hours and always working weekends.
 
Gordon Gekko said:
If you can, and it’s probably more achievable post pandemic with the drive towards more flexible work practices, transitioning from 5 to 4 to 3 to 2 to 1 day a week makes a lot of sense.

I’d love to do that from age 55/56.

Mrs Gekko can step back at age 60 on a full pension and we’re the same age, so my plan is to mirror that.

Then it’s travel travel travel, health permitting.

I’m starting to think more about health than money in this context to be honest. Diet and exercise are more important that investments.
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That's a good plan, I would be keen when the day comes to have the option of moving to part time work to have some spare change coming in,, keep hearing that in the future there will be greater need for experienced people or more pertinently people with life experience, especially as the ratio of workers to pensioners reduces.....
 
bitethebullet said:
Intriguing thread. I'm 50 and would love to retire from the rat race. Pretty stressful job and it's shift work also with a lot of night shifts. I find as I get older that it's taking more of a toll on me both emotionally and physically. Trouble is in my line of work it's almost all shift.
I'm lucky I just paid off the mortgage but I've two teens. Would love to try something completely different career wise but I'm a little anxious as to what to do. I'm a pretty decent musician and would love to commit 100% to that.
The shift always ruined any chances before due to the hours and always working weekends.
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Well, the choice is yours. Then again, if you have 2 teens you'll need plenty of dosh if they're going to go to college, etc, never mind yourself and herself. Just coz the mortgage is paid off doesn't mean you live on fresh air. Before you start out on the self employed route, work out how much you earn in the year with all taxes paid, etc, in your present employment. What might you earn working for yourself and do you understand how to "do the books" and what will you be left with each week? It's lovely to have the freedom of being self employed, but try earning what you get each week from your present employment, you might be surprised how difficult it is to get money in. Also, see what covid has done to musicians careers and the likes, who says we won't have more of those epidemics in the future? Sometimes we need to be careful what we wish for. :)
 
Someone posted earlier (SlugBreath??) "Just to pass a comment to Mechman. You don't need a huge amount of money to retire on. It's amazing how little money you actually spend."
I know that this is sort of how long is a piece of string question but for a couple in mid 60s, no mortgage, would like 2/3 months each year in the sun, not extravagant lifestyle by any means, how much approx. would they need each month €3k./€4k. ?????
 
mickeyg said:
Someone posted earlier (SlugBreath??) "Just to pass a comment to Mechman. You don't need a huge amount of money to retire on. It's amazing how little money you actually spend."
I know that this is sort of how long is a piece of string question but for a couple in mid 60s, no mortgage, would like 2/3 months each year in the sun, not extravagant lifestyle by any means, how much approx. would they need each month €3k./€4k. ?????
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Good thread here on it mickeyg:

https://www.askaboutmoney.com/threads/retiring-early-–-how-did-you-do-it.215643/
 
mickeyg said:
Someone posted earlier (SlugBreath??) "Just to pass a comment to Mechman. You don't need a huge amount of money to retire on. It's amazing how little money you actually spend."
I know that this is sort of how long is a piece of string question but for a couple in mid 60s, no mortgage, would like 2/3 months each year in the sun, not extravagant lifestyle by any means, how much approx. would they need each month €3k./€4k. ?????
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I think €5k a month in today’s money is a really good number.
 
I took early retirement (medical grounds, a number of years ago). A friend is due to retire shortly at 55. Also early retirement. He can't wait to be gone. My one bit of advice (some great advice here) is to have a structure to the week. I do two 1/2 days volunteering. It keeps me involved with people and the world. I wouldn't give it up for anything.
 
horusd said:
I took early retirement (medical grounds, a number of years ago). A friend is due to retire shortly at 55. Also early retirement. He can't wait to be gone. My one bit of advice (some great advice here) is to have a structure to the week. I do two 1/2 days volunteering. It keeps me involved with people and the world. I wouldn't give it up for anything.
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Hope you don't mind me asking but what do you volunteer at? I am thinking of volunteering myself but Covid can make this tricky. I have had a quick look at https://www.volunteer.ie/
 
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