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Nov 2020
1:44pm, 3 Nov 2020
646 posts
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Jenni-far-far
I'm following with interest
me and Mr FF are both 55, we paid our mortgage off last year and our 2 boys are financially independent (at last). I know I would have no problem with retirement  problem of course is that even though Ive always paid into a pension, I doubt I would get anything like enough to live on but I'd be very happy to do a part-time job.
Any tips on money matters would be welcome. there is a chance of redundancy in the next few years so hanging onto current job for now and living in hope.
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Nov 2020
2:01pm, 3 Nov 2020
46 posts
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Dave..M
I retired one month ago and I'm enjoying a very relaxed lifestyle learning how I want to spend my time. I'm (very) slowly working my way through a list of minor DIY jobs and repairs around the house and also going through a mountain of stuff collected over the years (is it worth repairing an Amstrad CPC 6128 and how many broken laptops do I really need?).
I've got a list of potential hobbies that I'd like to try out and I'll be planning for some holidays when Covid subsides and my OH retires.
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Nov 2020
2:13pm, 3 Nov 2020
12,572 posts
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SarahWoo
I'm planning to retire in March 2022 at 59. Mr W will be nearly 67. We will have just finished paying off the mortgage. I've just started trying to work out how much I will get from my frozen final salary scheme and the current defined contribution scheme. I think there will be more than enough for us to live on but I still haven't got my head around the different ways of dealing with the funds. I need to find a financial adviser.
I'm looking forward to just doing what I want to do, when I want to do it, without being restricted by any sort of schedule. We will do a lot more travelling around in the motorhome, in Europe as well as the UK (COVID permitting).
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Nov 2020
5:41pm, 3 Nov 2020
1,818 posts
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Winniefree
I retired last year at 56. What swung it for me was an interview with a pensions adviser who worked out that the pension savings I had meant that our monthly outgoings would be covered, so effectively I was working just to have a bigger pension, which we didn't really need. One of the main drivers was that my OH much older than me, 78 now and we wanted to have time to travel together.
Life as it does threw a couple of spanners into the works, OH's mother, nearly 99, took to her bed the year before I finished and he now has to spend 50% of his time living with her and caring for her, and just when I'd adapted to the idea that we could just take off on his weeks at home, Covid came over the horizon.
What I hadn't realised was that work came with lots of extra costs that I no longer have - work clothes, fuel, nice coffees, lunches in the staff dining room etc. I have not regretted it for a minute.
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Nov 2020
5:55pm, 3 Nov 2020
18,410 posts
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GimmeMedals
I agree wit hate spending, WF. I spend less now I'm not working - fuel is a massive difference as a full tank now lasts a few weeks rather than a few days.
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Nov 2020
7:58pm, 3 Nov 2020
6,589 posts
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Eynsham Red
I’m planning to retire at the beginning of May next year when I will be 65, and my wife is already retired.
I had hoped to be able to continue to work a couple of days a week, but with a change of working pattern which started at the end of last year, having me do a couple of days probably won’t fit in with the company’s requirements.
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Nov 2020
8:07pm, 3 Nov 2020
4,069 posts
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ThorntonRunner
We were planning to finish next July - I'll be 61 and Mrs TR will be 54. Mrs TR will still finish then - she's an HLTA in the local primary school and the impact of academisation means the enjoyment has gone - covid19 has made it even worse. I think rather than finishing totally I'll drop down to three days a week but I won't continue for more than 18 months after that and may even finish at the end of 2021. I've worked for the same company and developing the same software suite for 38 years now, so my primary goal over the next year is to ensure I've passed on all relevant knowledge to the rest of the team so they're not handicapped when I do finish.
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Nov 2020
8:34pm, 3 Nov 2020
18,470 posts
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Rosehip
I've retired using one small-ish pension pot that doesn't quite hit the tax threshold. Husband is a few yrs younger and likes working.
There didn't seem to be much point staying in work, paying tax and NI on a peanuts salary, and then paying tax on this pension if I take it later alongside my "proper" final salary one at 60 (not-reduced due to redundancy terms)
It's not that I begrudge paying tax as such, it's just that this seemed to be the most efficient way forward and it was supposed to give me the chance to help mum cope with losing dad and enjoy her 80s more. (sod f'ing Covid )
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Nov 2020
8:45pm, 3 Nov 2020
4,070 posts
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ThorntonRunner
I have a final salary pension and a defined contributions pension. The plan is to use the defined contributions pot to cover us until the final salary kicks in aged 65, state at 66 and then Mrs TR's bank, school and state pensions kick in over the following years
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Nov 2020
9:08pm, 3 Nov 2020
19,938 posts
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EvilPixie
Husband want to retire at 55 so 2yrs 3mths
I always said I’d go part time but not retire for ages but wfh and lockdown and Covid makes you realise what’s important
Work to live not live to work
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Synge 