Just an interest,
How old do you want to be when you retire?
Any thoughts about jacking in and getting the "Good Life" or is it looking a bit doggy..
Any pitfalls from those that already have...
Thought it might be fun to see what the thoughts are..
or 
Victor meldrew always comes to mind....
http://www.youtube.com/watch?v=c1qs_eFRXqs&feature=related
Regards
M. Gregg
How old do you want to be when you retire?
Any thoughts about jacking in and getting the "Good Life" or is it looking a bit doggy..
Any pitfalls from those that already have...
Thought it might be fun to see what the thoughts are..
or Victor meldrew always comes to mind....
http://www.youtube.com/watch?v=c1qs_eFRXqs&feature=related
Regards
M. Gregg
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Haha, i enjoyed that scene.
Sorry i haven't any firsthand advice although my old man tried to retire a couple of years back and he ended up getting bored and going back to work!
But having said that, if you have a hobby that is as involving as diy audio then you should be able to keep your self more than busy. Or at least stay busy enough not to have feuds with Mrs Gregg!
Ok, time to crack another one open, good luck buddy.
Sorry i haven't any firsthand advice although my old man tried to retire a couple of years back and he ended up getting bored and going back to work!
But having said that, if you have a hobby that is as involving as diy audio then you should be able to keep your self more than busy. Or at least stay busy enough not to have feuds with Mrs Gregg!
Ok, time to crack another one open, good luck buddy.
I always planned to go part-time from 60, and then see how things go and gradually wind down. Instead I was made redundant in mid-50s and then found it almost impossible to even get interviewed. So no retirement party or gold watch. As I had only been in my last job for just over a year I didn't even get statutory redundancy pay.
Once I got used to the idea that I probably would not work again I loved it! One important thing though: unlike many men I did not identify myself with my chosen career. I had already done that earlier in life, but was now past that. If your job is part of your identity then retirement can be painful. Second important thing is to have enough money, and know what to do with it.
Once I got used to the idea that I probably would not work again I loved it! One important thing though: unlike many men I did not identify myself with my chosen career. I had already done that earlier in life, but was now past that. If your job is part of your identity then retirement can be painful. Second important thing is to have enough money, and know what to do with it.
i am 59 and my family does not allow me to work overseas any-more....all my kids have graduated from college and are now earning their own money..... i have some money tucked away in a bank and by next year retirement pay checks will start coming in so hopefully that will be enough for me and the misus till we reach the finish line....
so now i am enjoying building tubes amps from the tubes that i accumulated from years of working overseas....i do not foresee a career out of this, just clean fun....if money comes, that will just be to roll over so that i can continue enjoying my hobby...
i have some money tucked away in a bank and by next year retirement pay checks will start coming in so hopefully that will be enough for me and the misus till we reach the finish line....so now i am enjoying building tubes amps from the tubes that i accumulated from years of working overseas....i do not foresee a career out of this, just clean fun....if money comes, that will just be to roll over so that i can continue enjoying my hobby...
Well,
UK are moving the official age to 70
Its 66 at the moment...so thats out of the question. Women wanted equality so they got it and theirs is 66 now as well and it used to be 60.
I'll never forget a guy at work who said 12 months and I'm retired at the official date of 65...so he got to 65 and died 3 months later...it was a real shame a real nice guy..and he was so looking forward to it.
So I guess we have to try and set our own..every time you try to make plans they are washed away...even several back up plans get washed away..
So I guess we have to make a boat
Well who wants to be 20 with the end age 70-75 ..eek... well they recon we are going to live for ever but they don't mention how healthy we will be..
Victor Meldrew in the first post had his retirement forced upon him early..
Regards
M. Gregg
UK are moving the official age to 70
Its 66 at the moment...so thats out of the question. Women wanted equality so they got it and theirs is 66 now as well and it used to be 60.
I'll never forget a guy at work who said 12 months and I'm retired at the official date of 65...so he got to 65 and died 3 months later...it was a real shame a real nice guy..and he was so looking forward to it.
So I guess we have to try and set our own..every time you try to make plans they are washed away...even several back up plans get washed away..
So I guess we have to make a boat
Well who wants to be 20 with the end age 70-75 ..eek... well they recon we are going to live for ever but they don't mention how healthy we will be..
Victor Meldrew in the first post had his retirement forced upon him early..
Regards
M. Gregg
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I could have retired early, since my previous career job was already paying my pension, without reductions from 50.
But I was not ready to pack it in at 50 nor at 55.
I officially retired at 60 and having never been a big spender I find I am comfortable with one decent pension and one tiny pension from a second career.
Being comfortable, allows me to spend on all the necessities and a few luxuries, (like 7weeks holidays this year and still counting) without being extravagant. I know there is sufficient there and that is a nice feeling, not having money worries.
It really depends on what you are happy with. A pension and a nest egg and a few hobbies and I'm OK.
The last I could recommend would be going early on a "too little" pension and then worrying month to month how the bills will get paid. But that type of decision must be based on current health and job satisfaction.
Everyone is different.
But I was not ready to pack it in at 50 nor at 55.
I officially retired at 60 and having never been a big spender I find I am comfortable with one decent pension and one tiny pension from a second career.
Being comfortable, allows me to spend on all the necessities and a few luxuries, (like 7weeks holidays this year and still counting) without being extravagant. I know there is sufficient there and that is a nice feeling, not having money worries.
It really depends on what you are happy with. A pension and a nest egg and a few hobbies and I'm OK.
The last I could recommend would be going early on a "too little" pension and then worrying month to month how the bills will get paid. But that type of decision must be based on current health and job satisfaction.
Everyone is different.
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I agree,
I remember a guy that was working 12hr nights and days 4/4 and he was aged 63. The company had a massive redundancy and early retirement program.
The guy was offered early retirement with an enhanced lump sum, it worked out That he was going to get 2/3 salary and a lump sum. When the lump sum was added/divided to the final years he would have to work, he was going to earn more than being at work until aged 65..He refused it because he said I can get overtime and that will be more.
It took the union a month to get him to realise that after this program his section could close and he would only get severance pay. So he finally accepted.
Regards
M. Gregg
I was going to retire at 65. I was laid off as soon as I turned 50. OK, I had earned a lot of money (was paid quite well) and had socked away millions of $$$ in my retirement account. Then MF Global vaporised, and so did my retirement account. Luckily I had withdrawn some of my money before the crash.
So now I'm working two jobs and at my age will probably never be considered for a professional job again.
Luckily I had withdrawn some of my money before the crash.So now I'm working two jobs and at my age will probably never be considered for a professional job again.
I started saving for retirement when I was 25. There is this thing in Canada called RRSP (registered retirement Savings Plan). I found that if I put in the max amount I would get about 30% back as a tax refund. Later when I bought my first house I used that tax refund to pay down the mortage each year. When I was 36 I was married, one kid, house paid off and no debts, and was saving around $20,000 a year. The wife wanted a bigger house espcially with another kid on the way. So we bought some land and had the biggest house built I could barely afford. Using the same tax strategy and being a frugal person ( cheap) I was able to pay that house off in 12 years. The company I worked for offer me a severance package when I turned 52. Basically I was offered 50% of my pay to stay home till I could receive a reduced company pension at 55. I am now retired for 10 years. We don't live a wealthy life style, but we are very comfortable. Now with the company pension, government pension and personal investments, my income is about what my old salary was. Last year I was diagnosed with kidney cancer, my prognosis is fair to good. When I look back I am glad I started saving early so I could quit work early and enjoy life a bit for whatever time I have left. I don't have any investment secrets, just spend wisely and always build up your nest egg and don't touch it till you retire no matter what.
My personal situation doesn't look to be the best, but since I retired I have been going to about 4 funerals a year. Many of the people in the boxes in the funeral homes were a lot younger than me.
sometimes you win, sometimes you lose and sometimes you come out even.
My personal situation doesn't look to be the best, but since I retired I have been going to about 4 funerals a year. Many of the people in the boxes in the funeral homes were a lot younger than me.
sometimes you win, sometimes you lose and sometimes you come out even.
I'm on the work-until-I-die retirement plan. Even though we've saved since day 1, and have always lived very inexpensively, the last decade has provided pretty much zero growth for our assets. Shrinkage if you count inflation. IMO, there will be no "recovery" as most people in the US envision it. The current economy is probably the new normal for several decades to come.