Retirement-Your Experience

Discussion in 'Off-Topic Discussion' started by Freddy, Feb 14, 2019.

  1. Jiffy

    Jiffy The Match is on Fire

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    Congratultions
     
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    • Beckie76

      Beckie76 Total Gardener

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      Congratulations Freddie.

      I’m still trying to workout just how much money I need to retire!?? :scratch:
      There’s nothing more I’d like than to hang up my hat! If anyone has the answer to my question then please let me know! I long to sit in the garden, bake, look after my babies (hens) & have a nice time having a few days out here & there & a few holidays without work getting in the way. :)
       
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      • pete

        pete Growing a bit of this and a bit of that....

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        Dont we all:biggrin:
         
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        • Beckie76

          Beckie76 Total Gardener

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          Pete that’s not helpful!!! :heehee:
           
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          • Jenny namaste

            Jenny namaste Total Gardener

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            A lot of it is how you value £££ as opposed to your freedom and well being @Beckie76 . You are competent and resourceful and unless you are being choked by an horrendous mortgage...:dunno:
            Could you work from home ?
            Certainly, there won't be enough for lavish holidays but, every day's a holiday when the W letter isn't in the day. The joy of no longer having to is awesome...
            Jenny
             
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            • Jiffy

              Jiffy The Match is on Fire

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              Look at what you spend now per year then add some more on to that

              I've got a bit of string if you need it :whistle:
               
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              • Freddy

                Freddy Miserable git, well known for it

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                For me, it was quite a long slog paying into my pension. I count myself as fortunate as I have a final salary pension. Even so, at the start I was paying in around 6% of my pay, building up to 12% currently. AFAIC, the best thing you can do is get rid of any debt as soon as you can (within reason) whilst saving for retirement. It’s not easy, and a life balance needs to be struck, but I see saving for retirement and getting rid of debt as an absolute must to give you freedom/options later on. Unfortunately, we made a bad (house) move, which resulted in having to move again. This meant having to take out another mortgage, which although not large, put a spanner in the works. But for this, I’d have retired a few years ago.
                As for how much you need? I couldn’t possibly advise. I think it’s important to keep a track of your finances, and try to have some kind of plan. I think as you get older, time becomes more important, but of course no one wants live like a hermit. I’ve reached the point where my pension (company and state) isn’t much less than my salary, so the time had come.

                2 days to go :)
                 
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                • Beckie76

                  Beckie76 Total Gardener

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                  I don’t have a mortgage on my residence, we moved here when I was 26, the mortgage was ruddy horrendous but I worked every hour there was to pay it off by the time I was thirty (almost wore my fingers to the bone in doing so!) I do have some mortgages on my buy to let’s but they more than pay for themselves (the interest rate being so low helps) I don’t have any other debt...materialistic stuff means nothing to me, I’m a very frugal type of gal! We don’t have sky, I have an old mobile phone, I drive an 07 plate car, I shop mainly in Aldi & haven’t had a holiday for 5 years! I don’t have or want designer gear, I guess you could say I’m very focused on retiring! My biggest expense is my cat :whistle:, he’s meds/food & cat litter are costing me £100 per week :yikes:....I love him & he’s worth every single penny! :wub2:. Oh & plants is my other downfall...a gal needs plants! :)
                  I just wish I could buy a book/get some advice that said to retire & do this at 44 you need xyz! That book/google search doesn’t really exist, I’ve read blogs/books/searched the internet but I’m non the wiser! :doh:My great Uncle says I will just know when it’s right...but that’s not a lot of help either :dunno: x
                   
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                  • Beckie76

                    Beckie76 Total Gardener

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                    I’d like a piece of that string you’ve got please @Jiffy :heehee: xx
                     
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                    • Beckie76

                      Beckie76 Total Gardener

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                      :hapfeet: 2 days @Freddy...whatever you do don’t work too hard! :lunapic 130165696578242 5:
                       
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                      • shiney

                        shiney President, Grumpy Old Men's Club Staff Member

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                        Here's a piece I made earlier
                        upload_2019-4-29_8-37-11.jpeg

                        It sounds as though you have done most of what's necessary already. There's never a perfect time to retire :noidea:. It requires a steady income and I don't know whether you have that yet. Does the income from rental cover the mortgages and give you enough to live on. If not, then you're not ready.
                        You could always realise some capital by selling one of the rentals but, unless you're very lucky, capital isn't sufficient. So it would depend on whether you have any pension arrangements to provide income and could you pay all your normal outgoings with that?

                        There are a number of other considerations as well. :)
                         
                      • Beckie76

                        Beckie76 Total Gardener

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                        @shiney thanks for your reply, you have certainly given me lots to think about :thumbsup:. Whilst the interest rate is low my rentals do cover my expenses & themselves but if/when the interest rates flies up then it could be a different story.....I guess I have to plod on long enough to pay back the mortgages on those rentals....keeping the dream of retirement at the top of my list! :dbgrtmb:....all good tings come to those who wait?? :dunno:, it certainly feels rather like a minefield to workout how much you ‘need’ & how long in years you need to support yourself for! On that note I’d better get off to work :hapfeet:
                         
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                        • lolimac

                          lolimac Total Gardener

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                          Yaaay one more day to go @Freddy ..Enjoy your last day.:hapfeet::hapfeet::hapfeet:
                           
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                          • Freddy

                            Freddy Miserable git, well known for it

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                            It strikes me that you’re in a great position @Beckie76 , although you don’t say if you’re paying into a pension? Anyway, if it were me, I’d be looking to get those mortgages paid off which would give you a good income for life. And, if it suited, sell one for a good lump sum. You don’t say how many properties you have, what income you receive from each, or how much mortgage you have outstanding, nor would I expect you to, but you have some very good options, I reckon :thumbsup:

                            1 day left :)
                             
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                            • Freddy

                              Freddy Miserable git, well known for it

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                              The last day generally consists of getting formalities out of the way and saying goodbye to everyone. So, should be done by 12:00 :thumbsup:
                               
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