RMweb Premium PhilJ W Posted February 10, 2014 RMweb Premium Share Posted February 10, 2014 I took early retirement at the age of 59 and eight months and I wish I had done it earlier. What made up my mind was when my line manager walked out after an almighty row with one of the senior managers (who was in the wrong). Another tip, consider equity release if you require more funds, it depends on your personal circumstances but as I have no dependents I found it ideal when I needed funds urgently (both gas and water leaks needed urgent attention). Link to post Share on other sites More sharing options...
RMweb Gold Donw Posted February 10, 2014 RMweb Gold Share Posted February 10, 2014 Early retirement. I took voluntary redundancy with a Pension from 50 a year at 49 and have only worked for payment a little since. This is probably extreme. One of the reasons for my choice was that my father who did quite well for himself and on retirement had a larger pension than I ever had salary but by the time he was 70 his health had gone. His great love was golf and by then he could not complete 18 holes. As our lifestyle did not involve fancy cars, foreign holidays or other expensive choices living on a reduced income was not a problem. So the first thing to ask yourself is what would we (your partner will be affected too) miss. If you look forward to world cruises and the like, do consider the costs. Some people miss the challenge of their job. Some want/need to build a nest egg for their offspring. Others may want to buy expensive motorcyles/guitars/ 0 gauge locos (did I say that?) The second it what would we gain. For us it has been more time to enjoy walking with the dogs, gardening and lots of DIY(we were doing that anyway but more time helped). If you think extra time will allow more holidays that can be more expense. It would be easy to think I can spend my time modelling but that may not align with your partners ideas. In another post Gentlemen were mentioned at one time a Gentleman was considered to be someone who did not have work for his income. we have never regretted our choice. Don 3 Link to post Share on other sites More sharing options...
trisonic Posted February 10, 2014 Share Posted February 10, 2014 (edited) Actually I retired at 46. When I said it was NOT a "no-brainer" I meant you've got to consider the options carefully. Everybody is different and to do it simply because someone else is doing it is not the answer. I'm probably unusual in that I could earn nothing one year and $750,000 the next - I learned quickly that you have to be disciplined. Not that way, dear...... Best, Pete. Edited February 10, 2014 by trisonic 4 Link to post Share on other sites More sharing options...
RMweb Premium New Haven Neil Posted February 10, 2014 RMweb Premium Share Posted February 10, 2014 No offspring, garage already full of trains (HO, OO and G scale steam) and motorcycles.....campervan almost new, car getting on a bit but sound. I reckon I'm fixed, as it happens! As for partners, Mrs H is keener than myself in fact for me to go, provided I do more househusbandly things (I'm already quite well trained) so we have more time together. My health has been affected badly by stress from work in the past (ex-NHS manager, remember!) so that is always in her mind if not mine. No cruises either - I used to get paid for doing that, like Gruffalo, but my certficate says motor not steam. It's not a Chief's either...... The part time fill-in job if it comes to happen will be quite interesting, I'm talking myself in to this! Whilst we do still owe a fair bit on the mortgage (two actually) there is also a great deal of equity in the house that we don't need to leave to anyone. Die skint is the way to go we reckon, allowing for aged care. 1 Link to post Share on other sites More sharing options...
trisonic Posted February 10, 2014 Share Posted February 10, 2014 Neal, You don't have to justify yourself to anyone here. Personally I admire your lifstyle without the slightest envy! Good luck in whatever you do... Best, Pete. Link to post Share on other sites More sharing options...
RMweb Premium New Haven Neil Posted February 10, 2014 RMweb Premium Share Posted February 10, 2014 I'm not loaded Pete, but we don't smoke, drink much (now....) or have exotic holidays so we haven't done badly. Your $750k year made my eyes pop out of my head...... Link to post Share on other sites More sharing options...
RMweb Premium Barry O Posted February 10, 2014 RMweb Premium Share Posted February 10, 2014 Due to the complexities of life when I left my last employer I paid off the second home in Barrow - we haven't been able to sell it but it is now rented out. While this is not a huge amount of income it helps a bit to fund life's luxuries. The in-laws worked hard and saved for retirement - then didn't have an opportunity to enjoy their money... So my view on life - given the opportunity carpe diem! Link to post Share on other sites More sharing options...
DDolfelin Posted February 10, 2014 Share Posted February 10, 2014 Sorry DD, but i do not trust financial "experts" as far as I can throw them. If they were that clever they would have made themselves rich and not need to work any more. Or are they sharing their expertise because they care? Neil is clearly intelligent and capable of doing his own sums, and I'm sure has sensible friends he can talk to-people with no vested interest in particular schemes (or "products" as they insist on calling them). Ed You are entitled to a view, Ed, but I think it would be very silly to trust the people you describe. Link to post Share on other sites More sharing options...
RMweb Premium New Haven Neil Posted February 10, 2014 RMweb Premium Share Posted February 10, 2014 Reflecting on 37 years of employment, the only person I have known to be accurate on finances is a businessman friend. Mortgage advisers let us down, with ridiculous over estimations. The current two and a bit dip depression was accurately forecast by my friend, whose business has ridden high over it all. I know who I trust. I think advisers are probably better trained and regulated than they were 30 years ago to be fair to the profession but once bitten...... Anyway, it's all going to take some time to work out so in the meantime it's back to trains..... 11 Link to post Share on other sites More sharing options...
Simon G Posted February 10, 2014 Share Posted February 10, 2014 Mortgage advisers let us down, with ridiculous over estimations. I got shafted by pensions people many years ago when moving companies in 1981. My 4 years pension with Glaxo was worth 56 days when transferred to another company. Still I plan to either retire later this year or go part-time. I feel fully in control which is good! Link to post Share on other sites More sharing options...
RMweb Gold Tony_S Posted February 10, 2014 RMweb Gold Share Posted February 10, 2014 My wife goes out to work to keep me in the manner to which I have become accustomed... 5 Link to post Share on other sites More sharing options...
RMweb Gold Donw Posted February 10, 2014 RMweb Gold Share Posted February 10, 2014 I must beg to differ, there are numerous tomes of chivalry that describe the attributes of a parfait knighte and wealth is rarely mentioned, if at all. Granted, to meet your chivalrous obligations you needed a fair number of gold sovereigns, but manners, courtly bearing, bravery, courage, duties and responsibilities were (are?) the important things. Status, however, I agree plays a role in being a "Gentle-man" but status could be earned or gained (hence Shakespeare's Henry V saying in the famous St Crispin's day speech "be he ne'er so vile, this day shall gentle his condition"). Many of the public schooled politicos currently in Parliament on BOTH sides of the despatch box may have money, but are certainly no gentlemen. Some, dare I say it, are just oiks with a trust fund or a wodge of £50 notes.... Just look at the sort of people who get Knighthoods, top bankers who to my mind are conmen, those who donate to political parties to gain influence, I think the list of chivalrous obligations would be unknown to such. Don Link to post Share on other sites More sharing options...
RMweb Gold beast66606 Posted February 10, 2014 RMweb Gold Share Posted February 10, 2014 Evening all. A busy day with work and trying to get out and photograph a couple of trains, then sorting the family food out and finally get chance to sit down and catch up. I also come from a rugby playing school, football was tolerated in the quads but games was rugby and cross country - fortunately cross country was street running most of the time and the outward route passed my house, so I used to stop in there and then jog down the road and pick up the end of the pack as it headed back to school, occasionally forgetting and having to go straight back to school - bit of a give away running in through one gate as the rest of the pack came in from the opposite corner "Got chased by a dog Sir!" was the usual excuse. I played rugby for the school, I was very fast in those days and once I had the ball I was protected and had to run like flip (I think that was the word) to try and score - often getting tripped, which used to make me flip - I gave it all up because I got into too many scraps with my trippers ! I moved the bird table a foot nearer to the window today, the birdies are a bit nervous but hopefully some more shots tomorrow. Have a good evening folks. PS - Don't talk about pensions, my previous company completely shafted several of us who had good ones - ending up with a pittance. Link to post Share on other sites More sharing options...
Ashcombe Posted February 10, 2014 Share Posted February 10, 2014 After planning to retire at 60 for most of my working life, I reduced to part time when I was 56 then left quite abruptly at 58 and did some occasional supply work until I retired in 2010. No regrets and the gradual winding down to retirement worked well for me. O/H worked full time until the year I was 60 but has found it hard to adjust to the sudden change to unlimited free time. He seems to be catching up on his sleep still...................! 3 Link to post Share on other sites More sharing options...
RMweb Premium NGT6 1315 Posted February 11, 2014 RMweb Premium Share Posted February 11, 2014 Morning all. Caught a cold – wonder why it took so long in the first place, given I'm working with lots of people every day. SWMBO's birthday today, so we'll be out for dinner tonight. Will make sure to order something very spicy for disinfection! Link to post Share on other sites More sharing options...
DonBradley Posted February 11, 2014 Share Posted February 11, 2014 It has dawned bright and clear and still. 26C forecast and I will make the most of it as mid 30s are forecast for the weekend. I hope your Tuesday is happy. 3 Link to post Share on other sites More sharing options...
iL Dottore Posted February 11, 2014 Share Posted February 11, 2014 Just look at the sort of people who get Knighthoods, top bankers who to my mind are conmen, those who donate to political parties to gain influence, I think the list of chivalrous obligations would be unknown to such. Don Morning All, Spot on Don (hence my comment about oiks with money). Just like a million pounds isn't what it used to be, the knighthood has been debased by naked political patronage. Not that such awards have ever been free of patronage, but at least at one time someone was expected to do a wee bit more than hand over the readies and turn up for the ceremony. CAMDEN ROAD is proceeding nicely, thanks to an anonymous benefactor, and I might even complete the project with a less-than-geological timescale. Home office day today (as always), can't wait to move on to another job, but that seems unlikely at my time of life. So I'll just have to grit my teeth and hold out for another two years and then take early retirement. iD Link to post Share on other sites More sharing options...
travelintrev Posted February 11, 2014 Share Posted February 11, 2014 Morning all, --- is it Friday yet? No, Oh *******. Never mind once more to the grindstone then. I've only got just over a year to go , but whether I'll be able to afford too pack up completely is another matter. Try and find something to smile at today, Trev Link to post Share on other sites More sharing options...
RMweb Gold grandadbob Posted February 11, 2014 RMweb Gold Share Posted February 11, 2014 Good morning all, Dry with a slight frost & now 2oC. Heavy rain forecast followed by sunny periods & scattered showers followed by more heavy rain followed by.................! Missed posting yesterday because of various reasons/interruptions. Another ex rugby player (school hooker - club back row) here as you might have guessed by previous posts. On my final school report the Headmaster wrote something like "He had a very disappointing year academically but played extremely well for the 1st XV so should be successful in whatever career he chooses" If you played for the school you could seemingly do no wrong in his eyes. He did in fact find me my first job & I stayed with that company (although taken over twice) for 38 years until I retired at 55. (10 years ago). When I left it was nothing like the organisation I'd joined & I was glad to get out. Health played a major part in that decision & like others have said I took a hit in my pension claiming it so early but I've never regretted it. We're lucky that we're quite comfortable having a fairly simple lifestyle however what seemed like plenty of money 10 years ago certainly isn't now so a great deal of care needs to be taken with that decision. Today I shall be battling with my house insurance provider who once again seems to think that although I've never made a claim in 43 years it would be a good idea to increase my premium by 25%! Have a good one, Bob. Link to post Share on other sites More sharing options...
RMweb Premium Barry O Posted February 11, 2014 RMweb Premium Share Posted February 11, 2014 Good morning all. Lots to do today including some .....work..... Have a good Tuesday. Hope that the Station master has'nt been flooded out. (Or indeed any of the rmwebbers) Link to post Share on other sites More sharing options...
Robert Posted February 11, 2014 Share Posted February 11, 2014 Morning All, It is a rather pleasant morning here - after a damp start. We now have broken cloud and a bit of blue sky, so hopefully the sun will come out later. I intensely dislike having to deal with things like insurance, pensions and so forth. It is very difficult to know what to do for the best. You speak to a financial advisor, and do what you think seems right - but will it be at the end of the day? Who knows... What really annoys me is that loyalty counts for absolutely nothing these days. Whether that be insurance companies (as in Bob's example), energy providers, whatever. I reckon the first company to come up with a loyalty tariff will make a fortune. Instead, they will give you a load of babble about how claims have increased, and their costs have increased, and blah blah blah. Have a good day everyone... Link to post Share on other sites More sharing options...
Coombe Barton Posted February 11, 2014 Share Posted February 11, 2014 Tuesday - once more Grey - once more Raining - once more Cold - once more Excel - once more The thing that did change is that we took the operated on dog back to the vet last night for a routine inspection - little bit of infection in the scar so antibiotics - horse sized tablets that we (Sandy, actually) has to feed her twice daily. Back to vets Thursday to see how it's going, then stitches out hopefully on Monday. Meanwhile the dog's milking the attention. Link to post Share on other sites More sharing options...
RMweb Gold BoD Posted February 11, 2014 RMweb Gold Share Posted February 11, 2014 Morning all. It looks like those of us who have battened down the hatches may need to batten them down a bit harder. Take care folks. Link to post Share on other sites More sharing options...
RMweb Premium skipepsi Posted February 11, 2014 RMweb Premium Share Posted February 11, 2014 Morning all, it is raining again hopefully the windscreen won't be iced up like yesterday, I had 15 minutes of exercise scraping windows. Two intense days of training today and tomorrow then I am hoping for a run down to the holiday. No hope or Bob Hope as some would say. Link to post Share on other sites More sharing options...
gordon s Posted February 11, 2014 Share Posted February 11, 2014 (edited) I guess there are good and bad in every occupation, but I can't complain about our FA as he was very helpful in sorting out my own pension. Six years down the line and we have been paid in full and the 'pot' has barely reduced as the pension company invested wisely. Despite being in business most of my life, pensions and investments were outside my comfort zone and therefore we sought expert advice. Perhaps we were lucky... The flooding in the Thames Valley is certainly getting closer and as my offices were based in Marlow and Egham, I'm pretty familiar with all the areas on the TV. Thankfully we're more than a few miles away, so should will stay dry. The worrying bit was not the direct river flooding but water coming up through the ground as the water table kept rising in low level areas. Edited February 11, 2014 by gordon s Link to post Share on other sites More sharing options...
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