retirement question

[Silly Moustache]

Originally Posted by eyesore

Hi; I'm sure this subject has been brought up on a few occasions, but I don't know how to search for old threads...? Anyway ; the thought of retiring is kinda scary.My wife is 9 years younger and still working. the kids come and go[no grands yet].That leaves me home alone. What else is there to do[don't fish anymore]. I do volunteer ,maybe I could do that more.But in general ;what can you do all day??? Thanks!

Hi, I retired in 2007, or at least the contracts ran out.
My financial advisor (No.1) advised me that I didn't have enough in my pension to retire (at 59) and that I'd need to work for another five years until I got my state pension.
My investment advisor told me that he could work out a strategy, which he did and it worked out well.
12 years on I have pretty much the same as I did in 2007 (not accounting for inflation).

I've seen many of my friends panicking about reduced income and "what to do".

Firstly - Money: it is surprising how much it costs to work, suits, shirts, commuting, that couple of drinks you need to unwind when you get home, and of course , saving for retirement etc. - it all mounts up.

I had my first five years with no state pension, so I modified my spreadsheet of outgoings and took the most modest income from my pension that I could.
In fact, I still do. pay off all debts (mortgage etc., take a hard look at insuirances that just roll along, and ensure that you have at least 6 months required income in easy access to deal with emergencies.


Secondly - Time management : I'm sure you've heard retired folk say "I don't know how I had the time to go to work!" That is their perception, but I've observed that in reality they slow down. NOTE: you SHOULD slow down - (You ain't no spring chicken!)

Those days when you went to work with a hundred things to deal with within the next 8 hours stretches to having 2 or 3 things to do and feel busy - and that's just fine (you are retired and your own boss).
So, you don't "have" to fill your time. After a while you will "ease back".

Thirdly - Fitness : as so many have said - the major thing you MUST do, is establish: swim, walk, cycle, gym, "senior sports" etc., whatever.
Golden rule - you are now a late middle aged person - DON'T OVER do it - (it ain't the weights its the repetitions).

Keeping fit is no longer about building yourself up - it's "maintenance" and it is important for mind as well as body!

NOTE: I'm 71 now been retired for 12 years and I have discovered that as you get older and things start rusting, failing and falling off - you need to work harder and smarter to keep everything functioning.

Final note (until I think of something else) From the first day of your retirement - Every day is Sunday!

[stephenT]

Get a bike (and ride it),.. almost as addictive as guitars.

[Rockysdad]

Take up photography, now that everything is digital, it's easy, rewarding and, can be very time consuming.