Advise approaching Retiring from work

[georgehenry]

Without over generalising I have a suspicion that some pedelec members may be retired and perhaps able to give me the benefit of their experience.

How they approached their retirement and what worked well and perhaps what did not.

What they thought retirement would be like and what the reality was.

I think I am as financially prepared as you can be and very lucky to be able to realistically be able to retire before 60. A good pension, no mortgage, some other investments, and some cash.

The biggest issue for me is that I was bereaved in the summer of 2019, so the plans that my wife and I had together for our retirement have now changed.

Following my bereavement work has helped to keep me busy and the interaction with my work colleagues has been very valuable. I also have two adult children at home with me that needed to feel secure so I found looking after them, the house, cooking. shopping, washing clothes , etc as well as doing my job has kept me busy.

I have a best friend who is a motorcycle buddy who I have been on many motorcycle adventures with at home and abroad and met lots of fellow enthusiasts. This is a hobby that will continue when I retire.

I have friends from work who I see socially out of work and am a member of a work book club which I enjoy.

But a large chunk of what I get pleasure from will end when I retire. That is my electric bike commute to and from work, and work itself.

I can also tend to laziness when off work and have on occasion spent too long on the sofa. With my wife no longer with me I also can spend a lot of time on my own, not actually a problem in itself. Being lazy when off work is I think fine, but might not be fine without the discipline of having work to go back to.

And then there is Covid.

I could see no point in retiring last year as I am a key worker and have had more freedom going to work that I would have had stuck at home.

Anyway I have had my first jab now, and think the time is right to actually retire and am thinking of giving my required 3 month notice at the end of April to finish at the end of July before my 60th birthday in October.

I do shift work and I will not miss that aspect of work and shift work is in itself unhealthy so being financially able to stop work means I probably should.

Although my cardiovascular fitness is good for my age my diet is not so good and my weight too high. So the first order of the day would be to join a sports club to do a bit of appropriate gym work and swimming combined with a healthier diet, better sleep pattern and cycling both electric and acoustic.

So any of your great ideas on what challenges and rewards retirement has provided would be gratefully received.

 

[LeighPing]

Following my bereavement work has helped to keep me busy and the interaction with my work colleagues has been very valuable.

Sorry for your loss. Is a draw down, part time, not an option for you? Many of my own work colleagues have found that to be a good choice.

 

[georgehenry]

The company has never been keen about part time working. At my place of work there are only two people sharing the job I do. Maybe at some point in the future part time working will become an easier route to take.

If it were it would be attractive. I like the job I do, and my full time role is based on a 35 hour four day week, so a part time role would be based on a two day 17.5 hour 2 day week which would be very nice.

The pension I have is based on a final salary one so you cannot just take a bit of it when you retire. You do get a choice about the actual pension amount in comparison to any lump sum you take and can choose to take a larger lump sum and receive a smaller pension.

The pension itself though is recognised as one of the best workplace pensions and once taken the pension you get rises each year based the cost of living.

It is possible to transfer the whole value of my pension out but it is not easy and for most people not advisable.

So my choice at the moment is really about keeping working full time or stopping all together.

I guess that is what I am trying to get advise about. The transition from a full time Job to retirement and strategies that make that easier.

The job I do is great but I am beginning to find the early and late shifts harder to cope with as I get older. I make that harder by riding an electric bike to work and back meaning I have to get up earlier or go to bed later.

 

[Zlatan]

To quote Alex Fergusson
"I, m too old to retire". He had a point.
I retired early and have loved every second but I, ve had a lifetime of activities and always made sure I do them to distraction.
I, ve built cars and motor bikes and rebuilt barges and boats. I pedelec (on my own) twice a week, windsurf when it's warm and windy, waste too much time on here, read a lot (Bernerd Cornwell is brilliant)... Pick on grand kids and travel when poss...Used to go yachting a lot but too expensive now...
Many of my more work oriented friends asked how will you manage.??? Just keep busy, do stuff. Get a dog, walk every morning.. (but I, m not getting another, bit upsetting when he died)
Its frame of mind.
But have you worked to live or lived to work. I was former, so it's easy.
Good luck...
Just do it.. Do stuff. Anything.

 

[georgehenry]

Zlatan, thanks for your reply. I like your approach and would take a similar view. I have 5 motorcycles in various states of mechanical decay as well as my three electric bikes. I do ride most of them at some time or other. I am out tomorrow on my dirt bike with friends. I think I just need to press the go button and get on with it. No point being the richest corpse in the graveyard!

 

[Benjahmin]

I think that feeling useful is the main thing, either to someone else or to society in general. In my case, I've been self employed for 20 years as an electrician/carpenter with plumbing skills which can be in demand. Work has dropped off because of covid and the fact that I'm not chasing it as much. However the thought of selling my van and tools presents as a wall of boredom. So I continue to take the jobs I want and fettle things around the house. I'm working about 4-5 hours 3-4 days a week, without so much weekend/weekday distinction, which is actually quite liberating.
What skills/interests do you have? Are there people or societies locally that would benefit from them?

 

[Benjahmin]

Just seen your post about motorbikes. Made me wonder if there are local kids who could benefit from engagement and education on bikes in general?

 

[georgehenry]

I did see a tv news report some time ago about a chap who had got an electric trike style bike with two wheels at the front adapted with a chair to carry a person between the two wheels at the front who took older people out for fresh air and to see the sights. It looked fun but sounded like an insurance health and safety nightmare.

 

[sjpt]

Certainly keep actively working as the others have said; not really much to add, just my take on it.

I really enjoyed most of my work, and have been lucky enough to be able to continue just the interesting parts I choose (different setup, almost all unpaid). The downside of that is that I spend too much time sitting at this keyboard. I'm not sure how your current work skills fit in with that possibility; it sounds as you can't move to part time at your current company, and probably something similar but a bit different is better anyway.

More time for cycling and walking has been a huge bonus; I was not unlucky enough to lose my wife, which must have been a huge blow to you and your plans. If you are a sociable type then walking or cycling groups could be good. I hate gyms and indoor pools, though they really suit some people.

I expected to spend lots of retirement time playing and listening to music. Sadly my hearing deteriorated which makes that much less pleasurable.

Consider taking part in charities. Small local charities with international reach can be very rewarding. Sadly, charities like other workplaces, are very mixed in their atmosphere as a place to contribute. Or if there is a charity that arranges riding as you suggest, so there is enough organization to handle the health and safety insurance, and to give wider interaction through the charity? (There is one for horse riding, Riding for the Disabled, https://www.rda.org.uk/)

 

[georgehenry]

Thanks sjpt. I like music too, and the Town I live in has a fast commuter line to London and I had hoped pre Covid to make trips to listen to music more regularly. The South Bank is a very short walk from Waterloo which is my London terminus station. Also if I were to buy a folding electric bike the whole of London's cycling infrastructure would be at my disposal to explore.