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Probably the most difficult decision I've ever made. The constant doubt about whether I can afford it is causing me all sorts of anxiety. Anyone else had these doubts and can give me some positive thoughts? I haven't paid off my mortgage so will have to work something out there, but, eventually, I plan to travel for a few months, or possibly years, before moving somewhere cheaper than Norway. My head is all over the place right now.
I always planned to retire at 60 at the latest, mainly due to hating work when I was younger. Now it's getting closer I'm actually beginning to change my mind.
I enjoy my job most of the time, i enjoy wildlife and the countryside and my job often leads me to working in incredible locations miles from the nearest house or road. Im just realizing I'd really miss it.
Im lucky that I'm self employed and work on short term contracts mainly, so I probably only work on average 40-45 weeks a year as it is. So now rather then retiring at 60 I think I may just be even more picky about the contracts I accept and perhaps just work a bit less
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I've just sent in my notice to retire from work on 12:39 - Jul 13 with 1255 views
I've just sent in my notice to retire from work on 12:23 - Jul 13 by noggin
I just edited my post to say that their plan worries me on their behalf. Interesting watching their journey though.
It does seem to rely on things remaining fairly stable with the stock market etc. 7 years in a caravan is also a long time if they suddenly decide they have had enough.
Definitely a gamble but could be a blueprint for people in the future who may be looking to retire on less money. They really are going to have to maximise the budget though using every trick in the book (cashback apps, buying discounted gift cards etc). Another shock like covid could make things very difficult although I suspect they would go and park the caravan up on a family member's driveway.
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I've just sent in my notice to retire from work on 12:43 - Jul 13 with 1226 views
Are you in a position to reduce your working hours?
I was fortunate my employer was looking to make one of the team redundant as my 64th birthday was approaching. Even more fortunate in that my main clients then decided not to renew their contract.
The company that gained the contract asked me if I would work for them . I agreed to a 15 hour week, five hours three days a week. Worked well for all parties I found it easier to give up work as a result. Did agree to a 12 months consultant deal beyond my 65th birthday. Contact by telephone or email, no office visits. I made sure I trained someone up and was only contacted twice in the 12 months. I did agree to going to see the client, in Jersey.
They wanted me to do another 12 months, double the fee but enough was enough and I was fully prepared for retirement.
Not sure if I would want to up stakes and move to another Country but Norway is expensive. Presumably house prices are high there.
If you wait until you think you can afford it, you'll probably never do it. Its a bit like having children - if you work out how much they'll likely cost you, you'd never have them. I've semi retired this year, and am loving the freedom, although I don't yet seem to have had much spare time as I'm always doing something. Best advice is to bite the bullet and do it. I'm a Financial Adviser by the way, so if you want to run something by me or just want some advice, drop me a line.
I've just sent in my notice to retire from work on 11:19 - Jul 13 by noggin
Yeah, Madeira was on my list, but from what I can see, affordable housing is virtually non existent for my budget.
A guy on here has a one bed apartment for sale in Funchal it’s in the middle to high two’s so not much over quarter of a mil! In a aparthotel complex with gym & pool indoor & outdoor & bar & restaurant etc, lido area of town, I can give you his number if you wish?
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I've just sent in my notice to retire from work on 13:38 - Jul 13 with 997 views
I've just sent in my notice to retire from work on 13:21 - Jul 13 by usm
If you wait until you think you can afford it, you'll probably never do it. Its a bit like having children - if you work out how much they'll likely cost you, you'd never have them. I've semi retired this year, and am loving the freedom, although I don't yet seem to have had much spare time as I'm always doing something. Best advice is to bite the bullet and do it. I'm a Financial Adviser by the way, so if you want to run something by me or just want some advice, drop me a line.
"I'm a Financial Adviser by the way, so if you want to run something by me or just want some advice, drop me a line."
I've just sent in my notice to retire from work on 13:36 - Jul 13 by earlsgreenblue
A guy on here has a one bed apartment for sale in Funchal it’s in the middle to high two’s so not much over quarter of a mil! In a aparthotel complex with gym & pool indoor & outdoor & bar & restaurant etc, lido area of town, I can give you his number if you wish?
Thanks. Sounds lovely but that's out of my price range unfortunately. I reckon I've got about 140,000 euros in equity in my flat so I've pretty much crossed Madeira off the list.
I retired April this year. Despite what you are reading here there are significant percentage of people who regret retiring. It's a huge life change and has to be managed as such. My employer offers support and guidance to the people who are due to retire for a whole year before they retire, so it shows how seriously they take the transition. They deal with around 5000 employees retiring a year, so they know the issues. Plenty go back to some sort of work after a year or so to create some structure and social outlet and earn a bit extra. Usually in a completely different field and less responsibility. You need to have an honest look at finances and expenditure. Pension income doesn't have to be your only income if you need more. Fine for first 3 months to be like a holiday or catching up on DIY etc but most people need some daily purpose. Holidays might not meen the same. Alot of enjoyment in holidays is valued in it being not work. Time is different when you are retired. Energy levels might slip so you definitely have to do some physical activities. Social interaction can be more effort when you are not seeing work colleagues and colleagues slip out of your life, even ones you consider friends. From my employer who were the National Health Service and employ 100k people in Ireland things they said 1. Alcohol becomes a significant issue for some people to fill evenings 2. Social isolation can be an issue 3. Money is predicted as the main issue but most people don't end up with it being their main issue. 4. Looking after health We were even told about going down rabbit holes of social media and daytime TV.
A good retirement doesn't just happen. It needs to be planned and managed.
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I've just sent in my notice to retire from work on 13:58 - Jul 13 with 919 views
Curious, what industry/role do you work in, did you enjoy it at all or can't wait to be out of it?
I'm a couple of decades away from that decision myself so have no particular qualified advice to give. Mainly just envious of those that can whilst they still have healthy years left!
But naturally I am already thinking about how and when. Currently 46 but have only just become a homeowner. Mortgaged until I am 75 and it's taking up close to all our income. On the plus side, wife and I should have enough of a pension pot that we could retire mid-60s and pay what's left of the house with our tax-free lump sums, may downsize to free up more cash to enjoy nice things, though may still need additional PT income to live comfortably. Provided there isn't a spectacular crash that degrades the pot of course. Who knows what pitfalls (or indeed, opportunities) lay ahead?
I've just sent in my notice to retire from work on 13:44 - Jul 13 by ClareBlue
I retired April this year. Despite what you are reading here there are significant percentage of people who regret retiring. It's a huge life change and has to be managed as such. My employer offers support and guidance to the people who are due to retire for a whole year before they retire, so it shows how seriously they take the transition. They deal with around 5000 employees retiring a year, so they know the issues. Plenty go back to some sort of work after a year or so to create some structure and social outlet and earn a bit extra. Usually in a completely different field and less responsibility. You need to have an honest look at finances and expenditure. Pension income doesn't have to be your only income if you need more. Fine for first 3 months to be like a holiday or catching up on DIY etc but most people need some daily purpose. Holidays might not meen the same. Alot of enjoyment in holidays is valued in it being not work. Time is different when you are retired. Energy levels might slip so you definitely have to do some physical activities. Social interaction can be more effort when you are not seeing work colleagues and colleagues slip out of your life, even ones you consider friends. From my employer who were the National Health Service and employ 100k people in Ireland things they said 1. Alcohol becomes a significant issue for some people to fill evenings 2. Social isolation can be an issue 3. Money is predicted as the main issue but most people don't end up with it being their main issue. 4. Looking after health We were even told about going down rabbit holes of social media and daytime TV.
A good retirement doesn't just happen. It needs to be planned and managed.
I can still do some extra shifts if I want to, there's usually something available. But recently the job has been stressful for me so I'd rather not tbh. I could probably get a part time delivery driver job if I find things are tight but I think my pensions income will be pretty good outside of Northern Europe and the only thing tying me to Norway is my adult daughter but she has a large family here.
I've just sent in my notice to retire from work on 13:58 - Jul 13 by baxterbasics
Curious, what industry/role do you work in, did you enjoy it at all or can't wait to be out of it?
I'm a couple of decades away from that decision myself so have no particular qualified advice to give. Mainly just envious of those that can whilst they still have healthy years left!
But naturally I am already thinking about how and when. Currently 46 but have only just become a homeowner. Mortgaged until I am 75 and it's taking up close to all our income. On the plus side, wife and I should have enough of a pension pot that we could retire mid-60s and pay what's left of the house with our tax-free lump sums, may downsize to free up more cash to enjoy nice things, though may still need additional PT income to live comfortably. Provided there isn't a spectacular crash that degrades the pot of course. Who knows what pitfalls (or indeed, opportunities) lay ahead?
I've been a paramedic for 27 years and loved it until the last couple of years. I just feel that the stress will eventually make me ill.
I've just sent in my notice to retire from work on 13:44 - Jul 13 by ClareBlue
I retired April this year. Despite what you are reading here there are significant percentage of people who regret retiring. It's a huge life change and has to be managed as such. My employer offers support and guidance to the people who are due to retire for a whole year before they retire, so it shows how seriously they take the transition. They deal with around 5000 employees retiring a year, so they know the issues. Plenty go back to some sort of work after a year or so to create some structure and social outlet and earn a bit extra. Usually in a completely different field and less responsibility. You need to have an honest look at finances and expenditure. Pension income doesn't have to be your only income if you need more. Fine for first 3 months to be like a holiday or catching up on DIY etc but most people need some daily purpose. Holidays might not meen the same. Alot of enjoyment in holidays is valued in it being not work. Time is different when you are retired. Energy levels might slip so you definitely have to do some physical activities. Social interaction can be more effort when you are not seeing work colleagues and colleagues slip out of your life, even ones you consider friends. From my employer who were the National Health Service and employ 100k people in Ireland things they said 1. Alcohol becomes a significant issue for some people to fill evenings 2. Social isolation can be an issue 3. Money is predicted as the main issue but most people don't end up with it being their main issue. 4. Looking after health We were even told about going down rabbit holes of social media and daytime TV.
A good retirement doesn't just happen. It needs to be planned and managed.
I think "what are you going to do with your time?" is a really valid question, it's not just bout money and affordability. Just stagnating infront of the TV or computer screen all day isn't good for anyone's health - physical or otherwise. People who keep active in some other way are the ones who live longer and healthier from what I've observed. Doesn't just mean taking up golf and hiking and looking after grandchildren - voluntary work at hours to suit is one way the retired generation can (and often do) keep themselves sane whilst also continuing to contribute to the world.
I lost my job of 34 years back in 2017. I was 50. Didn’t plan to retire, I just slipped into it. I still had a mortgage but I tightened up on everything and in the end said, you know what I don’t need the rat race anymore. Best decision I ever made. 9 years now. Im well happy.
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I've just sent in my notice to retire from work on 15:07 - Jul 13 with 788 views
I've just sent in my notice to retire from work on 12:02 - Jul 13 by J2BLUE
Congrats.
You will be free. I often think people vastly overestimate the amount of money they need to retire. People seem to imagine a life of constant holidays and other expenses. There are some decent Youtube videos on retiring early/frugally. One man moved to Spain, bought an apartment and now lives on about 1000 EUR a month.
Good luck. I doubt you will look back. As I get older I think the saying about the best things in life being free is more and more true.
My mates mum and stepdad have made a move I really admire. They sold up and bought a little cottage in Wales for about half what they sold their house for, to facilitate a retirement that wasn't otherwise possible financially. Obviously not the first people to do that and not practical for many people, but they seem very happy. They've got involved with various things in the local community, do a lot of walking in lovely areas, bit of voluntary work as well and grow a lot of what they eat. In many respects a more frugal existence, but beats busting their balls on the morning commute I'm sure.
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I've just sent in my notice to retire from work on 15:51 - Jul 13 with 733 views
I understand your anxiety regarding retirement as I went through similar two years ago. Thankfully we made the last mortgage payment a year before retiring, but both my wife and I only have very small private pensions on top of the state pension. However, all is well and we are managing fine. Apart from increased home heating costs in the winter, generally we are spending much less on a daily basis than when we were working. Being free of the stress of work is great and the only targets I have to meet are those set by myself. I am also thankful that I no longer have to battle the traffic daily on the A14/A12!
Although we are both only in our late 60's our health has taken a hit in the last few years. My wife has debilitating M.E. and I am now undergoing treatment for cancer. Life is short and fragile as the "good book" reminds us and we are close to our "three score years and ten". As someone once remarked, you never see a gravestone with "I wish I had worked longer" engraved on it!
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I've just sent in my notice to retire from work on 16:16 - Jul 13 with 708 views
I've just sent in my notice to retire from work on 15:07 - Jul 13 by _CliveBaker_
My mates mum and stepdad have made a move I really admire. They sold up and bought a little cottage in Wales for about half what they sold their house for, to facilitate a retirement that wasn't otherwise possible financially. Obviously not the first people to do that and not practical for many people, but they seem very happy. They've got involved with various things in the local community, do a lot of walking in lovely areas, bit of voluntary work as well and grow a lot of what they eat. In many respects a more frugal existence, but beats busting their balls on the morning commute I'm sure.
100%. I really think we are going to see a lot of innovating retirements in the future as people have less money but still want to retire. Tiny home communities etc where even the state pension on its own would be enough to be fairly comfortable assuming you could buy one outright.
Whether the state pension will be there is another matter but i'm sure the Youtubers documenting their exits without a large pension pot are the very beginning of the trend.
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I've just sent in my notice to retire from work on 17:24 - Jul 13 with 626 views
Whilst I didn't retire entirely until I was 70, some 6 years ago I was lucky enough to accept redundancy at 52. I had around a year and a half off only doing occasional work and then managed to get another full time job in 2005. By 2010 I went part time doing three days a week. Then a work colleague had an operation that went wrong and I had a few months working full time again. I then went back to a four day week in 2010 and finished in September 2015. In December I got a job doing two days a week, added a second job to that at the same company. One of these jobs I lost during the pandemic, but kept the second which was one day a week. I then finished completely in 2020. Having suffered prostate cancer in 2019 which came to a head where I had radiotherapy in 2023 I sometimes wish I was still capable of working as you do miss your mates. Although having said that many have now also retired or passed away. Best to make the most of your retirement and do whatever your funds allow.
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