I am 64 and retired 4 years ago. Always wanted to retire at 60 because, while I always liked the world of work, I didn't want the stress at a certain point. And having seen so many of my parents' friends not live long enough to enjoy much of their retirement I didn't want that to happen to me. I thought I might do some work in my retirement but I've just not been motivated to do so. My days are quite full. I swim or go to gym or yoga several days a week. I study Spanish daily, bake once a week or fortnight, do a bit of photography and if the weather is good walk the hills of Scotland with a hillwalking group. I don't watch a lot of TV and while I am reading books more, it's not as much as I would like. I'm sleeping better and I feel I'm healthier since retiring.
Great content . I'm 60 this year and at 55 decided to move from a stressful managerial role ( employed for 27 years ) and take my HGV licence. 18 months after passing I'd taken a few agency driving roles to test the water and then moved for good . I now drive a truck for the NHS 35-40 hours a week listening to the football or music whilst being paid. Yep the pay is less but I hand my keys in daily and my mind is not focused on the job until next time I pick them up
I retired last year aged 55 my Wife is retiring in April aged 56 I was a middle manager in a FTSE 250 company and she is a senior nurse we have worked full time since 18 raised the childrenI never considered part time as you would still be working on your day off !!!! I have never regretted the decision in fact if I’d won the lottery at 35 I wouldn’t have struck another bat !!!! We have been planning to retire at this time for years paying full pension and AVCs The last few years have really invested hard in AVCs after the children had left university we had some spare cash it’s all come together So we’ve paid the mortgage off bought a canal boat so we off while we are still young enough to enjoy It
@@RobinHood-us7sg we chose to invest into pensions (AVCs and I had part final salary and part money purchase ) and not ISAs as we would have dipped into the ISA as we couldn’t touch the pension was a good for us Also My Wife was very lucky to have “Special class NHS pension “ Special Class (SC) status is a historical provision awarded to members employed as nurses, midwives, physiotherapists and health visitors. It enabled members in these occupational groups to retire from age 55 without a reduction to their benefits, subject to certain qualifying criteria being met at retirement. The big thing is have a long term plan as it’s unbelievable how quickly the years pass
Welcome to the ever increasing club of early retirees! May it be a long and healthy one! Both my husband and I did in 2017, and never knew how cheap Ryanair flights are off season from Stansted? So making the most of it is key for us for 10 years, as it gets harder to travel as you get older! So now is the time to enjoy it fully! And living frugally helps too!
My wife and I retired on the very same day, she was 57 and I was 60. I can’t recommend it highly enough. Best thing we ever did, especially as she died in 2020, at least we got 5 years retired together. Our FA was brilliant and helped us with the financial side and we actually were able to do all the things we wanted to do and more. I don’t think we would/could have done it without his help and guidance over 30 years.
I'm sorry for your loss. It's heartening to read that you got to make so many fond memories and that you clearly have a positive outlook. I wish you good health and happiness going forward.
Identity..... when I think of the investments, pensions, time and activities that I manage; then when someone asks what I do, I reply.... I am the Managing Director of 'Me and My Time'
Before I retired, it was suggested to make a list of everything I would miss about working- for me it was chatting at the coffee machine, mentoring staff members and achieving goals. Next I needed to decide how to bring those activities into my retired life. My retirement week is now - 2 day’s learning, 2 day’s earning (volunteering) and 3 days for fun.
I’m closing in on Retirement and would do it now if I had the funds to do so. I’ve never understood people who worry about retirement especially the people who can afford to do so. Life’s for living and as someone who also lives in Cornwall surfing swimming fishing getting my Garden under control and the most important thing spending quality time with my wife
Totally agree, Adrian. Everyone is different though, and I'm surprised at how many people really are taken aback by the powerful feelings they encounter as they get used to being retired...
Hi Pete - I've been a teacher for 32 years so will get a DB pension (I know I'm lucky). I also paid into an AVC which I later moved to a SIPP. Overpaid the mortgage to clear it early. Then a few years ago discovered the Meaningful Money podcast, joined Meaningful Academy retirement (It is brilliant and can really recommend it). All this has put me in a position to be able to retire at 57. I will do exam marking and invigilation just to keep my hand in. I've reached the stage where I now value time rather than money. Keep up the good work
Hi Rob - Thank you so much for this. I'm so glad the Academy has been helpful for you, and I appreciate the kind words! Wishing you well for retirement when the time comes!
Well I'm one of the 1 in 4. Never had a single doubt that retiring in my 50's was the right thing to do. Never had a single day in 4 years of retirement where I've regretted it. Regardless of what the government say or do (except scrap the state pension completely!) I would only go back if it was to do something I was really interested in and actively wanted to do. I never defined myself by my 'position' in the corporate world, unlike many I know. Having said that I am actively learning and developing my interests and skill set. There are many free courses with the OU for example. Maybe I am one of the lucky ones who feels like this and have never thought otherwise.
Good for you, but many of us cannot afford to retire early. In fact, over time, early retirement will happen less and less, as people with defined benefit pensions get fewer and fewer.
@@tancreddehauteville764 or it might become more prevalent, as the FIRE principle gathers momentum. There will always be people who are prepared to forego today's rewards in order to retire early, regardless of the underlying pension vehicle. Very few people sleepwalk into early retirement - it takes a specific mindset and many years of focus. Well done Festerarl.
@@richardbowman8306 Yes, there are many who could retire early with an inadequate pension, myself as an example, but you need to really hate your job with a passion to do this, and also have few material wants. Many of us like to go on a foreign holiday at least once a year, change the car every 5 years, buy some nice watches, clothes, etc. In order to do these things you need cash. Cash isn't just for paying household bills and feeding yourself, otherwise you'll have a very boring life.
Yes, it is getting more difficult to retire early with db pensions being less common. I did scrimp and save for the last 5 years to ensure I had a decent private pension. It's been well worth it. Obviously you can always wish you had more to do more but how much is enough? One things for certain - we don't know how long we've got on this planet and Id rather be using the time now to do what I want even if it means doing slightly less.
Another great video and very timely. I had always planned to retire at 60 but my stars have aligned allowing me to finish this year, aged 59. I’ll be leaving a company I’ve worked at for 29 years and loved every minute but am really excited to move into the next phase of my life. I have a very long list of DIY projects, a woodworking hobby and travel bucket list that I plan to fulfill over the coming years. Bring it on!
Hi Pete. Love all your podcasts and videos, always very thought provoking and helpful. I am now 59 and had quite a stressful job in a big financial services company for 15 years, dropped to 3 days a week in 2021, then in 2022 started a 12 month career break to see how I would like retirement. Although I love it and have certainly filled my time, I have decided to go back to work in April, still on my 3 days, to just top up my pension and be sure that when I finish work I do not want to go back. I will be 60 in August and hope that I can stop work completely in the next year or two. Although you never know if you can afford to completely stop work, as many others have said, it is relatively easy to live frugally, and realistically you will only do any serious travelling for the next 10-12 years. Your guidance has helped me ensure that my finances are as in place as they can be. My parents both died in their 50s and never got to enjoy any retirement, so I don't want to leave it too long.
I’m almost 68 being one of the 1950s women that lost 6 years state pension which meant I needed to keep going. I manage an older adult mental health service and reduced my hours to 18 3/4 per week in April last year. I am in the same stressful position and have struggled to keep on top but have loved the extra free time. However I am unable to let go completely which has spoiled my free time so I am fully retiring at the end of March. I am loving being at home with my husband and cats, taking long walks together, revisiting our youth together through music and memories. I love gardening and I am continually learning about our planet. I will have no problem leaving my professional identity behind after the most stressful years of the pandemic. We intend to enjoy every day of being together. Bring it on 🎉
Great video as always - the struggle to transition resonates with me. I was planning to reduce my hours for a few years, and then fully retire once I turned 60. However, plans don't always work, as I was made redundant in 2020 (aged 55) - right in the middle of the pandemic. I always planned to travel more once retired, but Covid kind of got in the way of that for a couple of years. Consequently, I have struggled to find some sort of focus outside of my immediate role of husband/father (effectively a househusband). The struggle in equity/bond markets last year haven't exactly helped either, and I didn't want to dig too deep into my savings/SIPP (nor did I want to return to the corporate workplace). At least things are starting to look positive now, and I have a big trip planned later this year with my wife, and we should be empty nesters by the summer (which will bring a load of new challenges/opportunities I am sure).
Hi Stefan, while I am not retired yet I struggled with boredom, isolation and lack of focus (other than the kids) when I was a stay at home mum. When I found a part time job it was to increase our family’s income but I had no idea how big an improvement it would turn out to be for my mental health and general well-being. So you could consider a volunteering role or a part time casual job until you find something to focus on. Hope you are enjoying retirement 😊
I think it depends on how you earn your living and what life you have outside of work. I'm 61 and can't wait for retirement after a career working in public service. Much as I've largely enjoyed my work, I have no problem at all in thinking I will be giving it up and able to spend my time as I like doing the things I enjoy and never have enough time to do while I'm working. Retirement is a privilege that many younger generations probably won't get, so it's important to embrace it and not block jobs or hang on to owning a business that younger people deserve to have just because we are too afraid to grow old, or lose the steady income or because we don't know what to do with our time. I wish I could have afforded to retire at 60. Planning for retirement shouldn't just be financial, it should also be a wake up call not to make work your identity.
I’m currently in a reasonably well paid job, but planning to retire later this year, aged 55. I have no problem how to fill my time, since my wife and I both enjoy simple pleasures like walking in the countryside and pottering in the garden. I’m also a keen cyclist and runner and want to use my free time to improve my fitness. My job entails mostly sitting on a laptop for 8 hours per day, which is not good for me physically and partly why I want to pack it in. I was lucky enough to be able to pay off my mortgage some years ago and have built up a decent pension pot. I may get some small part-time job that I enjoy just to bring in a small amount to supplement my pension draw-down, but no more than 3 days per week. I don’t want to retire when I’m too old / knackered to enjoy life!
Pete - I think talking about the potential transitions relating to retirement could be a real edge for you. I enjoyed this video a great deal - it hit a note, gave me thought and is far more than numbers. Well done
A few years ago I actually retired in my head, but did carry on working - it's just now I don't GAS about the politics nor what actually happens at the company I work for. I still do my job (Technical Auditor), and with 40 years of experience it's not hard to be able to produce the same quality/quantity as folk half my age, because I know what needs concentrating on, whereas they've to concentrate on everything. Whenever my work is peer-reviewed, no one identifies anything meaningful, but none of the younger folk want me to peer review THEIR work 🙂 WFH has made it for me, I can work my own hours and as an 'early bird' I've always the ability to finish early and/or take lunchtime cycle rides and at some point I'm hopeful I'll get laid off and pocket a few quid, then I'll retire properly.
Excellent video and something that's on my mind greatly as I close in on retirement in a few years. The phrase that always sticks in my mind, can't remember where I heard it, is that "you have to retire TO something, and not FROM something", which is a very good way of thinking about it.
I wholeheartedly agree with this sentiment…having spent 45 years in work and on the cusp of retirement (I’m on a glide path working 2 days a week for the last two years) I find it mystifying that there are a myriad of courses, self-help, tuition and counselling for any manner of things when it comes to work-related matters such as mental health, disability, alcohol or substance abuse, money worries or LGTBQ issues but there is absolutely no help or guidance when it comes to probably one of the most significant events that’s about to take place in your life i.e. retirement. It really does feel you have to find your own way and the ensuing conflicted thoughts you have seems to be a solitary experience you have to wrestle with. My own approach was to canvass friends who’d already retired and listen to their experiences, thoughts and perspective months or years into their retirement. My own conclusion was I wanted to slow down but not stop and I explained that to my employer who was very happy to work with me on that but at no point would it have come forward as a suggestion from them if I hadn’t raised it.
I am 71 and retired for just 2 years. Retirement is easy and it really is very cheap to live. My big plan was to retire at 55 and buy a house in Cyprus but divorce finished that plan. Worked on till 69 and saved as much as possible, salary sacrifice was brilliant for me I would recommend every one to take a serious look at it , got married again at 67 and had enough money saved and in pension ( just the 25% tax free) to buy another house, UK though . I had planned to go to 3 days a week at 65 but my employer wanted me to stay full time. Lucky for me was Furlough, it was great practice for real retirement, at 4 days a month, made transition so very easy. Big tip, find something to fill you time. I am Chairman of a local Angling Club, Committee member and Trustee of a Conservative Club. Still haven't touched remaining pension money.
Hi all the good folks out there. I definitely fall into " ready financially but totally unprepared otherwise" category. Pete, were you bugging my colleagues office today? This was much of what our conversation was about. I am 64 and due to retire officially 2024 but trying to find a way out this year. Its not so much that I enjoy work, more that I haven't a clue what I would do without it. I am not a gregarious person, certainly not going to buy a boat and sail the world, even though I enjoy seeing the exploits of others who do but I am scared witless of fading into obscurity.
I’m planning on retiring at 55, when I’m hoping to be mortgage free….then spend 6 months of the year at my sisters place in Canada 🇨🇦 where I can go sailing ⛵️ hiking, camping and all the great outside stuff! Then when I’m in the UK 🇬🇧 go travelling round the country in a camper van 🚐 👍🏻
Whilst terrible for many of course, COVID and lockdown have been an absolute boon for me as it proved that as long as I have an internet connection, a nice sized TV and some big Lego sets then retirement holds no fear for an introvert like me ! I've a backlog of books to read and DVD boxsets to enjoy (I've never seen The Sopranos OR Breaking Bad - yes, I know !) so I'll be quite happy with them and the occasional interruption for walking the dog. It also proved I can live far more frugally than most so I don't need half a million pound pension pots either. Aiming for 58, 60 at the latest, I just need the markets to be a bit kind for the next few years !
As an introvert who retired a couple of years ago, I can say that I've never been happier :) Your idea of the ideal retirement sounds a lot like mine, @dabe1971. The only problem I've found is that there aren't enough hours in the day !
hi pete, i love your videos. i ran my own "manic" business until i was 50 when the stress finally got to me. i then carried on as self employed with a much smaller scope which left me kind of under employed. i am now 60 & even though i have many interests & hobbies it has taken me all this time to get over not being needed so much & filling all the spare time especially in winter. only now do i feel i have served my retirement "apprenticeship" & can enter into the real thing.
Hi Pete love the content very apt for me, Ive worked for local authority for 47 years man and boy payed into pension DB and then AVC for last 9 years salary sacrifice lucky me. My and I wife 63 were planning to retire this time 3 years ago planned and planned, she changed her mind and I had already put in my notice to my pension people I thought I was ready to retire but I was not. I suddenly went into panic mode and nearly had a break down because I was financially ok but nothing to do on my own just wasn't ready in my head so I carried on working then Covid arrived so we just carried on. Last year we both decided to retire 2023 last November my wife had a small stroke !! This shocked us to the core she is ok she is off sick till end of March this year when we will both retire and both ready for it this time and the future together. I got a Hernia op tomorrow so will be off sick nearly to the start of retirement keep up the great work. Sorry for long post.
I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for.
I plan to drop from 4 days to 3 at 60, and work on a small side hustle that will keep me fit and keep my brain working, as well as meet new people. I'd also like to do volunteer work. I won't be rich by any stretch of the imagination 🙂 but I'll be able to pay the bills and have enough left for the occasional holiday. Thanks for the book recommendation
I think if we have enough, that's better than being rich, right? Sounds like you have a great plan, and that's what I wanted people to think about... Thanks for watching!
So true Pete! First... anyone considering Pete's retirement academy can I recommend it 100%. That, together with listening to Pete and other people he has recommended (Eg Pension Craft, James shack) has made a huge difference to our financial planning anxiety. On the "are you ready", I thought of Flexi but probably should have started that a year ago. We plan to move, and I want to be more available for seeing far flung family (and travel... Namibia!)..I also have coaching qualifications and together with sound experience training (!) plan on doing new things. But I have really had to go through a painful period of thinking about leaving a job and team I love, I just want to do it whilst we still have energy!
I read "Changing Gear" a couple of years ago. It was instrumental in my decisions to step down as CEO, and become Chairman of the business I had grown over the last 10 years. I passed on the CEO role to the "next generation" and reduced my hours. It came as quite a shock when a friend called me "semi-retired" - but he wasn't wrong! The transition was not easy (and at time still isn't), but I have no doubt it was the right thing to do. We've recently moved house to the Highlands of Scotland, to a remote off grid cottage, and I'm now ready to take the next step and reduce my hours again, with a view to being fully retired in 18 months time. I should also say thanks to Pete and MM, for giving me the confidence to take my finances by the throat and give them a good shake, in preparation for full retirement.
I've been in the 4 days per week phase for a few months. Will move to 3 days per week in 2024 and retire a year later at 58. Also had a reduction in role to reduce stress levels..
I work in the health services in the UK. You would be horrified how many elderly develop or increase an alcohol problem when they retire. Yes, I have seen ex Fleet Street journalists, who always did drink heavily become a huge alcoholic in😮 retirement and sweet old ladies and upright dignified men too. When you are able to talk to them, the root cause seems to be being ill prepared for retirement. They feel lost, it can be that lack of identity but often they move to a new area with little connections and sadly one dies. The partner left struggles and many turn to alcohol to cope. Unfortunately, this increases the risk of falls, cognitive problems, malnutrition, liver damage, cardiac and renal problems due to high blood pressure, their health deteriorates. Nobody sets out to ruin their health and the damage is done slowly over the years, older people's bodies just don't cope with alcohol as well as they did when they were younger. Very often they end up in care much earlier than you would imagine. Planning what you are going to do when retired should be discussed more, without having daily work to fill our days, the hours will open up. For those thinking of relocating, really think about all the potential consequences, however uncomfortable that is.
Reading all these comments I have to say I am quite envious of those with defined benefit pensions who worked for large companies or the public sector for oodles of time. At 56 I have a money purchase pot that never seems big enough! Currently it stands at £650k after a disastrous year of zero growth, but my mortgage won't be paid off until I'm 63, so I am focusing more on paying it off more quickly and not replacing my 7 year old car. My aim is to retire at 61 - unless I win the lottery this is the best that can happen.
I totally agree we often take our job as our identity, I believe that we need to start putting in place different activities to be involved in before retirement and then spending more time doing once you have retired, you have found your tribe and made new connections. In the Netherlands they run a course especially for people near to retirement not covering just the financial aspect but also daily routines and not getting under the wife’s feet (very valuable advice). Your video is spot on, when you meet people they are happy to tell you that I used to be a CEO, big shot back in the day but when I ask what are you doing now to fill your days quite often a blank look appears on their face then things like I meet this group for coffee on Mondays and another group on Tuesdays, you get the picture. Yes they did not put anything in place and I this is very typical for men, maybe they are less confident in going out there to make friends and try different things. This is a great video well done Pete.
Hello Pete. I’m 35 and still got a long road ahead till retirement. Lucky to start early in NHS Pension contribution, invested in a next level-up home that I could potentially live in forever. Started not to long ago with LISA, ISA S&S investing. Invested plenty in education: post grad certificate, diploma & MBA. Still climbing the career ladder and likely to get into gear about partner and family planning. Can’t imagine retirement is like. Trying to appreciate a more stoic lifestyle, better sense of appreciation for the smaller things. Friends & family. 😊 Slow and steady wins the race?
Went to 4 days at 54, just now down to 2 days a week at 56 with a plan to retire at 58 it’s the most wonderful feeling having so many days off whilst still being part of the workplace.
I'm 55 and retired 4 years ago, One of the best decisions I ever made. I've never looked back and find it hard to understand how I ever found the time to work!
You’re so right. On Naked Attraction, the host always introduces the contestant and their occupation. I’ve yet to see any headteachers or bank managers on there yet. Usually taxi drivers, builders, beauticians etc.
Really thoughtful video, Pete. We spend a lot of time ensuring finances are in place for retirement (well, I did) but probably don't give enough thought to the impact of retirement on mind and soul. I retired from teaching in 2021 and the transition into retirement has not been as easy as I thought it would be. I miss the social aspect of work (the wonderful book, Billy No Mates by Max Dickins, spells out the social importance of work for many men) and my health has not been great since retiring (is there a connection?) which has impacted on my plans.
Have just come across your videos and would just like to say that they are incredibly informative and easy to understand. I have an FA but I understand my options in retirement much more now! Keep up the good work . . .
My wife and I are 61. While we can’t retire right now, we are planning to retire by 65. No way are we waiting until 67 when the state pension kicks in. We’re squirrelling away all the funds that we can and are also looking at downsizing to consolidate our outgoings. Let’s just hope the next few years mean that we are both able to retire in 2026.
I’m one of those people that believes that we should work to live, not live to work. I’ve had a reasonably decent career and built up a retirement pot around the value of the lifetime allowance, so I was thinking of retiring when I turn 55 at the end of this year. The removal of the lifetime allowance is a game changer as far as I can see, given me the encouragement to keep on working for a few more years.
I’ll be transitioning from my 32 year persona to a new one in 3 days time. I will be relying on my pensions for income along with some varied part time work. My future has been planned over the last couple of years so that I know what is coming, but I’m still expecting the unknown as well, I’m hoping I’ll be a 1 in 4. Your videos have helped me prepare, so this one has come just at the right time. Thank you Pete.
Very thought provoking Pete - Liife doesn't stop when you retire, your whole life is a transition from child to student to young adult to family until you move to the stop paid work phase so as humans we should all be resilient and not badge ourselves by our careers as that is really only a small part of who we really are.
Part time work following redundancy helped with stree levels then wfh during covid even better for me, health issues are the great unknown you cannot plan for tbh.
Pete, sometimes I think you are staring into my soul. I have exactly the same misgivings about the psychological effects of retirement. Enforced WFH has helped, as I have discovered that my wife and I get on fine over prolonged periods in each others company, after my working away for most of the week for the 15 years before COVID. However, once we do retire, she will become my replacement ‘boss’, which may put a strain on things. I have always done the finances for both and while I am a good tax-efficient saver, I am a fairly poor and pessimistic investor. (I was anticipating 5% average inflation five years ago, when everyone else was modelling 2%) So I think I need to plan to get someone lined up to look after her finances after I am gone. I may have strayed off topic a bit there. Thanks again for the video. I will take a look at that book.
I'm 60 next year and thinking strongly about retiring then. Just wish there was a way to do some form of phased retirement with my own (excellent) employer.
Had to work till 69 as couldn’t afford to retire at an earlier age, many varied jobs and life challenges, happy to have finally retired. Interesting when people ask what did you do…it’s quite a list 😊
Hello Peter, another great video. I have started the fade in to retirement, I went down to a 4 day week about a year ago and its worked great. So now teh plan is to drop the 3 day week hint and see what the reaction is. This also gives my employer a chance to get ready for total fade.
Hi Pete, could you do a video on the topic of: ways on how to withdraw monies from pension pot without triggering the £4000 annual limit? Any options, considerations, ways how this might be possible - with the view for someone who has reached 57 (in the near future) but continues to work and therefore actively contributes to DC scheme. That would be very interesting, especially with your extensive expertise. And of course many thanks for all your insights and clear & concise way of presenting such complicated topic as pension.
Thanks Pete. I have a work colleague in exactly this position, he is pretty scared of retiring, even though he puts a positive face on but the company does not offer reduced hours unfortunately so it will be a case of take your holiday and thanks for your time. I think if your in one place for a long time, then it becomes your life and anything changing like redundancy or retiring will be a shock to the system any way you look at it. I have a few years yet so can at least plan for that eventuality. thanks for the topic, Worth the watch.
I went from full time at 44 to 30 hours a week until 48. Then down to 20 hours for a few years and then 6 hours a week until 56. It was an easy decision to walk away at 56 with this plan.
In the Marine World a Transit is two fixed points which, if you keep them in line and head towards them (or away from them) means you won't deviate off course. You can also use a transit to know whether you're moving towards (or away) from something . . . Quite apt in the case of Finance/Retirement
I'd go now if I could! I'd say my sporting life defines me, not my job. It's still a bit daunting, even dropping hours (I'd like to do that too) it's that first step, but I'd feel confident that I'd use that time to keep doing what I love, drink more cafe coffee, go for more walks (I'm a postie, I'm not keen on walks after work!) Great video Pete 👍
I jacked in work at 59 last Jan. Had enough of regulated role. Financially ok....although less so after last years markets. Although I was not planning on it a client hired me to work for their family office. Really its a full on one day a week but I spread it over 3 or 4 days. Also I can go into their office 1 or 2 days a week. This has been a lifesaver. I can see it is not healthy to go from 100 mph full on to nothing. Do something to fill a bit of the time and keep the grey matter working.
Would be great if more jobs offered options like 1 mo th on 1 mo th off or even 3 months on 3 months off Effectively two people employed doing that role but interchanging I think a lot of people would love to work much longer if they could do something like 3 months on 3 months off
Attention NHS staff on 1995 scheme if you reduce your regular working hours in the last 3 years before retirement, your pension will be reduced as it is based on the best of the last 3 years salary.
I’m 46, I’m planning on slowing down as I go. My SIPP is set for 55(but that’s not going to happen😢) as I wasn’t able to pay in enough earlier on and have only really been able to do so in the last 5 years. I have a Small DB pension that kicks in at 60 which I’m hoping will enable that transition - we shall see!
My plans are to turn my back garden into an allotment and build a recording studio, my other hobby is guitar, which I gave up for 30 years while raising a family. I have plenty to do. Hopefully I retire this year.
Hi, great vid as always. I’m now 50 and all debts and mortgage gone and I’m putting £35k away a year into my pension and nicely on target to retire at 55. Question. If I retire at 55, and plan to drawdown £35k a year then I will have a big mind game to play. To work another year to 56, will be another years contribution and 1 less years drawdown so in effect I would be £70k better off. When is enough - enough?
Great video as always Pete. I've been wrestling with this for a while. I've been in a DB scheme for nearly 38 years. I could probably afford to retire, but leaving at 55 would mean 'losing' 30% of the value of my pension to cover the scheme's cost. At 60 that penalty drops to 6% so I'm now considering a reduction in hours instead so I can stay in the scheme. A reduction in hours would also keep me under the 40% tax threshold which I'm about to reach ... I need to start making some decisions!
The 40% threshold won't mean much if you get tax relief by putting it into a defined contribution pension. I'd be paying it if I wasn't shoving it into my workplace pension. Consider staying in your role and saving the difference to negate any reduction, and go earlier.
A lot depends on what you do for a living and how much you get out of your employment. I'm 56 with quite a physical and dangerous occupation. Interesting to hear how taking early retirement can prolong life expectancy. I've recently dropped my hours to four days a week, still 34 hours tho which some may consider more or less full time. I work in quite an old trade which struggles to recruit new staff. Next step will be three days and then fully retire by the age of 60. I'll have no trouble filling my spare time for certain.
I retired in September 2022. 9 weeks later my wife died suddenly. So all plans are scrapped. No idea what I’ll do now 😢 do you think the LTA is likely to increase or decrease in 2026?
Oh my gosh, John - I’m so sorry. It’ll surely take time for you to get remotely used to the idea of what life will look like now, so please be kind to yourself and take the time. No idea about the LTA, sorry. One would hope it’ll rise with inflation, but 2026 is a long time away…
I plan on retiring early, leaning heavily on a workplace pension and S&S ISA. There are years on my state pension where I haven’t made full contributions - if I had the money, should I bother topping up the state pension, knowing full well state pensions may not be around in their current form when I come to retire in 35 years? Thanks for the videos - you and Damien are the best!
Thanks Richard (I love Damien too!). No doubt the state pension will change, but it's hard to imagine that you won't be credited for making up any shortfall in years. Generally, it's a very good deal so yes, I'd suggest you do top up if you can.
Retiring early being beneficial for health that peaked my interest. Is there an optimal age for early retirement to gain the health advantages? and at what retirement age is this advantage losses?
There are various studies - I linked to a meta-analysis of in the description. Inevitably there are conflicts in the data, so I don't think you'll be able to establish an optimum age to retire, unfortunately.
@@MeaningfulMoney hopefully i will tho i still have kids to get though college and an FA who with his charges and platform fee cost me 3% tho im in the process of kicking them into touch
My ambition is too ‘be able’ to retire at 50, my wife would be 51. I can see her carrying on to be honest but I’d be very happy to spend more time with the kids or on my mountain bike. But if we are able to then at least we have the flexibility.
Im looking to go slightly early at 62 (5 years away) but then look at my DB Ex services pension and the part DB, part DC pension with my current employer (only 2 employers in my entire life) and wonder that even with so short time left before the retirement date, i should look to do something better in preparation financially so whether your Pension/Retirement course is for me or because the majority of my pensions are DB, the course would lose some of its benefit? Great content and thought provoking as always thank you.
There's a 30-day guarantee on the course, John, so if you find it's not for you, just let us know. But there's more to the course than just thinking about pension optimisation... Thanks for watching, whatever you decide!
After attaining a high position within my company, eight years of high stress levels have burnt me out and i have at 61, decided to leave my position. Having a final salary pension from a past employer and one smaller private pension, with the wife's salary it provides me the opportunity to semi retire. Have offered to do 3 days per week with current company but that was not accepted. With numerous roles available locally and having reduced tax levels, I calculate that with the fsp, part time work and paying less tax, I will be no worse off financially. Proof will be in the pudding though🤔
I own and run my own business but refuse to be defined by it and have lots of interest outside of it. I also don’t like the thought of slowing down. When I shuffle off this earth I want people to be p!@@ed off with me because I had a number of unfinished projects on the go!
It’s not that I’m a workaholic I’m just not very good at sitting still. I’ve been like this since I was a child and even now I’m at the gym 3 times a week, practice yoga 3 or 4 times a week and play golf (a lot). I even started to teach myself French 10 months ago!
The secret is, in life you should be many things ,I was never a job tittle, I am me, people who state a job they do will never be happy ,never want to give the position up, William Fence has the right attitude, I too drive a HGV class one, Mon to Friday, start at 9, finish around 7, was a Police Officer, now such tiny if any stress as I treat every day as a day out, Ha ,
How is it even possible to be an empty person without hobbies, interests, friends, family, personal goals? How do these people live when they work and exist in so boring lives? I have very clear plans where I want to be what to do what I like what to visit. People with no vision in life are beyond belief!
For the last 15 years (while working full time) I have been selling off my late Fathers various toy and model collections. Top tip. Items sold as collectables like Models of Yesteryear are a poor investment while items which weren't, like Lego Trains were excellent. My Father continued to do some engineering consultancy work until he was 70, which I think was partially an excuse to get out of the house and buy more stuff. He said that the best thing about consultancy was that he could pick and choose the jobs he did. Being a train enthusiast he couldn't resist the opportunity to work on the design of a real railway train and then naturally bought the Hornby model of it.
Very easy to end up like that when you have a full time stressful/demanding job that expects 24/7 access to your time and refuses to let you have your holiday. There are some people out there who just. work, eat, sleep and are too tired to do any hobbies or non work related activities in the small bit of free time they get.
@@lesleybee33 other people have no idea. I have been on call 24/7 for over 20yrs. 15 of those years no weekends off only unpaid holidays. Always at the end of a phone. Low pay too 😂. The ignorance of some people is beyond me.
Great vid…but I do not recognise your claim that employers are offering more flexible job roles. I have found they are nowhere near this utopia …they bleat and whine about the tight job market, and the govt wrings it hands at the lost over 50’s, but they still discriminate on age and still do not offer enough flexibility
Gender has a very important part to play in retirement Most women never retire they may leave work but they will still have a job housekeeper carer child minder have you noticed why women live longer then me its all about genetics back to the stone age hubby gets old and can no longer hunt so nature and genetics end his time I think men need a reason to get out of bed a part time work some hobby and an interest i have seen a great number of my friends finsh on a friday sit at home and die after a short time keep active and push yourself just a little and you will have more years
I retired at 56, but only because my wife passed away and the life assurance paid off the mortgage. I worked 36 full-time years in the pharmaceutical industry. Not regretted it.
@@MeaningfulMoney I gave up a stressful £70k a year job, but with my wife’s NHS Pension that I inherited suddenly made me very well off (the first time in my life). I’d much rather be a poor microbiologist and have a wife and mortgage than what I have now.
@@MeaningfulMoney Do you think I'm worthless because I don't make videos? Is my opinion worthless because I don't do what you do? If I don't sit at home in front of a camera am I wasting my life? Should I quit traveling the world so I can be more like you? Or are you just sulking because you hate criticism?
@@chrisf1600 I don't know why you kids think videos maketh man. For you to judge a person on if they make videos or not is loopy doopy. You need councelling. There's so much more to life than making videos.
Sadly some people feel a compulsion to be negative for no apparent reason, anyway enough of that and congratulations on another excellent video Pete. it's clearly struck a chord with many watching, based on the number and depth of comments. Personally getting closer to my preferred retirement date, but debating the hard stop v phased transition (should that be an option).
I am 64 and retired 4 years ago. Always wanted to retire at 60 because, while I always liked the world of work, I didn't want the stress at a certain point. And having seen so many of my parents' friends not live long enough to enjoy much of their retirement I didn't want that to happen to me. I thought I might do some work in my retirement but I've just not been motivated to do so. My days are quite full. I swim or go to gym or yoga several days a week. I study Spanish daily, bake once a week or fortnight, do a bit of photography and if the weather is good walk the hills of Scotland with a hillwalking group. I don't watch a lot of TV and while I am reading books more, it's not as much as I would like. I'm sleeping better and I feel I'm healthier since retiring.
Sounds great, Callum - I'm a little bit envious! Wishing you well...
Great content . I'm 60 this year and at 55 decided to move from a stressful managerial role ( employed for 27 years ) and take my HGV licence. 18 months after passing I'd taken a few agency driving roles to test the water and then moved for good . I now drive a truck for the NHS 35-40 hours a week listening to the football or music whilst being paid. Yep the pay is less but I hand my keys in daily and my mind is not focused on the job until next time I pick them up
Ah, that's great William! I think the handing in your keys and not thinking about it between shifts is a key thing for many people...
Ditto, William.
Peace of mind and a good nights sleep is priceless, why add stress? Good for you.
I retired last year aged 55 my Wife is retiring in April aged 56 I was a middle manager in a FTSE 250 company and she is a senior nurse we have worked full time since 18 raised the childrenI never considered part time as you would still be working on your day off !!!! I have never regretted the decision in fact if I’d won the lottery at 35 I wouldn’t have struck another bat !!!! We have been planning to retire at this time for years paying full pension and AVCs The last few years have really invested hard in AVCs after the children had left university we had some spare cash it’s all come together So we’ve paid the mortgage off bought a canal boat so we off while we are still young enough to enjoy It
Sounds fantastic, David - enjoy!
@@RobinHood-us7sg we chose to invest into pensions (AVCs and I had part final salary and part money purchase ) and not ISAs as we would have dipped into the ISA as we couldn’t touch the pension was a good for us Also My Wife was very lucky to have “Special class NHS pension “ Special Class (SC) status is a historical provision awarded to members employed as nurses, midwives, physiotherapists and health visitors. It enabled members in these occupational groups to retire from age 55 without a reduction to their benefits, subject to certain qualifying criteria being met at retirement.
The big thing is have a long term plan as it’s unbelievable how quickly the years pass
So happy for you. Hope you retain good health to enjoy for a long time.
Welcome to the ever increasing club of early retirees! May it be a long and healthy one! Both my husband and I did in 2017, and never knew how cheap Ryanair flights are off season from Stansted? So making the most of it is key for us for 10 years, as it gets harder to travel as you get older! So now is the time to enjoy it fully! And living frugally helps too!
My wife and I retired on the very same day, she was 57 and I was 60. I can’t recommend it highly enough. Best thing we ever did, especially as she died in 2020, at least we got 5 years retired together. Our FA was brilliant and helped us with the financial side and we actually were able to do all the things we wanted to do and more. I don’t think we would/could have done it without his help and guidance over 30 years.
I'm sorry for your loss. It's heartening to read that you got to make so many fond memories and that you clearly have a positive outlook. I wish you good health and happiness going forward.
Identity..... when I think of the investments, pensions, time and activities that I manage; then when someone asks what I do, I reply.... I am the Managing Director of 'Me and My Time'
Before I retired, it was suggested to make a list of everything I would miss about working- for me it was chatting at the coffee machine, mentoring staff members and achieving goals. Next I needed to decide how to bring those activities into my retired life. My retirement week is now - 2 day’s learning, 2 day’s earning (volunteering) and 3 days for fun.
That's a great idea, Luke - sounds like you have your retirement life sewn up nicely - enjoy!
I’m closing in on Retirement and would do it now if I had the funds to do so. I’ve never understood people who worry about retirement especially the people who can afford to do so. Life’s for living and as someone who also lives in Cornwall surfing swimming fishing getting my Garden under control and the most important thing spending quality time with my wife
Totally agree, Adrian. Everyone is different though, and I'm surprised at how many people really are taken aback by the powerful feelings they encounter as they get used to being retired...
Hi Pete - I've been a teacher for 32 years so will get a DB pension (I know I'm lucky). I also paid into an AVC which I later moved to a SIPP. Overpaid the mortgage to clear it early. Then a few years ago discovered the Meaningful Money podcast, joined Meaningful Academy retirement (It is brilliant and can really recommend it). All this has put me in a position to be able to retire at 57. I will do exam marking and invigilation just to keep my hand in. I've reached the stage where I now value time rather than money. Keep up the good work
Hi Rob - Thank you so much for this. I'm so glad the Academy has been helpful for you, and I appreciate the kind words! Wishing you well for retirement when the time comes!
Well I'm one of the 1 in 4. Never had a single doubt that retiring in my 50's was the right thing to do. Never had a single day in 4 years of retirement where I've regretted it. Regardless of what the government say or do (except scrap the state pension completely!) I would only go back if it was to do something I was really interested in and actively wanted to do. I never defined myself by my 'position' in the corporate world, unlike many I know.
Having said that I am actively learning and developing my interests and skill set. There are many free courses with the OU for example.
Maybe I am one of the lucky ones who feels like this and have never thought otherwise.
I'm so glad, Festerarl. I hope you enjoy a long, healthy and happy retirement!
Good for you, but many of us cannot afford to retire early. In fact, over time, early retirement will happen less and less, as people with defined benefit pensions get fewer and fewer.
@@tancreddehauteville764 or it might become more prevalent, as the FIRE principle gathers momentum. There will always be people who are prepared to forego today's rewards in order to retire early, regardless of the underlying pension vehicle. Very few people sleepwalk into early retirement - it takes a specific mindset and many years of focus. Well done Festerarl.
@@richardbowman8306 Yes, there are many who could retire early with an inadequate pension, myself as an example, but you need to really hate your job with a passion to do this, and also have few material wants. Many of us like to go on a foreign holiday at least once a year, change the car every 5 years, buy some nice watches, clothes, etc. In order to do these things you need cash. Cash isn't just for paying household bills and feeding yourself, otherwise you'll have a very boring life.
Yes, it is getting more difficult to retire early with db pensions being less common. I did scrimp and save for the last 5 years to ensure I had a decent private pension. It's been well worth it. Obviously you can always wish you had more to do more but how much is enough? One things for certain - we don't know how long we've got on this planet and Id rather be using the time now to do what I want even if it means doing slightly less.
Another great video and very timely. I had always planned to retire at 60 but my stars have aligned allowing me to finish this year, aged 59. I’ll be leaving a company I’ve worked at for 29 years and loved every minute but am really excited to move into the next phase of my life. I have a very long list of DIY projects, a woodworking hobby and travel bucket list that I plan to fulfill over the coming years. Bring it on!
Hi Pete. Love all your podcasts and videos, always very thought provoking and helpful. I am now 59 and had quite a stressful job in a big financial services company for 15 years, dropped to 3 days a week in 2021, then in 2022 started a 12 month career break to see how I would like retirement. Although I love it and have certainly filled my time, I have decided to go back to work in April, still on my 3 days, to just top up my pension and be sure that when I finish work I do not want to go back. I will be 60 in August and hope that I can stop work completely in the next year or two. Although you never know if you can afford to completely stop work, as many others have said, it is relatively easy to live frugally, and realistically you will only do any serious travelling for the next 10-12 years. Your guidance has helped me ensure that my finances are as in place as they can be. My parents both died in their 50s and never got to enjoy any retirement, so I don't want to leave it too long.
I’m almost 68 being one of the 1950s women that lost 6 years state pension which meant I needed to keep going. I manage an older adult mental health service and reduced my hours to 18 3/4 per week in April last year. I am in the same stressful position and have struggled to keep on top but have loved the extra free time. However I am unable to let go completely which has spoiled my free time so I am fully retiring at the end of March.
I am loving being at home with my husband and cats, taking long walks together, revisiting our youth together through music and memories. I love gardening and I am continually learning about our planet.
I will have no problem leaving my professional identity behind after the most stressful years of the pandemic. We intend to enjoy every day of being together. Bring it on 🎉
Great video as always - the struggle to transition resonates with me. I was planning to reduce my hours for a few years, and then fully retire once I turned 60. However, plans don't always work, as I was made redundant in 2020 (aged 55) - right in the middle of the pandemic. I always planned to travel more once retired, but Covid kind of got in the way of that for a couple of years. Consequently, I have struggled to find some sort of focus outside of my immediate role of husband/father (effectively a househusband). The struggle in equity/bond markets last year haven't exactly helped either, and I didn't want to dig too deep into my savings/SIPP (nor did I want to return to the corporate workplace). At least things are starting to look positive now, and I have a big trip planned later this year with my wife, and we should be empty nesters by the summer (which will bring a load of new challenges/opportunities I am sure).
Wishing you well, Stefan. There have been lots of challenges in the past few years, for sure. Here's to brighter things to come...
Hi Stefan, while I am not retired yet I struggled with boredom, isolation and lack of focus (other than the kids) when I was a stay at home mum. When I found a part time job it was to increase our family’s income but I had no idea how big an improvement it would turn out to be for my mental health and general well-being. So you could consider a volunteering role or a part time casual job until you find something to focus on. Hope you are enjoying retirement 😊
I think it depends on how you earn your living and what life you have outside of work. I'm 61 and can't wait for retirement after a career working in public service. Much as I've largely enjoyed my work, I have no problem at all in thinking I will be giving it up and able to spend my time as I like doing the things I enjoy and never have enough time to do while I'm working. Retirement is a privilege that many younger generations probably won't get, so it's important to embrace it and not block jobs or hang on to owning a business that younger people deserve to have just because we are too afraid to grow old, or lose the steady income or because we don't know what to do with our time. I wish I could have afforded to retire at 60. Planning for retirement shouldn't just be financial, it should also be a wake up call not to make work your identity.
I’m currently in a reasonably well paid job, but planning to retire later this year, aged 55. I have no problem how to fill my time, since my wife and I both enjoy simple pleasures like walking in the countryside and pottering in the garden. I’m also a keen cyclist and runner and want to use my free time to improve my fitness. My job entails mostly sitting on a laptop for 8 hours per day, which is not good for me physically and partly why I want to pack it in. I was lucky enough to be able to pay off my mortgage some years ago and have built up a decent pension pot. I may get some small part-time job that I enjoy just to bring in a small amount to supplement my pension draw-down, but no more than 3 days per week. I don’t want to retire when I’m too old / knackered to enjoy life!
Pete - I think talking about the potential transitions relating to retirement could be a real edge for you. I enjoyed this video a great deal - it hit a note, gave me thought and is far more than numbers. Well done
Thanks Jools. I’m enjoying the subject very much - lots more to come…
A few years ago I actually retired in my head, but did carry on working - it's just now I don't GAS about the politics nor what actually happens at the company I work for.
I still do my job (Technical Auditor), and with 40 years of experience it's not hard to be able to produce the same quality/quantity as folk half my age, because I know what needs concentrating on, whereas they've to concentrate on everything. Whenever my work is peer-reviewed, no one identifies anything meaningful, but none of the younger folk want me to peer review THEIR work 🙂
WFH has made it for me, I can work my own hours and as an 'early bird' I've always the ability to finish early and/or take lunchtime cycle rides and at some point I'm hopeful I'll get laid off and pocket a few quid, then I'll retire properly.
Excellent video and something that's on my mind greatly as I close in on retirement in a few years. The phrase that always sticks in my mind, can't remember where I heard it, is that "you have to retire TO something, and not FROM something", which is a very good way of thinking about it.
I wholeheartedly agree with this sentiment…having spent 45 years in work and on the cusp of retirement (I’m on a glide path working 2 days a week for the last two years) I find it mystifying that there are a myriad of courses, self-help, tuition and counselling for any manner of things when it comes to work-related matters such as mental health, disability, alcohol or substance abuse, money worries or LGTBQ issues but there is absolutely no help or guidance when it comes to probably one of the most significant events that’s about to take place in your life i.e. retirement.
It really does feel you have to find your own way and the ensuing conflicted thoughts you have seems to be a solitary experience you have to wrestle with.
My own approach was to canvass friends who’d already retired and listen to their experiences, thoughts and perspective months or years into their retirement.
My own conclusion was I wanted to slow down but not stop and I explained that to my employer who was very happy to work with me on that but at no point would it have come forward as a suggestion from them if I hadn’t raised it.
I am 71 and retired for just 2 years. Retirement is easy and it really is very cheap to live. My big plan was to retire at 55 and buy a house in Cyprus but divorce finished that plan. Worked on till 69 and saved as much as possible, salary sacrifice was brilliant for me I would recommend every one to take a serious look at it , got married again at 67 and had enough money saved and in pension ( just the 25% tax free) to buy another house, UK though . I had planned to go to 3 days a week at 65 but my employer wanted me to stay full time. Lucky for me was Furlough, it was great practice for real retirement, at 4 days a month, made transition so very easy. Big tip, find something to fill you time. I am Chairman of a local Angling Club, Committee member and Trustee of a Conservative Club. Still haven't touched remaining pension money.
Life throws things at us, doesn't it, Dave? Sounds like you've weathered the storm well. I wish you all the best...
Hi all the good folks out there.
I definitely fall into " ready financially but totally unprepared otherwise" category.
Pete, were you bugging my colleagues office today? This was much of what our conversation was about.
I am 64 and due to retire officially 2024 but trying to find a way out this year. Its not so much that I enjoy work, more that I haven't a clue what I would do without it. I am not a gregarious person, certainly not going to buy a boat and sail the world, even though I enjoy seeing the exploits of others who do but I am scared witless of fading into obscurity.
I’m planning on retiring at 55, when I’m hoping to be mortgage free….then spend 6 months of the year at my sisters place in Canada 🇨🇦 where I can go sailing ⛵️ hiking, camping and all the great outside stuff! Then when I’m in the UK 🇬🇧 go travelling round the country in a camper van 🚐 👍🏻
Sounds perfect - may all your plans come to fruition!
Whilst terrible for many of course, COVID and lockdown have been an absolute boon for me as it proved that as long as I have an internet connection, a nice sized TV and some big Lego sets then retirement holds no fear for an introvert like me ! I've a backlog of books to read and DVD boxsets to enjoy (I've never seen The Sopranos OR Breaking Bad - yes, I know !) so I'll be quite happy with them and the occasional interruption for walking the dog. It also proved I can live far more frugally than most so I don't need half a million pound pension pots either. Aiming for 58, 60 at the latest, I just need the markets to be a bit kind for the next few years !
"as long as I have an internet connection, a nice sized TV and some big Lego sets"
It's like I'm looking in a mirror!
As an introvert who retired a couple of years ago, I can say that I've never been happier :) Your idea of the ideal retirement sounds a lot like mine, @dabe1971. The only problem I've found is that there aren't enough hours in the day !
@@MeaningfulMoney Ha this made me laugh out.
Very useful, as always. Love the fact I can hear seagulls in the background somewhere around 3.05....
hi pete, i love your videos. i ran my own "manic" business until i was 50 when the stress finally got to me. i then carried on as self employed with a much smaller scope which left me kind of under employed. i am now 60 & even though i have many interests & hobbies it has taken me all this time to get over not being needed so much & filling all the spare time especially in winter. only now do i feel i have served my retirement "apprenticeship" & can enter into the real thing.
I wish you well with it, Jerry . May it be long, happy and healthy - Enjoy!
Reflection on the last 2 videos.... Pete has upped his Thumbnail game... #loveit
We do try, Trevor - thanks for noticing!
Hi Pete love the content very apt for me, Ive worked for local authority for 47 years man and boy payed into pension DB and then AVC for last 9 years salary sacrifice lucky me. My and I wife 63 were planning to retire this time 3 years ago planned and planned, she changed her mind and I had already put in my notice to my pension people I thought I was ready to retire but I was not. I suddenly went into panic mode and nearly had a break down because I was financially ok but nothing to do on my own just wasn't ready in my head so I carried on working then Covid arrived so we just carried on. Last year we both decided to retire 2023 last November my wife had a small stroke !! This shocked us to the core she is ok she is off sick till end of March this year when we will both retire and both ready for it this time and the future together. I got a Hernia op tomorrow so will be off sick nearly to the start of retirement keep up the great work. Sorry for long post.
I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for.
@rachealhubert74 That's actually quite impressive, I could use some Info on your FA, I am looking to make a change on my finances this year as well
Great advice Pete. I'm 57 and thinking of going part time in December and then at 60 partially retiring and working a few days a month until 64ish !!
I plan to drop from 4 days to 3 at 60, and work on a small side hustle that will keep me fit and keep my brain working, as well as meet new people. I'd also like to do volunteer work. I won't be rich by any stretch of the imagination 🙂 but I'll be able to pay the bills and have enough left for the occasional holiday.
Thanks for the book recommendation
I think if we have enough, that's better than being rich, right? Sounds like you have a great plan, and that's what I wanted people to think about... Thanks for watching!
So true Pete! First... anyone considering Pete's retirement academy can I recommend it 100%. That, together with listening to Pete and other people he has recommended (Eg Pension Craft, James shack) has made a huge difference to our financial planning anxiety. On the "are you ready", I thought of Flexi but probably should have started that a year ago. We plan to move, and I want to be more available for seeing far flung family (and travel... Namibia!)..I also have coaching qualifications and together with sound experience training (!) plan on doing new things. But I have really had to go through a painful period of thinking about leaving a job and team I love, I just want to do it whilst we still have energy!
Thank you for this, Nikki - I'm so glad the content and the Academy have been helpful. Some updates coming to the Academy this year...
I read "Changing Gear" a couple of years ago. It was instrumental in my decisions to step down as CEO, and become Chairman of the business I had grown over the last 10 years. I passed on the CEO role to the "next generation" and reduced my hours. It came as quite a shock when a friend called me "semi-retired" - but he wasn't wrong! The transition was not easy (and at time still isn't), but I have no doubt it was the right thing to do. We've recently moved house to the Highlands of Scotland, to a remote off grid cottage, and I'm now ready to take the next step and reduce my hours again, with a view to being fully retired in 18 months time. I should also say thanks to Pete and MM, for giving me the confidence to take my finances by the throat and give them a good shake, in preparation for full retirement.
Ah, that's great to hear, David! I'm delighted the content has been useful, and wish you well for the future
I've been in the 4 days per week phase for a few months. Will move to 3 days per week in 2024 and retire a year later at 58. Also had a reduction in role to reduce stress levels..
loneliness ,both professional and otherwise is the biggest fear , so I carry on working part time.
I work in the health services in the UK. You would be horrified how many elderly develop or increase an alcohol problem when they retire. Yes, I have seen ex Fleet Street journalists, who always did drink heavily become a huge alcoholic in😮 retirement and sweet old ladies and upright dignified men too. When you are able to talk to them, the root cause seems to be being ill prepared for retirement. They feel lost, it can be that lack of identity but often they move to a new area with little connections and sadly one dies. The partner left struggles and many turn to alcohol to cope.
Unfortunately, this increases the risk of falls, cognitive problems, malnutrition, liver damage, cardiac and renal problems due to high blood pressure, their health deteriorates. Nobody sets out to ruin their health and the damage is done slowly over the years, older people's bodies just don't cope with alcohol as well as they did when they were younger.
Very often they end up in care much earlier than you would imagine.
Planning what you are going to do when retired should be discussed more, without having daily work to fill our days, the hours will open up. For those thinking of relocating, really think about all the potential consequences, however uncomfortable that is.
Reading all these comments I have to say I am quite envious of those with defined benefit pensions who worked for large companies or the public sector for oodles of time. At 56 I have a money purchase pot that never seems big enough! Currently it stands at £650k after a disastrous year of zero growth, but my mortgage won't be paid off until I'm 63, so I am focusing more on paying it off more quickly and not replacing my 7 year old car. My aim is to retire at 61 - unless I win the lottery this is the best that can happen.
I totally agree we often take our job as our identity, I believe that we need to start putting in place different activities to be involved in before retirement and then spending more time doing once you have retired, you have found your tribe and made new connections. In the Netherlands they run a course especially for people near to retirement not covering just the financial aspect but also daily routines and not getting under the wife’s feet (very valuable advice). Your video is spot on, when you meet people they are happy to tell you that I used to be a CEO, big shot back in the day but when I ask what are you doing now to fill your days quite often a blank look appears on their face then things like I meet this group for coffee on Mondays and another group on Tuesdays, you get the picture. Yes they did not put anything in place and I this is very typical for men, maybe they are less confident in going out there to make friends and try different things. This is a great video well done Pete.
Thank you, AAYP! I love the idea of running a course for those coming up to retirement - why don't we do that here?!
Hello Pete. I’m 35 and still got a long road ahead till retirement. Lucky to start early in NHS Pension contribution, invested in a next level-up home that I could potentially live in forever. Started not to long ago with LISA, ISA S&S investing.
Invested plenty in education: post grad certificate, diploma & MBA. Still climbing the career ladder and likely to get into gear about partner and family planning.
Can’t imagine retirement is like. Trying to appreciate a more stoic lifestyle, better sense of appreciation for the smaller things. Friends & family. 😊
Slow and steady wins the race?
Slow and steady usually does very well. The only competitor in the race is you, so the finish line is yours to choose. Good luck!
Thanks for this its all about mindset
Went to 4 days at 54, just now down to 2 days a week at 56 with a plan to retire at 58 it’s the most wonderful feeling having so many days off whilst still being part of the workplace.
Had a very stressful role and on track to finish at 50 and can’t wait to spend time not worrying about work
Amazing - 50! I wish you well, enjoy!
I'm 55 and retired 4 years ago, One of the best decisions I ever made. I've never looked back and find it hard to understand how I ever found the time to work!
You’re so right. On Naked Attraction, the host always introduces the contestant and their occupation. I’ve yet to see any headteachers or bank managers on there yet. Usually taxi drivers, builders, beauticians etc.
Pete great video as always
Really thoughtful video, Pete. We spend a lot of time ensuring finances are in place for retirement (well, I did) but probably don't give enough thought to the impact of retirement on mind and soul. I retired from teaching in 2021 and the transition into retirement has not been as easy as I thought it would be. I miss the social aspect of work (the wonderful book, Billy No Mates by Max Dickins, spells out the social importance of work for many men) and my health has not been great since retiring (is there a connection?) which has impacted on my plans.
I wish you well, Minkyman - and I hope your health improves soon. It's a massive transition for sure...
Have just come across your videos and would just like to say that they are incredibly informative and easy to understand. I have an FA but I understand my options in retirement much more now! Keep up the good work . . .
Thank you Malcolm - I’m really glad the content is helpful for you. Cheers, and welcome aboard!
Hi Pete. Thank you for this video. Working in NHS, looking to retire this year. Did have these thoughts but for my own sanity need to go.
My wife and I are 61. While we can’t retire right now, we are planning to retire by 65. No way are we waiting until 67 when the state pension kicks in. We’re squirrelling away all the funds that we can and are also looking at downsizing to consolidate our outgoings. Let’s just hope the next few years mean that we are both able to retire in 2026.
I've been saving for retirement since age 26, and I'm turning 31 in a few days. I am so excited!! 💓
Very forward-thinking of you! It'll serve you well - good luck!
I retired two weeks ago aged 55. No regrets, just need to be active in what you do everyday.
I’m one of those people that believes that we should work to live, not live to work. I’ve had a reasonably decent career and built up a retirement pot around the value of the lifetime allowance, so I was thinking of retiring when I turn 55 at the end of this year. The removal of the lifetime allowance is a game changer as far as I can see, given me the encouragement to keep on working for a few more years.
Many thanks - I'll be reading that book!
great videos from you, very informative and and easy to watch, keep it up
Thank you Anthony!
I’ll be transitioning from my 32 year persona to a new one in 3 days time. I will be relying on my pensions for income along with some varied part time work. My future has been planned over the last couple of years so that I know what is coming, but I’m still expecting the unknown as well, I’m hoping I’ll be a 1 in 4. Your videos have helped me prepare, so this one has come just at the right time. Thank you Pete.
I wish you very well, Martin - Happy Retirement!
4:28 - Yes, Yes and Yes.
Excellent!
Very thought provoking Pete - Liife doesn't stop when you retire, your whole life is a transition from child to student to young adult to family until you move to the stop paid work phase so as humans we should all be resilient and not badge ourselves by our careers as that is really only a small part of who we really are.
I don’t plan on retiring . My aim is just to slow down to keep occupied and not go stir crazy.
I'm thinking the same myself, Alan...
Part time work following redundancy helped with stree levels then wfh during covid even better for me, health issues are the great unknown you cannot plan for tbh.
Pete, sometimes I think you are staring into my soul. I have exactly the same misgivings about the psychological effects of retirement. Enforced WFH has helped, as I have discovered that my wife and I get on fine over prolonged periods in each others company, after my working away for most of the week for the 15 years before COVID. However, once we do retire, she will become my replacement ‘boss’, which may put a strain on things. I have always done the finances for both and while I am a good tax-efficient saver, I am a fairly poor and pessimistic investor. (I was anticipating 5% average inflation five years ago, when everyone else was modelling 2%) So I think I need to plan to get someone lined up to look after her finances after I am gone. I may have strayed off topic a bit there. Thanks again for the video. I will take a look at that book.
Excellent video with lots of food for thought! Thanks Pete.
Glad you enjoyed it, Christine - thank for watching!
I'm 60 next year and thinking strongly about retiring then. Just wish there was a way to do some form of phased retirement with my own (excellent) employer.
Had to work till 69 as couldn’t afford to retire at an earlier age, many varied jobs and life challenges, happy to have finally retired. Interesting when people ask what did you do…it’s quite a list 😊
Thought provoking 🤔👍
Hello Peter, another great video. I have started the fade in to retirement, I went down to a 4 day week about a year ago and its worked great. So now teh plan is to drop the 3 day week hint and see what the reaction is. This also gives my employer a chance to get ready for total fade.
Sounds great, Peter - looking forward to doing something similar myself one day!
Hi Pete, could you do a video on the topic of: ways on how to withdraw monies from pension pot without triggering the £4000 annual limit? Any options, considerations, ways how this might be possible - with the view for someone who has reached 57 (in the near future) but continues to work and therefore actively contributes to DC scheme. That would be very interesting, especially with your extensive expertise.
And of course many thanks for all your insights and clear & concise way of presenting such complicated topic as pension.
Thanks Pete. I have a work colleague in exactly this position, he is pretty scared of retiring, even though he puts a positive face on but the company does not offer reduced hours unfortunately so it will be a case of take your holiday and thanks for your time.
I think if your in one place for a long time, then it becomes your life and anything changing like redundancy or retiring will be a shock to the system any way you look at it.
I have a few years yet so can at least plan for that eventuality. thanks for the topic, Worth the watch.
Thanks MiniMad - glad it was useful.
Superb video Pete, thanks 👍
Very kind, thank you!
Informative as always.
Glad it was helpful - thanks Dave!
I went from full time at 44 to 30 hours a week until 48. Then down to 20 hours for a few years and then 6 hours a week until 56. It was an easy decision to walk away at 56 with this plan.
Sounds great!
In the Marine World a Transit is two fixed points which, if you keep them in line and head towards them (or away from them) means you won't deviate off course. You can also use a transit to know whether you're moving towards (or away) from something . . . Quite apt in the case of Finance/Retirement
Very much so, Mike - thanks for watching!
Thanks for the book recommendation. I think changing gear is a good book but i would also recommend not fade away by cecil dodd
Thanks for that - I’ll check it out! 👍🏻
I'd go now if I could! I'd say my sporting life defines me, not my job. It's still a bit daunting, even dropping hours (I'd like to do that too) it's that first step, but I'd feel confident that I'd use that time to keep doing what I love, drink more cafe coffee, go for more walks (I'm a postie, I'm not keen on walks after work!) Great video Pete 👍
Cheers, Steven! Great to have you watching!
I jacked in work at 59 last Jan. Had enough of regulated role. Financially ok....although less so after last years markets. Although I was not planning on it a client hired me to work for their family office. Really its a full on one day a week but I spread it over 3 or 4 days. Also I can go into their office 1 or 2 days a week. This has been a lifesaver. I can see it is not healthy to go from 100 mph full on to nothing. Do something to fill a bit of the time and keep the grey matter working.
Sounds like a good outcome, Duncan. Always fancied seeing inside a family office...
@@MeaningfulMoney it's not that interesting!
Would be great if more jobs offered options like 1 mo th on 1 mo th off or even 3 months on 3 months off
Effectively two people employed doing that role but interchanging
I think a lot of people would love to work much longer if they could do something like 3 months on 3 months off
Attention NHS staff on 1995 scheme if you reduce your regular working hours in the last 3 years before retirement, your pension will be reduced as it is based on the best of the last 3 years salary.
I’m 46, I’m planning on slowing down as I go. My SIPP is set for 55(but that’s not going to happen😢) as I wasn’t able to pay in enough earlier on and have only really been able to do so in the last 5 years. I have a Small DB pension that kicks in at 60 which I’m hoping will enable that transition - we shall see!
Nine years is a long time - maybe 55 will happen after all?! Thanks for watching...
I’m 51 got a good offer on my business think it’s too good to say no but worried how I will fill my time . Always work in the same company .
My plans are to turn my back garden into an allotment and build a recording studio, my other hobby is guitar, which I gave up for 30 years while raising a family. I have plenty to do. Hopefully I retire this year.
I wish you well, Chris. I need to play more too - keyboard and drums in my case...
Hi, great vid as always. I’m now 50 and all debts and mortgage gone and I’m putting £35k away a year into my pension and nicely on target to retire at 55.
Question. If I retire at 55, and plan to drawdown £35k a year then I will have a big mind game to play. To work another year to 56, will be another years contribution and 1 less years drawdown so in effect I would be £70k better off. When is enough - enough?
Great video as always Pete. I've been wrestling with this for a while. I've been in a DB scheme for nearly 38 years. I could probably afford to retire, but leaving at 55 would mean 'losing' 30% of the value of my pension to cover the scheme's cost. At 60 that penalty drops to 6% so I'm now considering a reduction in hours instead so I can stay in the scheme. A reduction in hours would also keep me under the 40% tax threshold which I'm about to reach ... I need to start making some decisions!
Always lots to consider and juggle, Ken. I wish you well!
The 40% threshold won't mean much if you get tax relief by putting it into a defined contribution pension.
I'd be paying it if I wasn't shoving it into my workplace pension.
Consider staying in your role and saving the difference to negate any reduction, and go earlier.
A lot depends on what you do for a living and how much you get out of your employment.
I'm 56 with quite a physical and dangerous occupation.
Interesting to hear how taking early retirement can prolong life expectancy.
I've recently dropped my hours to four days a week, still 34 hours tho which some may consider more or less full time.
I work in quite an old trade which struggles to recruit new staff.
Next step will be three days and then fully retire by the age of 60.
I'll have no trouble filling my spare time for certain.
I wish you well with it, CH!
I retired in September 2022. 9 weeks later my wife died suddenly. So all plans are scrapped. No idea what I’ll do now 😢 do you think the LTA is likely to increase or decrease in 2026?
Oh my gosh, John - I’m so sorry. It’ll surely take time for you to get remotely used to the idea of what life will look like now, so please be kind to yourself and take the time.
No idea about the LTA, sorry. One would hope it’ll rise with inflation, but 2026 is a long time away…
Don’t forget volunteering in retirement can help
I plan on retiring early, leaning heavily on a workplace pension and S&S ISA. There are years on my state pension where I haven’t made full contributions - if I had the money, should I bother topping up the state pension, knowing full well state pensions may not be around in their current form when I come to retire in 35 years?
Thanks for the videos - you and Damien are the best!
Thanks Richard (I love Damien too!). No doubt the state pension will change, but it's hard to imagine that you won't be credited for making up any shortfall in years. Generally, it's a very good deal so yes, I'd suggest you do top up if you can.
I'm 40 and only just bought my first property. I think I'm behind by about 15 years. No retiring early for me I suspect..
Plenty of time to make a big difference. Enjoy today as well as preparing for retirement one day
@@MeaningfulMoney I will try. I can see Cornwall from the windows at the back of my house 😎
Retiring early being beneficial for health that peaked my interest.
Is there an optimal age for early retirement to gain the health advantages?
and at what retirement age is this advantage losses?
There are various studies - I linked to a meta-analysis of in the description. Inevitably there are conflicts in the data, so I don't think you'll be able to establish an optimum age to retire, unfortunately.
I’m looking to either go at 55 ( 52 ) now and work freelance or just reduce my hour
Enjoy it when the time comes, Mark!
@@MeaningfulMoney hopefully i will tho i still have kids to get though college and an FA who with his charges and platform fee cost me 3% tho im in the process of kicking them into touch
My ambition is too ‘be able’ to retire at 50, my wife would be 51. I can see her carrying on to be honest but I’d be very happy to spend more time with the kids or on my mountain bike. But if we are able to then at least we have the flexibility.
Im looking to go slightly early at 62 (5 years away) but then look at my DB Ex services pension and the part DB, part DC pension with my current employer (only 2 employers in my entire life) and wonder that even with so short time left before the retirement date, i should look to do something better in preparation financially so whether your Pension/Retirement course is for me or because the majority of my pensions are DB, the course would lose some of its benefit? Great content and thought provoking as always thank you.
There's a 30-day guarantee on the course, John, so if you find it's not for you, just let us know. But there's more to the course than just thinking about pension optimisation... Thanks for watching, whatever you decide!
شكراً
When will the huge depreciation of DB transfer values from last summer recover?
No idea. Probably not for a while.
On the plus side they have actually reduced the amount we have to pay into our Career average pension for the same benefits.
After attaining a high position within my company, eight years of high stress levels have burnt me out and i have at 61, decided to leave my position.
Having a final salary pension from a past employer and one smaller private pension, with the wife's salary it provides me the opportunity to semi retire.
Have offered to do 3 days per week with current company but that was not accepted.
With numerous roles available locally and having reduced tax levels, I calculate that with the fsp, part time work and paying less tax, I will be no worse off financially.
Proof will be in the pudding though🤔
Got to be worth the leap, though, right! I trust it all works out well for you - I'm sure you'll be fine!
I own and run my own business but refuse to be defined by it and have lots of interest outside of it.
I also don’t like the thought of slowing down. When I shuffle off this earth I want people to be p!@@ed off with me because I had a number of unfinished projects on the go!
Ha - love this, Kevin! I often say that I'll sleep when I'm dead...
It’s not that I’m a workaholic I’m just not very good at sitting still. I’ve been like this since I was a child and even now I’m at the gym 3 times a week, practice yoga 3 or 4 times a week and play golf (a lot). I even started to teach myself French 10 months ago!
The secret is, in life you should be many things ,I was never a job tittle, I am me, people who state a job they do will never be happy ,never want to give the position up, William Fence has the right attitude, I too drive a HGV class one, Mon to Friday, start at 9, finish around 7, was a Police Officer, now such tiny if any stress as I treat every day as a day out, Ha ,
How is it even possible to be an empty person without hobbies, interests, friends, family, personal goals? How do these people live when they work and exist in so boring lives? I have very clear plans where I want to be what to do what I like what to visit. People with no vision in life are beyond belief!
You'd be surprised how many people utterly define themselves by their work, but I agree with you - there's MUCH more to life...
For the last 15 years (while working full time) I have been selling off my late Fathers various toy and model collections. Top tip. Items sold as collectables like Models of Yesteryear are a poor investment while items which weren't, like Lego Trains were excellent.
My Father continued to do some engineering consultancy work until he was 70, which I think was partially an excuse to get out of the house and buy more stuff. He said that the best thing about consultancy was that he could pick and choose the jobs he did. Being a train enthusiast he couldn't resist the opportunity to work on the design of a real railway train and then naturally bought the Hornby model of it.
Very easy to end up like that when you have a full time stressful/demanding job that expects 24/7 access to your time and refuses to let you have your holiday. There are some people out there who just. work, eat, sleep and are too tired to do any hobbies or non work related activities in the small bit of free time they get.
@@lesleybee33 other people have no idea. I have been on call 24/7 for over 20yrs. 15 of those years no weekends off only unpaid holidays. Always at the end of a phone. Low pay too 😂. The ignorance of some people is beyond me.
Great vid…but I do not recognise your claim that employers are offering more flexible job roles. I have found they are nowhere near this utopia …they bleat and whine about the tight job market, and the govt wrings it hands at the lost over 50’s, but they still discriminate on age and still do not offer enough flexibility
Gender has a very important part to play in retirement Most women never retire they may leave work but they will still have a job housekeeper carer child minder have you noticed why women live longer then me its all about genetics back to the stone age hubby gets old and can no longer hunt so nature and genetics end his time I think men need a reason to get out of bed a part time work some hobby and an interest i have seen a great number of my friends finsh on a friday sit at home and die after a short time keep active and push yourself just a little and you will have more years
I retired at 56, but only because my wife passed away and the life assurance paid off the mortgage. I worked 36 full-time years in the pharmaceutical industry. Not regretted it.
Ooof, that's rough, David - I'm sorry for your loss. I wish you a long and happy retirement, even though I'm sure it is different than you planned.
@@MeaningfulMoney I gave up a stressful £70k a year job, but with my wife’s NHS Pension that I inherited suddenly made me very well off (the first time in my life). I’d much rather be a poor microbiologist and have a wife and mortgage than what I have now.
Let’s eat Grandma
Are you sure? She's a bit stringy.
This could be said so much more straight forward and less complicated. It's not rocket science. I bet it takes you an hour to make a cup of tea.
Indeed. When you make a video, drop me a link.
@@MeaningfulMoney Do you think I'm worthless because I don't make videos?
Is my opinion worthless because I don't do what you do?
If I don't sit at home in front of a camera am I wasting my life?
Should I quit traveling the world so I can be more like you?
Or are you just sulking because you hate criticism?
@@MaroonedInDub No need to throw a hissy fit, @Doc. I think you're awesome. I bet your videos would be super-cool and get millions of views.
@@chrisf1600 I don't know why you kids think videos maketh man. For you to judge a person on if they make videos or not is loopy doopy. You need councelling.
There's so much more to life than making videos.
Sadly some people feel a compulsion to be negative for no apparent reason, anyway enough of that and congratulations on another excellent video Pete. it's clearly struck a chord with many watching, based on the number and depth of comments. Personally getting closer to my preferred retirement date, but debating the hard stop v phased transition (should that be an option).