Retiring right now

@IOSTT can you explain how loving frugally turns into an 800k pension pot?

Retirement is a big change and not having a monthly income that you earn will probably feel really strange. You do have pensions though so you will have money coming in. At £40k pa the wolf isn't at the door so don't worry. If you're really worrying about it filling your time perhaps look for something particular time or agency?

@IOSTT I thought all those pensions schemes had closed now though?

Well done @Retiringrightnow in finding yourself in such a great position.

Remember as you get older / more settled into retirement, your costs will likely decrease. Most people get to a point where they eat less, shop less, travel less etc; so end up with a growing bank balance in retirement.

Work your backside off for decades in a hideous job that destroys your mental health, and live frugally

Enjoy OP!

id mainly defined benefit final salary pensions from various sources

These don't exist any more in my work 😭

How does one get a 40k a year pension at 64?

It is unsettling. It's one of the big life changes we make.

People focus on leaving home, and starting a family and there is so much positive advice and support at those phases. Not so much at our stage of life...

It sounds like you've made some great choices. Enjoy your swimming!

Re a Financial Advisor - yes, be wary. I wasn't, I just walked into the office of one near to where I Iive which means I have my annual review face to face. But it has all turned out great. There were assessments about how much risk I was willing to take (I know you said no risk, but that is the equivalent of putting your cash in a biscuit tin under the bed!)

I have a very rough budget with meal plans for the week

That is good. But I also think with your financial position it's important to really enjoy your retirement - make the most of every part of it.

If this week you fancy salmon and scallops - go for it! There are probably bigger things you could cut down on than choosing bargain chicken nuggets to stay within your food budget.

I have a financial advisor, who manages my ISA and pension, and they have a giant chart with my income / expenditure (I had to give this to them). It plots possible capital growth, factors in when I'll get my state pension. It did have potential inheritance but care home fees have swallowed that so we've taken it out.

The reality for me is that there will be be 18 months when I'm eating into my capital. Then state pension kicks in and things are back on a positive keel. Also FA predictions show that, in general, level of spending decreases a lot after age 80. So it becomes quite difficult to spend the same amount of money as you did 15 years earlier when you were 65.

Utlimately, the big asset is your property. Is it somewhere suitable for you to live forever (ground floor bedroom / accessable shower / manageable garden / level walk to shops etc). Start thinking and planning for that now.

honesty , why do people tear down anyone whose done well for themselves , such a lot of jealousy and nastiness for anyone with more than £2.47 on this forum . Money does not protect you from all of life’s struggles , you aren’t suddenly immune to stress loneliness etc . OP go and enjoy your retirement, yes it will be a change and as someone who retired last year I would suggest getting a structure and purpose to your day , it’s a big contrast to going out to work but absolutely no regrets .

What a dreadful post, we are all different and worry about different things.

Opting to retire is just about the money at work you have a routine and purpose
it can be unnerving thinking this money has to last me the rest of my entire life life you simply don’t know

OP - have you done a written budget that covers absolutely everything?

I think your in good shape.

The pension is secure. The savings will grow. How do you have them invested? Are they generating a good return?

It’s hardly boasting. OP is 64 and got herself in a comfortable situation. I suspect she’s worked hard all her life. Why do you feel the need to tear her down?

I retired 2 years ago with a monthly income of £2,200 and no debts - savings of £50000 - I live just fine - cook more from scratch as now have the energy, never been extravagant - my children haven’t needed my financial input but I do treat my 3 grandchildren to things - about £35 per month each. I did pass the process for volunteering at the NHS but realised I loved the freedom of not having to commit to anything after 50 years of work and family life - enjoy it OP

There is a lot of petty jealousy on this thread. When you get past 60 you have put in your share and need to think of yourself. You have provided for your children and worked in the NHS so you can pat yourself on the back for having done your duty, You could live another 20 years so there is nothing wrong in arranging your affairs to suit you and provide for your older years.

I retired from employed work at 60 (state pension age then) and immediately went self employed, albeit part time. Im not a person who enjoys pottering about the house and garden or watching daytime TV. I have a cleaner and gardner to do the jobs I dont want to do and make a point of looking after number one.

How is the OP’s post nasty? Do you mean in regard to what she says about no longer subsidising her adult DC who she has already supported to buy their own homes? You must know that people have different financial positions. There is no need for you to be so rude to her.

I worry about this too @Retiringrightnow and I'm a few years off, but I'm not currently working as looking after elderly parent.

I think actually working out your outgoings and then doing some forward projections and scenarios might be useful. It's a fear of the unknown and what ifs that gives me anxiety about the future. I've also worked backwards from decrepitude. I am hoping to be OKish until 80, at which point I downsize to release money for said decrepitude.

It does sound as if you have sufficient funds, but I'd be wary of giving anymore to your kids when retired as you have no means of topping up savings. You need to preserve capital.

Oh kindly fuck off! Do you think this is funny? The vast majority of the public will have a pension a quarter of yours and are lucky to have £1.20 in savings. What a nasty thing to post about when so many people are genuinely struggling.