20 years to retirement - how to prepare?

[Iamstumblingin]

Apart from paying off the mortgage and saving into private pension, how can DH and I future proof for good retirement?

It’s a privilege to grow old, but MIL never retired (still works in her 80s) as FIL passed away and working keeps her company.

My dream retirement is a bit like a bank holiday weekend - pottering in the garden, a bit of DIY, a meal or coffee out, a bit of exercise, a nice walk. Holiday at least once a year.

But also would love to hear about practicalities of first weeks / months - after a lifetime of working FT, how do you manage with sudden freedom? What do you wish you have considered and prepared for in hindsight?

Keep fit! I couldn’t believe how my energy drained away in my 60s. I had to make time for more exercise, but it’s worth the effort to slow down the rate your muscles etc are ageing.

Well done for having a plan.👍

I retired at 57 while OH (who is a few years younger than me) decided to carry on working PT for a couple of years.

It was a bit odd waking up and knowing that all the time was now entirely mine. After toying with the idea of a PT job I embraced the freedom. My days are now spent getting up when I want (well, when Ddogs allow it), leisurely mornings, lonnggg walks, pottering around the garden and going away in our Moho for a couple of nights whenever the fancy takes us.
I now drive a lot less as there are less time constraints. Where before I might have driven, I now tend to walk (means my step count has gone through the roof!).

Of course, for a happy retirement you need your health, be financially secure, be happy where you live (you don't want to spend all day, everyday in a place you hate) and keep yourself occupied.
Tick these boxes and you are halfway there.

I think hating your job helps before you go, then you can keep reminding yourself what you've left behind!

I wish I'd read Ernie J. Zelinski before I retired - he's great fun and right up my street his book includes stories and insights from people who have embraced early retirement or unconventional lifestyles, often inspired by his philosophy and his book is lighthearted and witty.

I think the current version is called

How to Retire Happy, Wild, and Free: Retirement Wisdom That You Won't Get from Your Financial Advisor" by Ernie J. Zelinski.

I haven't retired yet but I work only 3 days a week. I feel it will be less of a shock than going part time to nothing

Full time to nothing

Yes, keep fit. It will give you so many opportunities once retired.

Have you done your power of attorney yet?

Speak to a financial adviser who can help you plan and make the most of your resources.

Plan to be able to retire at 60 - you might want to/be able to carry on working, but you might not.

Get fit.

Develop hobbies that help you meet people and that you can do wherever you live, so you can make friends in new places if you decide to move somewhere else to retire.

Look at the u-shaped spending curve in retirement - be prepared to spend more when you first retire on holidays, fun, house improvements while you're still able, less in the middle years (~80-90 but could be earlier if you're unlucky), more toward the end on care.

get POA in place, and wills, and revise them every 5 years or so.

I'm currently living your dream retirement, mostly luck rather than judgement. As someone here said, it really is a bit like a modest lottery win.