To dread retirement

[citygirl1961]

I know a lot of people are looking forward to retirement but I dread it.

After thirty five years of working in the Civil Service I am due to retire in three years time which I know will pass quickly.

I work full time, always have done. I am divorced and live on my own, bills and rent to pay, don't own my own home.

I know I will get a good pension but I still worry about finances as I know I won't get housing benefit with getting a good work pension.

Not only do I worry about finances and not being able to afford to do things, I worry about being bored. I suffer from depression and anxiety and being at work keeps me busy and helps to take my mind off things.

People I know you've retired say they don't know how they found time to go to work and say they have more money than they had before, but then you've got more time on your hands to spend it. I have plenty of friends and like meeting up for lunch and coffees. I'd go mad if I couldn't do that.

Does anyone else feel this way? I just can't embrace the thought of it at all.

You need proper financial advice from a Financial Planner. Things are probably a lot better than you think.

Ah, you live in a council property. You are better off than a lot of us then. Secure tenancy, repairs and maintenance all paid for by the council, cheap rent. You say it's well-insulated. Lucky you I say. A lot of people will still be paying mortgages into our 70s, as well as having to pay for the maintenance of our homes, or private renting. You are fortunate.

You are in a really good position, you have secure housing and a good pension. You also have the ability to keep working if you want to, or you could go part time to ease yourself into retirement and see how you find it.

I have to say OP I hear you and unfortunately your story is going to play out over and over in years to come. People like you who have worked all their
lives but haven’t been able to buy are now stuck paying rent and expenses and have a basic standard of living which is not dissimilar to those who haven’t and continue to get a lot paid for plus additional benefits.

I don’t concur with many on this thread who are basically saying that of course you’ll get taxed etc and should be happy with what you’ve got. Although I sound concede a council property is very safe.

This theme of working hard but this not seeming to pay off in retirement, or indeed through people’s working lives, is a big problem. Why will people give 30+ years of working to be marginally, if at all better off, than someone who hasn’t done this.

IMO going to work should pay significantly more and lead to a better lifestyle than not. We are at a crunch point now, it needs to change and fast.

I agree that we are heading to a real train crash of people renting in retirement as younger people can't get on the property ladder, but a civil service pension after 35 years is the absolute definition of working paying off. A final salary pension + state pension will be a reasonable income.

I rent from the Council.

My rent is almost £500 per month which I feel is a lot, but cheaper than private rents I guess,

With respect you are overthinking.I know lots of retired people who go on to do something really different like working in a supermarket or as an office clerk in a school, and love it. Different from their original job, but still interesting to them.

As for activities - things like U3A, volunteering, gym etc - I would love to have time to explore all the things out there to do.

Start to think about hobbies and all those things you wanted to try to do but never had time for. Start to look forward to it and plan for it. In the first year I will... and in the second year....

Again there’s a lot of talk of people continuing to work. How marvellous! Why wouldn’t you want to keep busy, staying at home - gosh how boring! Yes
lets expect those who have worked their socks off to keep working and to continue to pay loads of tax whilst those who have never/barely worked still get everything paid for.

If you have worked and paid your taxes it should be a choice, it’s moving to not being a choice but a necessity. To pay for those who don’t and/or have never contributed.

I’ve got an idea - if you’re over retirement age and work you pay NO tax on your earnings.

I love retirement. When I worked full time I thought I wouldn't retire at 65 (retirement age here), but I took voluntary redundancy at 59 and loved my taste of freedom so much I never worked full time again. My days just fly past, even though I'm not really doing much, and I don't miss work at all. I live alone and rent, but I've always led a simple life.

If you live in a council property could you exercise right to buy?.with the discount it might be affordable if you have a decent pension and you take the top lump sum?

I would find a way to work part time for a bit whether in your current job or find a different one that you can do part time

You can use the period you work part time to find some volunteering opportunities and build up a new network

It's all very well saying how things should be but this is op's life and she has to grapple with how things actually are

Have you put your pension figures into entitled to . Com to see if you will get any help towards your rent? As a renter I also worry about my retirement so I understand.

My Mum is 71 and still working a 45 hour week, told me the other day she may give up in a few years but maybe not. Me on the other hand will retire the second I can.