Retiring right now

[Retiringrightnow]

I am retiring right now. I have no mortgage or debts and 120k savings. I have index linked pensions that add up to around 40k pa. I have a house that I love in an area that I adore. I live alone with my wee cat. I have 2 kids that I have already helped to buy their own houses. Am i unreasonable feeling insecure?

I went on my 57th birthday after 40 years. Started at 16, was funded to do my degree, went up the ranks quickly and got out when the package was offered.

OP, I have loved every single minute of my retirement. I am not a joiner or a person that needs constant stimulation and dozens of friends but I do the things that interest and challenge me, and there are a few that I thoroughly enjoy. I never had the time to pursue them while working obv.

My pensions are good, and I am single no kids so I rely on myself and love it! The opportunity to just take off somewhere for as long as I want (subject to Brexit rules lol) is amazing. Owning your own property with the mortgage (eventually) paid off is a great comfort and security blanket also, but it took a while to achieve that.

I do feel for those unable to retire like I did. However, when I was starting out and for many years it wasn't all roses either.

As you say, health is our biggest wealth. So do it while you can.

Sorry

Absolutely get it. This is your time now it won't come around again. All those years working its now time for you to travel well, eat well and do exactly what you want. Enjoy it.
My friend does the U3A and loves it.

£40k pension is massive! People in employment don’t get that!

YABU

Is this just a stealth boast?

no but you have alleviated my fears. Thanks.

I actually found it really helpful

My projected maths is a lot different on the pension front

But I don't have children.

I'm actually interested to see those responses because very often, on here, people will tell you you could have 1 million in savings and it's not enough enough to retire

A humble brag with zero humility.

I am very humble!!!!

Income is more important than savings so you’ll be fine Op

40k a year, plus an extra 12k in 3 years? I don't see your problem.

Well done! Enjoy your retirement. It sounds like there is no reason for you to feel insecure. You've set up a nice retirement for yourself and given your children a good start.

I’ve just had to buy new car and tax insure etc. electric so that it doesn’t cost much. I’m planning to minimise outgoings, i know that’s equivalent to budgeting. I’ve had a lot of outgoings that have triggered this thread. I won’t have that pension income until about December as it takes a while to get sorted. I’m sorry if it’s triggered anyone. I’m very much alone with no backup really. That’s made me quite worried. I got so annoyed with the insurance people yesterday that I was annoyed with myself. Made me more stressed than it should have. I am taking on board all the lovely answers to just enjoy myself. I am worrying unnecessarily.

Ps i mean electric car has lower running costs as I’ve got low cost electric overnight rate. Not that it’s cheaper to buy. I hope this wee car will be with me for many years.

Well done OP!

I am a couple of years ahead of you and with a much lower D.C. pension.

It feels different, and yes less secure, to not be earning an income, and the finiteness of it: what you have is it, and will only deplete.

But you will definitely be ok unless you have very extravagant tastes and habits.

On £40k income you will probably be able to save especially once you get state pension. A fund for next car, boiler, house maintenance.

I have time and flexibility to get good deals: cheap theatre tickets, off peak train deals, cheap cinema tickets. I go to the gym, swim, walk, go camping, hiking, and am part of a political campaign.

I am not prepared to be tied down by the needs of a dog and the restrictions that dog ownership brings. Or any regular commitment to any volunteering.

See how it feels and how it pans out before making any big changes, commitments or decisions - just relax and enjoy yourself.

@FollowSpot you have completely summed it up for me! Thank you so much. There is a peace group also just setting up near me. I might join that. I was in 2 minds. I was a little afraid. I will go there tomorrow.

This is a very strange stealth brag.

Your income will be higher than the average salary in the UK, you have no debts and presumably very small outgoings.

sorry.

As a PP said, your retirement pension pre State pension is already higher than the national wage average and you have have over 100k savings, a lot of which I imagine you could invest in an ISA and just leave to happily generate continuous tax free interest.

The 40k will eventually become 50kpa and you’re 64 so I’m wondering why you’re worried it won’t be enough for the rest of your lifetime?

If there are things that worry you, maybe talk to a financial advisor to set your mind at rest. There may be some good investment products/plans etc that they could advise you on to make you feel a bit better?

You’ve been v generous with your DC and definitely will need to stop funding them any longer and focus on yourself.

Hope you have a long and happy retirement!

This thread has made me feel privileged. My life has been very difficult. We all have difficult lives in many different ways. The posts saying I’ll be ok financially help me. All sorts of financial situations out there. I’m very much on my own. I appreciate the lovely sentiments and advice. Xx

@Retiringrightnow It is such a big change in life. You've worked had a salary and prospects and suddenly that's gone. You have a finite income (however generous that might be) and now you have to live on what you have.

It is a scary prospect.

But you will be OK. You have a good income, and in 3 or 4 years time you'll have your state pension too (minus tax). The first year can be scary, so I advise that you monitor your income and expenditure carefully, and in some detail. What are all the fixed costs: utilities, insurance, council tax, car. What are the slightly variable costs: food, household costs, meals out, clothes. What are the variable costs or luxuries: holidays, meals out, clothes.

After a year you will be so much more reassured. Enjoy your retirement.

@venusandmars thank you so much. Xx

You are in a great position and in a few years time you'll get state pension too. Good on you. I expect you had to work hard for many years to be in your position. I'm also 64 and I retired from teaching at 57. I live on my Teachers Pension and passive income from btl portfolio and investments. In 3 years time I'll get a full State Pension too. You'll find you can go on holiday out of peak times and great bargains on holidays. Make sure you have plenty to keep you occupied after you retire.

I edited my post and added more!

If you had a standard pension pot I thought that you had to have approx 100k in the pot to get back 4k/ 5k a year, so this is the equivalent of a 800,000-1mil pension pot? As you can see OP this is a huge pension to most people and you should be feeling very content entering retirement that you have made some great decisions and put in a lot of hard work to get to this point