Retirement-Your Experience

As was mine. I retired in a February.
My company had reached the stage like most multiples, of wanting more centralised control. Managers of large stores were losing their autonomy and "the new breed" were being paid only half what we "old timers" were earning.
As they were closing my store, there was going to be a massive redevelopment, I had the choice at 58, of either voluntary rendundancy or going into the office for two years on the same salary. But no bonus. It was joining the new store opening team, (too much like hard work and a lot of pressure, working to deadlines you had no part in fixing, you'd be responsible but weren't really in control). It wasn't a popular job. So I said, "No thanks!"

I'd planned to retire by my 60th birthday anyway and had cleared my mortgage.

"It was like Christmas."

I got the statutory 28 weeks redundancy pay,
Plus a severance payment of 14 weeks,
Plus a payment "in lieu of notice" of a figure equivalent to the latter.
I also got my 15% of salary, bonus for the previous year.
Plus my 6 weeks holiday pay, (this was earned the previous year to be taken after 1st April that year),
Plus two weeks pay for the weeks of the previous year's holiday entitlement, I hadn't taken.
I got a refund of my PPI contributions.
I retired on a pay day. We got paid two weeks in advance, two weeks in areas, but I'd time owing, so I got my normal full month's pay.
I'd paid the maximum allowed into AVCs for over 15 years. I wasn't allowed to take it as cash. I had to have that as annuity, it pays 10%.
I was on the fast disappearing 40/60ths pension.

Two months later they paid me my PPI again! I wasn't going to tell them and they didn't ask for it back.
I still had my State Pension to come and as we'd an endowment mortgage I had that to mature too. Those were the days when "terminal bonuses" were more than the endowment payout.

I'm still far better off than when I was working.

 

“golfers ribs”? Never heard of that one. Sounds painful though. I suffered a rib injury/strain many years ago, not nice.

 

It is difficult for some I appreciate, but for me, two paracetamol and a cup of black coffee before we tee-off sees me through. Plus of course my hot Bovril before the 10th. Hopefully one of my partners will bring the pies.

This is funny, but I need to explain for the non-golfers.
There's two main forms of competion.
Medal. That's where every shot counts.
Stableford. That's where you earn 2 points for each completed hole that you play to your handicap. If you go round in your handicap, you get 36 points. You can still come in with a good score, even if you don't earn any points on one or two holes, they can be offset by extra points you get for the holes you make a shot or more under your handicap. i.e. birdies etc.,

One of our elderly members once stopped me in the car park and asked if that day's competition was Medal are Stableford.

"It's Stableford."

"Oh good, I'm glad 'cos I have difficulty getting out of bunkers."

"I'm surprised, you've been playing for decades."

"Oh, it's not getting the ball out, it's me, I find I physically can't get out!"

What he meant was he was quite prepared to not score any points on any hole where he went in a bunker!

 

I’m nearing the end of my work or this line of work as I suffer with my hands but I’m in a position where I’m property rich but capital poor.
Ive land that brings in a small amount each year and I’m mortgage free. Thankfully my companion is helpful.
She lost her pension in the Equitable Life crisis and gets pennies from what she invested but she does get a huge figure pension via investments and is able to lower the tax payments.
I lost my pension which was a company one where it was not safe and the directors could use it and when the company was sold up all the long term workers faced a pension not worth its weight in gold.
Far too late for me thinking about pensions and now I understand how good advise can be vital to making your money grow. I would never touch a pension again.

 

It amazes me why more people don't take equity release, when they get to their seventies.
They worry about the interest accumulating. But you can't take it with you.
If your kids are self sufficient, yes leave them something. But spend the rest.

 

‘R’ day 30th April

 

You'll be counting down the sleeps then Freddy.

 

You will need to order your grey cardigan, tartan slippers and pipe. To be pensioner ready for the 30th

 

Don't forget the Lanyard with your name & address on

 

Very much so Not really looking forward to the last day though, not sure how I’m going to react

 

Often thought about that day myself, kind of strange I would guess, happy, but just wonder how you will feel.
No going out early mornings, no getting up according to the clock, no mates that you see everyday.
I'm sure it will be a happy day, but possibly tinged with a bit of sadness.

And a lot of memories.

 

Pretty much in a nutshell, plus the fact that it’s closing a long chapter. I’m sure I’ll be fine, when I get used to it. I’ve got a couple of garden related projects that I really need to crack on with, the pergola and some tomato planters, plus some projects that Aunt Sally has lined up for me

 

Just take it as it comes Freddy, that's all you can do but I'm sure you'll be fine.

You'll want to go back to work for a rest by the time you've worked your way through Aunt Sally's list.

 

read though a few of your comments, enjoyed them.

Hard for me to set the date when to resign. Like my job, the staff are like extended family, like the individuals I work with. been with this company since 2002. Right now I get 7 weeks vacation time, my salary is great, I can work at home or out and about as I organize my tasks. No one wonders where I am, or asked. But, I am now into that "retirement " age. Since August 2018 been collecting social security, and totally banking my work checks. House is paid off, car paid off. husband selling his business. We don't really need to purchase any major stuff. I enjoy the mental stimulation and value I receive at work, will worry I won't get that when home for good. But on the flip side, some days I am tired: guess that comes with age, LOL. Know I would spend most my days, in good weather, making my garden perfect. There is a gym opening up soon 5 mins from me, can go there. And I know in this county there are lots of places I could roam around and explore. Thought of joining a photo club, and taking day time garden classes, joining a Church womens group , maybe involvement with politics. Just have to commit for that day. As far as health insurance, it would be in place within 30 days, so no issue there. We have always been travelers, so that would just continue, he's talking about buying an RV. Ok, so I put it in down. will try to go out in June, or better July then I can get a bigger check for lots of vacation time due to me.