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Author Topic: Retiring  (Read 1953 times)

Bob K

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Retiring
« on: July 02, 2013, 11:13:04 PM »

This time next month I will be elevated to the ranks of Gentlemen Of Leisure.  At 67 and increasingly feeling the effects of high mileage I decided it was time to retire.  Maybe now I can have more time to spend on building and sailing model boats, if Commander in Chief Home Forces does not fill my schedule with shore base duties.

I would be interested to hear from others who have made this transition onto a more limited income and how best to proceed when I will have to budget build projects more carefully.

HMS Polyphemus is undergoing salvage reconstruction, but will be back on the water in a few weeks.  I have two submarines to complete when I can source non-LiPo battery equivalents, plus have plans to scratch build the WW2 HMS Abercrombie monitor.
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HMS Skirmisher (1905), HMS Amazon (1906), HMS K9 (1915), Type 212A (2002), HMS Polyphemus (1881), Descartes (1897), Iggle Piggle boat (CBBC), HMS Royal Marine (1943), HMS Marshall Soult, HMS Agincourt (1912)

Shipmate60

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Re: Retiring
« Reply #1 on: July 02, 2013, 11:22:12 PM »

Bob,
I retired 3 yrs ago, got bored and went back to work part time.
Working on Tesco Checkouts and any money goes to whatever I want.
Pension goes to pay bills and extras.


Bob
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Peter Fitness

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Re: Retiring
« Reply #2 on: July 02, 2013, 11:23:32 PM »

Retirement is great, but the pay is not so good, and a lot depends on your own financial circumstances. However, with careful management there is no reason why you can't continue to enjoy the hobby, and you certainly have more time to do so.....or that's the theory. I am continually amazed by the number of retired people who say they don't know how they found the time to go to work. Those of us who have hobbies are fortunate, as I've known some who had no interests outside work, are bored rigid by retirement and, in some cases, actually die prematurely.


So go and enjoy yourself O0


Peter.
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Bob K

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Re: Retiring
« Reply #3 on: July 02, 2013, 11:40:07 PM »

Thanks Peter.  I have no intention of doing 'stranded whale impressions'.  I do have a reasonable private pension in addition to the State one.  I might even do some voluntaray work to keep up my community involvement.
 
Bob:  Nice to meet you at Beale Park.  I didn't know you worked for the firm I am retiring from. 
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HMS Skirmisher (1905), HMS Amazon (1906), HMS K9 (1915), Type 212A (2002), HMS Polyphemus (1881), Descartes (1897), Iggle Piggle boat (CBBC), HMS Royal Marine (1943), HMS Marshall Soult, HMS Agincourt (1912)

essex2visuvesi

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Re: Retiring
« Reply #4 on: July 03, 2013, 08:12:32 AM »

My dad retired last year and drove my mum mad.... now he works at a local tropical fish shop part time. He keeps fish as a hobby so he gets to enjoy his hobby and gets paid enough to fund his hobby.
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GAZOU

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Re: Retiring
« Reply #5 on: July 03, 2013, 08:40:17 AM »

it is curious

it is still too old to give us work
but
it is still too young to retire ................

  work when you're retired, if you have a decent retirement is taking the place of a young.

this is my opinion, and I share
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Bob K

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Re: Retiring
« Reply #6 on: July 03, 2013, 09:42:44 AM »

Good point Gazou.  I do not exactly "need" the money, and would not like to take a job away from a young person who may really need it.  I was thinking of doing community or charity volunteering if I get too bored.
Right now I have to ease the pressure on aching legs and back.
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HMS Skirmisher (1905), HMS Amazon (1906), HMS K9 (1915), Type 212A (2002), HMS Polyphemus (1881), Descartes (1897), Iggle Piggle boat (CBBC), HMS Royal Marine (1943), HMS Marshall Soult, HMS Agincourt (1912)

essex2visuvesi

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Re: Retiring
« Reply #7 on: July 03, 2013, 10:21:36 AM »

Good point Gazou.  I do not exactly "need" the money, and would not like to take a job away from a young person who may really need it.  I was thinking of doing community or charity volunteering if I get too bored.
Right now I have to ease the pressure on aching legs and back.


In my dads case it was more the skills he had with regards to maintenance and fish care.  Having kept fish for over 40 years he has the experience to work the "back of the shop" not something a young person could really do..... Besides someone fresh out of college with the qualifications probably wouldn't work for the money, as like yourself, he doesn't need the money so its more a token wage and all the fishfood he can eat :)
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Circlip

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Re: Retiring
« Reply #8 on: July 03, 2013, 10:26:46 AM »

Only problem with Community and Charity volunteering is it's a double edged sword. While it's commendable to want to help, it deflects the responsibility of creating a paid job for someone. Yes, there are organisations that run on a shoestring but there are many others where there are layers of monetary squandering that could easily generate a wage from "Waste", local councils being a classic example.
 
 
  Regards  Ian.
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tonyH

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Re: Retiring
« Reply #9 on: July 03, 2013, 10:27:53 AM »

Great move Bob :-)) ,
 
Now you can REALLY concentrate. You'll be amazed at the 'little paid jobs' you get asked to do plus you'll have the time for the scratch building, lateral thinking and materials sourcing that add an extra dimension to building.
Also, please don't forget that you can be paid to pass on the skills you obviously have.
 
Have a long and happy retirement.
 
PS I'm like E2V's dad in that I play part time in the 'fork 'andles' type of hardware shop! 
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dougal99

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Re: Retiring
« Reply #10 on: July 03, 2013, 05:09:51 PM »

I retired 7 years ago (in my latish fifties) and thought I'd build boats forever. Unfortunately, it's true, you can have too much of a good thing. So I joined a walking group, took up teaching over 50s computer skills and am trying to learn German (very badly). I still find time for boat building and boat club committee (it's a dirty job but someone has to do it). Also, I try and do the crossword, suduko and kakuro every day, just to keep the mind supple. Then there's the visits to my 95 year old father which I do every 6 weeks or so for 4-5 days (250 mile trip)


As for driving the wife mad, we meet for meals and occasionally watch TV together, oh and the odd holiday to foreign parts. Never in each others pocket, works well.


Have a plan and be flexible. Most of all enjoy it, whatever it is.  :-))
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grendel

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Re: Retiring
« Reply #11 on: July 03, 2013, 05:42:47 PM »

I got retired at age 52 at the end of 2011, not fun, the work pension was just shy of paying all the bills, got a part time job based on an hourly rate for work done, they slowly stopped sending the work through. so next week I start my new full time job. because of the type of work I do there are probably less than 10 companies in that field in the uk. once offered the new job, other interviews and offers came flooding in, so now do I go for the first one and a 180 mile a day commute - which I have already signed the contract on, or do I go for the one 12 miles from home?
I have to say that the year spent at home, doing just jobs round the house and the allotment, wasnt really my cup of tea, I have been bored and grumpy. the job 12 miles away is in a different field to the one I worked in, but I did have a brief encounter in that industry 30 years ago, small local company - I think I may have answered my question, local job, if they get back to me this week, otherwise it will be the commute (which I did warn them that the travelling might be an issue).
at your age, enjoy yourself and quit while you are still fit enough to enjoy your retirement, keep busy and keep your mind active
Grendel
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boat captain

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Re: Retiring
« Reply #12 on: July 03, 2013, 06:18:37 PM »

It was my ambition to retire at 55 which I managed to do after 40years of enjoyable work.  I always had a liking for model boats and decided to take the bull by the horns and bought a Smit Nederland kit.  That was it I was hooked.  I joined the Liverpool MBC and then started scratch building,  I find working out how to make various fittings etc keeps my mind active and there is also the social side to the hobby.  I would recommend if you can manage financially to retire early do so.
 
Joe
 :-)) :-)) :-)) 
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GAZOU

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Re: Retiring
« Reply #13 on: July 03, 2013, 06:31:51 PM »

 :-))
the ideal would be to start retirement  O0
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Colin Bishop

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Re: Retiring
« Reply #14 on: July 03, 2013, 07:29:41 PM »

A lot of good advice above.
I took early retirement on the grounds of redundancy following one internal reorganisation too many. I hadn't intended to retire that early but that's the way it goes. My employers felt a bit guilty about it so I got a decent package, not one which you could get today. However, as one door closes another opens, especially if you have transferable skills.
 
Initially, retirement is like being permanently on holiday but that eventually wears off and you find yourself looking around to make life meaningful. I think there are two important factors to consider for long term satisfaction. One is to find a focus and the other to instil discipline.
 
If you have other interests and hobbies then you can switch your time to these - spending more time on model boating, photography, birdwatching or whatever.
 
For discipline you need something to make you get out of bed in the morning and a part time job, whether voluntary or paid is probably the best incentive.
 
When you retire you often find you are better off than you thought you would be as you don't spend money at the same rate as when you are working. My commute of nearly 60 miles a day meant that with private mileage I drove over 20k miles a year - now it's just 9k - a huge saving. I don't buy sandwiches for lunch etc. etc.
 
In my case I decided to combine my knowledge of model boating with my skills in writing and organisation gained over 35 years and I offered my services to the publishers of Model Boats. After an initial start contributing articles and reporting I was asked to take over the editorship of their website. Subsequently I was then asked to guest edit the annual Special issues, the 4th of which is just about to be published. This was really interesting as I learned how to edit a magazine and a lot about the specialist title publishing industry. This in turn gave me the experience I needed to cover for the Editor, Paul Freshney to enable him to take holidays of more than a week at a time.
 
So it has all worked out pretty well and I have a new part time career. Even better, I work at home at my own convenience thanks to the Internet with much of the work being done in the evenings leaving my days free. OK, it won't last for ever and occasionally I feel as if I am back to working full time for a day or so but overall it is a pretty good work/life balance in retirement for me and I have been able to exploit my old working skills. (and it pays for the holidays!)
 
Everyone will have their own particular optimum balance but everyone has their own skills and it is usually not too difficult to employ these to give you the lifestyle you are comfortable with plus hopefully a bit of extra cash as well! Usually the skills and experience that older people have to offer cannot me matched by youngsters so you are not necessarily taking work away from the younger generation.
 
Colin
 
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tonyH

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Re: Retiring
« Reply #15 on: July 03, 2013, 07:56:38 PM »

A couple of things I have found are the existence of the local retirement 'mafia' and the generally male, 55+, unofficial labour exchange. We're lucky here in that we have both a small builders merchants and the hardware shop and these are certainly meeting points and 'clearing houses' for all sorts of useful contacts and intelligence ;)   
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Bob K

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Re: Retiring
« Reply #16 on: July 03, 2013, 08:06:45 PM »

Last year my firm cut my hours in half, and as an existing OAP I pay full tax on every hour of it.  Having got used to working part time retiring is not so much of a downgrade.  I have prepared over the last few years by minimising home maintenance costs.  Double glazing, UPVC fascias & guttering, ďAĒ rated boiler, loft & cavity insulation, LED light bulbs etc. 

Next step, oddly, is swapping my big 16 year old Hyundai for a smaller more Eco friendly car.  I reckon I can halve my running costs.  An Agila has almost identical boat carrying capacity. 

All in all I am probably as prepared as I ever will be, and have no intention of dieing in harness.   When the body starts to call enough itís time to move down a gear and recharge the batteries.   :-))
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HMS Skirmisher (1905), HMS Amazon (1906), HMS K9 (1915), Type 212A (2002), HMS Polyphemus (1881), Descartes (1897), Iggle Piggle boat (CBBC), HMS Royal Marine (1943), HMS Marshall Soult, HMS Agincourt (1912)

grendel

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Re: Retiring
« Reply #17 on: July 03, 2013, 08:21:26 PM »

I have to say the redundancy left me in a good position as it paid off my mortgage, so without the mortgage and travel to work costs that was nearly £700 off my monthly outgoings, which has left me able to consider jobs at a lower rate than I otherwise would have, which leaves me in a very employable position as they get my experience at a non experienced price.
Grendel
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Norseman

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Re: Retiring
« Reply #18 on: July 03, 2013, 08:54:02 PM »

Enjoy it Bob  :-))

Well I'm 56 and Im no longer a workaholic. I have a few years left in my knee - my thumbs might want to go earlier though. Honestly I can't wait to be done with work. I reckon guys with a proper hobby are likely to fare better than those without one ... So I guess Mayhemmers are all ok.

Money? Ho Hum - my kids will really miss it  O0  {-)

Dave
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wibplus

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Re: Retiring
« Reply #19 on: July 04, 2013, 04:46:33 AM »

I am retiring today as well. At 62 (and a bit), I had not expected to be able to do this but with the mortgage paid and NI subs well up to date, Kommandant SWMBO decided that I should save myself for posterity and downgrade the working hours.  :-))

It all came as a bit of a surprise but I have three building projects lined up, plus loads of "domestic jobs" and a wife with a largish occupational pension, so not too dependent on finding part time work. I am determined, however, not to become a couch potato or any other veggie and will find some (not too demanding) part time work.
My other option is to resume teaching music to (usually reluctant) kids which is quite a challenge in itself but would finance the boatyard.  :D

All-in-all........................ cant wait.   %% %% %% %%
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essex2visuvesi

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Re: Retiring
« Reply #20 on: July 04, 2013, 09:27:46 AM »

retirement is wasted on the old  :embarrassed:
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