Retirement, would you if you could?

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OP
OP
Slick

Slick

Guru
Not entirely.

View attachment 568269
https://www.ons.gov.uk/peoplepopula...yerhousingaffordabilityinenglandandwales/2017

That's London, but there's a similar chart in the same publication for the North-East of England. Objectively, it's far more difficult to buy your first house than it was 20 years ago.

I'm lucky - I can afford to retire now (albeit with a lower standard of living) but want to get a few more things done first, and when I do retire from full-time permanent work I'm likely to be able to carry on being well paid for what I'm good at and also have time over for what I enjoy.

That's a combination of a lot of luck, some hard work and some lifestyle choices.
I've always felt illustrations like that were a bit misleading and is what I meant by younger ones unable to sacrifice to achieve as that's the world they live in and you can either go ahead and make it work for you or you can bleat about it complain to anyone who will listen.

I made my choices all whilst earning a paltry wage, 1 pair of "good" Jeans to my name and when I bought my second house, a neighbour took one look at how we were living and offered to come in and decorate for us. I refused his kind offer as I already had a plan at that time and if I had to start out again today, I would manage it the same way. I felt that was the only option open to me and whilst I was never blessed with intelligence, I could graft with anyone.
 

Drago

Legendary Member
To be fair though, while the first step on to the property ladder is harder, its not all the fault of slyrocketing property values.

As well as property itself rising in price, youngsters these days have so much more to spend their money on.

Fat mobile phone contracts, cars on PCP finance, gym memberships, foreign holidays and long weekends on the lash in Europe, none of these things were a drain on the financial resources of youngsters 25 years ago.

Mini D #3 and her feller forewent all of these things for 2 years and the money saved easily paid their deposit and legal fees.

Yes, it's harder, but a lot of youngsters make it even harder still with their spending habits. That's fine if thats what they want to do, but don't then complain you don't have any money left for something else.
 
That's the true test of what someone really thinks of their job.

How many people could honestly say that given the choice between carrying on working in their current job, or being given the same amount of money but not having a job, would still go to work?
Words of wisdom from my father, (who drove steamers on Windermere) ”get a job doing what other people pay to do”. It’s not always stress free, but after a day answering one or two too many stupid questions all I have to do is look at the pile of speculative applications for my job and I feel better.
 

lane

Veteran
My Dad couldn't wait to retire and retired at 60 and is now 91. He has always had a great interest in DIY with the ability to do jobs well beyond the norm, and since retiring has for example re wired his house, fitted a new bathroom, installed a wood burning stove. He is a massive perfectionist, so these jobs always took a long time. He is also a keen gardener and until he moved few years ago due to failing health he had very large garden. He is less able now but still has his runner beans and does some woodwork in his shed. He has never been short of things to do or bored. In the end he didn't enjoy his job.

Mum absolutely loved her job looking after adults with special needs, probably put too much into it and had to retire on ill health. I don't think retirement has suited her quite as well.

For my part I am 58. I went to deliver a Christmas card to a friend to friend who is a few years younger than me just before Christmas and he said he was retiring due to redundancy.

At one time I planned to retire at 62; this was mainly for financial reasons, had my kids later in life and have one that will go to university and other costs associated with kids, plus minimising the time between retiring, and getting my state pension.

There have been some changes at work and new management which has left me not enjoying the job very much. This has made me think quite seriously at going sooner, certainly no later than 60 and quite possibly a lot sooner. Financial considerations are still quite important, and the earlier I go the less money I have for the next however many years before I die.

This has meant I have recently given quite a lot of thought to how I will spend my days after I finish work. I am not like my Dad and hate DIY so won’t be spending loads of time on that. Certainly, I envisage doing more cycling, there are a couple of all day club runs a week in normal circumstances so that would be one or two days a week sorted plus an important opportunity to still have social contact with people. I can imagine a walk or ride most days, plus intend to be joining the gym to do some swimming and resistance work (recommended as you get older). Some cycle touring.

Still think it would be good to have some other things to do, so would be interested in a thread on that. Although I imagine when retired it’s quite easy for time to pass without doing too much of anything. I wouldn’t rule out even a little bit of voluntary work if it was something I enjoyed and felt made a difference.

I will finish with an anecdote, something that happened when I was a teenager and for some reason I have remembered. I was walking in a country park with my girlfriend in my late teens, when this “old guy” stopped to talk to us. He was retired and told us he walked all round the country park every morning, went home for lunch, and then did the exact same walk every afternoon!
 

vickster

Legendary Member
My Dad couldn't wait to retire and retired at 60 and is now 91. He has always had a great interest in DIY with the ability to do jobs well beyond the norm, and since retiring has for example re wired his house, fitted a new bathroom, installed a wood burning stove. He is a massive perfectionist, so these jobs always took a long time. He is also a keen gardener and until he moved few years ago due to failing health he had very large garden. He is less able now but still has his runner beans and does some woodwork in his shed. He has never been short of things to do or bored. In the end he didn't enjoy his job.

Mum absolutely loved her job looking after adults with special needs, probably put too much into it and had to retire on ill health. I don't think retirement has suited her quite as well.

For my part I am 58. I went to deliver a Christmas card to a friend to friend who is a few years younger than me just before Christmas and he said he was retiring due to redundancy.

At one time I planned to retire at 62; this was mainly for financial reasons, had my kids later in life and have one that will go to university and other costs associated with kids, plus minimising the time between retiring, and getting my state pension.

There have been some changes at work and new management which has left me not enjoying the job very much. This has made me think quite seriously at going sooner, certainly no later than 60 and quite possibly a lot sooner. Financial considerations are still quite important, and the earlier I go the less money I have for the next however many years before I die.

This has meant I have recently given quite a lot of thought to how I will spend my days after I finish work. I am not like my Dad and hate DIY so won’t be spending loads of time on that. Certainly, I envisage doing more cycling, there are a couple of all day club runs a week in normal circumstances so that would be one or two days a week sorted plus an important opportunity to still have social contact with people. I can imagine a walk or ride most days, plus intend to be joining the gym to do some swimming and resistance work (recommended as you get older). Some cycle touring.

Still think it would be good to have some other things to do, so would be interested in a thread on that. Although I imagine when retired it’s quite easy for time to pass without doing too much of anything. I wouldn’t rule out even a little bit of voluntary work if it was something I enjoyed and felt made a difference.
There’s a whole hobbies forum (plus the retirees thread)
 

Brandane

Legendary Member
Location
Costa Clyde
My first house was 19,000 in '87 and I was earning 12k per Yr as a Decorator , that house is worth just over 100k now so I would need to be on about 60 odd grand per year for it to be the same.
You are forgetting one major factor though; the difference in interest rates!
When I took out my first mortgage in 1989 for a mere £25k, I was paying something like 13% interest rate on it.
What is it these days, somewhere about 1.5%?
 
You are forgetting one major factor though; the difference in interest rates!
When I took out my first mortgage in 1989 for a mere £25k, I was paying something like 13% interest rate on it.
What is it these days, somewhere about 1.5%?
Quite right, rather pay 13% on 19k than 1.5% on 150k though.
 
You are forgetting one major factor though; the difference in interest rates!
When I took out my first mortgage in 1989 for a mere £25k, I was paying something like 13% interest rate on it.
What is it these days, somewhere about 1.5%?
Just had a quick look for 1st time buyers between 3-5% seems the norm, then you've got your 10% deposit.

We put £500 down so less than a month's wages, not many I know earn 10k per month.
 
OP
OP
Slick

Slick

Guru
Just had a quick look for 1st time buyers between 3-5% seems the norm, then you've got your 10% deposit.

We put £500 down so less than a month's wages, not many I know earn 10k per month.
I put down 10k deposit earning a fiver an hour SC60 on a house that cost me 36k at a time my mates were buying flats circa 20k or thereabouts.
 
OP
OP
Slick

Slick

Guru
You are forgetting one major factor though; the difference in interest rates!
When I took out my first mortgage in 1989 for a mere £25k, I was paying something like 13% interest rate on it.
What is it these days, somewhere about 1.5%?
I bought mine the day before we withdrew from the emf and rates shot up higher than that.
 
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