Retirement

Trevor 57 · 10-02-2023, 12:25 AM

well, my just over 50 years of work comes to an end tomorrow. I am officially retiring.

Might have to spend more time on FF

Intend to travel a bit, muck about with some cars and not sure what else (my wife and some friends are encouraging me to take up lawn bowls)

Might find some cash in hand part time work in a different field just to keep the wallet a little fuller

**Charliewool** · 10-02-2023, 12:36 AM

Welcome to the club Trev….
Cashies are far and few between I’ve found.
Get out and see the world is the go! It’s tick tock tick tock from here on

**PG2** · 10-02-2023, 12:53 AM

Quote:

Originally Posted by Trevor 57

well, my just over 50 years of work comes to an end tomorrow. I am officially retiring.

Might have to spend more time on FF

Intend to travel a bit, muck about with some cars and not sure what else (my wife and some friends are encouraging me to take up lawn bowls)

Might find some cash in hand part time work in a different field just to keep the wallet a little fuller

Congratulations Trev. You have obviously worked hard and deserve it.

Some people I know who have retired have said that they didn't know how they ever fitted going to work into their schedule.

stock1991 · 10-02-2023, 01:16 AM

Congrats Trev, myself my plan is to work, long as I can, still have the time of my life and wish that for all you

Trevor 57 · 10-02-2023, 01:46 AM

Quote:

Originally Posted by Charliewool

Welcome to the club Trev….
Cashies are far and few between I’ve found.

there is some available around here my friend tells me

Quote:

Originally Posted by Charliewool

Get out and see the world is the go! It’s tick tock tick tock from here on

got a bit of the planned this year, overseas and local

asagaai · 10-02-2023, 01:46 AM

Enjoy retirement Trev.

I am not there so cannot give any pearls of wisdom. But without the pressures of work and having to provide and support a family-one would seem to be off to a good start to enjoy the new chapter.

Trevor 57 · 10-02-2023, 01:47 AM

Quote:

Originally Posted by asagaai

Enjoy retirement Trev.

I am not there so cannot give any pearls of wisdom. But without the pressures of work and having to provide and support a family-one would seem to be off to a good start to enjoy the new chapter.

Not sure how long the Super will last before I start digging into all those taxes I have pad in the last 50+ years

Trevor 57 · 10-02-2023, 01:48 AM

Quote:

Originally Posted by PG2

Congratulations Trev. You have obviously worked hard and deserve it.

thanks

Quote:

Originally Posted by PG2

Some people I know who have retired have said that they didn't know how they ever fitted going to work into their schedule.

I hope that is the case, or I could turn into a pest here lol

**GO FURTHER** · 10-02-2023, 04:20 AM

Congratulations Trev, and I am sure you will enjoy the benefits that come with retirement as you start to whine down after all your hard-working years!

I semi-retired 4 years ago and intend to fully retire in another 3 years.

I reached a stage in my life when I realised that I was going to more funerals than weddings or birth reveals, as friends my age started dying well before their time.

I also wanted more of a "work-life balance", after working many years in the corporate world with long hours.

The most important words of wisdom I learned from my father...

"You come into this world with nothing... During your time here, whatever you achieve, own or may lose does not matter in the end... As you will also leave this world with nothing". "Just appreciate what you have, enjoy the ride, and cherish those close to you".

Life is short and all of us only get "so many trips around the sun!"

Enjoy retirement!

AlanD · 10-02-2023, 08:45 AM

21 years ago my employer decided that the position I held was no longer needed and offered very attractive redundancy packages to employees who "volunteered" to separate. I mentioned this to our accountant who commented that he had read a report "That for each year below 65 years that you retire you add 2 years to your life span"

A couple of calculations that showed the redundancy monies would earn more than the difference in super that early retirement would cost sealed the deal!!

Congratulations Trev - welcome to the club - enjoy the freedom or not having to worry about what the employer or client might want.

Good luck

Cheers

LG17 · 10-02-2023, 09:25 AM

10 years ago I did the same thing.
There's times when I think how did I find the time to work and there's others when I think about something that needs to be done and next week is the right answer.
It can take a bit of getting used to but pretty soon you see everyone else going off to work and you just smile!
Enjoy it.

**buggerlugs** · 10-02-2023, 09:36 AM

Retired early 14 months ago. Same as the old man. He got 35 years in retirement, must of been good for him. Not missing a thing. Best decision ever..........

b0son · 10-02-2023, 10:44 AM

I know there's plenty of articles on how much money you need in your super when you reach retirement age, but are there any calculators for working out how much you need before you get to retirement age? We're closing our business over the next year or so, and I'm wondering if there'll be enough to get us through.

T3rminator · 10-02-2023, 10:50 AM

Congrats Trev.

A tip from someone who is still way off, but have to constantly deal with two retirees.......keep yourself busy and don't drive your kids up the wall

**aussiblue** · 10-02-2023, 10:57 AM

I've been retired since April 2014. As a retired FCPA and Economist I get lots of well paying short term job offers but I really have no interest at all. The getting old is good, and much better than the alternative, but its the advancing physical decrepitness (mostly painful psoriatic arthritis) and associated lack of sleep that I find increasingly hard to take.

Tonz · 10-02-2023, 11:17 AM

if you live in rural areas there are friends contacts that can get you quick jobs. Don't be like me take on a volunteer and finish up working your Asse off part time.

**buggerlugs** · 10-02-2023, 11:46 AM

Quote:

Originally Posted by b0son

I know there's plenty of articles on how much money you need in your super when you reach retirement age, but are there any calculators for working out how much you need before you get to retirement age? We're closing our business over the next year or so, and I'm wondering if there'll be enough to get us through.

Find yourself a good old school, honest Financial Advisor to set you straight. We found one a couple of years before we sold our business. Wish we had of found him 20 years earlier. There is so many things we were not aware of. One that works in with your accountant to............

hackney · 10-02-2023, 11:59 AM

Quote:

Originally Posted by buggerlugs

Retired early 14 months ago. Same as the old man. He got 35 years in retirement, must of been good for him. Not missing a thing. Best decision ever..........

Same here, I retired in 2019, had enough.have an exceptionally good super(PSS) Golden nest egg! Best scheme out there being a defined benefits.Stuff working anymore! Best decision ever.

Itsme · 10-02-2023, 02:03 PM

Good on you Trevor, I wish you well in your retirement, if you start getting bored you know what you need to do.

Cheers & all the best.

PS: Hmmm I've always wanted to retire early but now I don't, I want to work beyond retirement years......decisions... decisions

mondeomatureguy · 10-02-2023, 09:01 PM

those who have already retired good on you!

Well guy's in 3 years iam also hopefully going to be in Retirement. I will be by then 67 years old and because i love driving and photography i can mix those two things and take off in the car and my camera perfect Holiday.

I may even take my wife only if she asked nicely.

MITCHAY · 10-02-2023, 09:19 PM

That's a long stretch so enjoy it. All the best Trevor!

Trevor 57 · 11-02-2023, 07:14 AM

thanks everyone, yesterday was the last day with my employer, so all done and dusted

hmmmm, a bit of relief, the last few years have been tough with all the COVID and stuff. Time to smell the roses. Mindy you I am glad to be retired but inside I actually don't feel old enough lol

T3rminator · 11-02-2023, 07:18 AM

Quote:

Originally Posted by Itsme

PS: Hmmm I've always wanted to retire early but now I don't, I want to work beyond retirement years......decisions... decisions

Me old boss received a massive inheritance from his late father, and retired early. I'm talking about the type of inheritance where the next couple of generations don't have to work. He lasted 6 months in retirement, and decided to come back to work. Said he needed a "purpose", and got sick of golf

.

There is no rule book to say you have to retire when you have enough $$$, but it must be a bloody good feeling to know you don't have to work if you don't want to.

**buggerlugs** · 11-02-2023, 10:17 AM

Quote:

Originally Posted by T3rminator

There is no rule book to say you have to retire when you have enough $$$, but it must be a bloody good feeling to know you don't have to work if you don't want to.

That's the biggie. And you have so many options if in that position...........

Trevor 57 · 11-02-2023, 10:30 AM

I don't think there are too many 'average' workers in that position

We know money is going to be tight until we settle into the process. We will be self-funded for maybe 10 years, then the age pension

hackney · 11-02-2023, 10:36 AM

Quote:

Originally Posted by Trevor 57

I don't think there are too many 'average' workers in that position

We know money is going to be tight until we settle into the process. We will be self-funded for maybe 10 years, then the age pension

I just ‘snuck’ the government pension in.Not the money we were after(but that is a bonus anyway) it is the health benefits attached to it & the free car rego.it also pays for our private health insurance.Win,win as far as I am concerned.

Tassie f100 · 11-02-2023, 10:50 AM

Quote:

Originally Posted by Trevor 57

I don't think there are too many 'average' workers in that position

We know money is going to be tight until we settle into the process. We will be self-funded for maybe 10 years, then the age pension

If you are in a position to get a minimum pension.even just a couple of dollars a fortnight the discounts on services like power water.rates rego etc is worth a lot of dollars.Plus health care,prescriptions etc

Tassie f100 · 11-02-2023, 10:57 AM

Quote:

Originally Posted by Trevor 57

Not sure how long the Super will last before I start digging into all those taxes I have pad in the last 50+ years

You are only required to take 5% of your super balance per year.So you do that and start claiming the pension to get the benefits

**GO FURTHER** · 11-02-2023, 11:01 AM

Quote:

Originally Posted by hackney

I just ‘snuck’ the government pension in.Not the money we were after(but that is a bonus anyway) it is the health benefits attached to it & the free car rego.it also pays for our private health insurance.Win,win as far as I am concerned.

I agree with this.
A financial advisor told me... Whatever you do (if you are smart), is to arrange your financial affairs well before you retire, so that you at least qualify for a "part pension".

That qualifies you for the Health card and along with its associated benefits can be worth $6,000 a year alone.

Regarding the government pension...

People say, it's not much to live on, but they forget that the pension is guaranteed and indexed for life.

On the other hand, your nest egg, investments, super or shares are not.

For a couple (living together), and who live for another 30 years in retirement, at today's current rate, you would receive at least $1,207,128 from the government over that time (on the base pension).

That's more than a lot of people have (excluding the family home), in retirement savings who are self-funded.

hackney · 11-02-2023, 11:23 AM

Quote:

Originally Posted by GO FURTHER

I agree with this.
A financial advisor told me... Whatever you do (if you are smart), is to arrange your financial affairs well before you retire, so that you at least qualify for a "part pension".

That qualifies you for the Health card and along with its associated benefits can be worth $6,000 a year alone.

Regarding the government pension...

People say, it's not much to live on, but they forget that the pension is guaranteed and indexed for life.

On the other hand, your nest egg, investments, super or shares are not.

For a couple (living together), and who live for another 30 years in retirement, at today's current rate, you would receive at least $1,207,128 from the government over that time (on the base pension).

That's more than a lot of people have (excluding the family home), in retirement savings who are self-funded.

I took my full PSS pension, it also had a lump some attached which I took.The PSS is indexed twice a year.Government pension went slightly down though.Doing very nicely thank you!