What are your retirement plans (financial perspective)?

[Mottie]

Consult an IFA

Seriously, the only people who I know that have a 'financial advisor' are those with no money.

 

[The Samaritan]

Too many can leave work but are too fearful as they feel their life will end as work is their lives. I've met a few at work, so sad!!! I can understadn it to a certai point where someone has no family, friends etc but for others, cant see the sense in it.

 

[diy_fun_uk]

I never really thought about it as I was expanding my portfolio all the time, but they do say that less than 5x BTL's is very very risky !

Unless you're planning to manage & maintain the property yourself & have access to funds to cover any major repairs, then a clean break from BTL might make more sense.

With hindsight, I wish I'd aggressively grown my portfolio, however I stopped at 3 and didn't go beyond. They're all self managed. Obviously my plans are subject to change but at present I'm thinking sell 2 when I'm 58-59 and retain 1. Keep that until my workplace and state pension kick in and decide then if I want to retain it or sell. Could be more hassle than it's worth especially as I get older.

 

[diy_fun_uk]

Too many can leave work but are too fearful as they feel their life will end as work is their lives. I've met a few at work, so sad!!! I can understadn it to a certai point where someone has no family, friends etc but for others, cant see the sense in it.

I agree, I feel sorry for those who work and although their work isn't a passion or anything, they keep on working because the thought of not working fills them with dread e.g. how will I fill my days, omg I'll be with my partner 24/7 etc etc. I suppose it's fair enough to keep on working if you want to for whatever reason, however the sooner I can retire the better, based on my world outlook and circumstances.

 

[Mottie]

omg I'll be with my partner 24/7

Mrs Mottie jokes that when I retire, she's going back to work full time. I think she's joking.........

 

[crystal ball]

A former work colleagues retirement plan was to rob a bank, if he got caught he would have free board & lodgings, if he got away with it , sadly he became a victim of asbestos long before retirement

 

[The Samaritan]

I agree, I feel sorry for those who work and although their work isn't a passion or anything, they keep on working because the thought of not working fills them with dread e.g. how will I fill my days, omg I'll be with my partner 24/7 etc etc. I suppose it's fair enough to keep on working if you want to for whatever reason, however the sooner I can retire the better, based on my world outlook and circumstances.

Thank you.
I do recall a guy at the council left at 64 and he'd been with the council for over 40 years. He lived alone as his wife had left him when he turned 50 and took half of everything inc what this manny got from his parent's estate when they decided which was about x hundreds of thousands. He drove a mundane car, nothig special but a new, small car then his GF cheated on him I saw him when he came back to work a few months later and told me
as he trusted me that he was fearful of leaving has kids grown up moved to other twons etc, no family to speak of locally and no work friends as they were younger than him and lived a distance vut he said he never looked back after a couple of weeks bought himself a flash car, went on hols to xxx made a GF that was at least 20 years younger than him and loving every minute of it. I said well done I'm happy for you. He thanked me for not puttig him down reflash, younger mans car and the younger woman as he was really happy.

A sibling of mine too retirnemt state retiremne at age of 61 she had lost her hubby years ago via accident and kids lived locally all comfortable - she dreaded leaving work but once she left she made new lady friends and joined clubs and took out the grandkids more and longer hols

Therefore, imo some are just scared see it as the end of the road but its not

Sadly, some can't afford to and often, not always but from what I have seen it is their fauly for not preparing to retire. Those that live in social housing dont have to worry about the CH sytem brking down roof leaking fences falling so its easier for them at times as most epople i know all have their own home and worry about income


I still do not understand those that can leave wont but may fear their other half may leave and I've seen it happen. A bloke took early retirment at 55 a few years later his wife left aged 50+ and they argued and argued and split up - not sure if they had a bit on the side or it was a genuine case of getting on each others nerves. Me and my OH argue a lot more since leaving work but we get by.

 

[Justin Passing]

Definitely keep in touch with an IFA. It's easy to get caught out as you pass specific ages.

Cut down on expensive things. Like gym membership. £200 then you go once for half an hour. I mean, that's £400/hr.

Motorbikes can expensive as you get older and care more about the weather and getting them grubby. I know a chap who says his costs him about £20 a mile to run. If you buy right there's little or no depreciation, but those need a lot of oil (when they stop dripping it, they're empty).

 

[Mottie]

Motorbikes can expensive

I used to have a Yamaha FJR 1300. Took it to work very rarely as it was too long for filtering in traffic. Used to do 1 European trip a year with my mates on it. Paid £8.5k for it, sold it 4 years later for £4.5k so I lost £1k a year in depreciation. Also spent around another £500 per year on tax, mot, insurance, servicing and tyres. They are expensive!

 

[The Samaritan]

Thanks. Like I said do cosult an IFA and there are good ones out there but what we have done is taken free advice and with the knowldge we already had and bit from the IF and then more research ourselves, we managed to leave works years before state retirement. Having said that if we still sorked, we would have a lot more money but most likely wasted on cars.

As I have said before, start before you even start a full time job. Look after your money, don't ever pay CC fees, use the CC wisely to your advatage and only borrow money for amortage business laond and you are already ahead of the masses that take out others laons/HP and even HP their tv, washig machine, repairs etc and pay for their hols on credit. Why pay 2k for a tv when you buy it for 1.5k in cash etc. Then there is the wedding/s - don't ever borrow money for that.

Finally, this is a massive impact on many uneduacted men, EG have a baby here, one there another over there and work your balls off to pay for the three kids that live with different mothers who have new BF whilst you work 60 hours a week and live with mum and dad,


We we taught from a very young age you work for what you get and we were told that we must not live in council/social hosing its how our parents were brought up and never borrow money unless stated as above and NEVER run before you can walk and that has always stuck in mind.

Thanks

 

[Harry Bloomfield]

I used to have a Yamaha FJR 1300. Took it to work very rarely as it was too long for filtering in traffic. Used to do 1 European trip a year with my mates on it. Paid £8.5k for it, sold it 4 years later for £4.5k so I lost £1k a year in depreciation. Also spent around another £500 per year on tax, mot, insurance, servicing and tyres. They are expensive!

I found tyres didn't last long and they were very expensive. I sold up because despite enjoying it, I just didn't feel as safe as I once had - roads too busy, too many idiots on the road cars with no consideration for anyone else. The last straw was a 4x4 driver in a traffic jam, deliberately opening his door in my path when filtering past him.

 

[Dork Lard]

Motorcycling as a hobby / leisure activity is very expensive.

Is it worth it?

There's an old saying "if Sir needs to ask" then it probably isn't, wasn't & never will be for you.

For me it is my life, my life revolves around motorcycles. They define me.

The only time I am truly content is when I'm out on the bike, or tinkering with one in my workshop, or talking bikes with my co-conspirators down t'pub, or waking up in a field in Lincolnshire nursing the mother of all hangovers after a hard night of loud music & hard liquor.

When an outsider asks the question "so, how much do motorcycles cost"? The only correct answer is "they cost EVERYTHING".

Over the years I have learned to understand the difference between bikers & non bikers. The difference is "we don't mind if you don't like bikes".

 

[gas112]

When visiting the bank they used to ask me if i wanted to see their financial advisor
oh what days does he work
oh everyday
eh no thanks then , he obviously doesnt know how to make money if he has to work everyday

 

[motorbiking]

Seriously, the only people who I know that have a 'financial advisor' are those with no money.

and if IFAs were any good, they'd have their own.

I'm sure there are some out there that are good.

 

[motorbiking]

I used to have a Yamaha FJR 1300. Took it to work very rarely as it was too long for filtering in traffic. Used to do 1 European trip a year with my mates on it. Paid £8.5k for it, sold it 4 years later for £4.5k so I lost £1k a year in depreciation. Also spent around another £500 per year on tax, mot, insurance, servicing and tyres. They are expensive!

I found if you spread the mileage over a couple of bikes they didn't fall apart so quickly. At peak I was riding 15-20k per year which I spread over a couple of bikes. Everything seemed to last longer, as if it somehow benefited from resting.