How wealthy?

[Psamathe]

Varies. I retired at 47 and don't have enough time to do everything I want to do.

Ian

Fair enough, mine is a sample of 3 and two of them were pretty driven types - good careers in the City - the other one realised that his new 'boss' didn't appreciate his work and was overly critical...

When I say varies, not saying it works for everyone. I know of two other retirees who were bored and deteriorated into being alcoholics (literally passed the time).

Many years ago when my Dad was retiring from Ford the company ran a retirement course. Retirees and their partners had to attend and it was basically teaching and highlighting the importance of interests and having things to do.

Ian

 

[Stevo 666]

When I say varies, not saying it works for everyone. I know of two other retirees who were bored and deteriorated into being alcoholics (literally passed the time).

Many years ago when my Dad was retiring from Ford the company ran a retirement course. Retirees and their partners had to attend and it was basically teaching and highlighting the importance of interests and having things to do.

Ian

True, it's horses for courses. Not heard of a retirement course before, that's a pretty good idea.

I'm going to make sure that I have plan and enough to do before I jack it in, as I'm generally not one to sit around doing bugger all. That might involve doing something part time/'giving something back' - TBD. No rush though and in a job I enjoy for now.

 

[Ian H]

To be fair, you do sit around on your ar$e for long periods.

I mean, how long did it take you to do PBP on a fixie?

The second fixed attempt was over in 80hrs*. AND IT'S FIXED-WHEEL NOT F F F FIXIE!! As you were. Also, you're out of the saddle rather more on fixed than on gears.

*and two minutes.

 

[briantrumpet]

The second fixed attempt was over in 80hrs*. AND IT'S FIXED-WHEEL NOT F F F FIXIE!! As you were. Also, you're out of the saddle rather more on fixed than on gears.

*and two minutes.

I consider myself chastised.

Maybe your next *fixed wheel* PBP needs a more comfortable riding position, though I grant you, getting out of the saddle might be challenging.

 

[Ian H]

I consider myself chastised.

Maybe your next *fixed wheel* PBP needs a more comfortable riding position, though I grant you, getting out of the saddle might be challenging.

View attachment 9222

It's geared rather low, I guess about 16" (cue those ignoramuses who don't understand gear inches). My usual 67" is considered low by some folk.

 

[BoldonLad]

True, it's horses for courses. Not heard of a retirement course before, that's a pretty good idea.

I'm going to make sure that I have plan and enough to do before I jack it in, as I'm generally not one to sit around doing bugger all. That might involve doing something part time/'giving something back' - TBD. No rush though and in a job I enjoy for now.

Very true.

Personally, I made the transition seamlessly, but, that may be because, as my wife never tired of telling me, I was very accomplished at 'sitting on my backside, playing on the computer", even before retirement. 😂

 

[laurentian]

I did something similar to what you proposing. However, I did not take the 25% lump sum, instead, I opted to leave it in the scheme, and, receive a very slightly increased monthly pension. One advantage of this, in my case, is that my “dormant” final salary pension scheme did include an annual increase, concerning payment. By opting for no lump sum and slightly higher monthly payment, I also receive a slightly higher annual increment. Having been lucky enough to live 17 years (and hopefully more to come), I calculate I am better off than I would have been if I had taken the 25%. My circumstances may not match yours of course.

Fantastic information - thank you!

 

[Bromptonaut]

I thought we'd be about four deciles lower than we are. Being an old boomer living in a predominantly boomer area distorts the vision...

That.

Exactly.

Entirely unremarkable mortgage free house say £500k. A couple of wins on the inheritance lottery invested wisely.

Bang. You're in decile 8.

 

[Pblakeney]

That.

Exactly.

Entirely unremarkable mortgage free house say £500k. A couple of wins on the inheritance lottery invested wisely.

Bang. You're in decile 8.

I hate to break it to you but you are in Decile 8 purely on the house alone.
The whole thing is a nonsense.

 

[Psamathe]

I hate to break it to you but you are in Decile 8 purely on the house alone.
The whole thing is a nonsense.

Maybe that illustrates how these wealth estimates are not useful. eg when owning a house if you live in London you'll likely be a lot higher up the scale than owning a comparable house in many other parts of the country. And if you want to stay in London that house value doesn't help your lifestyle.

To me wealth is more about what you achieve, experience, do with your short time here, not some abstract number that is in a big way determined by history, timing, etc.

Maybe the distinction is between being wealthy and being rich.

Ian

 

[Pblakeney]

Maybe that illustrates how these wealth estimates are not useful. eg when owning a house if you live in London you'll likely be a lot higher up the scale than owning a comparable house in many other parts of the country. And if you want to stay in London that house value doesn't help your lifestyle.

To me wealth is more about what you achieve, experience, do with your short time here, not some abstract number that is in a big way determined by history, timing, etc.

Maybe the distinction is between being wealthy and being rich.

Ian

Agreed.

 

[monkers]

True, it's horses for courses. Not heard of a retirement course before, that's a pretty good idea.

I'm going to make sure that I have plan and enough to do before I jack it in, as I'm generally not one to sit around doing bugger all. That might involve doing something part time/'giving something back' - TBD. No rush though and in a job I enjoy for now.

Ah the true millionaire lifestyle. Endless trolling apparently is not doing bugger all. You make me thankful I am not a millionaire and can do other things.

 

[Stevo 666]

Ah the true millionaire lifestyle. Endless trolling apparently is not doing bugger all. You make me thankful I am not a millionaire and can do other things.

Didn't think you were financially successful, so thanks for confirming.

 

[Moodyman]

I don’t consider myself wealthy, and find myself amongst the upper deciles. And, I don’t live in the SE.

How does that work? Do we somehow become immune to our privilege. Or, do we surround ourselves with peers and thus, don’t feel we stand out.

 

[Pblakeney]

I don’t consider myself wealthy, and find myself amongst the upper deciles. And, I don’t live in the SE.

How does that work? Do we somehow become immune to our privilege. Or, do we surround ourselves with peers and thus, don’t feel we stand out.

Nah. It is because it is bollocks.