I have recently retired aged 65, this video is brilliant, explained in clear English not jargon, this made it clear to understand, so many of us are retiring without knowing the full facts of how to get the best out of our pensions along with the pitfalls, luckily I had very sound advice similar to yours. Well done keep up the good work.
Absolutely fascinating Ed. I retired 11 years ago having been a secondary school head. I subsequently have experienced psychological troughs but have been so much better since I developed a shadow 'working week'. My self-esteem is raised and my desire for life is increased. I'm up at 6 these days Monday to Friday and doing stuff in Photoshop. Weekends I do what people do at weekends. Your points about exercise and diet are very well made. Thank you so much for putting this up.
Thank you for sharing your experience Jim. That’s fantastic to read that you have built a structure to your week that has helped you and raised your self esteem. It’s strange as humans how much you thrive to some degree under certain routines with some degree of variability! I hope you have many mNy years of an enjoyable and healthy retirement! 👍👍
@@EdmundBaileyUK Hi Ed and thank you so much for your kind wishes. Your channel is incredibly informative and helpful and I bet is making a real difference for many of us. I know that scripting this output and producing graphice etc takes a great deal of energy and time. Your efforts are genuinely appreciated.
Retired at 56 after already having a heart attack and pacemaker fitted and a major accisent breaking my neck. Fortunately recovered. Always hated school and mostly hated work, particularly later on. Drawdown pension and 2 btls. Spendability no worse off than i ever was. Do more things i like with people i like then ever before. Covid and wars are the only stessers. Dont believe the hype...do it while you still can and let the younguns have the jobs. God knows they need them.
Fantastic video - and huge thanks for this channel, it really deserves to take off since the critically important information you cover affects so much of the UK population. Apathy/lack of appetite to understand crucial systems that affect you are one of the main reasons many folk are uninformed on things they really should know more of, though technical jargon certainly doesn't help - hence the real need for your channel. On the subject of this video, the last year and a half would be giving all those millions of workers who were furloughed a very, very unique early introduction to the retiral lifestyle, though of course many, like myself(NHS) were working throughout all this. Primarily, I don't think folk realise just how much physical activity they do while working. Greatly reducing/stopping that, through retiral, is going to have a very significant and cumulative determent on your health, and your see the signs early e.g. in your struggle to walk what you though were reasonable distances in the recent past. Things like now struggling to walk up stairs are another early indicator. Unfortunately, it's way too easy to sit back when you retire when in reality, it's crucially important for your health that you continue using as many of those same muscles, such as your heart! I stopped playing Golf for a few years a while back and when I returned, I struggled to walk the course. After a few months I was back to 'normal' - and that's me as a full time worker! My advice for retirees? - please, please!, find some enjoyable outdoor activities, join the various club options so that you can make new friends. You have the free time!
Thank you for the incredibly kind words John!! I do worry that so much risk is now placed on the individual to sort out their own retirement. Historically with defined benefit pensions you sort of broadly knew what you would get, as in a percentage of your final salary. Now for many it is a cliff edge experience in that they have no idea how much income they can generate from their personal pension pots. I couldn't agree more with your words in pushing yourself to do some physical activity the longer it is left the harder it gets to break a bit of a downward spiral of inactivity and loneliness/isolation. Thanks again John.
Hi Edmund, another great Video, full of useful information as we’ve come to expect, I have recently retired, a year early, sort of forced on me by my employer, ie. made redundant, just as the Pendemic hit, but luckily for me I was planning ahead,,, and managed to scrape through to my government pension age. You have nailed so much about retirement,,, it can be stressful,,, I never realised it would be like this,,, but my tip is,,, be kind to one self, don’t feel guilty about not working, enjoy life, it’s what one has worked towards.
I have been happily retired for about 18 years, now 76, and thought this was excellent. The only thing I would add is that you need a challenge, not just puzzles which exercise the brain, you need to be learning things which are new and challenging. I am learning 3D animation, there are several professional software packages, Blender, Unreal Engine etc. which are free to hobbyists and supported by free tutorials, user forums etc. That is my current interest but the same goes for just about any field of study, arts or science.
Interesting topic! I'm some way off retirement, but I'm planning on going to a 3 day week closer to the time to help transition between the lifestyles.
I 'retired' at 52, largely because work was interfering with my golf... I did not need the interaction, golf gave me that. However, I continued to do 'consultancy' design work averaging one day per week continuing well past retirement age. That gave me the intellectual challenge that I believe is so important. Men in retirement find it difficult to find social engagement- can I recommend that they seek out their local Men's Shed? It has been clearly shown that membership gives great mental health benefits, and promotes other beneficial activity. One can learn new skills, share existing ones with others, and contribute to community projects.
Thanks for a thought provoking video. It sounds like I might not have as much time as I thought to sort out my estate planning, LPA health, funeral plan, medical insurance and care fees investment plan. Lol. Would addiction to quality RU-vid videos on personal finance and pension planning count as "problematic behaviour" or would this be "balanced behaviour" for retirees / prospective retirees?
Thanks so much Mike!!! YT is a bit addictive… sometimes it’s like going down a rabbit hole of discovery!! 😂 Yes aligning all of these elements, financial, personal, work, against a backdrop of seemingly ever changing legislation… 😬
I tried early retirement myself but found it wasn't for me ( for the reasons highlighted in this excellent video). I'm back at work and all the better for it.
Very interesting as usual. This is the main decision area for me as I approach my mid fifties. I can financially afford to retire in a couple of years, but will I miss that social engagement and structure at work? If I'm retired and my partner and friends aren't, what will my days be like? My own father retired in his late fifties (mainly due to ill health) and missed the cut and thrust of work even though it was very stressful for him whilst he was working. Now in his late 80s, he advises me not to retire too early So maybe the solution is to work part time initially and see how this suits you. However you end up deciding what to do, this is an important decision to think about how the days will be filled and it's not just a financial decision.
Thanks for the comment Simon!! It’s really interesting hearing about your own experiences and feelings towards it! I think it varies so much according to whether you enjoy work or perhaps there are elements to it some find as being positive. I think transitioning via going part time is a good test and ultimately its finding something that you enjoy doing that replaces to some degree the structure that was previously in place and finding that happy routine.
It’s a huge decision to retire from a job with decent pay and conditions (nice car ,12 months full pay sick etc ) The main reason I’m thinking of retiring was my grandfather died of a heart attack at 58 and my father died of the same thing at 61 Iv had a bit of ill heath too over the last few years Which focuses the mind a little
Thanks for the comment David! It really is and some people really do enjoy what they do and the benefits but as you say there is a balance especially when health comes into play and wanting to enjoy a different kind of life away from work.
In response to one of the comments that it is bleeding obvious it’s not when you are thinking of retirement because you are more concerned about financial situation rather then your physical and mental health
The correlation between clinical depression and early retirement should not be mistaken as causation. Those with depression are more likely to retire on average 1.5 years sooner and their symptoms may be amplified by lower social engagement and those who experience a lonely retirement.(BMJ journal: Depression and early retirement: prospective population based study in middle aged men. Karpansalo, Kauhanen et al).
Thanks Richard! It’s interesting to think through whether their work is related to the depression, e.g. depressed because of their work or the depression is unrelated but impacts on their life and work. Are they taking early retirement to get out of work or is it because they are unable to work? It’s always very hard to know what the true cause or trigger is.
I think I am very lucky, I have the best of both worlds. My employer allows employees to job share. Myself and a colleague work two weeks on, two off. For me as long as I stay healthy this is what I call retirement.
Thanks for the video. Insightful advice as always. Have you done a video on Pension Recycling? That is, as I understand it, taking some of tax free lump sum and reinvesting it to get further tax relief. The rules look very complex.
Thanks Eamonn!! No I haven’t and yes there are some very specific rules to pension recycling largely the gov tried to prevent through the introduction of the MPAA.
Me to I'd like to understand this concept more clearly. I have seen a youtuber that did not present it well with Lego bricks. 6 months ago I dont think I would have got it, but I've now watched all your and Helens videos repeatedly, so now I have half a chance I think. Trying to plan my retirement is getting a bit obsessive I find now. I used to fear it because I thought I would be broke but now at 40 I'm taking control. I think I may be able to start a few years early even. Thank you for the clear videos and the swift replys. It so much easier to watch and more engaging without someone saying ring that bell, hit that button every minute and trying to sell you an Excel spread sheet you could make yourself in 15 minutes.
Thanks so much Tommy I hugely appreciate the kind words. And yes I’ve come to realise having watched enough content how annoying intros and asking for likes and subs or selling products is… people many just want answers to questions or entertainment and I ain’t no entertainer!! 🤣
Should be my golden age .hopefully being able to work till 67 / everything will be sorted ,and I can toy with cutting days down ,phycologically (u know what I mean)different ball game ,working as a kp I can plan to have strength and fitness going into my 60s
On the basis I'm obese, living a very sedentary lifestyle (joys of WFH) and considering early retirement - A very interesting video. Definite food for though (I have to bring food into everything 😀)
I’m thinking of retiring I’m 55 Iv work for the same company for 36 years I’m in middle management pension is good (I wouldn’t starve) interestingly since Iv told some people what I’m thinking Iv had 2 or 3 offers of part time work !!!
Thanks for the comment David!! Amazing working for the same company for 36years… I think that’s a rare positing to be in these days!! Part time is definitely a nice way to transitioning from a heavily structured week to one where you get to feel what less work will be like!
Mr. Bailey. Greetings and Merry Christmas to you. I would like to ask you for your help on an issue that I perceive to be an expert. I am a Spanish resident, with plans to spend the rest of my life in this country. I have a job and I pay my contributions through my employer. I have lived here for a year, I have a contract for the next five years and I have more than sixty years of life. If you will work and contribute the next five years with an average salary of 20,000 pounds per year, what would be the possible pension that would correspond to me when applying for this to sixty-six years. Thanks in advance.
Don't retire!!! I was made redundant 6 months ago and now cant find a job at age 62. I don't have a choice. Own a property and have savings = no unemployment benefit! Living off my savings means a poor retirement in 4 yrs.
I own quite a large property investment and I am asked why not sell and retire because i am 64 My answer is simple i did leave the place of work at 40 I had enough then to finish 40hrs a week In two years i have my state pension and them SIPP and ISA income on top of what i have now so i will be much better off then i am now But I will stay as a Landlord for two reasons one I enjoy it two it keeps me interested in life I need to keep bust sitting around or a voulintery job is just not me I think this topic is a balance you just need to pick the balance
Mr. Bailey. Greetings and Merry Christmas to you. I would like to ask you for your help on an issue that I perceive to be an expert. I am a Spanish resident, with plans to spend the rest of my life in this country. I have a job and I pay my contributions through my employer. I have lived here for a year, I have a contract for the next five years and I have more than sixty years of life. If you will work and contribute the next five years with an average salary of 20,000 pounds per year, what would be the possible pension that would correspond to me when applying for this to sixty-six years. Thanks in advance.
