Worried about retirement

No it will be ok. I got decidedly cold feet before retiring wondering how I was going to fill the day, and the fact my salary would be cut by half.

Somehow, I’ve never noticed the difference in money, and love every second of retirement. In fact I often wonder where time goes, it is whizzing all too quickly.

Despite being 71 I was still working when Covid struck. After one stretch of furloughing I decided to stop accepting contracts and I have not regretted it at all.
I am sure it will be the same for you and when this is all over you can always take on part time work if you do miss it.

DH was worried that we wouldn't have enough money. He'd only been working 3 days a week anyway and I wasn't working - we'd both been studying and doing various part-time jobs for several years, though.

In the end, with our work pensions (even though they aren't huge) and the state pension, and with not needing to travel to work, we're actually better off. There are a lot of factors that influence the financial situation, not just income.

You say you are worried, but begin by sitting down and doing your sums.
There are obvious factors like being at home all day, but no work related expenses.
There are knock-on effects that may or may not apply - more time to cook from scratch, make stuff etc. You can take advantage of 'off peak' offers when available.

As you are renting, you have some flexibility about moving elsewhere (although I realise that, depending on your tenancy that may not make sense)

What you can always think about are small part-time jobs that give you an interest and an income. Ex-NHS staff are often valued because of their common sense and reliability.

Similarly, some volunteering gets you some savings - obviously less at the moment, but friends of mine get free theatre / concert tickets, entry to country parks /NT properties and similar. A local wholefood co-op offers a substantial discount to volunteers.

I may be unfair, but your post sounded a bit nebulous, although of course you don't want to give us financial detail!
I just wondered if you needed a grasp on the detail. I do of course realise that it is difficult to plan in these strange times.

You don’t realise how much you spend, not just going to work, but enabling you to go to work.
My food bill halved when I didn’t have to do the big weekly shop, trying to anticipate what I would need for x days ahead, buying expensive food that would cook quickly.

And there is lots to do (pre-COVID - but it will come back), so much, in fact, that you can’t fit it all in. When you work you have no idea of the active life that retirees live?

It depends how much your pension will actually be. I do know some pensioners who are just scraping by because their pension is so small and they’re still paying rent.

Only you know whether it’s enough or not. Surely you’ve worked out the sums and know how much you’ll have left after bills?

You are worrying at the right time, several years before your retire. You have 2 years to plan ahead, both finance and occupations.

Get a Pension forecast for both your pensions. The DoP and your employer should be willing to provide one. Then work out what they will be after tax - allow 10% for deductions and that should be about right and then work out your weekly/monthly budget.

Then plan things to occupy your time and enjoy. Roughly, one at least that you can do alone at home, anything from knitting to family history to researching anything that interests you, Another could be as a volunteer for a charity. The range of choices extends well beyond working in a shop or serving lunches at a Day Centre. Then join something social that you enjoy WI, your local Shed group, Darts or bowling club. Factor exercise into your life, preferably something social at your local leisure centre.

Get a good mix and you will wonder how you ever found time to work! This lin sums most of it up. www.2020financial.co.uk/things-to-do-in-retirement/

Your net income from both pensions may well be more than you think as you will not be paying national insurance or pension contributions.

In terms of not much to do you will be able to find a new routine. Volunteering/new learning (U3A?)/Classes etc ...the world is your oyster.

In terms of money, your expenses and choices will change.

Just a point, but remember that you don’t have to retire when you’re 66, you can choose when to retire, and defer your state pension if you think you aren’t ready to finish work at that point.

I was amazed to find how much I actually saved by no longer paying superannuation, national insurance, professional body and union membership.
U3A membership us a bargain at £12 pa. Sports club membership can be pricy but worth it and I have 2 voluntary jobs too. The week fills up nicely and absolutely no pressure.
Plan for retirement then look forward to it!

I think, Casdon, that OP wants to claim her pension (presumably for financial reasons). In many NHS jobs you can retire for a short time (usually a month) to claim your pension, then return to work for another few years. There are other caveats as well. However, she says that her immediate boss won't allow it.
I'd add (regarding Aveline's post) that I keep up my union membership at the retirement fee of £42 a year - that gives me access to discounts and legal advice. Should there be any problems from cases I have dealt with, that advice would be invaluable.

I know you can Nannarose, I’m ex NHS myself, and did that - but I’m not sure that staff working in GP practices have access to the same level of detail about their rights as if you work on the hospitals side of the service. She said in her OP that she would stay on her job but needs to claim her NHS pension, that was the phrase I’d picked up on, I wasn’t sure I’d she realised she could carry on as long as she wants, and defer her state pension as well?

It's good you are looking at your options now Banna gives you time to get organised. Lots of good financial advice on here so make a list and go through it step by step. You will be surprised how much you can economise when you are not working.
If you are concerned about filling your time then look at part time or voluntary work to start with. Most of us have found more than enough to fill our time in retirement and remember every minute does not need to be an active one. Take time out to "smell the roses" relax read a book, walk in the countryside etc all the things there was no time for in your working life.
Above all enjoy this phase of your life you have earned it.

I know this wont give you money, but have you thought about doing some kind of voluntary work. We moved country a few years back and I couldnt find work, I was going out of my mind with boredom and starting to suffer with anxiety. I found voluntary work nearby, did as little or as much as I wanted to. Met some lovely people who became friends and opened up a who new chapter for me.

I think retirement is a ten letter swear word. For me anyway, my husband retired at 52, from fire brigade as you did after 30 years. He has sat on sofa for almost 16 years. His fibua snapped, no accident, soft bones. Now having memory clinic involved as he has hardly got one? would have been far better if he had had to carry on working. My elder brother over retirement age, in pain with joints. But in such a better condition he's so young at age etc. Retirement OK if you are disciplined, I am and keep very busy but not everyone does, and I think you can go downhill.

I wouldn’t worry about filling time. Someone said to me - and it’s true - you do the same things, just slower and with more cups of tea ?. Seriously though I managed a large research unit and had several retirees over the years. All were worried about filling time and all wanted to come back and volunteer. All lasted a month before they called to say that actually they didn’t have as much time as they thought so they were not coming back. I smiled at all - they had to get there in their own time. I equate it to all the first time mums who sat in my office saying they intended to come back after a couple of months because they were sure it would be fine. They never did - all chose to extend mat leave not come back sooner.
Money is always a worry but you’ll manage. I know several who tell me they feel better off despite not having the salary coming in. Good luck. All the best.

We took early retirement and have never looked back money is not everything.The old saying you cut your cloth applies.We do stuff together and post covid apart its good to have your own interests and friends as well as shared.The time just whizzes past could not think of anything worse than working till you drop!

I took my NHS pension at 60 and got a part time job working at a living museum. I love it. The money I earn 2 days a week plus my pension give me enough to go out and enjoy my retirement. In 2 years time I will have my state pension too.

I retired age 68. A few months into retirement and after I had some major surgery I decided I had a little time and applied to WVS to do voluntary work.I loved being involved with to Ladies and gentlemen I took to various places in town. Sometimes to clinics and hospital visits and my favourite taking a 92 year old lady for her weekly shopping. I found it very fulfilling and certainly now don't have time to be bored. Please think about volunteering somewhere it is very rewarding.

My husband retired 10 years ago aged 57 and in retired 7 years ago aged 56. We love it and haven’t really noticed the drop in income apart from the year immediately before my husband got his state pension. It was a little more of a challenge for that year, but now that he has that and I have my occupational pension, we are probably better off. I am still waiting for my state pension. I realise we are more fortunate than many, but as far as time is concerned I don’t regret it at all. We are not bored, and in non COVID times do lots of volunteering. We even helped to found a charity for the elderly .

Thanks Cadson!
I had forgotten about deferring State pension as well - even though both DH & I did.
Martin Lewis MSE website is very useful, with a special section on pensions.

I wonder if OP has found this helpful?

I think many people get ‘cold feet’ before retirement. It seems such a huge step, which it is.
I had looked forward to leaving my bank job years before, but as retirement approached, I thought what if I miss the money, I won’t be able to ask for my job back.

Once I had finished, my doubts disappeared. Money is important, but as long as you can manage, retirement is a blessing.

I retired 13 1/2 months ago. Yes I regret it. I am bored. Covid has made it impossible to get a part time job as I had hoped.