What age do you plan to semi-retire?

[SueEllen]

I have just discovered that one can become a Magistrate with no legal qualifications at all.

You get training and legal counsel during the cases you're hearing. You have to commit to 26 half day sessions a year and you'll be reimbursed expenses and loss of earnings. If employed, your employer has to let you attend court but doesn't have to pay you.

Takes up to 10 months to go through the selection process.

Just chucking it out there as it may be something of interest to the semi retired looking for an interesting diversion.

Yep and they want more women and/or ethnic minorities.

They also want working aged people not just older ones.

[ChimpMaster]

Very well said, apt and great advice.

I'm 10 years behind you but I wish I had done some of the things you mentioned:-

Put money in your pension as early as you can. Five years of 40k in your 20's or 30's will see you well sorted twenty years later. Wish I had done this but soon as I went contracting (at 30) I stopped all pension payments.
Landlording is a headache - think carefully. It is a headache but fortunately my wife loves this side of the business so we make a good team. Investing in property has (historically) been a great move in the long run.
It's good to be materialistic when you're young - it helps drive you but leave it behind as you get older or you'll end up bitter. Big thing this. Looking back I wish I had done so much more with my time and with my youth. Too many times I let money or lackadaisical friends hold me back.
At some stage you may wake up and realise you have run out of time. Scary isn't it. Health problems force this issue even more.
You don't need a gazillion quid to retire if you're fulfilled and happy with life.
Retiring is much easier if you have a hobby or something to look forward to. Otherwise I would seriously consider keeping working until you do have. This was the core point of my original post. I have the money, I have the time, I can choose freedom. But I have no idea what to do. And this this frustrates me, because I don't want to spend the final healthy years of my life stuck at a desk - I feel like I need to get out there, doing something I should love and enjoying it daily.

I'm late 50's. Next month I'm quitting contracting after over 30 years and going perm for 12 months or so to get my affairs in order. Then I'll go down to 3 days a week for a bit (if I can) then quit. I've sworn to my wife I'll be done before 60. We're mortgage free in a large house so can comfortably downsize, move West and still get a nice four bed with a bit of land. That released equity will keep us going until the pension is more cash than we will need - hopefully in around 7 years or so.

We can't move just yet as my Father-in-Law is in a dementia clinic around the corner so I might as well keep going rather than sell up right now, especially with COVID. WFH has helped me continue working as the commute was literally killing me. I had a bike accident last year whilst commuting and suffered a brain injury (fully recovered now) which didn't help.

I never thought I'd still be working at my age but it's kept me young at heart. The perm offer is excellent btw and is full time WFH even after COVID.

I have so much I want to do - I love old cars, boats, messing about with mechanical stuff generally and have a huge list of "things" on my bucket list that won't take more money than I have. It helps that I prefer Europe rather than long haul.

My reflections looking back on this are;
Put money in your pension as early as you can. Five years of 40k in your 20's or 30's will see you well sorted twenty years later.
Landlording is a headache - think carefully.
It's good to be materialistic when you're young - it helps drive you but leave it behind as you get older or you'll end up bitter.
At some stage you may wake up and realise you have run out of time.
You don't need a gazillion quid to retire if you're fulfilled and happy with life.
Retiring is much easier if you have a hobby or something to look forward to. Otherwise I would seriously consider keeping working until you do have.

YMMV.

[edison]

Divis on their own barely cover inflation unfortunately.

That's why most returns are made from reinvesting dividends. The total return from the FTSE All Share index (including dividends) has been over 10% p.a. 12 times since 2003. Unfortunately 2000-02 was a terrible time.

[vwdan]

Too many times I let money or lackadaisical friends hold me back.

Interesting to read this - I've actually ouright made the commitment to myself (and voiced it) that from now on, I'm doing stuff regardless of who does and doesn't come along. It's always more fun in a group, but I'm sick of faffers, or it never being the right time for other people.

I wanna do stuff, some of it's expensive and hard to justify, but I don't give a ****. Next year, for example, I've entered into an amateur Go Karting competition with proper 2 stroke racing karts and if I'm by myself then so be it. Always fancied it, so I'm doing it.

[Lockhouse]

I'm 10 years behind you but I wish I had done some of the things you mentioned

Me too.

[nomadd]

I feel like I need to get out there, doing something I should love and enjoying it daily.

..and then figure out how to hide it from the wife.

[rootsnall]

Mercedes S-class review: the best car in the world just got better

Top tip for retirement is don't buy one of these and keep whacking any spare money in a SIPP.

[ladymuck]

Interesting to read this - I've actually ouright made the commitment to myself (and voiced it) that from now on, I'm doing stuff regardless of who does and doesn't come along. It's always more fun in a group, but I'm sick of faffers, or it never being the right time for other people.

I wanna do stuff, some of it's expensive and hard to justify, but I don't give a ****. Next year, for example, I've entered into an amateur Go Karting competition with proper 2 stroke racing karts and if I'm by myself then so be it. Always fancied it, so I'm doing it.

Totally agree with this.

My ex didn't want to go anywhere or do anything (and I put up with it for 10 years!) and I wasted a lot of time not doing stuff because of it. Yes, it's nice to share experiences with people but if they can't or won't come along then you just have to do it yourself. Luckily HWMBO enjoys most of the things I do and so I now have a far better partner in crime. That doesn't stop me doing stuff on my own though!

[Crossroads]

45 and similar to the OP, as the years have gone by the figure I've targeted has increased although no real reason for this as my lifestyle/cost base hasn't really increased.

I realised some time ago I do often enjoy work and mainly only become frustrated by time pressures... i.e. work gets in the way of other stuff I must/want to do or vice versa. At some point it will come to a head and I'll stop working. Part time would be ideal but not so easy to come by.

I went permie 18 months ago but prior to that I saved the vast majority of my contract income and for the last year or so lived off my savings/B2L income to prove it was achievable.

I've since saved more and my sums continue to say that my passive income, savings and projected pension will pay more than I currently earn and I'm not likely to earn more as I would resent the time I'd need to commit to a more senior role.

I expect I'll stick this role out until something changes and then I'll stop.

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[BrilloPad]

Interesting to read this - I've actually ouright made the commitment to myself (and voiced it) that from now on, I'm doing stuff regardless of who does and doesn't come along. It's always more fun in a group, but I'm sick of faffers, or it never being the right time for other people.

I wanna do stuff, some of it's expensive and hard to justify, but I don't give a ****. Next year, for example, I've entered into an amateur Go Karting competition with proper 2 stroke racing karts and if I'm by myself then so be it. Always fancied it, so I'm doing it.

Be more scooter. Do it - then tell everyone else what you have done and get them to buy into your nonsense. Then sell before the others realize they have bought dog poo. A pile of Smeggers as we know it.

Scooter should be "PonziLike".