The Retirement Newsletter: State of my retirement — is it as I hoped?

Issue Number: 201 (54) — is retirement what I expected?

Photo by Author — being retired — is it what I expected?

Welcome

Welcome to issue 201 (54) — the state of my retirement — is it what I expected?

This is the first of two newsletters on the state of my retirement.

In this newsletter, I look at what I was expecting from retirement and what I have got, and in the following newsletter, I look at what I feel I need to change, if anything, in my retirement.

What was I expecting?

This is a good question — what was I expecting?

Well, if you have read any of my previous newsletters, you will know that I have written quite a bit about my retirement plans:

• Issue Number: -121 — What am I going to do once I retire?

• Issue Number: -113 — Do you have a bucket list?

• Issue Number: -103 — Do I need to practice at being retired?

• Issue Number: -102 — Ten things to fill the free time

• Issue Number: -114 — 10 things I am going to do on the first day of my retirement?

And I have pondered starting a business when I retire:

• Issue Number: -71 — Side-hustles and start-ups — is retirement your biggest start-up?

I even asked in issue number -64 — Have we got retirement wrong?

But has my first year of retirement been what I was expecting?

In retirement, I was aiming for a moderate level of comfort, which is generally defined as:

• Food — everyday living, food on the table, with occasional dining out.

• Gas/Water/Electricity — heating, cooking, and lighting and with no worries about heating during the winter

• Gifts and Charity — a reasonable level of gift-giving, and donating time to charities.

• Health — off-prescription medicines, treatments, etc. and in some countries, medical insurance.

• Hobbies — a range of hobbies and interests. Some classes and residential courses.

• Holidays — once a year abroad and mini-breaks within your country.

• Housing payments — local government taxes, house repairs, etc.

• Insurance — house insurance and belongings, plus car insurance

• Clothes — replacement clothes, plus some occasional 'luxury' items.

• Transport — public transport, occasional car hire for special occasions, and owning a small car.

(For more information, see Issue -125: How much money will I need for an Essential, Moderate (Comfortable) or Luxury retirement? and Issue -119: How much do you need to retire? The maths!)

One thing I discussed in previous newsletters was my hope that retirement would allow me to regain control of my life. I felt I had no control over how I spent my time or my days.

My concern with time was — where was it all going? I never seemed to have time to do anything, to sit and think, to ponder, or to reflect. I always seemed to be dashing from one task to the next. With retirement, I hoped to regain that time. I hoped to have time to sit, think, ponder, and reflect.

I also hoped that I would be able to regain control over my day-to-day life because I felt bombarded with work emails, calendar appointments, and video calls. It felt like it was nonstop. I needed to get back some control over my life. I was desperate to get control. I needed control over my calendar appointments and fewer emails in my inbox. I saw retirement as a way of bringing back control.

So, in retirement, I expected to have a moderate lifestyle and gain control over my life and time. Did I get that?

What have I got?

Well, when I look at the list of what I need for a moderate retirement, I hit most of the points:

• Food — I am eating well, and I occasionally dine out.

• Gas/Water/Electricity — the house has been warm and dry this winter

• Gifts and Charity — I have donated to charities and given my free time.

• Health — I have bought off-prescription medicines but have not needed any treatments. As I live in the UK, I do not need medical insurance except when I go abroad, and I have an annual insurance policy.

• Hobbies — I have fired up several hobbies and interests in the past year. Some have been old hobbies, some new. I am still finding my way. I haven't taken any classes (other than free online courses) or residential courses.

• Holidays — In the past year, I have been abroad — in fact, as I write this, I am currently in Italy on a ski trip. I have had several mini-breaks around the UK.

• Housing payments — local government taxes, house repairs, etc. have all been covered.

• Insurance — house insurance, belongings, travel, and car and boat insurance are paid.

• Clothes — thanks to my recent weight loss, I have had to buy replacement clothes. I haven’t purchased any 'luxury' clothing (and I rarely did before I retired).

• Transport — I have used public transport, have not rented a car, and own a small car.

So, things are very good. In terms of money, I am living the moderate retirement I wanted.

What about control over my life and my time?

Control has been a bit more elusive.

I have inbox zero on my personal email account and weeks with nothing in my diary. The only video calls I make now are ones I want to make so I can chat with friends, so that is all good.

My attempts to recapture time to sit, think, ponder, and reflect have not been so successful.

While my days are no longer full of work, my time has filled up with other things. Like most retirees, I now wonder how I used to hold a full-time job.

When I stopped working, it freed up about 50 hours per week. An eight-hour working day plus two hours of commuting is a total of ten hours, multiplied by five, which equals fifty. And yet, my weekdays don’t feel like they have a ten-hour hole in them.

I have looked at this in Taking on too much and how I need to manage my time better and learn to say no to things.

However, it has not been all bad. I have found time to sit, think, ponder, and reflect. For example, one of the things I have enjoyed about retirement is taking the time to “fall down rabbit holes”. I love that some mornings, I wake up with a random thought about something and can then spend two to three hours researching and reading about the subject. That is real sitting, thinking, pondering, and reflecting.

Overall, I would say things are going pretty well. So far, I am having what I would describe as a financially moderate retirement, and I have some control back over my life, but it needs work. So, yes, it is pretty much what I expected and hoped for in retirement. In fact, at the risk of tempting fate, I would say that I love being retired, and I am having a great time. I should have retired years ago (if only I could have done so)!

So, how is it going for you? Is retirement as you expected or hoped for? Why not let me know in the comments?

Next week

Having looked at my goals (Did I reach my goals for the first year?) and, in this newsletter, the state of my retirement, I guess the next question is: What would I change?

So, next week, in issue 202 (55), I will examine what I would change in my retirement.

Thanks

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If you want to say 'thanks' for the newsletter, why not buy me a cup of tea?

Until next time,

Nick

PS: If you would like to contribute a story, give advice, or provide anything else to the newsletter, please get in touch.