The Retirement Newsletter: Things are getting real — do I have enough money?
Issue Number: -3 — more wobbles, problems, and concerns
Welcome
Welcome to issue -3 – things are getting real.
It is six weeks until I retire, and I am currently on annual leave, enjoying some time skiing in New England, USA.
Things are getting real
Six weeks — it has come down to six weeks; it doesn’t seem possible. Six weeks over a career of 40 years is but a blink of an eye. It is nothing. And yet, here I am. If I had stuck to my original plan, I would have retired two weeks ago.
Before I left for my trip, I was trying to get things sorted out with HR about my retirement. For some reason, they weren’t responding to my emails, and things were not moving forward. As I am now away and not checking my email, I have no idea how things are progressing.
Before I left on holiday, I did a ‘brain dump’ of everything I needed to do in the next six weeks. The length of the list shocked me. It was worrying long. But it was good to get it all out of my head. And this week, while I have been skiing, a few things have been bubbling up in my head that I need to add to the list. The list is getting longer. Worrying.
All the stuff on the list is work-related — projects I must hand off and things I must complete before I go. Some of them are big deals, some not so much. But it looks like a lot of work for my last six weeks. I have a feeling it will be a close-run thing.
And, this past week, as I have been skiing, little worries and wobbles keep popping into my head.
Money
This old wobble has surfaced again — the money worries.
Well, I thought I had enough to retire — not as much as I would like, but enough. Then I came across some material from the Pensions and Lifetime Savings Association (PLSA)on Retirement Living Standards, which suggests that the amount of money needed in retirement has significantly increased due to the cost-of-living crisis.
According to the PLSA, for a minimum retirement, you need £14,000 as a single person and £22,000 as a couple. A moderate retirement is £31,000 for single people and £43,000 for couples. And a comfortable retirement is £43,000 for a single person and £59,000 for a couple. The article doesn’t specify whether these figures are net or gross — I assume they are net. In other words, you need more than stated, as there will be tax to pay on your pension income.
The sudden rise in the amounts needed for a particular lifestyle in retirement in the UK has made me realise that I will need the UK State Pension. But I am a few years off taking the State Pension of about £11,500 per year, so I must cover the gap. I need a side hustle to bring in some extra money. If a side hustle doesn’t do the job, I can always (reluctantly) dip into my savings.
The money worries and wobbles are still there.
Is the timing right?
Is the timing ever right?
For me, the answer is yes or no.
At work (the university), many changes are being implemented. I am not opposed to change; I like change, but these feel like changes for the sake of change. I cannot see any benefits. I think they are unnecessary and a distraction from the real problems.
The changes involve a lot of work for the staff, which won’t improve the student experience. I think the changes will diminish the student experience, as staff will be busy implementing the changes.
To me, the changes are mainly cosmetic, the equivalent of rearranging the deck chairs on the Titanic — a considerable amount of work for minimal outcome for the students.
I might be wrong on this.
I might be missing some bigger picture.
I hope I am wrong.
I agree that some changes are "nice" because they streamline and organise courses better. But it’s a lot of work to make something look pretty.
So, I am glad to be out of teaching. All the changes we need to make, which are unnecessary, would distract me from my real job — teaching.
However, we live in exciting times to teach.
The rise of AI in education is a worry as it challenges the quality of university degrees. How can we be sure that the work students produce, which counts towards their final degree mark, is their work and not the work of an AI? Without traditional assessments, how do we know if the students have met the course’s learning outcomes? Assessment needs a major rethink, and it will be a fun project.
Also, how do we integrate AI into the curriculum and train students to use it?
Both these challenges would have kept me in teaching, busy and fulfilled for several years, but what I couldn’t face was my energies being drained by the apparent unnecessary changes being brought in.
On balance, it is time to go. I would have ended up stressed and frustrated because I could not focus on my teaching and the challenges of AI and would have wasted my time and energy on what I viewed as unnecessary change.
So, yes, this is the right time to retire and step away from academia.
Travel — Nostalgia Corner
This week, more stories from the Cameron Highlands in Malaysia, and I head off for a tour with Hill Top Travel and Tour:
Malaysia — Hill Top Travel and Tour, Cameron Highlands, Malaysia — Taking a tour of the Cameron Highlands.
Malaysia — Hill Top Travel and Tour — Hike to see Rafflesia — Cameron Highlands, Malaysia — It was a hot, sweaty walk to see a giant flower. Was it worth it?
Malaysia — Hill Top Travel and Tour — Puncak Gunung Brinchang and Watch Tower, Cameron Highlands — The highest point of the Cameron Highlands.
Malaysia — Hill Top Travel and Tour — BOH Sungei Palas Tea Centre, Cameron Highlands, Malaysia — How to make a perfect cup of tea.
Malaysia — Hill Top Travel and Tour — Mossy Forest, Cameron Highlands, Malaysia — One weird forest.
Malaysia — Hill Top Travel and Tour — Summary — a summary of my trip around the Cameron Highlands with Hill Top Travel and Tour.
Next week, I will wrap up my time in the Cameron Highlands with tales of visiting lavender gardens and more tea plantations.
Useful links
UK Government Website:
Next week
Next week, I will be thinking about returning to old hobbies and activities. What should I be doing? And should I?
Thanks
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Until next time,
Nick
PS, If you want to contribute something to the newsletter — a story, advice, anything — please get in touch.