Terms to know: Annuity

If you've been studying retirement you probably already know the word (and if you don't, you haven't been studying very well). Annuity is one of those words that you simply must understand if you're thinking about retirement or thinking about planning for retirement or even thinking about thinking about retirement.
I'm not going to try to describe what an annuity is in very much detail here. I will come back to the topic at some future date. What I will say, though, is:

1. if you're within 5 years of retirement, and you don't know what an annuity is, then get some advice NOW
2. if you're within 10 years of retirement, and you don't know what an annuity is, then consider getting some advice
3. if you're more than 10 years from retirement, do some research
4. if you have children, try to persuade them to start saving for their retirement

It's not just the money, stupid.

Ask yourself what you need to retire (early or not). Chances are the first thing you said was "money". You're right, of course, the first thing you need is some way of surviving - some way of getting things that money can buy: food, lodging, clothes.
But, you also need things that money can't buy - or at least are probably better if not bought. You'll need to have them ready when you retire.
The earlier you plan to retire the harder it might be. All that time and effort going working towards building a big enough pot of money will make it more difficult to focus on the other sides of your life.
What to do? We'll discuss that over time. But first, and the younger you are the harder this is: think about what sort of retirement you really want. You'll only have one. It's at the time when you don't want many regrets. There's not much you can do to change things then.
You will need to build a fund to support your retirement - that fund needs to have more than money, though.

What's this?

OK. Here goes.

I'm 51. I want to retire before I'm 58. I have no idea what I'll do. I don't have a real, honest-to-god plan for survival after retirement. 

So, I need a plan. And while this is not "the plan", I hope it will be my conscience. My "you said you'd do this - so do it". 

Now, before you start thinking I'm brave/stupid/arrogant/hopeful some facts:

• I'm married - no kids; 
• We have 10 months left on our mortgage
• We both work
• We both have defined benefit pensions (!)
• We both have additional, tax deferred savings

For a lot of you, this means we're as lucky as pigs in shit. I can understand that.

But, I have a lot to learn. Or, maybe that should be "unlearn". How much of what I have do I need? Now? How much will I need? What's important to me? What will be important to me? Can I make any assumptions on what that might be?

Some of this is about money. I think a lot won't be about money. It will be about time; and friends; and family; and how best to use a semi-colon.

For me at least, this is partially about "early retirement". Partially about "life management". For you, it might be about "late retirement". Or "navel gazing". Or a middle-class, middle-aged variant of teenage angst. 

But hey - let's give it a twirl. Let's see how, or if, it evolves.