Early-retirement wannabe

enator

nicknameless wrote: »

OMG only just caught up on the post Xmas instalment. Not what I expected to read.

Just to jump on the proverbial bandwagon - JFDI or change the title of the thread to early retirement wannabe (maybe, I think, perhaps, in a while, should the stars align, during a leap year with a blue moon, some may call me hesitant ...........)

Only joshing.

But seriously JFDI

Or perhaps the "Retire at roundabout the correct retirement age wannabe"

If you have the wherewithal to finish, it should be done - if you don't want to, that's fine but is the thread going to carry on for another five years?

I took a voluntary separation package from my employer and finished on the 5th Jan, a good 12 years early.

Still considering my options around maybe part-time, but I am 99% certain that I'm done & any further work efforts would be around setting up with the kids when they finish Uni.

Haven't thought about work since & frankly have little interest how my ex-employer is doing (as per previous comments, they were not a nice company )

So another vote for JFDI

Marine_life

I like the JFDI comments I really do.

We are in a little bit a turmoil at the moment (with a very sick relative, weeks away from death) so I've pushed some of the discussion into the background as Mrs ML is very focused on looking after our sick relative. There are a number of very stressful moments in life and we should not treat them too lightly.

I've been reading about the psychological journey towards early retirement and it struck me that we've spent a lot of timing planning and thinking about the financial journey but maybe not enough thinking about the psychological side. Of course we have some vague ideas about travel, things we will do during the day, part time work etc but overall is there really a plan. Probably not.

A response to a post I made on another blog was also interesting as it talked about finances and a quote "your biggest asset is your earning power, don't be too quick to cast that aside". Its easy to become attached to the money that flows into the bank each month and now that we have no financial pressure its unbelievably tempting to do something financially irresponsible.

If any of this sounds like an excuse - it isn't meant to - its rather an acknowledgement that there are many angles to decisions. Part of this journey was about achieving financial independence - goal achieved. Now we need to more clearly define about the next goal. As the saying goes "act in haste repent at leisure" of maybe "look before you leap"! ;-)

Marine_life

.......I just thought I would throw this out there.


Probably the main factor in my considering early retirement is the fact that I simply don't have enough spare time to do the things that I want to do (mainly travel related) but I also really enjoy having the money to be frivolous.


So one of the things I am considering is asking for extended leave in return for less pay. My current annual entitlement is 30 days and I would ask for 90 days which would then give me the chance for one six week long vacation per year and six blocks of two weeks. I've calculated that this would reduce my working hours (and salary) by 27% which TBH feels like a decent trade-off.


There is a precedent for this in the organization although people generally drop one day a week. This seems like a generally bad solution to me as on your 'day-off' you end up being contacted by people who will simply say "I know its your day off but...." or "sorry to disturb you....".


Anyway, while I pontificate that options seems to give me most of the things I would want although I do wonder whether it would be like cutting down smoking

Daniel54

Marine_life wrote: »

So one of the things I am considering is asking for extended leave in return for less pay. My current annual entitlement is 30 days and I would ask for 90 days which would then give me the chance for one six week long vacation per year and six blocks of two weeks. I've calculated that this would reduce my working hours (and salary) by 27% which TBH feels like a decent trade-off.

Anyway, while I pontificate that options seems to give me most of the things I would want although I do wonder whether it would be like cutting down smoking

I come at this rather differently to many who have recently responded.I am just past 60 ( my NRA for the key DB pensions) but financially could easily have walked out of the door at 60 or a year or two earlier.

I earn well and ,yes,what I know ,the knowledge and expertise I bring, is part of what I am.Releasing that is not easy.No point in pretending otherwise.

I am now two years into succession management handover and am moving to 120 days from the middle of this year.I have seen this as a glide path to retirement and as I have released responsibilities,I realise I am quite literally making my current position redundant.That's fine and I become ever more comfortable with having an end date.

Your idea of a mid way transition makes lot of sense to me - releasing slowly is not necessarily easier,but it does help re-validate your end date


.

dunroving

I just spotted this thread update and realised it is 87 pages long! (I'm a recent forum member). Scanning some of the pages, there are lots of fascinating insights and pieces of information. I have bookmarked it and look forward to reading it at my leisure!


(FYI, I am 57 going on 58, planning to release the chains in summer 2018). I would then have a modest retirement income but greatly enhanced peace of mind, and hopefully a healthier lifestyle.

atush

ML, this happens to my OH even when he is on a proper holiday.

His 'crackberry' is consulted at least once a day to bin emails and check if anything has 'blown up' lol.

tell_it_how_it_is

I think I'll have died slitting my wrists before you ever get round to retiring (and actually really want to do so).

melanzana

blizeH wrote: »

Yes, you have!

Also, whilst I enjoyed reading your post and think it's awesome that you're a lot happier now, your situation doesn't really apply to the majority of people here. You say you quit work without thinking about it, but that was only possible because you were able to take your company pension. A lot of people here won't have that option until they're 68 or possibly older.

Well I didn't just quit without thinking it through at all!

I planned for a couple of years to pay down debt firstly. Then I cut my hours down to three quarters (three weeks on, one week off) so my pension wasn't such a drop from full time salary.

I do realise that not everyone can avail of redundancy/early retirement packages, but a lot can, and do. I knew there was a package coming in 2014, so planned hard for it.

And it was the best decision I have ever made so far!
Best of luck.

melanzana

Daniel54 wrote: »

I come at this rather differently to many who have recently responded.I am just past 60 ( my NRA for the key DB pensions) but financially could easily have walked out of the door at 60 or a year or two earlier.

I earn well and ,yes,what I know ,the knowledge and expertise I bring, is part of what I am.Releasing that is not easy.No point in pretending otherwise.

I am now two years into succession management handover and am moving to 120 days from the middle of this year.I have seen this as a glide path to retirement and as I have released responsibilities,I realise I am quite literally making my current position redundant.That's fine and I become ever more comfortable with having an end date.

Your idea of a mid way transition makes lot of sense to me - releasing slowly is not necessarily easier,but it does help re-validate your end date


.

For some time before I took early retirement, after I had cleared all my outstanding debts, I worked three weeks on, one week off.

That focused me on living on a lower take home pay.

It also meant that my pension was comparatively higher in my mind, and wasn't a huge drop from full time to actuarially reduced.

Psychologically that worked out brilliantly. Because with a lower tax rate and no mandatory deductions for union subs and all the rest of it, I am actually better off now than when working.

No work clothes to buy, no lunches to pay for, no nights out for someone's birthday, engagement etc. and I can keep my car for another couple of years, as I now only use it for short trips, rather than the work stuff.

I am so surprised at how easy the transition was. I still pinch myself!

mgdavid

Marine_life wrote: »

........ and now that we have no financial pressure its unbelievably tempting to do something financially irresponsible. .......

if you think that's financially irresponsible then my second piece of advice is stay away from cars 'cos you're way out of your comfort zone! On all the evidence that will appreciate hugely in a decade or two. Are you familiar with the price of Rowan's F1?
http://jalopnik.com/rowan-atkinson-selling-his-gorgeous-mclaren-f1-for-near-1681341575