Early-retirement wannabe

Wednesday2000

chucknorris wrote: »

I've just informed my employer that I have changed my mind and that I will be retiring this December.

greenglide wrote: »

A couple of weeks ago I applied for a ticket in my employer's latest voluntary redundancy offer. Amazingly I won so instead of "retiring" at the end of August, which had been my plan (but my employer did not know this) I am now being made redundant at the end of July complete with 45 weeks pay (largely tax free) and three months pay in lieu of notice.

It would be churlish not to accept!

And reaching age 65 doesn't disqualify you from these offers any more. Quite pleased:-)

Well done, both of you.

greenglide

I do so hope you use a lot of that "unexpected" cash for pure enjoyment. Do tell us if you do.

plan holidays to Switzerland, Italy (Vesuvius and pompeii), Iceland (hoping to see the northern lights), Madeira, Portugal, Greece (the antiquities) as well as all the places around about us we never get around to go to.

Keep us busy for a few years!

agent69

I'm a constant visitor to the forum, but never seen this thread before (which is a shame because it's a topic very close to my heart).

Getting perilously close to 60, which was my original early retirement target. Single, no dependents and enough savings to keep me going until my pensions kick in (over £20k /year company schemes at 65, moving up to £30k at 66 when the state pension kicks in). I'm currently saving about £35k a year (mostly into company pension via salary sacrifice) and typically spend about £20k a year.

Trouble is the closer I get to 60 the less certain I become about taking the fateful step. I don't buy into the 'do it while you can' philosophy, which to me is very short sighted. Overall I have 3 issues:

1. I quite like work in a funny sort of way
2. Having spent several years thinking about it, I still don't know how I would spend my time if I wasn't at work.
3. There's a big difference between saving £30k a year for the next 5 years and spending £20k of your savings each year.

I enjoy traveling, but you can't spend 52 weeks a year abroad or the novelty will soon wear off.

xylophone

I quite like work in a funny sort of way

Funny ha-ha or funny peculiar?:eek:

Having spent several years thinking about it, I still don't know how I would spend my time if I wasn't at work.

Stop thinking and do something? Take up some hobbies/consider voluntary work/ build up a simple business from home using any skills you might have/ consider house sitting/dog walking/ gardening/etc etc

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There's a big difference between saving £30k a year for the next 5 years and spending £20k of your savings each year.

If you have no dependants, your own home and money enough to be comfortable, spend as you wish? There are no pockets in shrouds....

[Deleted User]

agent69 wrote: »

I'm a constant visitor to the forum, but never seen this thread before (which is a shame because it's a topic very close to my heart).

Getting perilously close to 60, which was my original early retirement target. Single, no dependents and enough savings to keep me going until my pensions kick in (over £20k /year company schemes at 65, moving up to £30k at 66 when the state pension kicks in). I'm currently saving about £35k a year (mostly into company pension via salary sacrifice) and typically spend about £20k a year.

Trouble is the closer I get to 60 the less certain I become about taking the fateful step. I don't buy into the 'do it while you can' philosophy, which to me is very short sighted. Overall I have 3 issues:

1. I quite like work in a funny sort of way
2. Having spent several years thinking about it, I still don't know how I would spend my time if I wasn't at work.
3. There's a big difference between saving £30k a year for the next 5 years and spending £20k of your savings each year.

I enjoy traveling, but you can't spend 52 weeks a year abroad or the novelty will soon wear off.

If you're happy to die still in harness and with your savings unspent and no pension income enjoyed, then that's fine, carry on working.

There are no guarantees on longevity. Everyone has a predetermined time on this earth. We don't know how long this is, until it's over. Your time may be almost over.

Carpe diem.

Or "thrifty till fifty, then spend to the end" might be worth considering.

But each to their own. Your life is your life.

gfplux

agent69 wrote: »

I'm a constant visitor to the forum, but never seen this thread before (which is a shame because it's a topic very close to my heart).

Getting perilously close to 60, which was my original early retirement target. Single, no dependents and enough savings to keep me going until my pensions kick in (over £20k /year company schemes at 65, moving up to £30k at 66 when the state pension kicks in). I'm currently saving about £35k a year (mostly into company pension via salary sacrifice) and typically spend about £20k a year.

Trouble is the closer I get to 60 the less certain I become about taking the fateful step. I don't buy into the 'do it while you can' philosophy, which to me is very short sighted. Overall I have 3 issues:

1. I quite like work in a funny sort of way
2. Having spent several years thinking about it, I still don't know how I would spend my time if I wasn't at work.
3. There's a big difference between saving £30k a year for the next 5 years and spending £20k of your savings each year.

I enjoy traveling, but you can't spend 52 weeks a year abroad or the novelty will soon wear off.

Each to their own. Good luck.
However sometimes those who don't want to retire find themselves pushed out of the door wether they like it or not. Hopefully that will never happen to you but you should keep an eye out over your shoulder. You never know!

seven-day-weekend

Well done greenglide x

saver861

agent69 wrote: »

1. I quite like work in a funny sort of way
2. Having spent several years thinking about it, I still don't know how I would spend my time if I wasn't at work.
3. There's a big difference between saving £30k a year for the next 5 years and spending £20k of your savings each year.

I enjoy traveling, but you can't spend 52 weeks a year abroad or the novelty will soon wear off.

Well if you are single and living on your own, then giving up work might seem less attractive than those with a partner, family etc. Nothing usual about that.

However, it does sound like your going to have a surplus of cash when you cake it, so to speak.

£30k pension per year with a £20k spend is a good surplus. You have not mentioned property assets etc so if you include those, assuming there are any, then the surplus would be even greater.

Making the leap is a bit of faith. However, I'd be inclined to look into working part-time and plan out your retirement. You can always find lots to do in retirement and, if you have the luxury of enough cash, then you have more scope.

[Deleted User]

saver861 wrote: »

Well if you are single and living on your own, then giving up work might seem less attractive than those with a partner, family etc. Nothing usual about that.

.

Why should this be the case? What evidence do you have that there is "nothing unusual" in single people finding the prospect of giving up work less attrractive than partnered people? I suggest that single people reaching their 50s or 60s are likely (generalisation, I know, but necessary to challenge your generalisation) to have nurtured more outside interests, friends, contacts and community links than the coupled.

saver861

Deleted_User wrote: »

Why should this be the case? What evidence do you have that there is "nothing unusual" in single people finding the prospect of giving up work less attrractive than partnered people? I suggest that single people reaching their 50s or 60s are likely (generalisation, I know, but necessary to challenge your generalisation) to have nurtured more outside interests, friends, contacts and community links than the coupled.

As I said, it 'might' seem less attractive for a single person with no family to give up work than those with a family. Often, one reason quoted for retiring early is to 'spend more time with the family'.

Clearly every persons situation is unique and thus retirement decisions are based on a multitude of factors, including financial, family, health, interests, energy, activity, etc etc. I'm not quite sure it is a case of producing some scientific evidence of what is the norm - rather, it will always be a personal decision based on personal circumstances.

For those less sure about to retire or not, then one option is to ease into retirement via part-time work.