Early-retirement wannabe

SuperSecretSquirrel

uk1 wrote: »

We retired at an imprecise moment but roughly age 50'ish and now I find us as being terminally bored but at least with options. We find ourselves missing the roller coaster of a fast moving business life and bored.

What is to stop you from starting up a new business, legally separate from your retirement stash, to enjoy that feeling again?

Would it not be as fun without the risk? Would the reward of more money than you need no longer appeal? You could even run a not for profit business, doing something worthwhile with your time and helping your employees put food on the table. I imagine that would be immensely rewarding in its own way

ermine

uk1 wrote: »

We retired at an imprecise moment but roughly age 50'ish and now I find us as being terminally bored but at least with options.

Somebody on one of these forums opined getting bored in retirement (for someone in okay health) indicated "a lack of hinterland" and I'm tempted to agree. As first world citizens with a decent amount of money behind us (to electively retire early) we live in a fantastic time when we have the world's knowledge at our fingertips, communications and travel have never been cheaper or easier.

And you get terminally bored? !!!!!!? How on earth do you manage that? I would feel that I had really wasted my time on this earth if I'd gotten to early retirement and came to the conclusion that working was the most interesting thing I could do with most of my three-score years and ten.

Each to their own and all that, but you get out what you put in. The field a healthy retiree has to play across is far broader and deeper that that of the non-retiree. Perhaps it seems a pathless land to some, OTOH maybe there's something in the old saw work to live, don't live to work.

Wentthedaywell?

I went to see HR yesterday about flexible retirement next year. I'll be 60, so not sure if that constitutes "early", but is seems so for me as I'll not get my SP for another 6 years. They and my managers will be discussing how it might all pan out and if they could replace the other 2/3rds of me.

As I was sitting there, it really came home to me I am potentially in my last year of work. My last winter of getting up in the dark/going home in the dark, last office Christmas party (yippee!). It only seems a few years back since I was sitting in personnel on my first day at work. The days can drag, but the weeks/years fly past.

jamesd

Wentthedaywell? wrote: »

I'll be 60, so not sure if that constitutes "early", but is seems so for me as I'll not get my SP for another 6 years.

Anything before state pension age is early but there are some over-achievers around who hang out in this discussion.

I can afford to go now but for various reasons probably won't until I'm at least 55. Not that far away now.

Marine_life

The way I see it (which I am not sure my employer realizes) is that a reduction to 75% (i.e. 25% off) means around 55 days additional vacation (although not sure if they will apply 75% to my holiday entitlement). Event if the do that would mean 24 days vacation plus the 55 = close to 80 days off = 16 weeks per annum or one week per month plus four months with two weeks.

Seems to fit in with where my mental state is today.

Wentthedaywell?

Yes, Marine Life, I'm looking at flexible retirement as extra holiday too. If I work a 2 day week, I'll have the equivalent of nearly 35 weeks holiday a year. And as I won't be paying into an AVC my income will be double my current, for working 40% of the hours. I can't quite believe it, but it seems to be right.

It's a no brainer really, as long as work is still ok. It's knowing I will be able to jump ship if things change that is so liberating.

tootallulah

I left a very busy job for a three day a week job in the same sector but out of London, I was asked yesterday to extend my contract until April 2018 subject to us getting the funding for the post, at that point the work will be completed. This has been a great way to ease into retirement for me, I spend much less on things to distract me from work, really enjoy the job, love the four days I don't work. I am happy to continue until 2018 but if we don't get funded I will be equally happy to draw my pension and retire. The great thing is to have the choice and be in control. I feel very lucky to be in this position.

JP08

Not sure if it constitutes retirement - or just a major change of direction.

But there is a sniff of Voluntary Severance going round the office at present due to a pending reorganisation. And after 27 years of commuting I intend to take it if it is offered.

The pension which I joined that 27 years ago is index linked and final salary and can be accessed for a lump sum and taken early (reduced obviously) when I hit 50. Yes - I know I'm lucky to have it, and I want to take it before someone changes the rules.

SO, got a pension estimate, got the house valued, got a VS estimate, got our names on the books of a few estate agents in the National Park of our choice, worked out a refurb budget, fitout costs, covered living expenses, worked out likely running costs etc

It looks like, with a following wind, we could be shifting North the middle of next year, a 6-18 months of unpaid/low paid living in a building site / refurbishment (depending on the size of the job and whether the pension lump sum funding is required - I've got to wait until mid 2018 for that) and possibly opening the B&B in the spring of 2018 or 2019. Early pension + B&B income should, if I've got the spreadsheet models correct, give us about same income as current outgoings (excluding current mortgage).

I'll be 50, the missus 51. Hopefully it can take us up to 65. Then sell up the business and downsize the house, and coast the rest of the way down on joint pensions etc.

Or something like that anyhow ...

coyrls

JP08 wrote: »

Not sure if it constitutes retirement - or just a major change of direction.

But there is a sniff of Voluntary Severance going round the office at present due to a pending reorganisation. And after 27 years of commuting I intend to take it if it is offered.

The pension which I joined that 27 years ago is index linked and final salary and can be accessed for a lump sum and taken early (reduced obviously) when I hit 50. Yes - I know I'm lucky to have it, and I want to take it before someone changes the rules.

SO, got a pension estimate, got the house valued, got a VS estimate, got our names on the books of a few estate agents in the National Park of our choice, worked out a refurb budget, fitout costs, covered living expenses, worked out likely running costs etc

It looks like, with a following wind, we could be shifting North the middle of next year, a 6-18 months of unpaid/low paid living in a building site / refurbishment (depending on the size of the job and whether the pension lump sum funding is required - I've got to wait until mid 2018 for that) and possibly opening the B&B in the spring of 2018 or 2019. Early pension + B&B income should, if I've got the spreadsheet models correct, give us about same income as current outgoings (excluding current mortgage).

I'll be 50, the missus 51. Hopefully it can take us up to 65. Then sell up the business and downsize the house, and coast the rest of the way down on joint pensions etc.

Or something like that anyhow ...

No, I wouldn't say running a B&B for 15 years constitutes retirement, a major and perhaps risky change but not retirement.

JP08

coyrls wrote: »

No, I wouldn't say running a B&B for 15 years constitutes retirement, a major and perhaps risky change but not retirement.

We're not looking at a big property - 3 rental rooms max.

Major change? Yes.
Retirement ? Well, compared to 2hrs commuting each way every day and being in the office by 7:45 to avoid the rush for 27 years, even B&B running hrs are going to seem shorter. And I'll get to see natural daylight over the winter !

Risky ? Probably not. Yes, we're cashing in the current house, but unless we buy a complete lemon it should be money we can get back (mostly) should we decide not to proceed, and my pension + income from something like 25hrs a week at minimum wage each would cover our current expenditure. So we have a fallback position basically any time we want to quit.