Early-retirement wannabe

Triumph13

Sorry, couldn't resist it!
So when I go this Oct does that mean ML beats me to it because he went first, or not because he's back working again? Does anyone have the box for this game and are the rules written on the bottom?

Marine_life

Thanks for all the comments.


A couple of quick responses.


It wasn't like I did not have an idea for retirement (hobbies and interests), but I think that for me hobbies and holidays are something to look forward because they are a little scarce. When you can do them every day as you want, they lose there lustre a little.


My main reason for wanting to escape work was the increasing demands and expectations and lack of control that lead to stress (which I expect is common to a lot of people). That's all gone and I've been asked to take on a role which is interesting, with no performance targets and (most importantly) location flexible.


I do believe we need to start seeing retirement and a non-binary event. We've come to associate FI with RE, but we maybe think about FI as simply opening the door to the opportunity to take back control of what you do. To operate on your terms.


I can (and will) write a lot more on some of the thoughts I've had but I'll leave it there for now.


Thanks for joining the discussion

k6chris

Marine_life wrote: »

We've come to associate FI with RE, but we maybe think about FI as simply opening the door to the opportunity to take back control of what you do. To operate on your terms.

+1 :beer: FI, where you can genuinely walk away without worry, changes the workplace dynamics completely.

Esox

gadgetmind wrote: »

Absolutely. I'm currently in my 40 sq m semi-underground layer surrounded by my computers, electronics, work benches, 3D printer, home-made CNC cutter, and much more. My MSE username pretty much sums me up!

I initially thought you meant some kind of semi-conductor manufacturing set-up but I guess you meant "lair"?

gadgetmind

Esox wrote: »

I initially thought you meant some kind of semi-conductor manufacturing set-up but I guess you meant "lair"?

Yup, dunno why my figners did that. I guess typing "layer" a few dozen times a day for a few decades does that to you!

ams25

ams25 wrote: »

The financial side will be challenging, as our take home income will drop by 60%
Originally posted!by!OldMusicGuy


60% Gross or net. Took a similar cut at the gross level.. but after paying no tax or ni, no pension contribution or mortgage payments I have more available 'income' now than when I wasworking. Amazing how much tax etc takes away.

OldMusicGuy wrote: »

Net sadly, and this is based on the assumption we pay no tax or NI after retired. We should be able to live tax free until we hit SP age at 66.

if that's a fall in cash available to spend that is a big drop. I found that stopping pension/other savings and mortgage (over)payments (as well as tax and ni) cushioned the real fall in income very considerably.

Getting used to a lower level of disposable income by ramping up savings/mortgage overpayment etc before quitting is an early retirement facilitator I'd recommend... virtuous circle too...more funds and lower spending level.
:money:

westv

Our total net income would actually increase by about 25% if I retired in a few weeks. Other half wants to work less days at some point so that would reduce the increase to about 10%.
The increase is quite large as we currently spend around 44% of our total net on pension savings, mortgage and expenses involved in my working away from home during the week

enthusiasticsaver

Marine_life wrote: »

Long time no post....time for an update

and a fairly major one.

Decided to go back to work.

What can I say other than "its a funny old world".

I enjoyed a couple of months on the side lines but a couple of things made me decide it just wasn't for me.

1. Having told my employer I was retiring they took away all my previous (stressful) roles and I'm now able to negotiate the job I've always wanted.
2. I found I really missed the responsibility and challenge - I've read all those trite saying like "nobody ever died wishing they'd spent more time in the office" but I'm fine with that.
3. At 53 its hard to think about NEVER working again. Maybe I will only work another 2 years - maybe 5 - who knows. The key to financial independence is the freedom to choose.
4. I certainly haven't allowed a long time to adapt to retirement but in all honesty ... I was a bit bored. I have hobbies and interests but really ....I felt the days just leaked away without 'closure' if that makes any sense at all?
5. I don't want to be careful with money. Nobody could argue our retirement budget is anything other than generous but I want to take the topic of money completely off the table.

I haven't locked in the new job yet but I've been playing the part for the last 6 weeks. Some box ticking and then I am back.

Thoughts?

I think I retired around the same time as you, December 2017 but have not yet been bored. I wonder though as I worked part time for quite a few years since 2012 I have got used to having more leisure time than you obviously have. Also my job, although it could be interesting could very often be routine and having done it for 20 years I found that boring.

If you are only 53 and have an interesting job then it is entirely up to you as to when you retire. From the sound of it though you may benefit from going part time first as you sound like the sort of person who needs to be on the go all the time. Also don't forget that you retired in the winter when it is not easy to get out and about due to the weather.

I have spent the last two months taking up new exercise classes at our very expensive leisure club that I have not been able to use that much when working. I walk rather than drive if possible and have seen friends, decluttered my house and sorted out paperwork and had more time to read, do crosswords and puzzles and play my piano. I also have seen my granddaughter more often and look after her one day a week. Off to the Royal Albert Hall in London next week to see Cirque du Soleil. Not bored yet.

enthusiasticsaver

westv wrote: »

Our total net income would actually increase by about 25% if I retired in a few weeks. Other half wants to work less days at some point so that would reduce the increase to about 10%.
The increase is quite large as we currently spend around 44% of our total net on pension savings, mortgage and expenses involved in my working away from home during the week

Your income will increase? What are you waiting for then?

What is the plan re the mortgage, is it paid off by pension lump sum when you go? Makes sense for your OH to also look at reducing hours if he or she is still working.

The first full year of my DH retiring from full work I was working 3 days a week. I am now also retired. Our income has reduced by about 20% since retiring but we were saving around 25 - 50% of our income on SIPPs, S and S ISAs and we were gifting large amounts to our daughters. We are no longer having these outgoings so our quality of life is exactly the same as when we were working.

I have just spent the last 20 minutes claiming the married allowance to allow my DH to reduce the tax he pays as my pension is lower than the PA.

I have also checked my state pension forecast and I am due to receive £141 per week due to being contracted out for many years. I can increase it to £159 per week but need a further 5 years contributions so need to look into whether that is worth it. I paid NI up until December 2017 so not sure if that will count as 1 of my 5 years as the forecast only takes contributions up to April 2017 into account. Anyone know this?

The thing is by the time my state pension kicks in it will take me over the tax threshold into basic rate as both my private pensions will be paying out by then so I am not sure if it is worth it. That extra £18 per week will be about £14 by the time tax is taken into account unless the PA is increased substantially by 2026.

atush

Marine_life wrote: »

Thanks for all the comments.


A couple of quick responses.


It wasn't like I did not have an idea for retirement (hobbies and interests), but I think that for me hobbies and holidays are something to look forward because they are a little scarce. When you can do them every day as you want, they lose there lustre a little.


My main reason for wanting to escape work was the increasing demands and expectations and lack of control that lead to stress (which I expect is common to a lot of people). That's all gone and I've been asked to take on a role which is interesting, with no performance targets and (most importantly) location flexible.


I do believe we need to start seeing retirement and a non-binary event. We've come to associate FI with RE, but we maybe think about FI as simply opening the door to the opportunity to take back control of what you do. To operate on your terms.


I can (and will) write a lot more on some of the thoughts I've had but I'll leave it there for now.


Thanks for joining the discussion

Is this with the same firm? Maybe they just wanted you enough to give you control over your job. Too bad they didnt figure that out before you left.

I can see my OH being bored. There is only so much golf to play etc. he would do nicely with a day or so a week to keep his hand in.

Otherwise he will pester me like he does now on days off.