Early-retirement wannabe

gadgetmind

My job list just seems to get longer, and the startup I'm doing the two days a week for just keep asking for more of my time, but no way! OK, so I've done two full days and four half days this week, but no way!

atush

gadgetmind wrote: »

To try and keep this thread on track, I'm about to become a pensioner!

My first SIPP payment is due in the next few days (full PCLS taken, TAA and LTA charges paid, <sigh>) and I'm keeping within the shiny new £50k PA+BR thresholds so that I pay effectively 15% tax, which is a fraction of what I paid when working.

My wife has also done full PCLS and will start drawdown next tax year, which will help despite her pension pot being <10% of mine as all tax free.

Income from unwrapped pots should all *just* be tax free and ISA will be stuffed as fast as the rules allow.

I'm still doing some (currently unpaid) work for a couple of days a week, which feels about right as zero feels as scary as full time TBH!

How's the start up doing? Got shares instead of salary?

atush

gadgetmind wrote: »

My job list just seems to get longer, and the startup I'm doing the two days a week for just keep asking for more of my time, but no way! OK, so I've done two full days and four half days this week, but no way!

i make that 4 days total lol. Nto much of a retirement

gadgetmind

atush wrote: »

How's the start up doing? Got shares instead of salary?

Yes, 100% "sweat equity".

I really am going to try and keep it to two days a week, but I've just spend 30 minutes on a Saturday AM sorting out some overnight data processing issues.

Triumph13

gadgetmind wrote: »

To try and keep this thread on track, I'm about to become a pensioner!
....
I'm still doing some (currently unpaid) work for a couple of days a week, which feels about right as zero feels as scary as full time TBH!

Congratulations gadget. Good luck with keeping the part time job part time. My one day a week gig keeps needing extra time here and there so I've been up at 5:30 several days this week to try and kick it on the head before the kids get up. Hopefully it will quieten down again soon, but having paid overtime definitely makes it more bearable!

hugheskevi

All this talk of part-time jobs reminds me I am moving in the wrong direction to early retirement as I increase the amount of work I do I now have a full-time job, plus doing consultancy work as well after setting up a company earlier this year. November is my busiest consulting month, so looking forward to a far more relaxing December and January after a very busy month.

It has been a good experience setting up my own business. It is just a small sideline I do mostly in evenings and weekends and during the odd bit of leave from full-time job (I get 39.5 days off, including Bank Holidays so have more than enough leave), but nonetheless it has generated a reasonable profit in its first year of just into 5 figures before tax (although that is not valuing my own time, which is the major input). Next year will be a lot easier now all the set-up has been done - there is only a small amount of product development needed, so all emphasis will be on retaining existing business and expanding to new clients.

However, I've found that I am not overly bothered with the parts that aren't enjoyable. I guess this is a motivation thing - I don't need the extra money it generates (it brings forward retirement, but not by meaningful amounts, probably a year at most), so the motivation is far more about personal interest than it is about money. So when the personal interest factor is weak (ie the things I don't enjoy doing) motivation is difficult.

Also, I find devoting time in addition to normal work plus running training isn't easy. I think keeping a balance between enjoyment and reasonable time commitment will be key as work expands in the next year or two, so I have no ambition to expand massively. Although if the opportunity presents itself (as it could - there are a couple of major potential clients who could be lured, but that would necessitate expansion) I'd have to do some serious thinking.

I am hoping the consultancy work dovetails nicely with a move to part-time work in a couple of years, I think that will give a really nice balance, and will be the beginning of the end. Still about 3 or 4 years to go, but that really isn't a long-time, especially now early retirement immediately would be just about doable...the extra years are just for building up extra resources and safety margins.

gfplux

I retired 22 years ago.
For the first year I foolishly had a part time distraction.
Then I WOKE UP.
I properly retired 21 years ago and it has been a wonderful experience.
My only regret is the 21 years has just gone by far too quickly.

My recommendation........when you retire....retire.

MrAPJI

gfplux wrote: »

My recommendation........when you retire....retire.

Couldn't agree more


When I retired I received a card which said ''Your Job is Not Your Life'' - so very true

bugslet

gfplux wrote: »

I retired 22 years ago.
For the first year I foolishly had a part time distraction.
Then I WOKE UP.
I properly retired 21 years ago and it has been a wonderful experience.
My only regret is the 21 years has just gone by far too quickly.

My recommendation........when you retire....retire.

I'm giving up work in April 2019, though there will a little bit to do as regards actually finishing a limited Company.

So far I've had two approaches from people that are hoping to win my work when the tender process is over and act as a consultant, one from a friend that runs a successful acting agency and the kennels that I use:D. Other than consulting for a couple of months as I would like to see my staff are OK, I want to break completely, otherwise I can see myself continuing on and on.

crv1963

bugslet wrote: »

I'm giving up work in April 2019, though there will a little bit to do as regards actually finishing a limited Company.

So far I've had two approaches from people that are hoping to win my work when the tender process is over and act as a consultant, one from a friend that runs a successful acting agency and the kennels that I use:D. Other than consulting for a couple of months as I would like to see my staff are OK, I want to break completely, otherwise I can see myself continuing on and on.

I think that this is very admirable. I would advise be very disciplined though, have a definite finish date in mind if not made public.

I work additional hours in a hospital as a change from my day to day work. I sometimes work with a Nurse who decided to take retirement at the scheme NRA, then work on for "a few more years to settle patients in who had moved from their original Ward". She retired at 55 and is still working 22 hours a week at 72 years of age. Doesn't need the money, status or hassle but cannot let go of the role, works because it provides a break from the carer role at home and cannot think of something else she would rather do.

Nothing wrong with the plan but it seems to me sad that all the original patients have moved on but the Nurse still works there for the lack of finding an alternative role. She's happy, confident and competent, but says she is still looking for what she will retire too!

So please bugslet, find a plan B or even C, I work also with two in my Team now who have retired at our scheme age of 55 and are now "working on for a couple of years"- one is 63 the other is 59.

Whilst I also fall into this group of working past our NRA as I am 55, my own goals are clear to me - work until 58 on shifts to boost pension using additional earnings and length of service. However Mrs CRV told me last night she'd rather take a lesser pension and see more of me as time together is more important than eventual pension. Choices and time, oh dear I have some thinking to do!