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Early-retirement wannabe

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  • atushatush Forumite
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    Time for a short update and it's (possibly) a surprise for some.

    As you will have seen from the last few pages I had been offered and accepted a short term posting to the middle east. As a result I had quit my previous consulting gig at the end of May with a view to having a couple of months off before starting my new role.

    The problem with taking time off work is that it becomes addictive and the more time I spent away the less I was looking forward to the new role.

    At the same time, the increase in tensions in the middle east and an unplanned delay in the visa process made me wonder whether this was serendipity and actually I was really meant to retire. :A

    The final contributing factor was the (rather generous) CETV offered on one of our DB pensions meaning we are in a better position financially that we expected.

    .......So.....I've taken the plunge and declined the new role and am now officially retired. :D


    I can't say this means I will never work again but for the time being at least I'm just going to take each day as it comes.

    I always had a vision of retiring as one where I would have a retirement party where people would say a few nice things on the Friday evening (while casting surreptitious glances at my office) , after which I would arrive home, throw my suit in a wardrobe and immediately develop a predilection for tweed and the archers. But it seems I've really drifted into retirement accidentally. Maybe that's the easiest way?

    I'll write some more in the coming days but I felt it right to update all those who've had patience with my journey and the various gyrations over the last (almost) 9 years.

    Well.......we got there in the end. :j:j

    Wow, you had me with the whole Middle east job. Well done. Gonna spend more time in the mountains or stay in t he uk?
  • jungle_janejungle_jane Forumite
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    But it seems I've really drifted into retirement accidentally. Maybe that's the easiest way?
    :j:j
    This is a great way to ease into retirement for someone who has been very engaged in a high pressure work environment. It's really hard to drop a gear or two when you are used to a different pace and type of demanding lifestyle. Taking a bit of time out...then extending it as you fill your days with more leisure activity is far less pressurising than simply flicking a switch and suddenly being "retired". Summer is a fabulous time to do so.

    I've done the same - a few weeks turned into a few months and during that time lots of quirky offers came across the table. Turning them down takes practise too but the summer is a great help in that - who wants to return to the grindstone during these glorious months enjoying new pursuits?

    Congratulations - you will soon find that days are so busy you wonder how you ever found time to work :rotfl:
  • crv1963crv1963 Forumite
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    Time for a short update and it's (possibly) a surprise for some.

    The problem with taking time off work is that it becomes addictive and the more time I spent away the less I was looking forward to the new role.

    .......So.....I've taken the plunge and declined the new role and am now officially retired. :D


    I can't say this means I will never work again but for the time being at least I'm just going to take each day as it comes.

    But it seems I've really drifted into retirement accidentally. Maybe that's the easiest way?

    Well.......we got there in the end. :j:j

    Well done, enjoy the time and summer!

    I understand completely the more time I spend on days off/ leave the less appealing is the return to work. Due to return to nightshift today after annual leave and days off, glorious weather and more than enough to fill my days at home means seriously hoping that my pension forecast is waiting in my work e-mail in box and is enough to go now!

    I could check it away from work but I have a principal applied for the last two years of never checking my work address from home! Part of my preparation for retirement is separating work and home life.

    Have a great time Marine Life.
    CRV1963- Light bulb moment Sept 15- Planning the great escape- aka retirement!
  • Marine_lifeMarine_life Forumite
    1.1K posts
    Hung up my suit!
    atush wrote: »
    Wow, you had me with the whole Middle east job. Well done. Gonna spend more time in the mountains or stay in t he uk?

    Definitely more time in the UK but with more (leisure) travel and occasional returns to Austria (especially for skiing).
    Money won't buy you happiness....but I have never been in a situation where more money made things worse!
  • bugslettbugslett Users Awaiting Email Confirmation
    416 posts
    Well done marine life. I think I've been following your pontificating for 4-5vyears now.

    It's a month today since I retired and I can honestly say that it feels like a year and no, I have no idea where the time goes! Kick back and enjoy it!
    Yes I'm bugslet, I lost my original log in details and old e-mail address.
  • TerronTerron Forumite
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    .......So.....I've taken the plunge and declined the new role and am now officially retired. :D


    Congratulations
  • edited 29 July 2019 at 4:25PM
    hugheskevihugheskevi Forumite
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    edited 29 July 2019 at 4:25PM
    An update on my progress toward early retirement...wife and I now getting close to age 42, no kids.

    There are a few things which will require variable amounts of funding (ranging from minimum I want to spend to maximum I can foresee spending), and how much I choose to put toward each of them will determine when I retire. These are:
    1. Cost of property we will retire to (including costs of moving, probably about £20,000) - £350,000 to £500,000
    2. Annual income in period to age 55/58 (minimum pension age, when I can access DC pensions) - £30,000 to £50,000
    3. Amount in excess of annual expenditure to be spent funding travel in first few years of retirement - £50,000 to £120,000)
    Currently we have our income post minimum pension age sorted (a bit over £50K, consisting of DB and DC to State Pension age, then DB and state pension - assuming we both receive a full State Pension which will need a few years of voluntary contributions after retirement) so that isn't a concern. We could retire now at the low-end of (1) and (2) above, but with nothing for (3).

    I've been thinking about expenditure in retirement in more detail, and how it will compare to current expenditure. That is a bit difficult, as spending in retirement in rural Wales will be very different to spending working and living in London. I'm more concerned about ongoing costs rather than one-off expenditure here. The key differences will be:
    1. Council tax - about £1,500 more in Wales (despite moving to a less valuable property, council tax house value bands are far lower in Wales than London)
    2. Voluntary class 3 NICs - £1,600 p/a
    3. TV package - we don't subscribe to anything now, but in retirement I'll have sports channels at least
    4. Gas/electric/oil- in Wales we will have a bigger house with no other houses around, plus will be in all day whereas at the moment our house is empty and unheated most week-days in winter
    5. Pets - we have no pets now, but will have a couple of various types of pets (all rescues) in Wales - dogs, geese and snakes
    Hopefully other costs of living will either be similar or lower. Probably a bit more on motoring costs, but less on entertainment.

    I'm expecting to retire in 2022, with 2023 as a worst-case scenario. Given the heightened levels of uncertainty due to leaving the EU, I also want to keep my income until things are more stable, so that might influence things depending on what progress the UK has made toward a new steady-state by 2022 (ie work a bit longer due to the additional political risk and uncertainty which could have consequences for asset values and the value of the pound). A key concern is how property price differences between Wales and London will change.
  • mapleoakmapleoak Forumite
    103 posts
    Well my favourite piece of mail arrived today - my annual pension forecast from My CSP - if I go at 60 - so around 3 and a half years - and maxed out my lump sum (which I know is contentious with some) the modeller says c£22k per annum plus £140k lump sum. Wife is 5 years younger so if she went at 55 she would get around £12k plus about £50k so that would give us around £34k per annum plus enough to clear what’s left of mortgage and other debts. A lot can happen in 3 years might decide retirement isn’t for me and partial might be an option but nice to know there is light at the end of the tunnel!!
    something missing
  • Marine_lifeMarine_life Forumite
    1.1K posts
    Hung up my suit!
    hugheskevi wrote: »
    [*]Pets - we have no pets now, but will have a couple of various types of pets (all rescues) in Wales - dogs, geese and snakes
    [/LIST]

    well that escalated quickly.
    Money won't buy you happiness....but I have never been in a situation where more money made things worse!
  • hugheskevihugheskevi Forumite
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    dogs, geese and snakes
    well that escalated quickly.
    Just a little ball python and a boa constrictor. :D

    Much as I would have liked a Burmese python, there would be a serious problem 30 years down the line when I would be approaching age 80 and the Burmese would be about 14-16 foot long.

    Whilst not one of the more common things to watch out for as you get older, it did strike me as quite important in this case ;)
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