Early-retirement wannabe

UrbanAchiever

Wow that's fortunate! I'm 52 and only have one very small DC that has a protected age of 50.

hugheskevi

https://forums.moneysavingexpert.com/discussion/comment/82120093#Comment_82120093

One is all it takes, as long as it permits transfers-in.

UrbanAchiever

Blimey, I didn't realise that! Glad I asked!

MallyGirl

you just need to check that the protection will be applied to transfers in as well

mrklaw

https://forums.moneysavingexpert.com/discussion/comment/82120622#Comment_82120622

surely most would not apply enhancements to payments in?

UrbanAchiever

I've had a quick look and it seems likely that they don't accept transfers in for deferred members. I'll write to them to find out for sure. It's Barclays Afterwork Scheme (hybrid DB and DC with a separate investment pot for the DC element.) Administered by WTW.

SimonSeys

just stopping by to say congratulations - your hard work has paid off.

I will write up my own position at some point. I think I could pull the trigger now, but I’m finding work rewarding at the moment, and every month in employment is another really nice holiday in retirement…

prowla

I always feel a bit saddened when I see people whose sole motivation in life is retirement.

I'm in the position where I could retire, but I find my work interesting and stimulating, so I've no plans to.

Sure things can be a hassle at times, but then again folks tend to go and look for something else to stress about in whatever situation they're in.

I'm just about to get a coffee and sign in for another day at the office!

hugheskevi

I always feel a bit saddened when I see people whose sole motivation in life is retirement.

I think there is a lot of potential to vary the route to retirement. My wife and I were in the position that, due to not having children, we were both in full-time work and had low expenses (we both cycled to work, made our own lunches, and had inexpensive hobbies).

Way back in 2012, I considered whether I wanted to pursue a promotion path, or instead stay at a lower level doing more interesting things without managerial concerns and generally much less pressure and fewer working hours. Calculating the financial consequences, the difference was reaching financial independence and being able to retire about 1-2 years earlier. The trade wasn't worth it, but I think very few make that sort of evaluation.

I still consider that deciding to take many years out of work earlier in life to travel the world was the best decision I made. That was a total of 3 and a half years away travelling during working years, with 2 years and 4 months out during my 20s, and the rest in my 40s. That obviously delayed financial independence, but it was very tax-efficient, and travel is a better experience when young (in my opinion). So that was a great trade of more time spent working in my 40s to make up for the time spent travelling in my 20s.

Now retired, the main thing that has struck me is physical activity. I have always run, just in a club at an average standard, not anywhere near the fastest guys, but that puts me a long way ahead of the average person. I have also started other non-physical activities, and I am still shocked by the poor level of health so many are willing to accept - for the most part, my friends are sporty types, so it gives a distorted view of the population as a whole.

I have recently started strength work in classes at our leisure centre, strength being something that I always neglected, and along with running and a bit of swimming and cycling and garden work, it is exhausting. In particular, I am keen to avoid paying people to do physical things I can do as I see a lot of folks with gardeners, etc, when that is great for health as well as being quite satisfying once completed. I can see how easy it would be to avoid a lot of physical activity in 40s and 50s, and suddenly arrive at retirement in a very poor physical condition. Retiring early gives a lot more time to focus on personal health.

I do quite often miss work, I was very happy with what I did, but I view it rather like I view University - something that was great at the time, but it was something that was of its time, and now it is time for another phase of life.

Perhaps the most important thing is having the luxury of choice to do whatever one wishes.

jimi_man

https://forums.moneysavingexpert.com/discussion/comment/82132749#Comment_82132749

That's maybe because you're thinking of retirement in a different way. In my case retirement meant shifting from doing one particular thing to focussing on doing something else (sailing in my case). I chose to leave paid employment to do this, but I don't call it retirement per se - it's just a different activity.

I enjoyed work and now I enjoy what I do these days, so does my wife. I could have moved jobs, gone into a different field, done voluntary work or anything realistically. But the point is that I (we) felt it was time for a change hence that's what we did. The fact that we didn't take another 'paid employment' is neither here nor there, but we did take another 'role' and I suspect that we'll take another one in the future. I'm already thinking of buying another boat and renovating it.

In your case you've stayed in the same role as you don't appear to have any desire to seek another role and that's fine too.

The point I'm making is that retirement is not necessarily about the cessation of 'work'; it's about transitioning into another role. For some that occurs quite early on when they decide that's what they want and for some, it may never occur at all.

(I've ignored anything to do with being paid for work simply because it's just not relevant. If someone wants to change roles then they should change roles. If the new role doesn't come with any financial remuneration then they'll need to cover that from elsewhere but it has nothing to do with the proposed transition, other than they may have to delay it until they can afford it).