Early-retirement wannabe

itm2

Goldiegirl wrote: »

I think it'll take a while to realise that I have time to do nothing at all if I feel like it.

Absolutely spot-on comment. I'm beginning to feel more and more that time was always more important to me than money. I like a nice 55" TV and Sky Sports as much as the next man, but being able to lie in a hammock for an entire sunny afternoon if I want to, just listening to music, without any sense of guilt, is priceless.
I remember talking to colleagues in the USA a long time ago, and saying how impressed I was with US salary levels and living standards. Their view was that we had it better in the UK, as alot of US workers still only got 2 weeks annual holiday at the time, whereas 4 weeks was a minimum for the UK. They were basically saying "what's the point of having money if you have no time to enjoy it?". I now know exactly what they meant.

melanzana

itm2 wrote: »

I'm 2 months into early retirement now (timed it perfectly!), and can totally recommend it. The enormity of the change in lifestyle takes a while to sink in - no more having to go to work? Ever? Really? The sense of relief and the feeling of unwinding is palpable. My wife thinks I'm a completely different man - the things that used to wind me up don't seem to have quite the same effect these days.
My last few years of work were a real struggle - I think the stress of managing people in particular eats away at you. After a couple of months of what still feels like a very long weekend you really do begin to understand how pointless it is when someone asks "what will you do with your time?". It would be a bit like asking a colleague that question on a Friday night when you're both heading out of the office for the weekend - finding pleasant ways to pass the time is really not difficult. More importantly, the lack of any time pressures is a huge weight off the shoulders - if you don't finish something today it can always wait until tomorrow.
My overriding fear is that it seems too good to last....

That is a lovely, inspiring post.

If I may, I will set out my circumstances, and comments are welcome.

Up to this time last year I worked full time in a Senior position in a Government Department. (not in UK). I am 55 now, and honestly, although pay was v. good, the stress and paperwork and HR stuff I had to do as a manager was eating into the work I SHOULD have been doing! I was finding it really hard, and increasingly corporate and competitive.

Last August, a Voluntary Early Retirement package was announced for anyone wishing to retire early before August 2014. Hmmmm I thought. Did the sums and even though there were some benefits, the actuarial reduction was quite big.

However... I thought, I have no debts or mortgage or kids. I have some money in the bank. So I opted to work three weeks out of four. This brought my take home to within 200 or so per month of my pension figure. It was crazy at first, but I have adapted well. So when I do retire in twelve months my pension will be near enough what I earn now, and the taxation will be lower too. I will also get a six figure tax free lump sum as part of the package.

I am ready!

I have enjoyed reading all your posts. Thanks for the advice and the inspiration.

I know I have made the right decision for me. Life is far too short, and I will have enough to live on, a bit to put away for property taxes, health insurance and so on, and will, I hope be able to enjoy a reasonable lifestyle. It won't be luxury personified, but it will be adequate for me.

Gers

As I have written elsewhere I am heading for the great freedom highway very shortly too. Next February I become 60 (now that's a shock in itself!) and have decided not to wait to leave work.

Yesterday morning I had decided to send in two months notice - yesterday afternoon I changed my mind and will send in one months notice at the end of September and this morning I am thinking again of the two month thing so that work can avoid a long gap. Though to be honest I don't quite understand why I am thinking of the company so much.

My state pension age has been pushed back to 2019 (female) and I just cannot wait until then. The wisdom of paying into a LGPS for over 30 years is now paying dividends, along with a healthy chunk of PET monies - both of which will see me through.

I have applied for a part time job in the area I am moving to however it's not high powered, no responsibility to keep me awake at night and if I prove to be too highly qualified I will still rest easy.

In a moment of madness I also applied for a full time job in my specialist area, however I am squirming about this and may well end up withdrawing from the interview stage if I get offered one.

I believe that Winnie the Pooh said:

Sometimes I sits and thinks, and sometimes I just sits

I aim to 'just sits' a lot more.

Best of luck to those who have done it. If you are able to do it... go on!

dreaming

Well here I am - day 2 of the rest of my life! I survived my last day, when it was really manic, right up to 4 o'clock when they were waiting to "walk me out". I survived the surprise party thrown by my lovely family. Now I'm waiting for it all to sink in and enjoying the sunshine while it lasts (and counting up the solar panel generation). Some of the others who were made redundant at the same time faced signing on for the first time yesterday so I spared a thought for those, and the ones who went last month and still haven't found jobs. I could sign on for JSA (and lots of people have said I should) but as I have no intention of working couldn't square it with my conscience (and knowing my luck they would have found me a job!). Cannot get my final pension figures until the end of the month when my severance pay etc. will be paid but they have promised me an estimate in the next day or so, which will be more accurate then the figures I got earlier in the year so will update the budget accordingly. I did laugh when I emptied my workspace of personal stuff - 2 packs of painkillers, some Olbas oil, and a tube of handcream.

kidmugsy

Gers wrote: »

Yesterday morning I had decided to send in two months notice - yesterday afternoon I changed my mind and will send in one months notice at the end of September

I once gave one month's and my employer squeaked with horror and offered me triple pay to hang on for an extra month. It's worth a try.

atush

My OH gave notice, but they held him to his 3 full months.

You should be glad you only have to give one lol

Marine_life

Congratualtions to those who have made the leap and „retired early“. I am jealous!
It’s been nearly three years now since I first started this thread and I can honestly say that retiring earl y has become increasingly like an unrequited love, always on my mind but somehow tantalizingly out of reach.
Nevertheless as I get closer to the day I do begin to wonder what it will actually feel like to wake up on the first morning and know that it is forever the weekend……but different. For me at the moments weekends take the following form. Spend Saturday recovering. Spend Sunday morning catching up on work I have fallen behind on during the week and Sunday afternoon having fun. It does not feel like a normal existence. How fantastic it will be to sit…..and then sit some more. I am going out to buy a chair at the weekend and I will place it somewhere strategic. But I will not sit in it yet. I will wait until that first day after retirement and then I will sit it in. It will be my little treat and at the same time motivation.
But meanwhile back to reality.
My wife is against me retiring next year because she is worried. Well actually not really “worried” but more apprehensive.
Why?
Well two reasons. Firstly she worries about the chair thing. Or rather she worries more specifically about what I / we will do once I have retired. And to be honest I think it is a fair concern. After all the job is so 100% full on so I imagine that once I stop it will be like stepping out of a washing machine after the spin cycle i.e. it will take a little while for me to regain my bearings. But it has to happen at some point so why not now when there is still time to do something different?
Secondly she worries about the money side of things and more specifically the huge fall in income we will have. But I don’t think she has yet adjusted to the huge fall in expenses we will also have. We have just four more mortgage payments to go on our house and because we have been maximizing our payments we’ve been paying around €4,000 per month the last couple of years. So I am hoping that once that’s gone she starts adjusting here thinking.
How do people deal with their other half?

dreaming

I don't have another half so I am spared that.

When I was working (was it only last week?) my evenings were mainly just getting meal/eating meal/clearing away after meal, then maybe a bit of reading/tv, then bed - although strangely I used to go to bed really late. It was as if I didn't want to let the morning come too soon. Weekends were shopping/housework/gardening/catch up with family & friends (whenI had the mental energy to converse) - all things I felt I had to cram into the 48 hour slot. I never slept well on Sunday nights - it was either regret for the things I hadn't had time for that weekend, or thinking about what I had to do at work the next day. This week I don't yet feel "retired" - just as if I am on holiday. But I spent all day yesterday doing the back garden, with breaks to sit down, have a drink, read a magazine etc. instead of just thinking "I've got to do this and do it now as I won't have time for another week" - it was enjoyable rather than a chore. Front garden today which should only take an hour or so depending on how many of the old boys down our road stop to chat when they go for their newspaper. Last night I had one of the best night's sleep I have had for a long time. I was in bed shortly after 11 (it used to be 12.30 - 1.00) and slept until about 6.30 this morning. Have had nice breakfast in the garden, playing on here for a little while, then start on the garden.
Haven't had my estimates for pension yet which is still at the back of my mind - have I worked my budget out right? Will be a bit happier when they arrive and I know the score, but am trawling the OS threads to get tips for cooking/eating on a budget.

atush

I am worried about the the same that your wife is. What he will do with his time after, and the huge drop in income.

We overpay (but not to your extent) and we still have 2 at Uni. So In a few years our expenses will drop hugely, and then I will feel better about it as I get a grip in future living costs (we will also downsize from a very big house). All to up in the air right now, but we have more time to plan.

Almo

Marine_life, am I correct in thinking your wife doesn't work? I guess the issue there is that even the most empathetic partner will be unable to understand the stress involved in working. That Sunday night feeling that dreaming mentions, for example, is not something they will experience, or not to the extent that you do.

I'm very torn on this. On the one hand I recognise that you are equal partners, whose family and work set up have presumably been discussed and mutually agreed. It may be that it would be difficult for your wife to work, given your location, even if you both wanted her to do so. In any case, your wife's input in terms of financial decision making is no less valid because she doesn't directly earn the income (I recognise that for many high earners, having a supportive spouse who takes care of everything else is crucial to their success).

I do think I would have some issues, though, with a non-working partner wanting me to continue working in a stressful role beyond the point it was necessary.