The when thread

Chickereeeee

Phasing out gradually over seven years: down to average of about one day per week now, so when would I be 'retired'? When I stopped working full-time or when I stop doing the last few hours per week? Or when paid income < outgoings?

C

ibizafan_2

I retired from my principal job with the county council at the age of 60 having put my hand up for voluntary redundancy. This coincided with my ability to retire under the 85 year rule, so it was a win win situation. However, I still do a part time (17ish hours per week) job which I have been doing for 30 years as well as the full time job, and which doubles my County Council pension. The best thing about the part time job, is that I can take as much non paid leave as I like. As we love travelling, I really wouldn't like being restricted to six weeks paid holiday any more. I am now deferring the state pension due this month, until I ultimately decide to give up work completely. I don't envisage this happening for at least another couple of years when I will be 65. I still enjoy the part time job and don't see any reason to give it up yet.

madeinireland_2

robin61 wrote: »

I will keep my fingers crossed that there is an oportunity for you over the next few months. Are you planning to take the pension straight away ?
Actually I am finding work better now than for a few years. I think it is a state of mind as much as anything as things are certainly no better but I really think that knowing that in the not too distant future I have other options makes a huge difference. Even so a couple of years Max for me. As you say you can never tell when your time is up so enjoy it when you can.

I'm also ironically enjoying it a bit more as I've just moved to work for a different and more pragmatic manager - but it could just be a honeymoon period and won't deflect me from taking any scheme that appears - but at least it will make my last few months a bit more enjoyable. I've always thought it has been a good employer and I've had some great managers - but the one I had for the last 4 years has been a complete ****. I'm sure I was being deliberately picked on having received a DN rating twice from him (despite fantastic feedback from all I worked with and achieving almost every objective set) - fortunately I was able to get both overturned on appeal.

madeinireland_2

madeinireland wrote: »

I'm also ironically enjoying it a bit more as I've just moved to work for a different and more pragmatic manager - but it could just be a honeymoon period and won't deflect me from taking any scheme that appears - but at least it will make my last few months a bit more enjoyable. I've always thought it has been a good employer and I've had some great managers - but the one I had for the last 4 years has been a complete ****. I'm sure I was being deliberately picked on having received a DN rating twice from him (despite fantastic feedback from all I worked with and achieving almost every objective set) - fortunately I was able to get both overturned on appeal.

Sorry should also have said. No not taking pension straight away - will wait till 59 or 60. I will be funding intervening period with payoff and also a SIPP I've been funding for last few years.

fcandmp

I was 55 a few months back and am now in the lucky position of could stop working versus wanting to stop completely. I have dropped my days working from full time and plan to see how that goes at 3 days per week before committing any particular exit date. Will take the run up to the end of each tax year as it comes to determine whether I want to work at all during the next. At present I have committed to carry on until March 2017, but will see what challenges life (or the chancellor) throws our way. My DH stopped working last year to help care for her elderly parents and my support to her will increase as she needs it.

robin61

madeinireland wrote: »

Sorry should also have said. No not taking pension straight away - will wait till 59 or 60. I will be funding intervening period with payoff and also a SIPP I've been funding for last few years.

It is something I really struggle with and keep changing my mind on. Similar situation to you with a small DC pension as well. On the subject of 'performance management' I reckon the closer you get to the finish line the less that will matter.

atush

Pinner_Ram wrote: »

When? - 3 March 2016.
How old? - 53 next week.
Why? - have not been able to have our own children so have the wherewithal to retire now. Any more wealth accumulation will simply end up going to nieces/nephews/godchildren.
What will I do? - play more golf (a cliche I know), spend more time driving around Europe in my sports car, re-join a chamber choir/musical theatre group, continue as church treasurer, join golf club finance committee, little else though!

We had children later than many (or later than many used to, not so much today) I had the twins at 35 with fertility treatment.

So, I know exactly how expensive kids are, and how much they have delayed our retirement lol, esp with putting all 3 thru uni. So, we too would be retired by now if we hadn't had them.

So while jealous of you, I know you too would have put off retirement a few years if you were as lucky as we.

woody190388

I will be 54 soon and entering my final year of full time work, I run my own small business and my plan is to wind down over the course of 5 years and retire fully before 60 years of age. I am doing this because I want to create more time for hobbies, experiences and time with my wife and family. Theoretically we are financially independent already but I feel safer gliding into retirement to add both belt and braces to the numbers. My pension money is in Sipps, Isa's and BTL so there is no guarantee of future growth or income. This makes me nervous to jump into full retirement early. However at least I do enjoy my work and will enjoy it even more with a lighter workload.

Its great to read all your stories!

Pinner_Ram

atush


Quite right, how we wished things had been different.

chucknorris

Pinner_Ram wrote: »

When? - 3 March 2016.
How old? - 53 next week.
Why? - have not been able to have our own children so have the wherewithal to retire now. Any more wealth accumulation will simply end up going to nieces/nephews/godchildren.
What will I do? - play more golf (a cliche I know), spend more time driving around Europe in my sports car, re-join a chamber choir/musical theatre group, continue as church treasurer, join golf club finance committee, little else though!

Financially we are in a similar position to you, it has now got a bit ridiculous as to the amount that we will have to spend every year, to get it all spent, realistically it isn't going to happen unless we break longevity records. Despite that, I've just withdrawn my notice of early retirement, I really don't want to give my job (university lecturer) up because unlike working in industry (as a quantity surveyor), I really do enjoy it. I did think about reducing my hours, until I sat down and tried to pick which modules to give up teaching, but I am not willing to give up any of them. The other side of the coin is that on top of being out with my dog, bowls and chess, I would really like to compete in a triathlon, but I just haven't the time to get on top of all 3 disciplines while I still work.