The when thread

chiefie

TheTracker wrote: »

I've taken a couple of gap years (8-12 months) during my career, ages 25 and 35, and considering one at 45. Not because I've been forced to but because I planned them, even gave up gigs to do them. That year aged 35 was the most enjoyable of my life.

There seems to be a march toward earlier retirement like its some sporting achievement (I retired at 41! Well I did it at 39!). I wonder sometimes if those that retire at age X ever considered retiring at age X+Y having taken Y years off working to enjoy our planet while the mind and body is at its peak. I don't expect they all do. Then again those people may look at me
and say why did you do that, you could have retired 3 years earlier.

Those that do consider it are probably afraid of work resumption. And once you hit late 40s, when you have a good idea of retirement date, it can be harder to walk back into work after a year off. But I maintain its not as scary as it first seems. And I came back refreshed for the next 10 years of work, both times with a vocational epiphany.

An alien looking down on earth might wonder why someone would spend 20 years preparing to work 35 years straight with just a few weeks off a year and then suddenly stop and spend the next 35 not working at all.

I think you hit the nail on the head - it's the worry of getting back into the job market. My job may be under threat and if it is I get three months notice. May take a little time off and may have to be flexible as to what I do but so what, I work to live and when I don't have to I will be glad of the choice 😉

Chickereeeee

TheTracker wrote: »

]
An alien looking down on earth might wonder why someone would spend 20 years preparing to work 35 years straight with just a few weeks off a year and then suddenly stop and spend the next 35 not working at all.

Too true, but it is party due to the environment within which one grows up . I wish I had taken a few gap years, looking back, but it always felt irresponsible to risk not being able to get back into a good job, particularly with dependents. This (in the '70s and '80s) at a time when 'portfolio careers' were less recognised, and when, as a 'first generation graduate' one had parents that sacrificed a lot to help you get ahead in the first place.

This is talking about a different subject, but it confirms that security of career was much more important in 'those days':


http://waitbutwhy.com/2013/09/why-generation-y-yuppies-are-unhappy.html

c

greenglide

when, as a 'first generation graduate' one had parents that sacrificed a lot to help you get ahead in the first place.

Having been at University from 69 to 72 (a long, long time ago) I remember two people people out of my sixth year class (this was in a selective grammar school at the time) who took a gap year then before going to university. It was really only considered as an option for people hoping to go to Oxford or Cambridge who, from our school, would normally take the entrance exam after sitting the A levels. We knew that gap years existed but they were things that the richer people did, known of us could afford it.

They were less rare (but not common) after graduating and finding employment but tended to be seen as "dropping out" in those days - the early 70s were like that!

During my working life I have not come across many people who have taken gaps, partly due to responsibilities and lack of resources. It tends not really to be an option for people who have children!

It does seem more common now, especially amongst people in there twenties but I still do not see it in the forties and later - a generation thing?

AlanP_2

I only know of one guy (now 58'ish) who took a year out in his mid 40's to "recharge the batteries".

Very well paid City IT job whose wife also worked (but for a lot, lot less) and 3 kids at private school.

Plan was for 12 months working as a volunteer helping to manage the extensive woodland near them whilst utilising savings and wife's income and he absolutely loved it.

Started to look at job opportunities after about 9 months assuming that it would take a while to find something. Back at work within a month on an even better package and suitably "chilled out" to face the next 15-20 years.

chiefie

So in summary

Most people want to go earlier even if it means less pension

Some expect to do some part time work, not necessarily through necessity

A lot of people know someone who has died early and this influences their decision making

Lots of people have an intolerance for corporate bull ☺️

Snakey

TheTracker wrote: »

There seems to be a march toward earlier retirement like its some sporting achievement (I retired at 41! Well I did it at 39!).

My driving force is awareness of the following:

1. Within my lifetime the concepts of company loyalty (in either direction) and the "job for life" have been eradicated, but most traditional slow-and-steady-wins-the-race retirement planning has not caught up with this change but remains predicated on staying in full-time work with inflationary pay rises until State pension age (or at least having the option to do so, should all else fail).

2. The advent of the global workforce, remote working etc mean that many jobs are at risk of being outsourced in the medium term.

3. The nature and speed of technological and working practice changes mean that there isn't the value that there used to be in having had many years of experience. These days, in many industries and professions, any on-the-job "know how" that's more than ten years old is obsolete, or at best of marginal benefit. You don't need fifty- and sixty-year-olds at the top any more - people twenty years younger can do it nearly as well (near enough for it not to be worth paying the extra for the older guys, anyway).

All of that put together gives me a concern I'll find myself surplus to requirements fifteen years before State pension age, and find it very hard to avoid spending my existing savings never mind being able to save any more.

marlot

I'm weighing up going after Easter. It's hard trying to work out how much is 'enough' for the retired life. I'm lucky enough to earn a reasonable wage at the moment, so its always tempting to work 'one more year' forever.

gterr

Myself and husband are retiring in stages.
We are 60 and 62 respectively. So far we have:


Sold a business that was very labour intensive.
Downsized to a small modern house that's easy to run.
Invested proceeds in S&S in lieu of pensions.
Stuffed cash in three Santander 1,2,3 accounts.
Managed to get my two tiny occupational pensions paid early on health grounds.
Husband took part-time work for 4 years but has now fully retired.
I started volunteering at CAB and, most unexpectedly, am now being paid 2 days a week.
We are doing some casual B&B in the new house (rent-a-room scheme).
Have started SIPPs for both of us, for the tax breaks.


Next will come (in order):
Husband starts to draw state pension
I give up paid work at CAB
I start to draw state pension
We give up doing B&B
Start to drawdown SIPPs
Start to take income from S&S.


Money has always been tight so need to make it work very hard for us. There is a spreadsheet somewhere to keep us on track!

chiefie

marlot wrote: »

I'm weighing up going after Easter. It's hard trying to work out how much is 'enough' for the retired life. I'm lucky enough to earn a reasonable wage at the moment, so its always tempting to work 'one more year' forever.

Lots of people seem to do this .... Perhaps we think we will live forever ?

peterg1965

55 for me, in 5 years time. However, the outcome of this years budget has the potential to derail my plans. I need £260-£300k in my SIPP and £125k savings as my aim/trigger point. This will pay most of my mortgage off and should leave my wife and I with the desired level of income.

Why 55? Because by that point I would simply have had enough of commuting and working for someone else. Retirement to me will mean basing myself at home, maybe a work at home business or a part time job just to keep a little focus.....

Roll on April 2021!