The final countdown....

k6chris

With (early) retirement in sight (I need a better word for it than that) what are the things I should be thinking about /doing whilst still gainfully employed? Morally this would not include pinching the stationery, as I still have plenty left from my previous job

Thanks
Chris

enator

Stationery

Nick a Herman Miller chair for your home office

xylophone

Nick a Herman Miller chair for your home office

That's stationary.....:)

molerat

xylophone wrote: »

That's stationary.....:)

No wheels ?

atush

I would-

maximize your pension contribs this year to the max (and use carry forward if available).

If you know your 'number' attempt to live on this amount as a test drive- banking any extra income not being put into pension

Use your S&S isa allowances

Refinance anything that needs doing while you have income.

Utilize leave if you dont get pay in lieu.

Marine_life

I think it goes without say that you need to think about:

1. How much income will you have / need? Does that cover your.....
2. Expenses....have you made sufficient allowance for inflation? the unexpected?
3. Have you worked out what you will do? You may be fairly fit now but what happens if you can't do the outdoorsy things you have planned?
4. Make sure you time your leaving date to allow for annual bonuses.
5. Have you checked with your other half? Are they happy with your decision?
6. Do you really want to FULLY retire? Could yoiu get a nice side gig with your employer to ease your way into retirement?

You'll know that I've spent many many years thinking about earliy retirement and am almost there (30 June), by staying a little longer than I wanted I've managed to arrange a nice leaving package which means we will be materially better off. This is [possibly] the most important decision you will make as it will impact your living standards for the rest of your life so why not use the chance to negotiate - you have nothing to lose.

If you tick all the above then good luck!

bostonerimus

Double check the pension, your asset allocation and your budget....make sure you have a contingency fund.

Pay off debt and pay for any expensive items that need replacing while you have a salary........so major house repairs, an new car etc.

The year before I retired I had a new roof put on the house and bought a new car, however, I should have replaced the furnace too as that had to be replaced in 2 years into retirement.

ianthy

All really good advice from other forum members. I cant tell you how many times I checked my finances to assure myself that I really would have enough money and buying a costa caf! would not cause a financial breakdown. Also planning for replacing bigger items car, appliances etc., I would also start to plan how you intend to use your time - the first few months will feel like an extended holiday, then you will catch up on chores. Then what next? start to plan for new activities/interests that you would like to try. One thing to avoid is the brigade that know you will not be working and then you should be around to pick up their kids, collect their parcels, check on their builders etc.,

bostonerimus

I retired in Feb 2014 and took the spring to do a lot of bike riding in prep for a cross USA ride. I did that in July and August. I now try to do at least one long tour each year. I'm also fixing up the house and garden and the place looks far better than when I worked. I go to the cinema and theater a couple of times a week and drinking with friends. I've found myself reading a lot more and have renewed subscriptions to Private Eye and The New Yorker and actually finish them each week. I do a lot of reading in coffee shops and in the local park. A old colleague has also asked me to do some consulting so I spend around 10 hours a week doing that.

GazHol

Also make sure that you have financial relationships with the banks / buildings societies that you think you will need (e.g. high interest current accounts) - having full time employment may give you a better rating on applications.

theoldgreychap

Can you use any sabbatical or parental leave options made available by your employer as a run-in? They may include ongoing payments for company car and even pension contributions for several months. For instance I may be able to take advantage of a few months 'unpaid' parental leave on my departure seeing as my youngest may not be 18 when I stop. Company car allowance, medical insurance etc will continue to be paid...