Another sanity check

Pensions_matter_2

Thanks. That would be quite liberating, as long as the work was interesting. I need to start looking into options. Classic case of too busy at work to explore what else I can do!

Dorian1958

Going part time in your existing job may have some drawbacks you might not have considered. I took a "shallow dive" into retirement 18 months ago, with a view to retiring in 6 months time. I now work 3 days a week. However, I still receive the same amount of email traffic, have to undertake the same amount of CDP, attend the same amount of meetings, and need to maintain the same amount of professional relationships as a full time employee, which squeezes the amount of productive work time available. Also, a deadline set for a week ahead for everyone is only 3 days for me. If I am not careful about my time management I end up checking email at home. Depending upon the nature of the work, going part time because the job is stressful might actually make things worse. My personal experience has been a positive one, but I feel my employer definitely gets their money's worth. I thought going part time might actually extend my working life, but the reality is that it has reinforced my intention to go next year, wild horses would not stop me.

kidmugsy

Ok_for_now wrote: »

Kidmugsy, can I ask you how I would go about looking into a ladder of gilts - not sure I can do that in the schemes I'm am in. Where would I be best moving funds to?

Probably you'd have to move your money purchase pension into a SIPP. We use Hargreaves Lansdown and are very pleased with their service. For a much bigger sum, however, such as yours, you might prefer a cheaper provider (or even split the money across two providers Just In Case).

A good place to look at costs is the Monevator blog.

http://monevator.com/compare-uk-cheapest-online-brokers/

http://monevator.com/compare-the-brokers/

Pensions_matter_2

Thanks for these replies.
Perhaps part time or a fixed term contract with a different employer might be the answer. I wouldn't need the salary I am on now.
I'll look into these links. Extremely helpful.

enthusiasticsaver

I have worked part time for the last 7 or 8 years and retire this month age 57 almost 58. My employer has gradually been taking responsibilities off me over the year so it has been a long wind down. My husband worked flat out long hours full time until he retired last October and his employer did not offer part time so there was just a sudden stop at retirement. This is one reason I delayed my retirement for a year longer to give him time to adjust having so much more time and less responsibilities. I would advise against going part time in your currrent role as I think you would still end up being asked to do the same workload in less hours. A different role with the same employer with less responsibilities would work. My husband has lots of hobbies so has found plenty to keep him busy. Do you have any hobbies or are you planning on travelling etc?

Pensions_matter_2

Sound advice. I think I need to go part time to allow for what I expect to be a big adjustment. I really identify with your post about losing interest! Hoping that reducing my hours and having time for other things might help. Perhaps illogical, but I feel too young to be giving it up entirely!

I would like to improve my fitness, do more with music, and travel a bit, and the house and garden are a work in progress.

Great to get all these helpful comments.

capital0ne

This is all very simple, you say you'll have a pension of £18.5k and you would like £25k.

Presumably your current pay is more than that.

So all you do is live on £18.5k (or £25k) and see what it's like. Can you do it?

There's your answer - too easy!

Pensions_matter_2

Quick update - gave up full time role and now working part-time in a very different job - what a difference! Very glad I made the jump (and plan to continue working till at least 60 if I can), though a difficult decision at the time and took months to decompress (including time to adjust to not having the comfort blanket of much higher earnings).

Still planning to take DB pension at 60, and now working out what to do with the rest (£320k), as will need to top up my income. Finding the thought of withdrawing sums very difficult as have saved for so long (may need some therapy to help switch to spending ..... or may just need a bigger number?). Anyone else had this issue and how did they tackle it??

justme111

I am not sure there is a m!gic solutions for that - many people live and die stressed that they have no money despite having enough. For some big health issues become eye opener. Reading books and watching movies may help to change one's mindset . Counselling - why not. Those are important topics defining quality of life , why not obtain help to sort something that stops you from being happy.

DT2001

Part of our plan involves utilising the whole of OH’s SIPP if she retires at 55. Other pots will be used until SPA when funds will probably rebuild. I just see the past accumulation period as saving for a specific ‘purchase’ i.e. earlier retirement. It is great to have achieved the target. You’re in a position to do what you’ve aimed for so enjoy the fruits of your labours. When you reach SPA all your funding is from DB and SP so anything left, and there will be plenty, could grow again to pass on.