Contemplating retirement

fly-catchers

I am almost 60 and will get my NRA60 pension from Royal Mail shortly. Originally I would have accessed all my pension them, but in 2008 they changed the scheme from Final Salary to Career average and everything after 2012 moved to NRA65. I will have done 30 years next year but thanks to moving another pension to RM and buying Added years AVC will have 30 years final salary and 2 years Career average next year. With the other 8 years at 65 unless I decide to take it early and lose 5% per year. The career average DB pension is shutting in March 2018 to be replaced most likely by a DC of some sort. But the unions and RM are fighting out over that at the moment. But whatever happens the current DB will end.
I have worked out that although there is a hit of about a £90 reduction to my current weekly wage if I go, I will have enough from the pension to cover all current outgoings per month and leave some left over. I also have a reasonable amount of savings in S&S and cash ISA's and other saving accounts. But it is still a momentous decision as to whether to go or not. The job has changed a lot these last few years and the pressure to do the job at the speed of a 20/30 year old is constant. Also my feet and knees are causing regular pain most days. And I feel truly knackered every day with no energy to do much else when I finally get home! I find I don't even get much energy back after week or fortnightly holiday's. Although one much younger colleague who was off sick for 8 weeks told me he did not feel energised for at least 6 weeks and them finally felt so much more interested in life. Before going back to work and the old routine of being tired kicked in again!


I just hope if I do go I will finally feel I actually want to do things again because I dread just being sat at home doing nothing but feeling tired.. Decisions decisions!!

tacpot12

If you can retire, I'd recommend you do.

jennyjj

fly-catchers wrote: »

I am almost 60 and will get my NRA60 pension from Royal Mail shortly. The job has changed a lot these last few years and the pressure to do the job at the speed of a 20/30 year old is constant. Also my feet and knees are causing regular pain most days. And I feel truly knackered every day with no energy to do much else when I finally get home! I find I don't even get much energy back after week or fortnightly holiday's. Although one much younger colleague who was off sick for 8 weeks told me he did not feel energised for at least 6 weeks and them finally felt so much more interested in life. Before going back to work and the old routine of being tired kicked in again!


I just hope if I do go I will finally feel I actually want to do things again because I dread just being sat at home doing nothing but feeling tired.. Decisions decisions!!

Hi mate.

I tell you JFDI.

If you can afford it, and it sounds like you can, then do it.

Look at it this way: There are a few dozen or a few hundred 'friends' or associates at work, whose company you enjoy to various levels. When you leave, you will get unrestricted access to about another 6billion. So, being bored or lonely is not a problem.

You have to leave one day, so get out there now and start your new life while it's easy enough.

Or work yourself into the grave and die rich as Cresus.

My beloved kept persuading me to stay 'one more year, one more Xmas party etc'. But taking the decision to leave and forcing the point home after proving the finances were strong was the best thing I ever did. Now, we are both retired, and neither of us misses work for one second.

Enjoy.

And pension actuarial reduction is not as bad as it might seem.

gibbo9

From your post I'd be filling the forms in now. We did the same in March (aged 60 + 55) and haven't regretted it, no time to be bored. One thing we didn't plan for was my melanoma returning after 6 years clear in September but doing well now, but just goes to show you don't know what's round the corner. Go for it you won't regret it

k6chris

You have answered your own question just by asking it. Go, be happy and live your life to the full. And just by typing this reply, I know what I need to do in 2018.....

babyblooz

From a personal point of view, I retired around two years ago.

Just like you, I had become weary and physically tired, run down from catching every cough and cold going and was expected to work harder than ever and be enthusiastic about every 'new' work initiative that came around.

I had worries about elderly parents not coping and family that needed me to be around. I worried about the money side of things but I also knew that I had a lifetime of money saving tricks I could bring into play if push came to shove.

Two years later and I now know it was the BEST thing I could have done. I sleep better, much better, and I don't have the coughs and colds that I once had. I am able to shop at different times to pick up a few yellow sticker items that help stretch the pennies and I cook more. The money side (which worried me a lot before I finished) has worked out fine. If I want to spend I can, but often I prefer a good book and a coffee and a chat with a friend but you will find that pleasure can be gained in so many different ways when the day is free to spend as you choose.

I could go on, but I won't. It will be your decision, but no amount of money can buy time and peace of mind.

fatbeetle

Retired last month at age 58, best thing I've ever done. You cannot buy time, you can only use what you are allocated. Time with family and friends, time spent in fulfilling activity, time spend enjoying life, is, and will remain, my priority

bostonerimus

Finances are just one of the considerations in retirement: the psychological considerations are just as important. It's vital that you discuss these with your partner and have a good idea of what you'll be doing for the next, maybe, 30 years. That might be doing more work around the house, looking after grandkids, pursuing hobbies, volunteering or even a part time job.

I retired 4 years ago at 52 with the intention of doing a lot of cycling, reading, gardening and theatre going. I was happily doing all those when an old colleague asked me if I wanted to do some part time work....so I added that too. In short have a plan, but you don't necessarily have to stick to it, just enjoy yourself....you've earned it.

jamesperrett

fly-catchers wrote: »

With the other 8 years at 65 unless I decide to take it early and lose 5% per year.

It might be worth checking the 5% figure - this was the figure often mentioned for my pension but when I actually looked into it the reduction for going 5 years early was only 4% (and even less for the lump sum). The annual percentage reduction depended on how early I went and the annual percentage increased the closer I got to retirement age so at one year before NRA the reduction would have been 5%pa but at 10 years below NRA the reduction was about 3.5%pa.

Wentthedaywell?

I flexi-retired this year, and do half a week's work. Is this an option for you, Fly? It's the best of both worlds, getting used to the extra time rather than going over a cliff-edge of worklessness and it's easier to put up with work knowing one's only there a couple of days, then 5 days off.

In terms of finances, I'm actually better off - all my pension plus half wages, and I'm not spending money/running up gas bills while I'm at work either!

Stubod

We went earlier this year, (60 and 58).....I thought MOH would really miss work, but they haven't, and they absolutely love all the "free" time, (used to work full time for 35 yrs). I miss work, (but not the job I had.....could not wait to leave), so I started a couple of part time / contract jobs just for something to do, (ie "no stress" type work).

We were going to go a year or two earlier but got stuck in the "one more year" trap. Finances bearing up OK, (particularly with the bit of "unplanned" part time work income)...no regrets so far..

..GO FOR IT.....you know you want to... ...