Busy Mee's Last Leg

Busy_Mee

Morning everyone. Just a quick test because I lost a very large post last weekend and it gave me the hump.

Busy_Mee

All good. It seems to be working again. It was probably as well that the post got lost, it was a big moan about work, which has been horrendous again. In fact when I read back through my diary it becomes clear that work is foul most of the time at the moment. Covid has made it extra stressful in terms of the sheer volume of what needs to be done, with the addition of managing in an environment of ever changing restrictions. 

This has all had me refining my retirement plans again.
I suppose that the only consolation is knowing that I can actually leave at any time now. 

I have worked through the finances ( a million times it feels) and we are all good. 

Our pensions literally provide us with what we are living on now.  I have now also set up a new spreadsheet for post retirement that tracks spending our savings (rather than adding to them). Our forever fund will need to fund holidays and big purchases (house or car). I have calculated spending more of the savings for the first 5 years ( until Mr Mee's SRP starts in 2025 ) and then at a lesser rate beyond that. I have also factored in a modest interest rate of 1% and some modest savings from pensions ( I can't see me stopping the odds and sods savings ). The result would be that our forever fund should last 20 years and I will be 77 and Mr Mee will be 82. During that period I should get my SRP and we will probably have down sized the house and there could be some inheritance ( don't want to bank on that though). So we should be fine and to be honest our travelling and holidays will probably be much less at that point. So it all looks fine. I just need to pluck up the courage to hand my notice in after Christmas. I have worked out that because I have loads of leave left now, I could actually leave at the end of April but my last day of service would be in early June. This gives me all the bank holidays through May and will mean I have completed 40 years service.

At the moment I think I will be retiring completely as it has transpired that my boss isn't a fan of part time workers (came up in a conversation about another colleague), he would only consider a job share. Tbh that does not appeal to me. I know I could make it work but I don't want to and I feel very excited about leaving altogether.

The only slight doubt I have is that my boss wants to open up my job for permanent promotion and I would stand a good chance of getting it. I would love to end my career on a high but this would probably make me feel guilty about retiring quickly afterwards, so would probably make me delay. The irony is I don't actually need the permanent promotion financially as it won't enhance my pension ( already getting paid the same). It would simply be a status, vanity thing and actually that is just silly really.

Sorry this has probably turned into another boring retirement ramble, but it does help to set stuff out in writing.

In other financial new there are two new bank switch offers on the market, RBS and Lloyd's . We don't qualify for RBS because we had the switch reward from Nat West in 2018 (thankfully could check back in my diary) We do however qualify for Lloyds so I have switched our final defunct Tesco account and a TSB. That will be another £200 to add to the odds and sods account 

beanielou

Absolutely nothing wrong with wanting to end your career on a high. 

themadvix

Agreed (Beanie), but Busy Mee, don't fall into the trap of 'Just another (XX months)'. If you're good to go and work causes you that much stress, then be free - you never know what's around the corner (sorry, that sounds unduly negative - but I think this year has certainly taught us that!).

But if you retire, don't think you (and the odds and sods) account can leave us behind - regular reports are definitely needed!

South_coast

Definitely, please don't succomb to the dreaded "One more year" syndrome. If work is stressing you out, why not try to bring your plans forward a bit more? Life really is too short x

QueenJess

South_coast said:

Definitely, please don't succomb to the dreaded "One more year" syndrome. If work is stressing you out, why not try to bring your plans forward a bit more? Life really is too short x

Very sensible.  I was stuck in a job that stressed me out and I hated, but could never quite manage to leave.  They've now made me redundant and my overwhelming emotion was relief.  Do what you need to, but now is the time for you to enjoy yourselves.

Suffolk_lass

Lots of good advice above! And if you make it clear to your boss that you intend going and offer to support the new incumbent if they promote substantially, you have two possibilities - they revert you and you lose the salary gap for a few months (but your pension starts to index link from the date of reversion), or they keep you on TP on the higher salary until you go. The annual month for CPI inflation calculation is September so... by the middle of next month you will know what any indexation would be if you revert. For me, my pension was index-link increased to the point where I only missed the salary gap - the pension was as though I had the promotion substantively. Maybe your boss's attitude is the key thing. While some might really appreciate the opportunity for a planned handover, others may see it in ego terms as some sort of betrayal to them personally.

As to the impact of retiring? I worried that I would lose my identity to some extent (successful career, wondering if I could have gone further if the cult of personality were less pervasive) but it just stopped mattering. I (we) love it and want to maximise our time together and apart, enjoying and pleasing ourselves. I still sleep like a feather but often now, right through the night (though I still wake at 0530, I often get up and revel in the traffic, knowing I don't have to). Honestly, you won't regret it!

savingholmes

I too would be tempted to bring the retirement date forward if you are not enjoying work - and if you don't need the extra for your pension. I do think specific plans to help reduce any loss of identity are key though.

Busy_Mee

Thank you all for your kind words and support. I am feeling much better this week because I am on holiday from work. This probably tells you everything you need to know. 

I have actually considered bringing my retirement forward, Mr Mee also suggested it (surprisingly enough- he likes the money ! ) however I think I am going to try and bat it out and hand my notice in at Christmas. I need to give 3 months notice which means if I was to hand it in now would mean retiring in deepest darkest January with no way of escaping to the sunshine at the moment.  Also at the end of December I will have a full year of temporary promotion, which will be my final and best year. 

I think Suffolklass the indexation is applied in April, so my last day of service is May/June it will be applied to that amount.

What I do plan to do is take regular annual leave manage my stress levels, rather than leave it all to the end. I also plan to have another conversation with my boss about the specific role that I perform that is so stressful. I have tried before to stop doing this, but it fell on deaf ears. No one else wants to do it and I am so good at it ( apparently ). 

beanielou

No wonder no one else wants to do it!! 

Glad that you are doing what is best for you.