Plotting for an early retirement - anyone want to join me?

Bravepants

My plan is to go at 55 too. I have 3 years to go, spending DC down and 3% from ISA until 60, then DB plus ISA. I have contingency plans also. If desperate I can walk away this year and never look back! If less desperate I can walk away next year with a bit more comfort, and so on. A VR scheme now would mean that I would retire immediately! I think I'm lucky to be in such a nice position. 

MallyGirl

Still planning to go at 58 - 5 years to go. VR would be a dream come true for me. I thought I had got DH more used to the idea of going early but now he is nervous again after the market falls. I will just leave it without discussion for a couple of years.
At 58 our mortgage has to be paid off (on track for that) and DD will be in 6th and final year of uni (subject to her being awarded the grades she needs in this year's A level exam substitute system). We will have enough money to do what we would like by then but I will be trying to fit in a couple of the big ticket holidays in while still working to ease DH's concerns - we can always work an extra 6 months to pay for them if it comes to it.

crv1963

Mrs_Z said:

Hello to everyone,
thought I post a little update.   

Hi Mrs Z- My update- today I officially retire from the NHS. It is all of course a bit bizarre as in these times I couldn't just walk away so am re-employed same role, same Team, same hours. I have been asked to provide cover for another Team a further hours commute away from home so now have a 3 hour drive to work from next week, but as with my last role I have arranged accommodation near the workplace and the shifts to be in blocks of 3 or 4 nights. It has blown the idea of agency working out of the water for the time being, depending on how long the pension rule changes brought in by the Emergency Act are in force. I'm more than happy being directly employed by NHS rather than agency working in the NHS.

Plans are to use TFLS to pay off the mortgage - more for Mrs CRV peace of mind than actually a need but I simply take the view that we're a partnership and a happy wife leads to a happy life! We are going to go ahead with extension- replacing the conservatory with a "proper" brick built extension. 

Our builder self employed has resumed work, socially spacing isn't difficult, he's in the loft converting it, we keep the appropriate distance when he comes down the now fitted stairs. The main difficulty he is having is deliveries of materials so the work is progressing at a much slower rate than he and we would like. For instance the window frames are made but the supplier can't get the made to measure glass to go in them.

Spending is down, I had to take my car to the local garage for a repair - clipped a deer on a house call at 3 am- it just ran off but has damaged my fog light- was told may not be able to repair it if a new clip is needed as the part may not be able to be supplied. It is still legal and safe to drive so not the end of the world. 

MallyGirl

crv1963 said:

Plans are to use TFLS to pay off the mortgage - more for Mrs CRV peace of mind than actually a need but I simply take the view that we're a partnership and a happy wife leads to a happy life! We are going to go ahead with extension- replacing the conservatory with a "proper" brick built extension. 

You won't be sorry. We had an orangery built on the back of our house, with underfloor heating, and we spend the vast majority of our time in there.

waveydavey48

bluenose1 said:

I was planning to retire in 14 months at exactly 55 but have recently applied for a `VR scheme in work. If accepted likely to go by end of  August.  Although I should really work a couple more years to top the savings up more I have had enough of the stress of working. I feel like a different person when I am off work. Will live off DC pot until 60 until DB Pensions start. My income will be approx £12k per annum and my husbands £20k until 67. We also have additional income of £10k per annum from BTL. 

Bit worried am I making the right decision but I don’t often read about people who regret retiring early. 

Good move. I retired last year at 57 and love it. Mind you I had the extra fun of commuting via Northern Rail and not having that daily ordeal is enough of itself to make me happy.

RetSol

It's good to read so many positive stories about early retirement on this thread.  I have just taken my DB pension at aged 55 and am reviewing my finances generally at the moment. I will have to work for a few years yet but I will not need to earn much and am in no hurry.  I am glad to be out of the workplace at the moment as the current crisis will be imposing additional pressures on people in most jobs, I would have thought.  I did not plan my retirement.  A fixed-term contract ended last last Autumn and I simply decided then to apply for my pension which finally went into payment on 6th April.  After a number of years of working on short-term contracts, I wanted the security of knowing that the bills would be paid.  I also have a modest dc pot (which I will use up over the next 10 years) and a small amount of investment income.  I plan to work part-time until I am 65 and then downsize my property before drawing a full SP at 67.  I signed on the dotted line for the DB pension two weeks into the lockdown. My anxiety levels were sky-rocketing what with one thing and another but I thought about Autumn 2010 when I took VES from the civil service.  I have never regretted that and I don't think that I will regret this latest decision either.  I am enjoying life as a housewife, for the time being.  In addition to applying for the pension last Autumn, the other decision I made which has stood me in good stead lately was to attend a workshop on making sourdough bread!

savingholmes

Lovely to hear people's updates. I am still awaiting a revised cetv in the hope of transfering my DB pension into a SIPP. I know it is a risky time but would rather the money was more accessible. If it all goes through okay - I could access it in 5 years time. Still paying CCs off for now - then plan to put into SIPP for DH. I did hear of some people transferring their pensions annually into a SIPP from the workplace scheme so may investigate that too. We still want the option of retiring at 55 if at all possible.

cfw1994

MallyGirl said:

crv1963 said:

Plans are to use TFLS to pay off the mortgage - more for Mrs CRV peace of mind than actually a need but I simply take the view that we're a partnership and a happy wife leads to a happy life! We are going to go ahead with extension- replacing the conservatory with a "proper" brick built extension. 

You won't be sorry. We had an orangery built on the back of our house, with underfloor heating, and we spend the vast majority of our time in there.

Congrats on the slightly-odd-almost-retirement, @crv1963      Stay safe with the new 'temp' role!
Another echo for the brick-built orangery/sunroom - we did ours a few years ago, right across the back of our house - a great space to enjoy the damp days inside, as well as being very usable all year round.   We also went with wet UFH - bit tricky for the pipework, but the plumber did a great job (all hidden), and works a treat for us.
We also used a chunk of TFLS to clear the mortgage.  Probably actually not the absolutely best fiscal thing to do, but did remove a chunk going out each month which can go into other things, & is one less thing to sort!

crv1963

cfw1994 said:

MallyGirl said:

crv1963 said:

Plans are to use TFLS to pay off the mortgage - more for Mrs CRV peace of mind than actually a need but I simply take the view that we're a partnership and a happy wife leads to a happy life! We are going to go ahead with extension- replacing the conservatory with a "proper" brick built extension. 

You won't be sorry. We had an orangery built on the back of our house, with underfloor heating, and we spend the vast majority of our time in there.

Congrats on the slightly-odd-almost-retirement, @crv1963      Stay safe with the new 'temp' role!
Another echo for the brick-built orangery/sunroom - we did ours a few years ago, right across the back of our house - a great space to enjoy the damp days inside, as well as being very usable all year round.   We also went with wet UFH - bit tricky for the pipework, but the plumber did a great job (all hidden), and works a treat for us.
We also used a chunk of TFLS to clear the mortgage.  Probably actually not the absolutely best fiscal thing to do, but did remove a chunk going out each month which can go into other things, & is one less thing to sort!

It was very bizarre, accepting a bottle of single malt, a multi-pack of crisps (an in office joke about my night shift consumption) and a card while all present knew my retirement will last the whole of the 1 May then back to the coalface!

Mrs CRV jokingly asked if I am bored yet- I responded yes I think I'll go back to work to which she replied good you're under my feet! On a serious note though we both intend to go when we're in a position to. 

The plans for the extension do say "Sun Room" and it has windows in the three outside walls as we want it bright and airy. It'll give us views across part of the garden we never really see as it is either too hot or too cold to sit in as a Conservatory. I'll still end up in the greenhouse or the shed I expect!

andy001

Congratulations crv1963 for start of retirement!
I heard NHS pension agency is very strict with 24hr break rules- then you may have to work 16hrs a week for 1/12, if I'm not wrong!