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

crv1963

andy001 said:

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! 

It was the rule but they have dropped the 16 hour rule under the Emergency Covid-19 Act. Now the rule is simply have a 24 hour break in service, then get back to work. Today is my 24 hour break in service, I left at midnight and am re-employed at 00.01hours tomorrow.

My first retire and return shift was booked for Tuesday. Rather ironically I was called yesterday and asked to now return Monday night and work through to Friday morning. So my first retire and return shift is overtime. The working time directive has gone out of the window, but to be fair most I know try to keep their hours down to 60 per week - including me. Everyone looks after everyone else in terms of support and basics like ensuring you've eaten/ taken fluids (aka a cuppa).

I think that what the current situation has illustrated is how close and effective the Team is that I work in, it is very easy to be critical of management and corporate functions but they have all been really good where I work and supporting us well in delivering frontline services. Ensuring that there is actually enough people on a shift is a task in itself, 

savingholmes

Glad there are some positives in a tough situation. Thanks for what you do

cfw1994

I recommend a 'lantern roof' if possible - we love that!
On the topic of retirements, 2 great friends of ours both finished yesterday too.....properly!    We've had to raise a glass remotely, which just isn't right.....but 2020 is what it is......
 
Having seen 5 other friends retire in the past couple of years, I've noted how they all seem to drift back into various jobs.....frankly, I've been disappointed, & I'm hoping the latest 2 will show me a proper example into the way of a 'proper' retirement of fun/adventure/lie-ins and nights out 

crv1963

cfw1994 said:

I recommend a 'lantern roof' if possible - we love that!
On the topic of retirements, 2 great friends of ours both finished yesterday too.....properly!    We've had to raise a glass remotely, which just isn't right.....but 2020 is what it is......
 
Having seen 5 other friends retire in the past couple of years, I've noted how they all seem to drift back into various jobs.....frankly, I've been disappointed, & I'm hoping the latest 2 will show me a proper example into the way of a 'proper' retirement of fun/adventure/lie-ins and nights out 

Lantern roof isn't possible but we're thinking of getting one over the kitchen. Several friends have retired and returned, some due to the covid, one was so bored he became a delivery driver and of course many have just called it a day and are loving it. 

vulcanrtb

vulcanrtb said:

Hi all, I'll join in, hoping to also retire at 55 which is the end of 2020. So I can also say "I'm retiring next year", but with one proviso, see how the markets go :P

  

garmeg

Think I will join in here. I am 56 with two small DB pensions, two SIPPs plus a current work DC pension that gets partly transferred to a SIPP every so often (better choice of funds). Hoping to retire next year at 57 but more likely in 2022 at 58. Work doesn't really cut the mustard for me any more.

Full state pension already accrued, assuming rules dont change, and payable from 67.

1813

I would like to if I am being honest but truth is, I cannot see myself retiring before SP age of 68. I know its selfish but I just cannot see myself stopping work at any age beforehand.
Some may know my situation. I am 38, I live at home (just too expensive where I live to move out) and I work for the NHS. I have worked for the NHS for two years as a bank worker, which I much prefer to working permanently as it gives me added flexibility.
I have 2 db pensions, one from the CS of around 4k a year which isnt bad for 10 years working and a small NHS pension of around £500 a year through 2 years work. I am trying to gind ways to maximise my retirement fund plus I have 18 years of SP contribution which I am hoping may, when combined with the other pensions, pay a somewhat decent figure at 68. I think staying at the NHS would be best as they have the best pension but I also find it stressful and impacts heavily on my personal life and even tougher with Coronavirus, too. 
So the good news is time is on my side though I have little experience in investing and the question is, have I done a good job already and will I have enough at 68? Having used calculators around the internet, i may have enough for a frugal lifestyle but as long as i have a roof over my head, I don't care. That has to be the most important thing. I am also a bit annoyed one cannot transfer a public pension as this would have solved some issues maybe but I understand the circumstances as to why.

Bob2001

Well it looks like I will be retiring early, although not planned, and I’m not certain I can really afford it, as covered here:
https://forums.moneysavingexpert.com/discussion/6203663/redundancy-early-retirement#latest
But come 1st Jan, I will be trying my best - but maybe a part time job will help smooth the transition...

garmeg

I have asked for ER quotes for my 2 DB to see if either / both are worth taking early. Both old insurance company pensions when I worked in life insurance many years ago. The ER factor is 3% per year early (pro rata for months) for both which look reasonable and may make the pensions worth taking now. Both have an equalised NRA of 60. I can use this to up my DC contributions to see where I am at.

Hopefully I can retire early next summer. :beer

cfw1994

garmeg said:

Hopefully I can retire early next summer. :beer

I'll drink to that, hope it all works out well for you!

vulcanrtb said:

vulcanrtb said:

Hi all, I'll join in, hoping to also retire at 55 which is the end of 2020. So I can also say "I'm retiring next year", but with one proviso, see how the markets go :P

  

*cough* how did they go *cough* 
I'm still looking for my crystal ball to help my plans, but I've mislaid it...

Well, I'm joining the fun here - I now have a countdown clock with <200 days showing.   
Slightly scary as well as very exciting.  
Looking forward to an empty calendar, and the summer days stretching out with no single thing to do but a million possibilities.
Plenty of things to be done before the body gives up and we start to feel old.     Walks, cycling, camping, a backlog of reading to catch up on, random trips around the UK (no desire to travel further afield for the foreseeable future!).  The possibility to visit our 'youngsters' as they find their way, both currently over 300 miles away.   Not to mention a myriad of small home decorating and DIY tasks to prioritise and perform.   We also have an IOW holiday cottage that we will be managing from next month  (msg me for details!), so plenty to keep us busy.
Work has less appeal as the reality of the timeframe sharpens into focus.
I'd like to thank many here who have given encouragement (not just directly to me, but many others, on threads like this).  The "grey wedge of death" looms large as we age, and the need to crack on with things beyond work is a pretty good idea!