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

fklup

I Have worked most of my life now ..over 40 years ..in that time i have had a life saving heart operation ..now have to take warfarin the rest of my life ..i am in fulltime employment as a delivery driver ..but the long hours [can be 11 hour shifts]and the stress its making my life a misery, i feel as though life is passing me by..no time to enjoy life ..i have worked shifts all my life ..never had a social life ..im single , no kids , never married , no partner ..own my own house , no mortgage ..no rent ..i am now 58 and just drawn my two company pensions off ..not a great deal ..£48,000 tax free lump sum and a weekly payments of £87.00 per week ...i could draw £100 per week of the £48,000 and it would last me till im 67 //therefore giving me £187 per week to live on  , might not even spend that much ..i can live on beans and toast , simple meal a day etc etc .....i don't really need a car ..happy to cycle everywhere ..many hobbies ..play guitar ,walk the dog ,,boredom is not something i suffer from ..lived alone all my life.

savingholmes

Congrats FKLUP - could you get a different part time job perhaps in retail to supplement your pension?

Mrs_Z

Thought I post an update... since we're nearly at the end of the year.
So the original plan was to go at the end of May but with the Covid curve ball everyone started to work from home from March onwards which meant the end of the weekly travelling for me (= less stress).  I was then asked to stay on for a bit longer, and I agreed on part-time basis until the end of August.
So since 1 September, I've been effectively on early retirement (at least in my mind) although officially I'm on personal (unpaid) leave. How has it been? 
Well, I have thoroughly enjoyed the time off and I have not missed work. I thought this would be the case.  I've missed colleagues and the social chit chat during morning coffees a little bit, yes, but the work itself - not.  It's simply wonderful having the freedom over one's time.  
I have not got bored one little bit.  The gyms were closed so I started jogging outside 3 x week - although not a great lover of running, I relish the fact that I can do so outdoors at the time when it suits me - which is around 9ish in the morning!  I've really enjoyed the summer changing into autumn, the colours, the smells.  I've now stopped the gym membership so that's +£60 pcm saving on the monthly budget.
My allotment plot and the garden have never looked better.  I've spent many enjoyable hours outdoors and have also volunteered on the allotment committee in order to give back a little.
We've kept our cleaning lady, but reduced the frequency from weekly to fortnightly, so I've picked up the slack myself cleaning every other week, again - I don't mind doing it now that I have the time.
I've challenged myself to cook us 1 meal a week - this has not gone so well.  It's not something I've ever enjoyed and seems that after 9 weeks or so, I'm ready to throw a towel in on that one!   
Also on my 'to do' list is a pile of 5 books that are awaiting to be read.... once I get to them...
How about the finances?
This is an interesting one... my S&S ISAs took a plunge to the effect of around -20% in the spring which was really scary.  They have now more or less recovered so it's all good.  It just highlighted the need for a decent cash buffer.  Currently I'm about 50:50 cash/equities but foresee still a yearly investment in ISAs for the next 2-3 years to reduce the balance to the tune of 40% cash 60% equities - cash representing around 5 years worth of living expenses in cash. Probably overly conservative, but that's probably the right balance for myself. 
I've set myself a monthly budget which I've kept to - but like many have mentioned, the hardest part is changing from a life long saver mentality to a spender mentality. Luckily the bottom line on the spreadsheet has held up very well, mainly due to the stocks recovering but it's hard to get used to the overall balance going down rather than up!  
How's everyone else doing?  Anyone made the jump from work to leisure recently or aiming for it in 2021?

MallyGirl

Glad it is going well.
Still planning for 58 here - last year of mortgage and final year of daughter's uni course - so 4.5 years to go. In times stress at work I console myself with the thought that I am only 18 months from the magic 55. I already worked from home so not much has changed there with COVID although now OH does too and doesn't see that changing. We have been using some of our holiday on some significant redecoration and have had some work done in the garden that would have taken us a lot of effort (picket fence and gates to keep dogs out of my veggie patch).

barnstar2077

Things are ticking along for me.  I am waiting to see how much my payout will be from my personal injury claim.  The insurance company have admitted liabilty.  If it is roughly the amount I think it will be I will shave a couple of years off of my early retirement plan.  It will still be nine yesrs away however.   But I have worked for my current employer longer than that, so I feel like a prisoner who knows he has served the majority of his sentence already : ) 

randompenitent

Not sure it counts as “early” nut I’m planning to stop work early next year. Perhaps the end of January, maybe a little later.  I’m 59.

Plans after that include sailing - a very time-counsuming pastime since sailing boats go quite slowly - and I hope to take full advantage of the fact that holidays will no longer be restricted to 2, or at a stretch 3, weeks. 

I’ve been thinking of stopping work for a few years now, but there’s always been an excuse to carry on.  I’ve been lucky enough to enjoy work and to be paid well.  But there comes a point when the recognition that the time I have left to do some of the other things I enjoy, and to do so while healthy enough, is running out.

I’m looking forward to being able to relax in the evening without feeling guilty or that there’s really something work-related I should be getting on with.  To take a holiday without the knowing the clock is ticking ready to call me back to work. 

Exciting, isn’t it?  

Dizee123

Its really inspiring reading everyone's plans to quit the world of work and maximise their leisure time.  
I plan to stop working in July 21 when I will be 58 and perhaps just get a part time job during the winters until my DB pension kicks in when I am 60.
I am really enjoying ignoring all e-mails that relate to restructuring (after checking their is no chance of redundancy!), new corporate systems etc. and being able to say no to managers trying to foist their latest pet initiative on me as it would be a 'good development opportunity' for me.  I have a really interesting project, some lovely people in my project team and for the first time in a long time work is almost enjoyable due to Covid concentrating the minds on what is really important.  I'm pleased that I am maintaining my enthusiasm and motivation for work, and even coping well with working from home for the majority of my time.  I'm looking at it as good practice to being home more in retirement as previously my job involved long hours in an office environment.
When I get past Xmas, the spreadsheet will go green and I could go at any time if it becomes completely unbearable, which is a nice option to have.  I'm only hanging in until July as I have set my heart on having a fancy garden office building to replace my falling down summer house.  I will also gain another year of NI contributions.
Good luck with your plans everyone.

Brenster

I cant help reading this thread and think that many of us are wishing our lives away ! I am saving and planning for my retirement, but we must all remember to live for today also.  

bluenose1

I am 54 and applied for VR late last year. The offer was delayed because of Covid but now that I am able to wfh so no longer have such a long commute I decided to stay at least one more year. So if it wasn’t for Covid I would have retired by now. On the positive side I think all this has made me realise I want a bit more of a financial cushion than I previously planned, so probably it’s for the best.

The weeks are going by so quickly I can’t believe it. I love payday so I can see another large chunk added to my pension pot.

I am hoping for another VR scheme just before any return to work, though if there isn’t one I am hoping they will allow us to continue wfh 2/3 days per week.
The end is definitely in sight work wise thankfully. Had enough of all the corporate BS. 

drummersdale

I will have completed 40 years in the CS pension scheme next October so was contemplating asking for partial retirement when I am 59 which would be 450 days away - take my lump sum pay off some bits and pieces then work for 3 days a week for perhaps another 3 years while my wife catches up - she’s in CS pension scheme too but 5 years younger. Not sure whether retiring in February or waiting a few months more into the new tax year makes a difference. Am waiting with interest to see the options that spill out of the McCloud judgement as it may be that I get the few years from Alpha put back into the Classic scheme if that is the better option. Working though lockdown I realise how lucky both my wife and I have been and if I’m being completely honest I’m not bothered about going into the office again I’m perfectly happy WFH. People tell me that pension plus part time salary equates roughly to what I would be getting for 5 days so if I can get anywhere approaching that I will be a happy man. Current salary is around £50k so assuming 40 years plus a few% for retiring a year early lump sum should be around £75k plus £25k a year pension I think.