Financial Independence . Such a lovely feeling.

bluenose1

My employer is currently reviewing working processes and early days but the word "shrinkage" has been mentioned. Enough to send a chill down my spine.
I have worked out the figures and thanks to all the tips I have picked up on this forum i am not too financially worried about being made redundant.
Working another year or two will be a financial bonus but not essential. Can't tell you how relieved I am that redundancy doesn't hold that fear. In fact I think I would welcome it, though my preference woukd be for it not to happen for 6 months or so to have more in my D.C. pension pot.

Though have been through redundancy before and apart from the financial aspect just the toxic situation can be upsetting as you don't want colleagues to lose jobs etc.

My hours and hours of research and spreadsheets may becoming too fruition earlier than I planned. Win/ win either way hopefully as I intend to go in just over 2 years at 55.

Wentthedaywell?

I remember feeling very vulnerable when I was 50 and redundancies were being discussed. I wouldn't have got much of a redundancy payment beyond the statutory and it would have been hard to find a similar post in nearby organisations. I still had a mortgage.

It was such a relief when I hit 55 when I would have been eligible for full pension if made redundant.

It's fabulous now at 61; I'm still working part-time but I know I can just leave at any time. It's like a huge pressure, that I wasn't even properly aware of, has been lifted. I'm happier than I have been for decades, all because of the freedom.

Sea_Shell

I agree, that feeling of knowing that you don't NEED the job, if the do-do hits the fan, but it's nice to have in the meantime.

molerat

I remember the R word being used when I was just coming up to 55, my role didn't go so I had to tell them to stick their job without getting the payout

jim8888

Having tried Early Retirement, and gone back to work, I'm only a fan of half of the FIRE acronym (Financial Independence Retire Early). While I question the RE part of the equation, I just can't find any fault with the FI objective.

OldBeanz

Yes FI is marvellous. I am waiting my youngest to go off to uni in 18 months but work in a job 2 days a week which I have more enthusiasm about than anything I have done before and while tiring, it is not an issue for 2 days. That and the fact I was getting a better pay rate 30 years ago means that there is no way I could have made a career out of it but enthusiasm is great at my time of life .

Malchester

Yes great. I am in the same position - savings and pensions - so I am looking to finish soon (age 61) after almost 40 years working 5 and more often 6 days a week. Great sense of calm knowing I can do it

JoeEngland

jim8888 wrote: »

Having tried Early Retirement, and gone back to work, I'm only a fan of half of the FIRE acronym (Financial Independence Retire Early). While I question the RE part of the equation, I just can't find any fault with the FI objective.

What's the point of FI without RE, is it just the lack of worry if you get laid off?

kev2009

Can't wait till i get to FI, however this is some way off i fear.

Changes happening in work so unclear what at holds in the future and as still have mortgage, which i'm hoping to clear in next 15 years which takes me up to 56 so almost at early retirement age but then need to focus more on pension as although i hair a fair % going in and a reasonable amount in the pot already, predictions are around £9k a year from it so far from ideal, i was hoping for 20k from it plus state on top, which at the moment i'm on track to get full SP.

Thought of loosing my job is a worry, not sure i'd get a similar paid job elsewhere. Not that it's fantastically paid,its just salaries have dropped in the industry,plus thought of starting from the bottom again etc. Still lets hope doesn't happen and can carry on where i am for now. Thought of being mortgage free and having a reasonable pension planned, is great, if only it all comes true!

Kev

bluenose1

kev2009 wrote: »

Can't wait till i get to FI, however this is some way off i fear.

Changes happening in work so unclear what at holds in the future and as still have mortgage, which i'm hoping to clear in next 15 years which takes me up to 56 so almost at early retirement age but then need to focus more on pension as although i hair a fair % going in and a reasonable amount in the pot already, predictions are around £9k a year from it so far from ideal, i was hoping for 20k from it plus state on top, which at the moment i'm on track to get full SP.

Thought of loosing my job is a worry, not sure i'd get a similar paid job elsewhere. Not that it's fantastically paid,its just salaries have dropped in the industry,plus thought of starting from the bottom again etc. Still lets hope doesn't happen and can carry on where i am for now. Thought of being mortgage free and having a reasonable pension planned, is great, if only it all comes true!

Kev

At least you are thinking about your pension in your early 40s. Took me to over 50 to have an epiphany. Though was lucky we had available money to put in the maximum in my pension pot plus I have a couple of deferred DB pensions.
The thought of losing your job can be a real worry I know. Hope it all works out for you.

bluenose1

JoeEngland wrote: »

What's the point of FI without RE, is it just the lack of worry if you get laid off?

FI means that if the sh*t hits the fan work wise you can just be a FU!!
I am not sure what age I will go at, though likely to be 55 or earlier, depends on if I get moved to a role I hate etc.
Perversely having the money to just walk if I want makes it easier to go into work.