FIRE - How did your Boss/Colleagues take the news?

Sea_Shell

I thought I'd ask this here, rather than the Employment section of the forum, as I think it's more relevant.

For any of you that have put your FIRE plan into action, and retired early, how did your resignation go down at work? Especially if you were under 55.

Did you just give your standard notice, or more warning?
Did an "event(s)" at work push to you towards making that decision, sooner rather than later?
Did they have any idea about your financial circumstances beforehand?
Did you face any jealousy or hostility in being able to leave, during your notice, or any "it's alright for you" type comments?
OR did you just say you'd had a win on the lottery!!!?

And for those of you "on the cusp" of FIRE, how do you think the news will be received at work, when you do hand in your notice?

Genuinely would like to know how you all got on.

Cheers:beer:

AnotherJoe

Sea_Shell wrote: »

I thought I'd ask this here, rather than the Employment section of the forum, as I think it's more relevant.

For any of you that have put your FIRE plan into action, and retired early, how did your resignation go down at work? Especially if you were under 55.
Not applicable to me unfortunately.
Did you just give your standard notice, or more warning?
Officially, standard, unofficially with immediate manager more for joint benefit.

Did an "event(s)" at work push to you towards making that decision, sooner rather than later?
Only the general and ever increasing tedious bureaucracy

Did they have any idea about your financial circumstances beforehand?
"they"? If you mean "management", of course not. Colleagues, yes some since I was always boring them with pension issues and planning.

Did you face any jealousy or hostility in being able to leave, during your notice, or any "it's alright for you" type comments?
One or two from people unable to take the time to plan so they could do the same mostly because they just assumed it was impossible so didn't try. The main comment was "but what are you going to do with your time?" to which my answer was never "are you so sad that you need to put up with this carp to give your life meaning?" but instead usually "whatever i want to whenever i want to do it"

OR did you just say you'd had a win on the lottery!!!?
Certainly not. At least you can help out the few with vision to see its not impossible to get out before they push you out in a box. I know a couple now (out of dozens so not a high hit rate !) who are well on the way.


And for those of you "on the cusp" of FIRE, how do you think the news will be received at work, when you do hand in your notice?

Genuinely would like to know how you all got on.

Cheers:beer:

Have never had a single day when i thought "hm I really wish I was in the office today", or "damn I just remembered I'm not getting up at 6am to catch a train into London and getting on the tube at rash hour, what a pity"

davidscot

Forgive my ignorance but what does FIRE stand for?
I am getting to an age where work is becoming too much for me and looking for a way out

JoeCrystal

davidscot wrote: »

Forgive my ignorance but what does FIRE stand for?
I am getting to an age where work is becoming too much for me and looking for a way out

Financial Independence, Retire Early

davidscot

JoeCrystal wrote: »

Financial Independence, Retire Early

Ah right thanks for that

davidscot

As to the original post I would walk out the door and not give two hoots about it

NoMore

WGAF, your doing it for you not for what your colleagues and boss thinks

comeandgo

I have given my immediate manager 6 months warning but I don't think anyone gives a damn, it's not uncommon for early retirement where I work.

EdSwippet

Sea_Shell wrote: »

For any of you that have put your FIRE plan into action, and retired early, how did your resignation go down at work? Especially if you were under 55.

Retired at 55. Smooth exit. After three months I doubt anybody noticed my absence.

Sea_Shell wrote: »

Did you just give your standard notice, or more warning?

Standard notice, but I had been discussing the possibility openly with manager and HR for several months beforehand. See below for why.

Sea_Shell wrote: »

Did an "event(s)" at work push to you towards making that decision, sooner rather than later?

Yes. The government reduced the pensions LTA from £1.25m to £1m at pretty well exactly the point I had £1m in my pension. That left me the choice of taking FP2016 or losing £63k of my future tax-free lump sum.

Taking FP2016 means no more pension contributions, ever. My employer had a good salary sacrifice scheme with decent employer pension matching, but despite heavy negotiation it flatly refused to replace this with improved salary or any other benefits. Over the four years more I had planned to work, this too came out to around £60k in lost future benefit after adding up losses of employer match, sal sac top-up, and tax rate arbitrage.

Rather than pick one of these two unpalatable alternatives, I chose instead to retire. Manager and HR were sympathetic, and fully understood and respected my decision, but their hands were tied by 'company policy'. No rancour. It was perhaps not the type of exit I would have hoped for after 30+ years at the coalface, more a whimper than a bang -- out for lunch, then hand in your security pass -- but at least it was dignified. Staying on for four more years but with an effective 25% cut in compensation would not have been.

Sea_Shell wrote: »

Did they have any idea about your financial circumstances beforehand?

Yes. See above.

Sea_Shell wrote: »

Did you face any jealousy or hostility in being able to leave, during your notice, or any "it's alright for you" type comments?

No. I worked in a very young industry, so I was already an outlier there. Most of my colleagues were paying off student loans, so aside from my employer's sal sac and its default funds, the idea of pensions and retirement had barely entered their consciousness.

Spreadsheetman

Sea_Shell wrote: »

......
And for those of you "on the cusp" of FIRE, how do you think the news will be received at work, when you do hand in your notice?
.....

I would expect a complete lack of surprise at a senior level, the writing on the wall is clear following a particular high-level business change. I have to give a very long notice period, so it will be interesting to see how things are after I give formal notice. May be a bit awkward, but should exempt me from all business BS.

I don't discuss money beyond a superficial level with anyone at work, so I imagine a few people will be curious. Probably more about what I am going to do than how I can afford it. I'm renowned for being "careful" with money, so they probably assume I'm comfortably off. I'm also mid-50s so retirement isn't so unusual that people really take notice.

OldMusicGuy

I retired at 60, 3 to 4 years earlier than planned. I gave my manager two years warning so they had plenty if time for succession planning (which did not happen) but also to allow me to reduce my workload. My boss was very reasonable, I think he was hoping it would be like Brexit in that I would never leave....

I left earlier than planned due to stress and health issues. My finances were not as ready as I would have liked them to be but I had to go.

No issues at work from colleagues. Those that were of a similar age were not surprised and most were considering a similar approach.