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

Paul_Herring

Sea_Shell wrote: »

It was not so much the pros/cons of retirement I am concerned with, mainly the fallout from having made the decision to do so.

If there were any negative repercussions, then that would indicate that that's not a place I'd rather be working at to begin with, and the sooner I'm out of it, the better...

lisyloo

Sea_Shell wrote: »

One other, more personal, element to my original question....more controversially...

How have you all managed your family's expectations of your "availability" since retiring?

Do they see you as being "on hand" to help with lots of things now?
Do you feel guilty for wanting your retirement for "you"?
Have you kept it "hush hush", at least for a little while, to give yourself some breathing space?

I can see this being an issue.
My MIL is in a nursing home and her daughter (my SIL) feels its necessary to visit more often than her son (DH), but we face these pressures whilst working and we don’t give in to doing things HER way.
This causes tensions sometimes but they exist already when working.
I don’t think being available would change anything for us because we wouldn’t live our lives according to the expectations of others.

No I don’t think we’d feel the need to keep it quiet.

Anonymous101

I'm currently planning for it but I'm not yet F.I. and don't have a fixed retirement date. Currently forecasting another 8-10 years which will make me 47 and OH 42.

I find others experience of this very interesting. I've not yet had full disclosure of my plans and I doubt I will do until I'm ready to go. The industry I work in is traditionally very macho and any indication that you're not giving the role your all is usually look upon as weakness.

Currently my colleagues know I save much more than they do into the company pension and as others have said I'm known as a bit of a money saving expert :money: but I don't think they have any idea on just how early I'm thinking i'll be F.I. and therefore in a position where I could give up working.

barnstar2077

Anonymous101 wrote: »

I'm currently planning for it but I'm not yet F.I. and don't have a fixed retirement date. Currently forecasting another 8-10 years which will make me 47 and OH 42.

I find others experience of this very interesting. I've not yet had full disclosure of my plans and I doubt I will do until I'm ready to go. The industry I work in is traditionally very macho and any indication that you're not giving the role your all is usually look upon as weakness.

Currently my colleagues know I save much more than they do into the company pension and as others have said I'm known as a bit of a money saving expert :money: but I don't think they have any idea on just how early I'm thinking i'll be F.I. and therefore in a position where I could give up working.

I am putting most of my wage into my pension too and plan to retire at 55. The pot is growing nicely, it is how to fund the three years until I can use my pension that will be the real test. You will have a lot longer to bridge, are you investing in an S&S ISA to cover the gap?

Anonymous101

barnstar2077 wrote: »

I am putting most of my wage into my pension too and plan to retire at 55. The pot is growing nicely, it is how to fund the three years until I can use my pension that will be the real test. You will have a lot longer to bridge, are you investing in an S&S ISA to cover the gap?

Yes the bridging is definitely a concern. At the moment I'm taking a cautious view that I won't be able to access my pension savings until I'm 58 at the soonest possibly 60. So heavily saving into both Pension and S&S ISA.

Its always a balance as the pension route is by far the most efficient but without the post tax savings there its ineffective for the 10 years or so until its unlocked.

I could become technically FI much more quickly if I maxed out the pension route but I'd have to keep working, at least part time until I reach pension age. Of course that's an option too but I think I prefer to plan for full freedom and decide if I want to work part time if thats what I want to do at the time.

bugslett

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.

Two fold answer. First I told my customer who then spent nearly four months trying to change the things I didn't like so that I would stay, then came back full circle and decided they couldn't change. Waste of four months for me and them.
So they were not happy, it has meant a lot of work to get my replacement and they have handled it terribly, mostly because they don't have anyone who understands what we do though I have bent over backwards to help them, which they have at least recognised even if they often have taken no notice.

Secondly and more importantly, I had to tell staff. Out of 22, three had been with me over three years and a further 8 over 15.
A couple of new employees had not had the time to be that concerned, but it came as a shock to long serving staff, though apart from one, they have all said they understand as they have seen the changes with the customer over the last 2 years.
I have been very, very lucky with the staff I have; if it wasn't for them I would have been gone in December, but it's important that I at least try to make sure that they preserve their terms and conditions and length of service.

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?

My particular sector of work is highly regulated even by industry standards, which is OK, most of it has a value.
However, once the customer came up with ridiculous stuff and essentially became incredibly corporate, it made life unbearable.

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? [COLOR="Red[COLOR="Red"]"I've not heard anything from my staff along those lines (I'm certainly not rich, merely comfortable by many peoples' standards), but apparently some of the customers' staff have made scathing comments. I think they believe I'm wandering off with millions. Pfft![/COLOR][/COLOR]
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:

rnj wrote: »

Only exception I can think is if you own the business

We are not indispensible, it does take a bit longer potentially if you want to do things honourably, but it shouldn't stop anyone from deciding to go when the time is right.

Sea_Shell wrote: »

How have you all managed your family's expectations of your "availability" since retiring?

I don't have any family, no parents, siblings, children and was widowed 5 years ago.

I'm already aware ( I actually finish operations of April 30th), that there is a feeling of floating, of not being anchored to anything, which is both liberating and disconcerting.

Spreadsheetman

bugslett wrote: »

We are not indispensible, it does take a bit longer potentially if you want to do things honourably, but it shouldn't stop anyone from deciding to go when the time is right.

I don't have any family, no parents, siblings, children and was widowed 5 years ago.

I'm already aware ( I actually finish operations of April 30th), that there is a feeling of floating, of not being anchored to anything, which is both liberating and disconcerting.

That is a perceptive comment. I feel that too now the end is in sight.