Should i go or stay . Retirement .

Linton

Do you know what you want to do in retirement? Retirement should represent the start of a new life, not the disappearance of any need to get up in the morning. In my view the time to retire is when you know you will have the money to live to the standard you wish and when what you want to do after retiring appears more fulfilling than staying at work. Both conditions should apply for retirement to be a success.

AnotherJoe

Pollycat wrote: »

But it's not just about the money.

Are you ready for retirement?
Do you have lots of hobbies that you're looking forward to expanding?
Or will you be sat in the house twiddling your thumbs?

If you think you'll maybe look for a part-time job, will the hours suit your lifestyle?
No point working as a shelf stacker for Tesco if you like to see your mates down t'pub or go to the match at the weekend if they're only offering you weekend hours.
My ex (global) employer ran retirement seminars to help people with financial and lifestyle changes that come with retirement.

OP has said they are retiring next January anyway, so the question is solely about what they do in the next ten months.

Even if they werent "ready" to retire now, having the lump sum gives them some fabulous opportunities for all sorts of things.

Pollycat

AnotherJoe wrote: »

OP has said they are retiring next January anyway, so the question is solely about what they do in the next ten months.

Even if they werent "ready" to retire now, having the lump sum gives them some fabulous opportunities for all sorts of things.

In which it's a no-brainer (or at least it would be for me).


However, my points about being ready for retirement - be it now or in 10 months time - are still valid.
Lots of people flounder when retirement comes around as work is their life - even when they have a lump sum that 'gives them some fabulous opportunities for all sorts of things'.
It depends on the OP's mentality - and that of his wife.

alfmurph wrote: »

65 years old . Happy in my job .Wages £26k approx. plus £160 monthly overtime Manager asked me to give him plenty of notice before I retire as they need to train someone up .Told him today I planned to retire 15/01/2020 .
He came back with there is a package available for voluntary retirement . Probably 20 weeks wages .Maybe £14K. Tax free .
I have a council db pension of 39 years .
My take home wage is £1900 monthly plus £146 oap .Pension if I work to 15/01/2020 would be lump sum of £28k plus £15300 annually but if I go in june it will be the same lump sum but a pension of £14750 annually .Only £550 difference but if you multiply that by say 25 years it is £16000 .

Really?
£12.30 per week difference, based on living another 25 years?

badmemory

Only 20 weeks pay, surely that should be 30 weeks? Statutory redundancy over 41 is 1.5 weeks per year or have you worked there less than 20 years, well 14 years actually?

bigfer

running out of money is optional.
running out of time is mandatory.

westv

Should I stay or should I go now?
Should I stay or should I go now?
If I go, there will be trouble
And if I stay it will be double
So come on and let me know