Stopping at 48 - is it possible?

Albermarle

c'est_moi said:

Just wanted to give a quick update.

I worked my last day at the end of the July and entered 'retirement' in this weird covid world. No leaving speech (probably for the best ), no retirement holiday - all very strange.

I have zero regrets. I honestly feel like a new person. I don't feel sick all weekend at the thought of work on Monday. No management setting pointless tasks with ridiculous deadlines. No mare dreading the comments of toxic colleagues.

I have spent so much time outside - my garden looks great and I have rediscovered the fantastic walking routes of my local area. I have started some hobbies I have wanted to do for years. I do miss some friends from work, but other than that I do not miss work at all.

So far we have not needed to touch the savings - thanks to refunds from covid cancelled holidays. I think we will be ok without touching them for a couple more months. It will be very strange to turn from saver to spender after years of adding to the bank balance.

I have more time to practice moneysaving. I have already manged to reduce our monthly bills from SKy and from our broadband provider. I shopped around for the car insurance. I am going to change utilities provider later today. I save money in the supermarket through vouchers and the £5 off lidl app. Some of this is very small stuff, but I enjoy the challenge.

I have not put any effort into job hunting yet, other than registering to mark exam papers next summer. I have done this before and the money is pretty good for 3 weeks work. It will be much easier to do this without also teaching full time at the same time.

The evening classes I want to take are not currently running, but I do still intend to them. I am also getting more time to exercise and my diet is better now I have time to cook, which I have always enjoyed.

So, in brief, it is still early days but I have to say that life feels pretty damn good right now. I do still worry about the big bills - for example the car needed service, MOT, tax and insurance all at the same time (owch), but I do have to keep reminding myself that the money is there. In fact e managed to get the savings up to 140 K by the time I  left work.

I hope that I still feel as optimistic, especially as the weather turns colder, but so far so very good.....

That is all great news but as this is a pensions forum , I feel obliged to repeat the ( no brainer) advice given by a previous poster .
Open a new pension ( on line takes a few minutes) . Each year you can add £2880 and the nice taxman will add £720 in tax relief, even if your earnings are zero . 

ffacoffipawb

Albermarle said:

c'est_moi said:

Just wanted to give a quick update.

I worked my last day at the end of the July and entered 'retirement' in this weird covid world. No leaving speech (probably for the best ), no retirement holiday - all very strange.

I have zero regrets. I honestly feel like a new person. I don't feel sick all weekend at the thought of work on Monday. No management setting pointless tasks with ridiculous deadlines. No mare dreading the comments of toxic colleagues.

I have spent so much time outside - my garden looks great and I have rediscovered the fantastic walking routes of my local area. I have started some hobbies I have wanted to do for years. I do miss some friends from work, but other than that I do not miss work at all.

So far we have not needed to touch the savings - thanks to refunds from covid cancelled holidays. I think we will be ok without touching them for a couple more months. It will be very strange to turn from saver to spender after years of adding to the bank balance.

I have more time to practice moneysaving. I have already manged to reduce our monthly bills from SKy and from our broadband provider. I shopped around for the car insurance. I am going to change utilities provider later today. I save money in the supermarket through vouchers and the £5 off lidl app. Some of this is very small stuff, but I enjoy the challenge.

I have not put any effort into job hunting yet, other than registering to mark exam papers next summer. I have done this before and the money is pretty good for 3 weeks work. It will be much easier to do this without also teaching full time at the same time.

The evening classes I want to take are not currently running, but I do still intend to them. I am also getting more time to exercise and my diet is better now I have time to cook, which I have always enjoyed.

So, in brief, it is still early days but I have to say that life feels pretty damn good right now. I do still worry about the big bills - for example the car needed service, MOT, tax and insurance all at the same time (owch), but I do have to keep reminding myself that the money is there. In fact e managed to get the savings up to 140 K by the time I  left work.

I hope that I still feel as optimistic, especially as the weather turns colder, but so far so very good.....

That is all great news but as this is a pensions forum , I feel obliged to repeat the ( no brainer) advice given by a previous poster .
Open a new pension ( on line takes a few minutes) . Each year you can add £2880 and the nice taxman will add £720 in tax relief, even if your earnings are zero . 

Not always a good idea, but in this case it most definitely is.

c'est_moi

Thanks for the advice re opening a pension. Yes, sorry - meant to add that this was also on my to do list.

Black_Cat2

Scary making that jump but good for you!  Keep your brain active by hobbies or charity work perhaps? Also nice that you have a chunky savings stash to fall back on 🐈

TBC15

ffacoffipawb said:

Albermarle said:

c'est_moi said:

Just wanted to give a quick update.

I worked my last day at the end of the July and entered 'retirement' in this weird covid world. No leaving speech (probably for the best ), no retirement holiday - all very strange.

I have zero regrets. I honestly feel like a new person. I don't feel sick all weekend at the thought of work on Monday. No management setting pointless tasks with ridiculous deadlines. No mare dreading the comments of toxic colleagues.

I have spent so much time outside - my garden looks great and I have rediscovered the fantastic walking routes of my local area. I have started some hobbies I have wanted to do for years. I do miss some friends from work, but other than that I do not miss work at all.

So far we have not needed to touch the savings - thanks to refunds from covid cancelled holidays. I think we will be ok without touching them for a couple more months. It will be very strange to turn from saver to spender after years of adding to the bank balance.

I have more time to practice moneysaving. I have already manged to reduce our monthly bills from SKy and from our broadband provider. I shopped around for the car insurance. I am going to change utilities provider later today. I save money in the supermarket through vouchers and the £5 off lidl app. Some of this is very small stuff, but I enjoy the challenge.

I have not put any effort into job hunting yet, other than registering to mark exam papers next summer. I have done this before and the money is pretty good for 3 weeks work. It will be much easier to do this without also teaching full time at the same time.

The evening classes I want to take are not currently running, but I do still intend to them. I am also getting more time to exercise and my diet is better now I have time to cook, which I have always enjoyed.

So, in brief, it is still early days but I have to say that life feels pretty damn good right now. I do still worry about the big bills - for example the car needed service, MOT, tax and insurance all at the same time (owch), but I do have to keep reminding myself that the money is there. In fact e managed to get the savings up to 140 K by the time I  left work.

I hope that I still feel as optimistic, especially as the weather turns colder, but so far so very good.....

That is all great news but as this is a pensions forum , I feel obliged to repeat the ( no brainer) advice given by a previous poster .
Open a new pension ( on line takes a few minutes) . Each year you can add £2880 and the nice taxman will add £720 in tax relief, even if your earnings are zero . 

Not always a good idea, but in this case it most definitely is.

Must ask, under what circumstances would it not be a good idea?

ffacoffipawb

TBC15 said:

ffacoffipawb said:

Albermarle said:

c'est_moi said:

Just wanted to give a quick update.

I worked my last day at the end of the July and entered 'retirement' in this weird covid world. No leaving speech (probably for the best ), no retirement holiday - all very strange.

I have zero regrets. I honestly feel like a new person. I don't feel sick all weekend at the thought of work on Monday. No management setting pointless tasks with ridiculous deadlines. No mare dreading the comments of toxic colleagues.

I have spent so much time outside - my garden looks great and I have rediscovered the fantastic walking routes of my local area. I have started some hobbies I have wanted to do for years. I do miss some friends from work, but other than that I do not miss work at all.

So far we have not needed to touch the savings - thanks to refunds from covid cancelled holidays. I think we will be ok without touching them for a couple more months. It will be very strange to turn from saver to spender after years of adding to the bank balance.

I have more time to practice moneysaving. I have already manged to reduce our monthly bills from SKy and from our broadband provider. I shopped around for the car insurance. I am going to change utilities provider later today. I save money in the supermarket through vouchers and the £5 off lidl app. Some of this is very small stuff, but I enjoy the challenge.

I have not put any effort into job hunting yet, other than registering to mark exam papers next summer. I have done this before and the money is pretty good for 3 weeks work. It will be much easier to do this without also teaching full time at the same time.

The evening classes I want to take are not currently running, but I do still intend to them. I am also getting more time to exercise and my diet is better now I have time to cook, which I have always enjoyed.

So, in brief, it is still early days but I have to say that life feels pretty damn good right now. I do still worry about the big bills - for example the car needed service, MOT, tax and insurance all at the same time (owch), but I do have to keep reminding myself that the money is there. In fact e managed to get the savings up to 140 K by the time I  left work.

I hope that I still feel as optimistic, especially as the weather turns colder, but so far so very good.....

That is all great news but as this is a pensions forum , I feel obliged to repeat the ( no brainer) advice given by a previous poster .
Open a new pension ( on line takes a few minutes) . Each year you can add £2880 and the nice taxman will add £720 in tax relief, even if your earnings are zero . 

Not always a good idea, but in this case it most definitely is.

Must ask, under what circumstances would it not be a good idea?

If you have already breached LTA there is no point in adding any more.

You start with £80

In your pension you pay in £80
Tax relief boosts it to £100
When you come to taking it out ...
LTA charge reduces it to £75 and if paying basic tax you only get back £60

If the £80 had been paid into an ISA you would still have £80 to withdraw.

Of course it may still be worthwhile if you are a higher rate taxpayer and paying into your pension gains you some extra child benefit that you wouldn't otherwise have had.

Vespaboy

Hey C'est moi  never normally post but really pleased for you . It sounds like you have this covered. Working in stressful jobs (especially at the moment ) is not fun so really pleased you have managed to escape that. I am sure with a bit of time under your belt you will find something you enjoy doing that will help bring a few pennies back in the pot and keep your mind occupied - I am sure there is only so much Bargain Hunt one can watch.........

hildosaver

Really inspiring to hear you story and so glad to hear you are happy with the decision. Life is far too short to be unhappy so fair play to you for making the scary jump into the unknown.

I would love to do the same but sadly I have mortgages around my neck but I'm actively working on getting rid of them!

EdSwippet

ffacoffipawb said:

TBC15 said:

Must ask, under what circumstances would it not be a good idea?

If you have already breached LTA there is no point in adding any more. ...

Also ill-advised if you hold LTA Fixed Protection. A pension contribution invalidates that.

ffacoffipawb

EdSwippet said:

ffacoffipawb said:

TBC15 said:

Must ask, under what circumstances would it not be a good idea?

If you have already breached LTA there is no point in adding any more. ...

Also ill-advised if you hold LTA Fixed Protection. A pension contribution invalidates that.

Ill-advised is an understatement!