Stopping at 48 - is it possible?

c'est_moi

The negotiated package was not done through the sickness route - I really didn't have the energy for that. It was complicated, but basically involved bringing forward some holiday entitlement. It really was a very small amount, but enough to pay off some outstanding bills.

mystic_trev

Interesting  thread by the OP. I retired aged 41 now 25 years ago! At the time I wasn’t sure how long my Investments would last, although I did have a nice buffer of nearly half a million quid. As it’s worked out I’m now considerably wealthier than when I retired, and I haven’t stilted on the spending. My love of travel has taken me to over a hundred countries and some amazing experiences but I eased back on that prior to covid, preferring  traveling around the UK. I’m now in the lucky situation of having a surplus of money and able to help future Generations, although most of it skips to the Grandchildren as I guess life will be much tougher for them.

Like the OP I dreaded the working week. I was extremely lucky to be able to retire at such an early age and have never taken the decision I made for granted.

c'est_moi

yeah - I don't have half a milllion quid - just the same amount in the bank I had 12 months ago. I thought that was pretty good going....

c'est_moi

Time for an update

I read through that original post of mine again and I can hardly recognise myself! I was under so much stress in work and it had made me ill - I just hadn't appreciated at the time that how I felt wasn't just normal day to day stress. I was quite seriously ill, and had I stayed in work I dread to think what state I would be in now.

In terms of how we have been coping with money - we are doing fine. The expenses that I knew were coming have arrived. We just spent £30K on building work that had long needed to be done, so that has reduced the savings pot. There is still £125K in there so I'm not worrying.

I have continued to do voluntary work and I really enjoy it. After nearly two years of rest and recovery I felt ready for the routine of work and I wanted to see if I could actually do something different from the work I have done all my life. I had an eight week temping placement, and to my great surprise it worked out well. Turns out I am not utterly useless and I can do other things. The pay was poor - well under half of my old pay, but the work was easy and the stress level zero. I will certainly do more temping in the future if something similar turns up.

I still have not had that retirement holiday abroad, but we have had several UK holidays and really enjoyed them. I especially enjoying the savings we make now we are not restricted to school holiday times. We do have a three week holiday in Italy booked for this September - fingers crossed this does not become the fourth holiday we have cancelled due to covid.

The rise in cost of living has hit us like everyone else. I thank God I don't have that long commute anymore with the rising cost of petrol. The money I banked during the temping weeks has helped to cover the increase in gas and electricity and the rise in supermarket biils for this year.

I'm still loving my hobbies - plenty of gardening and walking, and I have been doing some home decorating. I still can't get used to the fact that I can make appointments whenever I want and I can change plans every day if the weather is nice, or if someone in the family phones and wants a favour or a meet up. Despite the dire warnings from former colleagues who thought I was mad to throw it all in,  I have not been bored or forced to live on baked beans.

One of the best decisions of my life.

SouthCoastBoy

I'm really pleased it has worked out for you, and you are feeling a lot better. 

ChocolateWombat

I’ve just found your thread for the first time.

I think I’m in a similar position now to you were when you started the thread.  Sorry to say, I’m in a school situation too. I’m good at what I do and really respected, but find it more intolerable as time passes.  My plan is looking at stopping in 2 years, when I will be 52.  I posted about it a few months ago, with all my figures. Targeting a minimum of £2.5k  tax free per month as our ‘number’  In summary;

- At 52 would live off DH’s salary and BTL income which bring in £3300 per month (after all costs for property and voids/maintenance etc factored in) for 8 years until we are both 60

- At 60 he stops work too.  My DB pension Final Salary part  can be drawn then giving £15k p/a plus we would spend about £12k per year from our savings pot.  (Made up of £130k in savings, SIPPs, ISAs and automatic lump sum from pension savings) 
We still have £6k per year after all costs and tax) 

- At 65 DHs DB pension first part pays out about £12k per year.  No longer a need to drawn on savings.

- At 67 my full DB pension in payment of £16.5k, DHs of £22k, plus 2 full state pensions (DHs fully earned by 60, mine will need 4 years of paying for missed years due to leaving work so early) and  stiill £6k of BTL income.  Of course the BTL can be sold if we are sick if it by then or want the cash for any reason) 

When I posted this stuff some months ago, opinions were mixed.  Some said it would be too soon to go at 52 and we wouldn’t be secure enough.  Probably 2/3 said it would be okay.

Your experiences hugely encourage me.  They encourage me about the money aspect that actually we will have plenty, but also that it has quite simply been right for you and you are so much happier.  I love the fact that you feel pretty secure financially, but also that you’ve done some temp work and succeeded in it, and know you can draw in some bits of cash if needed.  You feel happier and confident to face the future.

So I will follow your progress with real interest and hope to be on the same kind of path in 2 years time.  For now, I’m grateful most of our pensions are DB so free of market worries and index linked…feels like massive boons at the current time.  There are times when jobs are intolerable and damaging to your health.  The advice people gave you to ponder a while and not rush into anything, and that you could see it as walking away from the one job you hated and not necessarily as full retirement, but a chance to try different things, which might pay a very limited sum seemed good advice.  If the pressure to earn the old salary is gone, there is freedom indeed.

I’m so glad you were financially able to get out and not drive yourself into the ground due to ongoing financial commitments which might have made going impossible.  It reminds me too, of the benefits of early frugality and planning ahead financially to get rid of mortgages and have pensions and other savings in place sooner rather than later (easier said than done for younger generations I know) so that more options are available at times you might need them.  These pension savings give exactly that - options to keep going and accumulating, or so many other choices.  I know it’s hard-earned and hard planned, but also such a blessing too.

Absolutely not needing anyone to comment on my financial plans here (my own thread was titled something about retiring at 52 being foolish) as this is OPs thread, but it all chimed so much with me, that I had to share.

Retireinten

C'est_moi... really good to hear that everything is going so well for you. Can I ask how your partner feels continuing to work? It's very likely that my situation will be similar to yours in a few years (I'll finish work a couple of years before my husband does for various reasons and although he seems fine with the plan at the moment, I am concerned resentment could kick in when he's working and I'm not)


Chocolatewombat - I know you said no comments about your situation, but I can't help but say I think you'll be fine to finish at 52.  It looks to me that you will have far too much income after SPA so I'd consider accessing DB pensions a bit earlier than planned. They will be reduced in value but in payment for longer, protecting your savings and levelling out your income as you get older.

Both your posts resonate with me. I have been where you were two years ago C'est_moi, but far too recently for comfort. I'm 47 and changed jobs in May as the pressure was just too much. This is a sideways step and I'm hoping it settles into 'just a job' whereas it felt like I had sold my soul to my last employer.  It is looking promising so far. 

Longer term, the original plan was for me to finish work as I turn 53, husband would finish at around 55. But I have recently come to the conclusion that this job is probably my last at a full time, professional level (I'm an Accountant).  When I need to move on, my next step will be significantly down the ladder working part time, ideally three days a week. If I have to work a few years longer, so be it, I will effectively be retired from my profession and semi retired hours wise and I think that will ultimately achieve a better work life balance for us as a family. 

c'est_moi

My partner remains 100% supportive - very happy to have more of the 'old' me back. I had lost myself to work and could never switch off. I was working evenings, most of the weekends and when I was not working I was worrying about work. I can't pretend I don't still have my moments, but I am far more relaxed and positive.

Chocolatewombat - thank you for your kind words. I am taking my TP at 55. I have done all of the sums, and even with the actuary reduction I am taking it early. As I will be drawing on it for an extra 5 years I think it is the sensible thing to do. I believe that what I lose in % I gain in time - if that makes sense. In addition it will be topped up by state pension when I am 67. I am paying my first year of voluntary NI at the end of this year. I still have that 5 year gap to fill, but I am in no rush to do it all at once.

c'est_moi

Was that really 18 months ago???

A quick update for those who were so kind to follow the thread years ago.

I did a bit more temping - mainly for the routine and for something to do. I had plenty of assignments to choose from. I then found myself in a lovely, lovely office for a two month contract. I loved it so much in fact that I am now a permanent member of staff. It is a million miles away from teaching, and the pay is dismal, but the work is so interesting, and the people I work with have become friends. I laugh so much and look forward to going in. I work flexi hours, and can work from home as and when it suits me.  It was never my intention to go back to work permanently and full time, yet here I am - I have a whole new career in my mid 50s.

Next year I will take my reduced TPS and my monthly income will fall just below what I was earning when I quit teaching. We still have most of our savings intact - and this despite having 3 holidays abroad last year and three more booked for 2024. Oh the joy of cheap holidays out of peak season!

My advice to anyone stuck in a job that is making them utterly miserable is to take the risk. I had no idea that I would be where I am now, but I am so happy to be here.

Roger175

c'est_moi said:

Was that really 18 months ago???

A quick update for those who were so kind to follow the thread years ago.

I did a bit more temping - mainly for the routine and for something to do. I had plenty of assignments to choose from. I then found myself in a lovely, lovely office for a two month contract. I loved it so much in fact that I am now a permanent member of staff. It is a million miles away from teaching, and the pay is dismal, but the work is so interesting, and the people I work with have become friends. I laugh so much and look forward to going in. I work flexi hours, and can work from home as and when it suits me.  It was never my intention to go back to work permanently and full time, yet here I am - I have a whole new career in my mid 50s.

Next year I will take my reduced TPS and my monthly income will fall just below what I was earning when I quit teaching. We still have most of our savings intact - and this despite having 3 holidays abroad last year and three more booked for 2024. Oh the joy of cheap holidays out of peak season!

My advice to anyone stuck in a job that is making them utterly miserable is to take the risk. I had no idea that I would be where I am now, but I am so happy to be here.

c'est_moi, I've just read through this thread, having previously missed it and I am really pleased to hear the outcome.
As somebody who is in the process of early retirement (59 going on 60), who constantly worries we won't have enough money, it's really encouraging to hear your story.
Good luck for the future.