FIREside Chats

powerspowers

New job started 1/12 and AVCs start from Jan, nice to see a plan come together!
any other updates fire-fairies? 🔥 🧚‍♀️ 

Retireinten

How is everyone doing?

When my job is feeling like a harder slog than normal I disappear into my spreadsheets in the hope I find a spare £250k so I can pack it all in now...needless to say I am always disappointed 

 
However I have reached the 7 years to FI point which will see me have the option to pack it in around 4 months before my 54th birthday. Hubby will work to 55, so another two years after my date for a few reasons: he's a year younger, he likes his job and isn't entirely sold on retiring before 55 and he's the bigger spender/lower earner so he's happy to work a little longer to throw a bit more into the pot.

I did do a calculation the other day that was eye opening. If we sold our house and extreme downsized (spending £250k and releasing £250k equity), with ISA and pension savings, we would have enough to generate a £30k net income per annum from April 2023 onwards. There would be a very small contingency in there too.

It's tempting given my current work mood, but I'd never convince my other half to do this. And we'd sacrifice alot: house (we're Midlands based so a 3/4 bed detached is still doable), lifestyle downsize, house deposits for the kids etc.  

My actual dilemma is whether I stay or go... at work that is! I definitely don't want to go up the ladder but I could go down, reduce stress levels and take a slightly more scenic route to FI, maybe work to 55/56.  I just don't seem to be able to pull the plug though .  

becky_rtw

It's tough at the moment. Dark days and nights don't help I feel as its straight from work to darkness. I'd love to find some more daylight in my work life. 

I'm still moving along towards goals. We also can't stop just yet, but I use a daily countdown in excel that makes me feel better as it ticks down every day. 

Retireinten

Winter is always harder for me. Although I am not a sun worshipper and dislike it too hot I definitely get why people travel to warmer country's during these months. Something else we'd like to have the option of doing, but that would be off the table if we pack up sooner rather than later.

I think I forget how good a position we're in sometimes. We're doing okay, the end is not too far away for us, if we choose to go at FI date.  And we are at the point where we have flexibility...I could downsize my job and it wouldn't impact our lifestyle or plans, just stretch that FI date a bit. It's a great position to be in, just need to keep reminding myself of that! 

powerspowers

Retireinten you are in a fab position! You could retire in a year or two if you make some big sacrifices, or in seven which feels more comfortable, or in between, or go part time and work longer. To me, fire is about having options rather than getting out the door asap. I can understand how that feels a bit overwhelming/paralysing and why it’s heavily pushed by how you feel at work. Plus, I think so many people are feeling broken and burnt out at the moment. 

Be easy on yourself, you don’t have to make a decision right now x

Suffolk_lass

@Retireinten it is so important to have an escape plan and your options to reduce stress and extend work period are just that. I know everyone says it but giving up is so much better than I thought it would be. No regrets beyond missing one or two close colleagues

ElmoR

@Retireinten From the view here, the people flourishing in the sector I'm in are the self-absorbed ones who can now get away with that approach in the pandemic vacuum. Everyone else, the majority here, anyway, is struggling, so you are definitely not alone in feeling the way you do. In fact, our sector has gone to hell in a hand basket.

For some strange reason, I've found myself thinking that we are better off than in Victorian times, when ordinary folks had to work long hours every day and had a very basic existence. Not sure if that where the current regime is trying to take us back towards??

Anyway, FIRE plans here still in limbo. Age 60 is the (increasingly less viable) dream. Might give up on that though so as to give daughter a good knee up in life...Like @powerspowers I have a new role at work, with a salary bump and instant diversion of that extra cash into AVCs. The new role has a honeymoon period that is still going strong but only 4 months in so far. I would recommend a role change if you can - a change is as good as a holiday?

I'm also mindful that our FIREside chat room, which presumably has a log fire, is generating toxic smoke and contributing to air pollution! Maybe we should switch to a different kind of room heating in here?

ElmoR xx

South_coast

Retireinten said:

I think I forget how good a position we're in sometimes. 

I think the closer you get, the further away you feel. The mortgage definitely felt like that for me, and I think FIRE will too once I get to the closing stages. It's so hard to focus on and celebrate where you are, rather than think about what still needs to happen to get where you want to be

Retireinten

Thanks for all your comments. I don't hate my actual job, more the politics, recruitment issues, budget cuts and instability... though that could work in my favour if I get a chance at VR at some point:).

I've finished now for Christmas and I'm looking forward to a few days of relaxation and family time. Then I have some thinking to do about next steps! 

QueenJess

Retireinten said:

Thanks for all your comments. I don't hate my actual job, more the politics, recruitment issues, budget cuts and instability... though that could work in my favour if I get a chance at VR at some point:).

I've finished now for Christmas and I'm looking forward to a few days of relaxation and family time. Then I have some thinking to do about next steps! 

Snap re: the job. I’m thinking of taking a couple of years out to spend time with the kids whilst they are young. Have to do another year (although they may well make me redundant anyway in 2022 - chances are high). Still scary to actually pull the plug despite knowing it’ll all be fine.

 In the meantime I’m saving as much as possible to keep my options open. It is a bit less stressful knowing I could just quit (well after a year as I can’t afford to pay the maternity pay back!).