Would you retire really early and burn down most of your DC pension assets?

MallyGirl

I think the next generation may be better. They are certainly more aware of the environment/recycling and the like. My daughter is currently upcycling a bedside table she got from our local Buy Nothing group. She has also done a huge amount of volunteering that I wouldn't have considered at her age.

Diplodicus

To quote SirAlex Ferguson, Work is the best part of life.

Retirement is retreat, there is no question about that.

Of course, there comes a time when any individual should recognize their waning power, step back and settle for a blander existence.

There is no shame in that

george_jetson

Diplodicus said:

To quote SirAlex Ferguson, Work is the best part of life.

He did have a pretty unique and rewarding job though to be fair. Hardly typical. 

Wonder what he’d have said if his working life was Excel, Zoom and drafting endless reports…

LV_426

Diplodicus said:

To quote SirAlex Ferguson, Work is the best part of life.

Retirement is retreat, there is no question about that.

Of course, there comes a time when any individual should recognize their waning power, step back and settle for a blander existence.

There is no shame in that

I think Stephen Hawking said something similar, and to never stop working. Both of these people were doing very rewarding and high profile jobs with an immense sense of achievement.
I don't really think that applies generally, and judging by the people on here who've said they're having a ball in retirement, I really think when it comes to jobs, then YMMV.

Diplodicus

ajfielden said:

Diplodicus said:

To quote SirAlex Ferguson, Work is the best part of life.

Retirement is retreat, there is no question about that.

Of course, there comes a time when any individual should recognize their waning power, step back and settle for a blander existence.

There is no shame in that

I think Stephen Hawking said something similar, and to never stop working. Both of these people were doing very rewarding and high profile jobs with an immense sense of achievement.
I don't really think that applies generally, and judging by the people on here who've said they're having a ball in retirement, I really think when it comes to jobs, then YMMV.

Yes I agree, most readers' worklife does not culminate in winning the Champions League nor wrestling with the limits of physics.

But, at a more prosaic level, the uplift I felt at the end of my shift yesterday could not be replicated in retirement. The sunset, the   smell of the grass  - best appreciated in passing imho. 


Or, as Seamus Heaney wrote:

"Useless to think you will park and capture it more thoroughly,
you  are neither here nor there.."

I think a lot of people *hope* to capture in retirement something they were too busy to see before. 
I don't think it works like that.

finance101

I do think you need to have some things in mind to do. My (divorced) parents both retired- dad’s got a second wind and is in the ‘don’t know how I found time to work’ camp. Mum on the other hand gave up on life somewhat without the structure of work and has declined quite a bit since retiring. I like my work for the most part, but I would like more choice over how I spend my time- and I think I’m prepared to trade money and status for more time. I don’t think I will be bored. 

The family thing is interesting- I haven’t told many people about my plans. My family know but I don’t think they realise how close it is- I’m in a different position to most of them both financially and in not having kids. I already give quite a lot of time and money to my family and expect the time particularly to
continue- one of the motives for looking at going earlier is having two chronically ill parents and an acute awareness that I can’t get this time with them back and that me being available to help them will make a difference. They don’t expect it but I want to do it. Again the choice of that feels like a privilege. 

I have several friends in my industry (finance) who have set up websites and training for people to teach kids about money. I think they are great- the idea is to get them in the habit of talking about it young and saving small amounts so it gets ingrained to think about it. Quite a lot of it is making games and simple stories about it to demystify it. 

LV_426

finance101 said:

I do think you need to have some things in mind to do. My (divorced) parents both retired- dad’s got a second wind and is in the ‘don’t know how I found time to work’ camp. Mum on the other hand gave up on life somewhat without the structure of work and has declined quite a bit since retiring. I like my work for the most part, but I would like more choice over how I spend my time- and I think I’m prepared to trade money and status for more time. I don’t think I will be bored. 

The family thing is interesting- I haven’t told many people about my plans. My family know but I don’t think they realise how close it is- I’m in a different position to most of them both financially and in not having kids. I already give quite a lot of time and money to my family and expect the time particularly to
continue- one of the motives for looking at going earlier is having two chronically ill parents and an acute awareness that I can’t get this time with them back and that me being available to help them will make a difference. They don’t expect it but I want to do it. Again the choice of that feels like a privilege. 

I have several friends in my industry (finance) who have set up websites and training for people to teach kids about money. I think they are great- the idea is to get them in the habit of talking about it young and saving small amounts so it gets ingrained to think about it. Quite a lot of it is making games and simple stories about it to demystify it. 

I salute you for looking after your parents.

The ironic thing for me is that I will be continuing what I do as a day job, which is developing software. But the main difference is I'll be working on projects of my choosing. For instance, I like to write Android apps. Have I ever done it as a day job? No. Could I get hired as an Android developer? No, because I don't have commercial experience. 
I balance that with my exercise regime and musical pursuits. Plus we'll have a caravan to explore places. And that's even before I get started on things to do in the house and garden. Bored? I don't think so.

finance101

Lol I manage money for a living so not very different when I retire either! Just on a much smaller scale!

pensionpawn

MallyGirl said:

I plan to retire in 4 or 5 years time (I say 4, OH says 5) so we are in the process of remortgaging to a 5 year fix that is less than a third of the rate we have been paying. At the end of that 5 yr fix we can use some TFLS to pay down/off depending on what the interest rates are doing. I am of an age that I remember pay 14% on my first flat.
It is going to be a mindset change as we currently have an offset mortgage so have not had 'savings' to manage, apart from S&S ISAs, for years.

We have also just extended our mortgage (until 75) fixing for 5 years at 1.24%. Given that the government contribute 20% to your pension (ok, reduce your tax...) and don't help pay off my mortgage it's a 'no brainer' for me. The value of my monthly mortgage repayments (besides any interest rate rises) will be slowly eroded by inflation and my pension pot will grow and my eventual draw down increase with the indexes that adjust the personal allowance / SP etc. I too also had a mortgage during the dark days of the ERM crises which saw mortgage interest rise 3% & 2% in one day, only to fall back to around 10%. I've stressed tested outrageous rises to interest rates on my mortgage repayments and it is not a major concern. I think carrying a mortgage into retirement is now here to stay.

pensionpawn

ajfielden said:

Diplodicus said:

To quote SirAlex Ferguson, Work is the best part of life.

Retirement is retreat, there is no question about that.

Of course, there comes a time when any individual should recognize their waning power, step back and settle for a blander existence.

There is no shame in that

I think Stephen Hawking said something similar, and to never stop working. Both of these people were doing very rewarding and high profile jobs with an immense sense of achievement.
I don't really think that applies generally, and judging by the people on here who've said they're having a ball in retirement, I really think when it comes to jobs, then YMMV.

Some of us work to live (like me and my wife) and some live to work. I have been fortunate that for the majority of my careers I have had interesting and relatively well paid jobs and knew the worth of a pension from the age of 23. However there is not a day that goes by where I wouldn't jack it in and retire. Why, two reasons. The moron's (not my immediate colleagues) in neighbouring departments unswervingly take the enjoyment out of every day and secondly me and my wife just can't find the time to pursue what we want to do (and need to do) in life outside of the treadmill. Not getting any younger / fitter / healthier (although I hope to address the later two on retiring) and as soon as my youngest graduates from university (23 months) it's hasta la vista baby. We're both heading firmly to 60% - 70% hours on the way to ease us into Life 2. Don't delay, you don't know what's around the corner....