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

michaels

MallyGirl said:

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.

Whereas in our household it is the exact opposite.  Not a chance of any of the kids turning off any lights and often not even the taps and as for wanting it all now, they have bought the influencers lifestyle hook line and sinker, with absolutely no comprehension that 'essential' is a made up classification for someone else to sell something at a profit not actually essential.

sheslookinhot

michaels said:

MallyGirl said:

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.

Whereas in our household it is the exact opposite.  Not a chance of any of the kids turning off any lights and often not even the taps and as for wanting it all now, they have bought the influencers lifestyle hook line and sinker, with absolutely no comprehension that 'essential' is a made up classification for someone else to sell something at a profit not actually essential.

It’s never too late to begin to influence them.

cfw1994

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

Whilst I respect your opinion, I have to say I disagree very firmly with this 🤔

Clearly there are those who have greatness in their careers.  Fair play to them, they have brought pleasure (and sometimes anguish) to many.   I would say, however, that their perspectives on work won’t necessarily resonate with the vast majority of humans 🤪. I can think of one friend who loves his work enough to want to always do it…he built a s/w business now employing over 70 people, but even there, we saw him in June, & he is now considering how he might wind down to ‘retire’…tricky from his position, as he appreciates.

I’ve worked with some giants in the tech industry.  Some very smart propeller heads, and some very successful exec staff.  Very driven, & the sort who go on to the boards of companies, continuing to help shape other businesses.
It’s admirable stuff, but frankly not for me (maybe I just wasn’t smart enough, & certainly the drive to have a 30/60/90 day plan during my work life never inspired me….although now my time is my own, I can see a point to that approach, so perhaps it was leading to this point in my life 🤣)

”Waning power”? “Retreat”?
Ludicrously negative words for a period I view as the time to press forward with life.  I genuinely feel sorry if you feel that is your perspective as you may head to stepping away from the salaried job.

My “powers” in the tech industry were pretty strong, but in no way do I view “losing” those as a negative retreat: it’s on to next phase, & one I have complete control of, unlike all earlier ones 😎

Suggesting “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” is again something I challenge.    I think you can seriously enhance that uplift!

How better to appreciate that sunset than by having taken that day as the only sunny day forecast in the week to go on a long bike ride (as I did yesterday, or perhaps a full days hike), and then to enjoy that sunset without the thought of having to get up early for the next shift (in our case after spending a few excellent hours catching up with a pal we haven’t properly seen in years).  

As ABC put it, “Everything is temporary, written on that sand”……I’ll leave y’all to figure out the rest of those lyrics 🤪

MallyGirl said:

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.

Mine love hunting Facebook marketplace or charity shops for quirky things she can ‘upcycle’ too.  A very crafty person!
Considering I am a bit of a gadget/tech aficionado, ours have done very well to avoid desiring items quite as much (& I’m treating my post work time as a chance to detox a little from that lifestyle….or at least to be more selective - capital purchases have to go to the budgetary committee now 🤣).  My work paid me enough to be able to support that approach, but luckily I’m seeing that I have most things I desire.  

Now is a time to focus on other things:
Health: I’ve lost about 1½ stone this year, & feel better than I have for years.  Helped by my decision to do LEJoG as a kick start to retirement.
Happiness: eg, going to Cambridge comedy & Latitude festivals (IOW in Sept), or reconnecting with a few good pals, to be continued…or still seeing ex-work mates that I get on very well with, without the need to deal with the idiots I didn’t 🤣
Family: for example, helping our offspring a fair bit with moves later in Aug/Sep, helping MIL by taking time in her “garden gym”, with no need to factor in work leave or commitments - picking only the nice days to do that, of course!

Oh & tidying up our house and indeed electronic lives.  We are also lucky to have a holiday cottage on the IOW we are able to better manage.  That is the “work” side of our lives now 😉👍
 

Lawks: seriously, how DID I have time to work? 😜

LV_426

pensionpawn said:

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....

As the famous quote goes "Hell is other people". For me that certainly applies to work. I've come across some quite nasty individuals in the course of my career. Most have their own selfish agendas, and will actively undermine other team members or throw them under the bus. I hope these people are very happy with the money and influence they crave. Personally I just want to get on with the job, and do it competently. If you do manage to join a team where people actually help each other, rather than compete, that's a bonus.
I love the technology, and creating useful things. I'm just completely fed up with the whole politics side of it.

Dead_keen

cfw1994 said:

Dead_keen said:

ajfielden said:

It is incredibly freeing, knowing that you don't have to do your job, and could quit tomorrow. 

Funnily enough, that's what I'm doing at 10:30 tomorrow morning. 

I will burn through my savings for two years and then start on my DC pot.

Congrats on your liberation!   Enjoy the months and years ahead 🎉🍾🥂😎👍

In my 3rd month now, it has been pretty non-stop - as many said to me before I "stepped away", I have no idea how I found time for work!   A lovely day today (book-ended by somewhat turbulent storms), time for a bike ride 🚴‍♂️☀️😎

Thanks!  Done the deed.  Now I just need to get them agree to my notice period (my suggestion of a couple of phone calls vs six months in my contract).  

I've been practicing this retirement business a bit these last few weeks.  I've been swimming five days a week in a lane to myself by getting there at a sensible time (8:30am vs 6am) and have also ridden enough to know that it is a bad idea going to a cafe for a fresh cake late in the afternoon. 

thickasabrick

Eldi_Dos said:

@thickasabrick, sounds like great tour.Did you notice any large increases in prices anywhere. Have had some negative comments from friends who have been away recently.

Didn't really notice it.

We cooked dinner in the van a number of times as the local restaurants were fully booked. The Inn at Ardgour did two ribeye steaks and a couple of drinks for £59.10 which we ate in the van as a "takeaway" as the restaurant was full.
Lovely full English breakfast at Stump Cross Caverns cost £11.95, similar price in Aviemore at Cobbs.  A few other places light lunch was between £15 to £20, couple of coffees , bacon roll and maybe a toastie or something similar. Lunch at Gulianos in Edinburgh was £69.95 for 4 people. Lunch at Haflpenny Green Wine Estate for two was £32.45 but that included a bottle of their own wine for a very reasonable £10.50. 

Fort Augustus had the most expensive public toilet at 50p. In contrast to Perth and Kinross council who placed a temporary portaloo at the layby at Loch Rannoch which was cleaned every 4 hours to cater for increased numbers of staycationers. Not impressed with Loch Lomond and Trossachs National Park authority who did not provide a similar facility on the layby we stopped off near Inverbeg which had much more visitors.

To stay slightly on topic, we are expecting large increases in the cost for our trip to Europe starting in October.
One advantage of managing your own defined contribution pension is being able to adjust drawdown rates.
My projections for drawdown are based on using up tax free lumps sums for the next two years to avoid triggering the money purchase annual allowance. This is to give me the option of returning to work in a more flexible way as I do enjoy the challenge and learning new skills but recently found the going to the office part starting to drag a bit. 

Dazza1902

ajfielden said:

Lovely to hear about all you sensible people in a position to retire early. I feel this is the only place I can really talk about it, even though I want to shout from the rooftops that I can give up work. I always have a slightly guilty feeling telling other people about my plans. In fact I'm not planning to really tell anyone in my extended family. I fear it would cause some resentment.
But then I think, well I've saved diligently all my life, so I deserve it.

This sentiment strikes a note with me. I am a tradesman and suspect there a few that contribute to this forum.
 It astounds me that the vast majority of my work colleagues have made no provision whatsoever, I see them getting older , their daily toil becoming increasingly difficult and there is no way out for them. Most have no pension and rent their homes. There are no office politics, or line managers making their working life intolerable , just 60 yr old blokes doing what they could do easily when they were 20.
 I think I have less than 600 working days left until I pick up a 6 k dB pension , and start drawing down my sipp. I certainly won't feel any guilt.

barnstar2077

Dazza1902 said:

ajfielden said:

Lovely to hear about all you sensible people in a position to retire early. I feel this is the only place I can really talk about it, even though I want to shout from the rooftops that I can give up work. I always have a slightly guilty feeling telling other people about my plans. In fact I'm not planning to really tell anyone in my extended family. I fear it would cause some resentment.
But then I think, well I've saved diligently all my life, so I deserve it.

This sentiment strikes a note with me. I am a tradesman and suspect there a few that contribute to this forum.
 It astounds me that the vast majority of my work colleagues have made no provision whatsoever, I see them getting older , their daily toil becoming increasingly difficult and there is no way out for them. Most have no pension and rent their homes. There are no office politics, or line managers making their working life intolerable , just 60 yr old blokes doing what they could do easily when they were 20.
 I think I have less than 600 working days left until I pick up a 6 k dB pension , and start drawing down my sipp. I certainly won't feel any guilt.

At a hundred and nineteen I think you have earned a rest! :  )

Diplodicus

cfw1994 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

Whilst I respect your opinion, I have to say I disagree very firmly with this 🤔



”Waning power”? “Retreat”?
Ludicrously negative words for a period I view as the time to press forward with life.  I genuinely feel sorry if you feel that is your perspective as you may head to stepping away from the salaried job.

How better to appreciate that sunset than by having taken that day as the only sunny day forecast in the week to go on a long bike ride (as I did yesterday, or perhaps a full days hike), and then to enjoy that sunset without the thought of having to get up early for the next shift

People are different but reckon you are more likely to be disappointed with Life than I, going forward. 

The moments of satori you probably hope for may come; but if they haven't visited when you were busy, being idle won't help.

Sorry to be down on retirement, if you see it as a culmination. 

I think our generation are uniquely lucky in that most of us have fought no wars and can look forward to many years of retirement (although I love work, I won't work once eligible for the state pension). 

It is easy to forget that, when we were young, pensioners were the poor of society. Now they are the rich. And on that note, 
do not rebalance your investments, cfw1994 - long term it pays to let the winners run.

Bravepants

Diplodicus said:

cfw1994 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

Whilst I respect your opinion, I have to say I disagree very firmly with this 🤔



”Waning power”? “Retreat”?
Ludicrously negative words for a period I view as the time to press forward with life.  I genuinely feel sorry if you feel that is your perspective as you may head to stepping away from the salaried job.

How better to appreciate that sunset than by having taken that day as the only sunny day forecast in the week to go on a long bike ride (as I did yesterday, or perhaps a full days hike), and then to enjoy that sunset without the thought of having to get up early for the next shift

People are different but reckon you are more likely to be disappointed with Life than I, going forward. 

The moments of satori you probably hope for may come; but if they haven't visited when you were busy, being idle won't help.

Sorry to be down on retirement, if you see it as a culmination. 

I think our generation are uniquely lucky in that most of us have fought no wars and can look forward to many years of retirement (although I love work, I won't work once eligible for the state pension). 

It is easy to forget that, when we were young, pensioners were the poor of society. Now they are the rich. And on that note, 
do not rebalance your investments, cfw1994 - long term it pays to let the winners run.

"The Man" has brainwashed you into thinking that working your life away is the only way to feel worth anything. This is what "The Man" wants, so that you continue to take part in the great economic cycle of endless consumerism and growth.

Every hour one works beyond that required to maintain a particular lifestyle is an hour wasted that could be used for something else...visiting friends, family, volunteering for charity work, self-development and learning. I think tarring retired people with the word "idle" is a misnomer and unfair...yes there are those who will sit around and do nothing, but it's not the same for everyone.

You need to try to break your mind free from the grip of "The Man", for your own sake and for those who rely on you to be there for them when the time comes.

You've fallen for the propaganda, don't fall further.