Having problems deciding whether to press that resignation button....

pensionpawn

Bobinyorkshire said:

One thing I have found useful by going part time is not just ‘road testing’ the finances but also discovering what things I enjoy outside of work. I feel I now only have 2 or 3 days to ‘fill’ rather than 5-6 days, as would have been the case if I had retired from a full time position. 

Out of curiosity, did those who have recently retired map out a precise plan or use the early weeks of retirement to recharge their battery and explore how they would like to utilise their new free time?

Doing precisely that by dropping to 70% from April, which will be a realised by a combination of 6 - 8 weeks working full time followed by 3-4 weeks of time off, repeat throughout the year with equal payments per month. Suits me down to the ground with my wife already on 60% and then 0% from late November. This will give us plenty of spare time to 'road test' our retirement plans which will then influence how long I stay part time at 70%, or reduce further to 50% or retire completely. As commented elsewhere, when the penny finally drops with management that you now only come to work because it suits you, you have significantly more influence over your role, the pressure evaporates and you may even find that you delay quitting completely as your work / life balance is now perfect.

cfw1994

Congrats @Saltayr!

Bobinyorkshire said:

Out of curiosity, did those who have recently retired map out a precise plan or use the early weeks of retirement to recharge their battery and explore how they would like to utilise their new free time?

Combination, for me.  I’m sure everyone is different.
I planned a big cycle adventure for the week after I finished (LEJoG).  We had a few festivals lined up, & various trips helping our offspring with their next moves around, including several trips to Scotland (we live in the Midlands).

My goal was for the first year to not have any new massive commitments.  Pretty well achieved: haven’t regretted anything 👍

We have some caring duties that takes up time and makes planning things a little complicated.  Major travel is off the cards for that reason.  Well: that and Covid, although we are planning our first ski trip in 3 years for later in March, fingers crossed.  Took our old ski’s to the Piste Office (converted Post Office where the fella does skis !) for some TLC: not certain we will remember how to use them 🤪⛷

We have a nice bunch of friends, a few of them retired….& I’m still very in touch with a couple of good work pals, some of whom have also now left.

We do try to have regular chats about what is coming up….& keep ourselves focussed on jobs we also want to get done around the house.  

Always remember: failure to plan is planning to fail 👀🤣

[Deleted User]

@mat1964
Take a look at this long running thread. You will be reassured that you can retire with few worries.
Best wishes 
https://forums.moneysavingexpert.com/discussion/6228191/how-much-to-live-on

mat1964

So, 2 months of the notice period down, 3 to go.  

Definitely happy with the decision, although the impending energy hike and other bills going up, do make me feel a little wary.

It seems I may get if I want some limited work for the 6 months after I leave from my existing company as a 'causal worker' (so on the payroll but zero hours).  I will probably take them up on it - it will be around 5 days a month which will pay for our monthly fixed costs so we won't need to dip into savings or the DC pots just yet.

Albermarle

Definitely happy with the decision, although the impending energy hike and other bills going up, do make me feel a little wary.

I am relatively newly retired and to be honest I am a bit more anxious about the effect inflation/interest rates will have on financial markets, rather than day to day expenditure . Quite glad I did OMY !

mat1964

So an update to this with 6 weeks to go of my 6 months notice (doesn't time fly!).

I had hoped to have around £350k in my pension pot by end May - but we had some large unexpected medical and other bills so I had to drastically scale down my contributions and coupled with the recent market drop, it will be nearer £280k.

So £280k DC, plus £9k in DB, plus some cash reserves is not going to be enough to bridge the gap to 2 SPs, especially given recent hikes in bills and inflation, so I have accepted the offer of a zero hours contract from my existing company from July.   Currently negotiating an hourly rate, but it should be in the region of £80-100 per hour which is pretty decent - I've been led to expect 5 or 6 days a month rest of this year  - probably less next year - but that will be enough to pay the bills and carry on with pension contributions.  Still hope to retire completely in 2 years when I'm 60 and 5 days a month will give me plenty of time to do other things.

MallyGirl

sounds like a great compromise given the change in circumstance

SouthCoastBoy

I think this illustrates the need for contingency if you are solely reliant on a dc pension. Fortunately in this example additional work has been secured, but i imagine that would not be case in all instances.

mat1964

SouthCoastBoy said:

I think this illustrates the need for contingency if you are solely reliant on a dc pension. Fortunately in this example additional work has been secured, but i imagine that would not be case in all instances.

Yes precisely.  I do have a small DB but that's £450 a month (or would be £600 on lower rate tax) which when I did my original  calculations would have covered Utilities and Council tax and now doesn't come close. Having said that, I don't regret my decision at all.

cloud_dog

My plans are little further out than some, but I have my plan and I have My (Our) Number and I am tracking progress for the pots in order to repay the outstanding (smallish) mortgage and cover the early retirement period before the DB scheme kicks in.

R date originally was planned to go 4.5 years early (around June 2026), DB kicks in December 2030.  Currently we are ahead of schedule with R date (today) of October 2025 (my little spreadsheet plots progress against the projected target.  It's not actually such a little spreadsheet anymore.  Obviously the earlier we go the more money is required).  We have lost approx. 4 months of earlier retirement due to more recent stock market events.

Whilst I am planning to use these pots for mortgage repayment and early retirement, nothing is set in stone, and I will re-evaluate the option of drawing the DB early, and even the possibility of not repaying the mortgage on/at R date (good interest rate, and it could run for up to another 4 years; we'll see). 

TBH, I am really struggling at work (been lots of changes with new management, and the ethos is very different).  If I get anywhere near an appropriate amount I will jump, and would be quite happy to take on another part / full time role in a less demoralising environment.