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

ian16527

SouthCoastBoy said:

57 on the 27th Jan by chance?

Similar age to me, I am still undecided, haven't got the confidence, would like to go in June, I would also be 57.

I am 3 weeks older than you.

Things that have made the decision are, my wife and I are not in great health(I have never been since my 20's but have AF now as well) and the furlough period last year really opened my eyes to what I would like to do with my time now.

I don't hate work, it just doesn't interest me anymore and I work for a great company which makes leaving a bit more difficult.

One of my colleagues has 37 years in the DB scheme ( I wish I did)  and could comfortably retire but is hanging on for another 4 years till he is 65. 

IvanOpinion

I always said that when I reached 55 that I would retire.  That was several years ago and I am still working in a job I love.  Money isn't the issue, it is simply that I get bored too easily and need something to occupy my mind and, I don't have a lot of hobbies outside of work.  A couple of years back (2019) I made a throw-away comment to my boss that retirement was crossing my mind and he managed to wangle me a very substantial 'retention bonus' (paid in a manner to avoid tax).  The terms of that run out next March - so who knows? maybe next year? probably not!

Nebulous2

You need to prepare psychologically as well as financially. 

I retired in March with the intention of working part-time for the NHS. Recruitment was frustrating and I found myself getting grumpy and unhappy. I eventually got a start and now I'm getting sucked in as they are short-staffed and find myself with more hours and more responsibility than I intended. 

Its amazing talking to nurses and Doctors who retired and came back to help during the pandemic how many of them feel revitalised by having some work. Most of them are better at setting boundaries for how much they work than me, but a lot of them talk of having a new sense of purpose. 

They talk of 'drifting' when retired, lacking motivation, sleeping until mid-morning etc. Even one 6 hour shift a week appears to have brought structure for some people and a new sense of purpose. 

I'm on a short-term contract and intend reviewing my situation at the end of March, when I'll have been 'retired' for a year. I'm also planning a house refurb, which will give me focus and its likely I will undertake a big cycling challenge in August. 

All-in-all I'd say I'm in a better place than I was this time last year, but at that point I was financially ready, without understanding what else I needed to do. 

mat1964

sheslookinhot said:

To the OP, you must blank out the 2 days you drop from your 5 day week. If you have an e-calendar mark them as non-working days. Do not entertain any communication with your work on those days. They are yours, time is precious and no doubt your employer will be dropping your salary. Make you 2 days off final. I.e. same 2 days a nail you retire.

Finally, you must drop 40% of your work. Discuss this with your manager and agree and effect the transfer BEFORE you go part time.

Easier said than done.  I will have annualised hours - so may work 4 or 5 days some weeks when needed and none or 1 other weeks.  I had thought about blocking off one day a week anyway as non working.  I have a colleague who works 3 days a week (fixed days in this case) and he told me he ends up working on his non working days as our work involves lots of client meetings and we're dependent on when they are available.

I'm leaning towards going with the 6 months notice end of the month rather than accepting the part time role.  However, I am getting a pensions review by an IFA I've known for a long time and will decide after that.

Parking_Trouble

If you are working long hours in a full time role then expect to work more than your agreed hours if you go part time.
With poor health it sounds like you are making the right decision to stop.

You could consider finding a completely different job to keep active and top up your income. Something you can easily cope with and switch off when you finish your working day. 

Pension review is a very good idea.
Also, detailed analysis of where your money currently goes will help you work out 'The Number' and give the IFA a target. Even though I've done a lot of analysis I still don't fully understand where it goes!

squirrelpie

mat1964 said:

 I will have annualised hours - so may work 4 or 5 days some weeks when needed and none or 1 other weeks.  I had thought about blocking off one day a week anyway as non working.  I have a colleague who works 3 days a week (fixed days in this case) and he told me he ends up working on his non working days as our work involves lots of client meetings and we're dependent on when they are available.

That sounds like you'll be doing the same amount of work but rearranged to suit the employer. I'll ask again, has your employer planned how to handle the other 40% of your work, and do you know what the plan is?

I'm leaning towards going with the 6 months notice end of the month rather than accepting the part time role.  However, I am getting a pensions review by an IFA I've known for a long time and will decide after that.

This sounds more and more like the best idea to me.

mat1964

squirrelpie said:

That sounds like you'll be doing the same amount of work but rearranged to suit the employer. I'll ask again, has your employer planned how to handle the other 40% of your work, and do you know what the plan is?

I had a meeting with my boss yesterday and they haven't decided how they will reallocate the other work.

  Parking_Trouble said:

If you are working long hours in a full time role then expect to work more than your agreed hours if you go part time.
With poor health it sounds like you are making the right decision to stop.

You could consider finding a completely different job to keep active and top up your income. Something you can easily cope with and switch off when you finish your working day. 

Pension review is a very good idea.
Also, detailed analysis of where your money currently goes will help you work out 'The Number' and give the IFA a target. Even though I've done a lot of analysis I still don't fully understand where it goes!

All good points.  

I have done an analysis of my spending.  My original number was £25k but the running costs in our new house are higher than I had expected so I think it would be closer to £30k.  (By moving though, whilst the running costs are higher, I've gone from having £330k in mortgage/loans/cards to being debt free, otherwise I would not be anywhere near being able to retire).   We expect to stay here for 10 years or so, then maybe downsize, which may also free up some funds.

I think £30k still works, but I will see what the IFA has to say.  

RD42

If there is no incentive to take the retirement package, take the three days per week.

Turn off your phone / email outside of work hours and for the four days a week you are not working, make sure you update your voicemail message to let people know your working days and setup a out of office auto reply on your email.

If the company does not like you new working practice, then make sure you get a decent settlement if they want you to stop work 100% - Say 12 months salary.

Parking_Trouble

mat1964 said:

squirrelpie said:

That sounds like you'll be doing the same amount of work but rearranged to suit the employer. I'll ask again, has your employer planned how to handle the other 40% of your work, and do you know what the plan is?

I had a meeting with my boss yesterday and they haven't decided how they will reallocate the other work.

  Parking_Trouble said:

If you are working long hours in a full time role then expect to work more than your agreed hours if you go part time.
With poor health it sounds like you are making the right decision to stop.

You could consider finding a completely different job to keep active and top up your income. Something you can easily cope with and switch off when you finish your working day. 

Pension review is a very good idea.
Also, detailed analysis of where your money currently goes will help you work out 'The Number' and give the IFA a target. Even though I've done a lot of analysis I still don't fully understand where it goes!

All good points.  

I have done an analysis of my spending.  My original number was £25k but the running costs in our new house are higher than I had expected so I think it would be closer to £30k.  (By moving though, whilst the running costs are higher, I've gone from having £330k in mortgage/loans/cards to being debt free, otherwise I would not be anywhere near being able to retire).   We expect to stay here for 10 years or so, then maybe downsize, which may also free up some funds.

I think £30k still works, but I will see what the IFA has to say.  

So I'm guessing you're on a very good wage, maybe been working hard to pay debts with not much left to spend on the stuff you really want?
Be careful not to under-estimate the figure you need to maintain the lifestyle you are used to. There is always opportunity to cut back on the really frivolous stuff but if you are used to holidays, meals out, gadgets, cars, etc then it might be a big step down.
Mind you, your health is priceless so a simpler, slower pace of life is a gift you shouldn't turn down.

jim8888

Nebulous2 said:

You need to prepare psychologically as well as financially. 

Its amazing talking to nurses and Doctors who retired and came back to help during the pandemic how many of them feel revitalised by having some work. Most of them are better at setting boundaries for how much they work than me, but a lot of them talk of having a new sense of purpose. 

They talk of 'drifting' when retired, lacking motivation, sleeping until mid-morning etc. Even one 6 hour shift a week appears to have brought structure for some people and a new sense of purpose. 

I'd totally agree with this. It's a massive challenge going from full time employment to full time retirement and I've struggled with it (although it's quite a pleasant struggle!) I wish I could have gone to a three day week, but that wasn't an option in the job I had. I'm six months into retirement and while the summer was like a long holiday, I'm now looking for ways to constructively fill the days. I turn 58 this month, but still feel I could enjoy a job if one came along. I dread "drifting and sleeping until mid-morning", but as ever it's up to me to find alternatives if I'm not happy with it.