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

Paspatur

Totally different field, from oil and gas to arts and culture but still a Finance Manager

pensionpawn

squirrelpie said:

pensionpawn said:

I'm in the process of applying for annualised leave to bring my net pay down to very close to what I expect from drawdown. 12 months of that should hopefully prove that I'm ready to drop my hours to 0% The biggest problem being lasting those 12 months without telling my boss, and his boss, that they can take their job and....

You don't need to do that, if you don't want and if you have some self discipline. Just open a savings account and transfer the excess money in there so you never see it. If it's an account with restricted access, so much the better.

Thanks for the suggestion however I definitely want the drop in hours too! My wife has just moved from 80% to 60% and I want to spent some quality time with her. With me at 100% and her at 80% we were just too knackered with no spare time to do anything.

NedS

I've thought long and hard about whether dropping down to 2-3 days per week or sticking it out full time is the best option. I figure I still need to work X more days before retirement, so do I want to do that full time over the next 2 years, or spread it out part time over 5 years. For me, the right thing to do is stay full time and finish earlier as I just want to finish, not delay it any longer than possible. I still may suffer from OMY syndrome when the time comes!

Dazza1902

Farside71 said:

I resigned at 49, pension provision is mostly sorted.  Just started a driving job FTC for a national retailer and loving it on a minimum 20 hour contract but will be more over Xmas.  Job is full of older guys who's retired and were bored.

I would warn that there are not gazillions of part time interesting jobs out there.  A lot of care work,  factory and food processing, warehousing etc.  And for better looking jobs even though they might be near minimum wage, often looking for relevant experience.  There obviously are opportunities but it can be hard work finding them

Perhaps I will have to settle for part time work with the hours that I want, no stress but forget the interesting / fulfilling bit, as Meatloaf sang " Two out three ain't bad". Or just work the dreaded one more year.

SouthCoastBoy

cfw1994 said:

SouthCoastBoy said:

I have slipped into n more years syndrome, as all my pension is based on savings and dc pension I am at the vagaries of the stock market, and being a fairly anxious person, I just dont have the confidence to go. If I had access to a db pension I think that would have given me more confidence, unfortunately I dont so think I will be going to at least 60

That old OMY Syndrome is a very real challenge/puzzle 👀
  
We are luck to have 3 *small* DB pensions that kick in over the next 1/3/8 years, but they are not the bulk of our income. 
We also have a 'likely' inheritance at some point (which we haven't included in our number/expectations) which could provide some buffer at some point in the next 1-10 years (or so...).  The main chunk of that will likely be passed on down, so no chickens counted here.

Everyone has their own circumstances to consider, and their own aspirations for the years ahead of them.
My only suggestion would be to try to live off YOUR 'Number' over the next 12 months.  Start today! 

If you find it a struggle, then maybe OMY or even TMYs are right for you 🤷🏼‍♂️

If, in 12 months, you found it 'easy', maybe you will be more confident about taking that step.   Maybe markets will have steadied (although I firmly believe we will never have that perfect crystal ball, only an approximation, subject to change).
It's one small step for man, one giant leap for SCB 🤣

Appreciate the feedback. I have done the numbers wrt living off my number, for example the next 5 years is £3500 per mth due to daughter being at uni etc. Then I taper to £2500/mth and then £2000/mth. 

If inflation stayed at 2.5% and 60% of my pot grows at 3.5% and 40% (currently cash) grows at 0% I would be fine. The problem is we all know those projections are inaccurate and I'm afraid without actually knowing I will have to continue working. It is a conundrum I can't resolve, I have always worried about money and therefore prefer to be cautious although I would love to retire.

jimi_man

Dazza1902 said:

She's looking hot and Marlot, have had a phased retirement. Anybody retired, then taken part time work and not with their former employer? Something completely different. A change is as good as a rest scenario, a clear distinction from their previous working life ?

Sort of. I retired (from the police) at 51. Due to the way the pension works after 30 years you achieve maximum (2/3rds) so it tends to be not worth staying and carrying on paying pension contributions for no benefit, especially when you could be leave and get nearly the same amount in pension payments so I retired and your pension activates immediately.

After a break I went back and did contract work for a couple of years before taking a job with the Civil service. Just about to start three days a week Part Time in January in preparation to wind down over the following 12 - 15 months and then leave completely. 

I've done an extra five years post retirement- will probably be six by the end. The idea was to build up a DC pot to assist with up to SPA, though I've also accrued some years in the Civil Service Alpha scheme. 

The change was nice. Similar field but less stress and responsibility but I'm getting to the stage that I don't really want to work for much longer in any field.

DT2001

SouthCoastBoy said:

cfw1994 said:

SouthCoastBoy said:

I have slipped into n more years syndrome, as all my pension is based on savings and dc pension I am at the vagaries of the stock market, and being a fairly anxious person, I just dont have the confidence to go. If I had access to a db pension I think that would have given me more confidence, unfortunately I dont so think I will be going to at least 60

That old OMY Syndrome is a very real challenge/puzzle 👀
  
We are luck to have 3 *small* DB pensions that kick in over the next 1/3/8 years, but they are not the bulk of our income. 
We also have a 'likely' inheritance at some point (which we haven't included in our number/expectations) which could provide some buffer at some point in the next 1-10 years (or so...).  The main chunk of that will likely be passed on down, so no chickens counted here.

Everyone has their own circumstances to consider, and their own aspirations for the years ahead of them.
My only suggestion would be to try to live off YOUR 'Number' over the next 12 months.  Start today! 

If you find it a struggle, then maybe OMY or even TMYs are right for you 🤷🏼‍♂️

If, in 12 months, you found it 'easy', maybe you will be more confident about taking that step.   Maybe markets will have steadied (although I firmly believe we will never have that perfect crystal ball, only an approximation, subject to change).
It's one small step for man, one giant leap for SCB 🤣

Appreciate the feedback. I have done the numbers wrt living off my number, for example the next 5 years is £3500 per mth due to daughter being at uni etc. Then I taper to £2500/mth and then £2000/mth. 

If inflation stayed at 2.5% and 60% of my pot grows at 3.5% and 40% (currently cash) grows at 0% I would be fine. The problem is we all know those projections are inaccurate and I'm afraid without actually knowing I will have to continue working. It is a conundrum I can't resolve, I have always worried about money and therefore prefer to be cautious although I would love to retire.

What % is the £2.5k p.m. of your pot?
How long until SPA when presumably circa £750-800 p.m. will be from the Govt?

Albermarle

SouthCoastBoy said:

cfw1994 said:

SouthCoastBoy said:

I have slipped into n more years syndrome, as all my pension is based on savings and dc pension I am at the vagaries of the stock market, and being a fairly anxious person, I just dont have the confidence to go. If I had access to a db pension I think that would have given me more confidence, unfortunately I dont so think I will be going to at least 60

That old OMY Syndrome is a very real challenge/puzzle 👀
  
We are luck to have 3 *small* DB pensions that kick in over the next 1/3/8 years, but they are not the bulk of our income. 
We also have a 'likely' inheritance at some point (which we haven't included in our number/expectations) which could provide some buffer at some point in the next 1-10 years (or so...).  The main chunk of that will likely be passed on down, so no chickens counted here.

Everyone has their own circumstances to consider, and their own aspirations for the years ahead of them.
My only suggestion would be to try to live off YOUR 'Number' over the next 12 months.  Start today! 

If you find it a struggle, then maybe OMY or even TMYs are right for you 🤷🏼‍♂️

If, in 12 months, you found it 'easy', maybe you will be more confident about taking that step.   Maybe markets will have steadied (although I firmly believe we will never have that perfect crystal ball, only an approximation, subject to change).
It's one small step for man, one giant leap for SCB 🤣

Appreciate the feedback. I have done the numbers wrt living off my number, for example the next 5 years is £3500 per mth due to daughter being at uni etc. Then I taper to £2500/mth and then £2000/mth. 

If inflation stayed at 2.5% and 60% of my pot grows at 3.5% and 40% (currently cash) grows at 0% I would be fine. The problem is we all know those projections are inaccurate and I'm afraid without actually knowing I will have to continue working. It is a conundrum I can't resolve, I have always worried about money and therefore prefer to be cautious although I would love to retire.

One advantage of OMY ( or TMY etc ) is you effectively gain two more years ( or thereabouts) for each year you stay on . If you cover your expenses and make a significant contribution to your pension/savings .
So you will soon reach a point where you realise that you have more than enough, and start to feel more relaxed about it ( in my experience)
For a cautious /worrier type, doing a couple more years can mean a lot less anxiety for the hopefully many years of retirement, as you have built up that extra cushion .

MallyGirl

OH is the OMY type - and he is the one I am having to devise an LTA strategy for. We are both putting £40k a year into our pensions so that is a good way of seeing if we can live the way we want to on a reduced income.
I'd happily go and work in a garden centre or bookshop - although I'd probably spend all my wages there!

sheslookinhot

The disadvantage of OMY, or TMY’s, is that your vocational freedom, I.e. retirement is also reduced by 1 or 2 years. 

After you are financially comfortable, or even before, it’s all about what you value you most; Time or Money.