I am suffering from "The Fear"

Toucan13

I suspect I am not alone in this.  I have hit my number, and then in turn have revised it upwards to create more of a cushion "just in case" (I'm DC only with a full SP)....and yet I really want to start winding down.  I have checked my numbers on various calculators and aside from consulting a crystal ball I can't see why in 99% (thank you Timeline) of scenarios things won't work out well (and I have what will in 10 years time be a too big house which I've ignored and which has a tiny mortgage on it which I could sell if the 1% scenario happens).

I have a couple of flexi zero hour type contracts which I like and will continue, it's the long term (and best paid) contract I'm struggling continuing with.  I keep thinking I'll just do another 6 months.....but I really am not enjoying it any more. There are other things I'd like to do with my time.  I'm thankfully healthy and hearty at the moment (I'm almost 55)

Weirdly the latest stock market volatility makes me feel better as it feels much more normal than a steady rise in prices.

Any tips to bite the bullet?  I have a terminally ill parent and another I'm supporting (with time not £), no spouse and teenagers.  I already volunteer and my life is pretty full outside of work.  It makes total sense to pull the plug on this contract, and yet I can't seem to do it.  

Stubod

I think this is a perfectly normal reaction for most people. It  is a big jump to go from full time work / income to becoming dependant on pensions / savings / low hrs work. But then you have got to do it sometime, and if you are happy that you understand your ongoing spending needs based on historical data and have "run the numbers", then you should just go for it as you are a long time dead!

It is good that you have hobbies to fill your time, and also that you can still maintain some income from "bank" work as a  bit of a buffer.

We went early a few years ago and had the same concerns, and what we have now is almost the "perfect storm" of massive inflation and pensions that (despite "index linking") will not keep up in the short term. But like you we have run the numbers based on worst case scenarios and it still makes sense.

My OH was happy to quit full time work and go "fully un-employed" as she has plenty of hobbies, but I preferred the option of carrying on doing bank work which I find fills a bit of time, is not stresseful and provides for some "un-budgeted" free money that I can then splurge on any whim that takes my fancy, (eg new electric bike a couple of years ago).

NB It is important to realise that even "index linked" pensions may not keep up witth inflation, eg my OH "index linked" pension went up aboou 0.5% last year and about 3% this year, but real inflation has been far higher. When I run my budget planner I had assumed inflation at 4% (ongoing), savings / investments rates at 1%, and any index linked pensions only returning about 75% of tha actual inflation rate...at the time I thought I was being very pessimistic ....who'd of thought...?

Albermarle

I think what you are feeling is pretty normal, especially as you are still at the lower age range for retiring . Although you hear on this forum about people retiring in their early Fifties ( or hoping to), it is still relatively rare as I understand it . I think the average retiring age is about 63 ,and even going before 60 is still seen very much as early retirement by many people .
My guess is you will carry on for another year or two of indecision, and then suddenly you will feel it is the right time and/or some life event will make the decision for you.

Apart from reaching the Number , have you got some flexibility in your expenditure, just in case. 

ex-pat_scot

Firstly - congratulations!
Getting to "the number", whatever it is, is indeed a great achievement.
Please do keep posting, so that we can see what life is like into and beyond the magic door.

Secondly - you have "One More Year" syndrome. It's perfectly understandable.
The more flexible your spending/ "number" requirements are, the easier it will be to rest secure at night. It seems you are indeed pretty flexible and have a number of sensible options (p/t, downsizing etc) in your armoury.

I've seen plenty of colleagues carry on past their notional stop point under Covid, as they have been WFH and weren't able to travel, so didn't really have much to retire to (apart from decorating and gardening).

It sounds like you are waiting for a catalyst. Something to perhaps make the decision. Care responsibilities or changing children's life events (eg university) seem to often drive the change. Or waiting for a round of redundancy etc.

Toucan13

It sounds like you are waiting for a catalyst. Something to perhaps make the decision. Care responsibilities or changing children's life events (eg university) seem to often drive the change. Or waiting for a round of redundancy etc.

I think this nails it - a working life with few options but to work as much as I could to cover the necessities, mortgage, bills and then suddenly there are choices ahead.  And I am bottling it......

westv

Don't forget you only die once.

Albermarle

It sounds like you are waiting for a catalyst. Something to perhaps make the decision. Care responsibilities or changing children's life events (eg university) seem to often drive the change. Or waiting for a round of redundancy etc.

Or reaching/getting close to  the pension Lifetime Allowance .

Thrugelmir

How much contingency have you built into your planning? 

"Weirdly the latest stock market volatility makes me feel better as it feels much more normal than a steady rise in prices."

Going to me a new experience for a whole generation of investors. Most challenging times in decades. 

SMcGill

and then suddenly there are choices ahead.  And I am bottling it......

Just because you could doesn’t mean you should. Early retirement is a decision, not a test of courage!

jim8888

For me, one of the bigger considerations for retiring at 57 was staying fit and healthy, both physically and mentally. It's easy to underestimate the toll work takes on you in this area, especially as you grow older. I spend a lot of my retirement time doing physical activities that work just didn't allow time for. In terms of the finances, my experience is that, if you're the type of person interested in investing etc.. then you're just going to pick at that regardless! I spend a lot of time projecting forward on my pensions, but I've stopped giving myself a hard time about it. I've accepted the fact that I actually enjoy doing it and it's a kind of comfort blanket. I'd say retirement is a mixed bag of experiences, you have good and bad (boring) days, but what you don't have is the stress, politics and demands of the workplace. If you're finding there's too much of that in your employment, then I'd take the retirement option. 

Toucan13

To answer your questions

*  no issue with the LTA (unless there is some sort of major bull market from here and I can't withdraw it fast enough which I think is unlikely)
*  contingency - I have 3 years total expenditure in cash outside of my SIPP and I still plan to do some work, just not as much as now, which should cover at least a third of my annual income requirement, probably more

For me, one of the bigger considerations for retiring at 57 was staying fit and healthy, both physically and mentally. It's easy to underestimate the toll work takes on you in this area, especially as you grow older.

This bit resonates, I'd like to prioritise my health and do more exercise - protect what I've got really - it's something I'm guilty of neglecting and I won't get away with that forever.  I know I'll constantly run spreadsheets and read the financial press (old habits die hard).

Glad you are finding time for things you didn't get time for before jim8888