I am suffering from "The Fear"

SouthCoastBoy

Kim1965 said:

SouthCoastBoy said:

I have the same issue, with current world conditions I have decided to continue until 60, so just under another 3 years. In that time I may leave my current job and go back to contracting, I'm just pleased I have made a decision, it gives me focus

I am the same age as you, looking at 60 for semi retirement. How would a sustained market fall affect your plans?I guess, xour large cash balance protects you? 

Yes, my cash buffer should protect me as long as inflation doesn't get too high. I'm not planning to touch any equities in first few years of retirement so slowly going from a 60:40 to an 80:20 equities:cash split

jim8888

Just for info, my wife retired from her high stress mental health role (or I thought it was high stress, but she honestly didn't feel it was) in January. For years, she'd suffered from a bad back and leg cramps at night, which was breaking her sleep. She'd seen doctors, taken pills, physio etc but nothing seemed to help. Since retiring, she's slept like a log, aches and pains disappeared. Some of that might be due to being more active, but I think it's the removal of the stress - that she didn't see as an issue - that's made the change.

handful

molerat said:

When I was coming close to 55 I remembered senior management's reply to when we queried some of the stupid systems they had implemented - JFDI - so I did

Sounds like the company I used to work for, JFDI was their mantra. I wasn't in a position to retire unfortunately so just changed jobs!

happyc84

what does JFDI stand for?

NoMore

happyc84 said:

what does JFDI stand for?

Just effing do it

happyc84

thanks, says it all really!!!

c'est_moi

I totally understand 'The Fear'. Those of use who are FIRE devotees are usually very good at saving and not so good at spending. I took the plunge myself at the age of 51. I just could not face the stress, pettiness and sheer bloody hard work of my job any longer. It was a leap of faith. I can't get access to my pension until I'm 55 and I am 5 years short on NI contributions. However, with mortgage paid and the kids through uni, I knew that we could manage on DH's wages (from a job he enjoys) and a dip into the savings if and when needed.

What I didn't expect was how much I actually saved in costs on fuel, car repair, 'work' clothes, takeaways (from being too busy to cook). Covid meant holiday spends went down - though I intend to make up for that now!

It took me a year to get over being in stress day in day out. I feel much healthier. I have loved having time for myself, my hobbies and my family. I feel like 'me' again. After the initial year and a half I felt ready to do something with a bit more routine so I starting doing temp work. I have just finished a 8 week contract in a job totally unlike the one I did all my working life (and on half the pay). I enjoyed it, but was happy when it came to an end. I would go back, but I like the short term commitment with a close end date in sight. The money from that has been put towards some very expensive work we have had to have done on the house to make it future proof. This has put quite a dent in the savings, but I had sort of planned for this before quitting work. I am just hoping that this is the last major spend we have to make.

I have not regretted going once. I feel free and I feel much happier - though the impact of work stress will never go away. I still have times of terrible panic. I wish I could have bailed out sooner, but I am glad I did face the fear. I am just turning 53 and so the pension is still two years away. I read somewhere that working in a job you hate is just like renting your time to your boss. That is certainly how I felt. I would sit in work thinking hour by hour how much money was being put into the bank. I now have the time to reap the rewards of all that planning and saving.

None of us knows what the future has in store. I do know that had I clung on for another 5 or 10 years I would have been a shell. I would say I am much healed in the last two years, but I will never totally recover - but I gave myself better odds by leaving when I did.

I can't pretend that money worries don't get to me. They do. I find it so very difficult to dip into those savings - they were hard earned, but I would still say face the fear and go for it. I have no regrets.

Albermarle

and I am 5 years short on NI contributions

If you are a 'FIRE devotee' you presumably are aware that you can buy these extra years and they are an absolute bargain/no brainer to do so ?

cloud_dog

@Toucan13, I think you are just overthinking it, and as you have said are second guessing pulling the trigger.

We were a little late to the retirering early concept, but we put a plan together which matched 'Our Number'.  It ended up a bit before 61.  With my funky spreadsheet tracker we are approx 6 months ahead of schedule/projection.

Where I am going with this waffle, is that once we achieve the mass required I will hand my notice in.  I intend to take 3 months just to see how the lands lay, e.g. no big plans initially.  If I find I miss the 'need' to work, the social aspect of people, of engaging then I will simply look for a part-time job to cover this.

Now you seem to be someone who is in demand with required skills, and with suitable contacts.  I am sure if you experienced a financial or emotional need for employment after retirement, you would more than likely be able obtain an agreeable engagement that suits you.

I'd go for it, but that is just me.

bluenose1

One of my idle Saturday morning thoughts is I might consider asking for a career break as I hit my target number in December 22 if no VR offered in the meantime. 

I do fear retiring financially even though I have no reason to, though I fear not retiring in the next 12 months more.
Totally had enough of work and the stress and bureaucracy of it all, fortunately I am in a good team with friends who are like minded.