What made you 'pull the trigger'?

SouthCoastBoy

yp70479 said:

I retired 5 years ago ' aged 56, and I can honestly say I've haven't regretted it once. I loathed my job (US Corporation) and couldn't wait to leave! Saved every penny and paid off my mortgage by 2005, then threw as much into AVC as I could afford. I did have a DB pension (24 years) and used various pension calculators to see the earliest I could go.I figured I could go at 55, but 56 was better financially.  The company did a round of redundancies in the US, but announced there would not be any schemes in the rest of the world so there was nothing to hang around for. I had a chart on the wall near my desk, and each month crossed off another box. It gave me great satisfaction to see the date getting nearer. On my 55th birthday I announced to the office that this was my f**k you year, and if any of them !!!!!! me off I would just walk! Had quite a nice stress free 12 months! I even gave 3 months notice to give them time to find someone else and offered to train them up - did they use it - of course not - still hadn't found any one after I left  - but not my problem!
Advice I would give
 - if you can afford it - just go for it. Do all those things you've been promising yourself but never had the time to do
- get some good independent financial advice - often better to find someone with a flat fee rather than a % if you have a decent sum
 - get some hobbies lined up before you retire - preferably some that involve getting out of the house and meeting people. For me that was getting an allotment - fresh air, exercise, like minded company and fresh fruit and veg

It's that elusive db pension that keeps me chained to my desk. I just don't have the confidence to go, in case everything implodes and inflation is at 10% plus for the next 5 years or so.

Early_Retire_Free

You might have read a thread I started in 2010 in which I ruminated for several years about early retirement! 

At the end I guess the reason for retiring was I didn't want to be constrained by a 9-5 and wanted the freedom to do what I wanted, when I wanted.

Key to the decision was having enough money such that I would never have to worry about money.  I had a spreadsheet but I knew that retirement where we had to scrimp and save would not be for us.  Thats not to say we are ridiculouly wealthy (far from it) but we live a comfortable life.

Since retiring in 2018 (age 53), I've had a couple of consulting assignments and even went back into a full time role for 6 months (big mistake).  But I did no work at all in 2022.  I would never not be open to some work but can be selective (it has to be interesting AND lucrative).

Our biggest financial concern now is avoiding inheritance tax by making sure we spend our savings! 

NedS

Early_Retire_Free said:

You might have read a thread I started in 2010 in which I ruminated for several years about early retirement! 

At the end I guess the reason for retiring was I didn't want to be constrained by a 9-5 and wanted the freedom to do what I wanted, when I wanted.

Key to the decision was having enough money such that I would never have to worry about money.  I had a spreadsheet but I knew that retirement where we had to scrimp and save would not be for us.  Thats not to say we are ridiculouly wealthy (far from it) but we live a comfortable life.

Since retiring in 2018 (age 53), I've had a couple of consulting assignments and even went back into a full time role for 6 months (big mistake).  But I did no work at all in 2022.  I would never not be open to some work but can be selective (it has to be interesting AND lucrative).

Our biggest financial concern now is avoiding inheritance tax by making sure we spend our savings! 

Hopefully you have plenty of years ahead of you to spend, and make gifts as appropriate.

Mrs_Z

I had been planning for an early retirement for many years, and aimed to go at 55yrs (which would have been this year).  Then the Brexit happened and my job moved abroad (EU country) in 2019. I commuted weekly for a year which was pretty stressful, then applied for unpaid leave for a year which was granted and I haven't been back since.  So effectively, the 'retirement' happened 3 years earlier than planned.  
I definitely don't miss the work, the social side a little bit but not greatly.  I also have an allotment and it's been wonderful to be able to go there when it suits me and the weather is nice! I also walk fair a bit, and enjoy having the time to read books and generally being able do as I please.  
The hardest thing is the switch from a saver to a spender. It seems that once you are a MSE, you will always be a MSE!!!
It'll be interesting to see how the money side spans out in the end. I did a very rudimentary spreadsheet with monthly milestones until retirement (8yrs to go). So far so good, but there is a fair way to go yet and a good chunck of the money is invested in stocks and shares. Next financial year might be the first time when I won't be able to top up the SIPP and ISA.
If you can afford to go, and don't particularly like your job then why wait? Just 'one more year' is one more year at work and one less in retirement.
Last year, I lost a friend who only made it to 60. From diagnosis to death in 12 months. It's a lottery of life and next time it could be you.

Kim1965

SouthCoastBoy said:

yp70479 said:

I retired 5 years ago ' aged 56, and I can honestly say I've haven't regretted it once. I loathed my job (US Corporation) and couldn't wait to leave! Saved every penny and paid off my mortgage by 2005, then threw as much into AVC as I could afford. I did have a DB pension (24 years) and used various pension calculators to see the earliest I could go.I figured I could go at 55, but 56 was better financially.  The company did a round of redundancies in the US, but announced there would not be any schemes in the rest of the world so there was nothing to hang around for. I had a chart on the wall near my desk, and each month crossed off another box. It gave me great satisfaction to see the date getting nearer. On my 55th birthday I announced to the office that this was my f**k you year, and if any of them !!!!!! me off I would just walk! Had quite a nice stress free 12 months! I even gave 3 months notice to give them time to find someone else and offered to train them up - did they use it - of course not - still hadn't found any one after I left  - but not my problem!
Advice I would give
 - if you can afford it - just go for it. Do all those things you've been promising yourself but never had the time to do
- get some good independent financial advice - often better to find someone with a flat fee rather than a % if you have a decent sum
 - get some hobbies lined up before you retire - preferably some that involve getting out of the house and meeting people. For me that was getting an allotment - fresh air, exercise, like minded company and fresh fruit and veg

It's that elusive db pension that keeps me chained to my desk. I just don't have the confidence to go, in case everything implodes and inflation is at 10% plus for the next 5 years or so.

I thought like you were in a similar position to myself, just waiting on kids to finish uni? 

Albermarle

If you can afford to go, and don't particularly like your job then why wait? Just 'one more year' is one more year at work and one less in retirement.
Last year, I lost a friend who only made it to 60. From diagnosis to death in 12 months. It's a lottery of life and next time it could be you.

The benefit of 'one more year' is that depending on your finances, it can mean two more years from a financial perspective. That is another year paying for everything from your salary, and another year adding to your war chest.

That extra couple of years can be quite comforting and help you sleep at night.

Although of course 'one more year' is easier if you do not hate your job.

cfw1994

Albermarle said:

If you can afford to go, and don't particularly like your job then why wait? Just 'one more year' is one more year at work and one less in retirement.
Last year, I lost a friend who only made it to 60. From diagnosis to death in 12 months. It's a lottery of life and next time it could be you.

The benefit of 'one more year' is that depending on your finances, it can mean two more years from a financial perspective. That is another year paying for everything from your salary, and another year adding to your war chest.

That extra couple of years can be quite comforting and help you sleep at night.

Although of course 'one more year' is easier if you do not hate your job.

Have to say I’m with Mrs_Z on this one:
”Just 'one more year' is one more year at work and one less in retirement.
Last year, I lost a friend who only made it to 60. From diagnosis to death in 12 months. It's a lottery of life and next time it could be you.”

I’ve know too many good pals & colleagues who never managed to enjoy their gold years…..

ex-pat_scot

I've lost a couple of good friends in their early 60s.
My boss had a huge heart attack at the end of last year, and died. He wasn't quite 60.
He was hugely wealthy, but needed the adrenaline rush of work.
Unfortunately his heart wasn't up to the challenge.

I've got another year and a bit until I hit 55, at which point I will pause and reflect.
I'll be in the lap of the market gods, as to what approach I take then.
It's tempting to keep plodding on, to add one more year into the pot and one more year of salary income, but I'm no longer really up to my job and struggling. I'm holding on at the moment.

sheslookinhot

cfw1994 said:

Albermarle said:

If you can afford to go, and don't particularly like your job then why wait? Just 'one more year' is one more year at work and one less in retirement.
Last year, I lost a friend who only made it to 60. From diagnosis to death in 12 months. It's a lottery of life and next time it could be you.

The benefit of 'one more year' is that depending on your finances, it can mean two more years from a financial perspective. That is another year paying for everything from your salary, and another year adding to your war chest.

That extra couple of years can be quite comforting and help you sleep at night.

Although of course 'one more year' is easier if you do not hate your job.

Have to say I’m with Mrs_Z on this one:
”Just 'one more year' is one more year at work and one less in retirement.
Last year, I lost a friend who only made it to 60. From diagnosis to death in 12 months. It's a lottery of life and next time it could be you.”

I’ve know too many good pals & colleagues who never managed to enjoy their gold years…..

That is so correct. Money cannot buy time.

Silverbullet036

Thats exactly what money does buy you....time....to leave work early and enjoy life