What made you 'pull the trigger'?

Dew_2

mumf said:

Cottage_Economy said:

DH pulled the pin in May 2021 on his 60th. His plan was to retire at 62 but a close friend of his became ill in the February, was diagnosed with terminal liver cancer in April and was gone by mid-June. They were the same age.

The previous year I managed to move sideways in my job and get a decent payrise while training. When J was diagnosed, I worked out that once I had completed my training, the additional payrise combined with DH's NRA60 pension benefits and a small SIPP we had built up would replace his salary. Then an aunt died and unexpectedly left him a small lump sum and that sealed the deal. That became an extra 'cushion'.

We're in a good place- there's money in the bank that we have yet to touch, I'm aiming to retire in five years (I'm 12 years younger) and we're still on track. Even with the cost of living increases, we're doing ok and have a lot to be grateful for. 

His was a manual job and I wanted him out. I was sick of seeing him walk in through the door after every shift looking like a ghost. He's never going back. 

All so true! I did manual work all my life,and the last twelve months ( after 40+ years) I too have been coming home like your DH ,tired and not good at all. My wife wanted me to chuck the job in and at worst,go part time in something else more gentle ( I wanted to phase out gently) . As it happened,I fell very ill at the beginning of December. I have terminal cancer. Fortunately we have savings,and our house was paid for years ago ( my aim to be frank) . I have a moderate pension fund too,but frankly,that will go to my wife when I pass on ,along with other assets. I am glad I worked for that,as it means as a husband,I have looked after my wife. We are not super- rich,but nor are we poor. My best mate is in a good financial position,and slightly older than me. His wife has told him to Jack the job in, and he wouldn’t. Until he heard of my issues. This week he finished. 

My point is that anyone who has the financial abilities to retire - and wants to - then do it! Life can change rapidly and badly. Nobody is indestructible,and nobody lives forever! Good luck everyone,and be well. 

Really sorry to hear that and glad you have the assurance that you've provided for your wife. Wishing you peace.

mumf

Dew_2 said:

mumf said:

Cottage_Economy said:

DH pulled the pin in May 2021 on his 60th. His plan was to retire at 62 but a close friend of his became ill in the February, was diagnosed with terminal liver cancer in April and was gone by mid-June. They were the same age.

The previous year I managed to move sideways in my job and get a decent payrise while training. When J was diagnosed, I worked out that once I had completed my training, the additional payrise combined with DH's NRA60 pension benefits and a small SIPP we had built up would replace his salary. Then an aunt died and unexpectedly left him a small lump sum and that sealed the deal. That became an extra 'cushion'.

We're in a good place- there's money in the bank that we have yet to touch, I'm aiming to retire in five years (I'm 12 years younger) and we're still on track. Even with the cost of living increases, we're doing ok and have a lot to be grateful for. 

His was a manual job and I wanted him out. I was sick of seeing him walk in through the door after every shift looking like a ghost. He's never going back. 

All so true! I did manual work all my life,and the last twelve months ( after 40+ years) I too have been coming home like your DH ,tired and not good at all. My wife wanted me to chuck the job in and at worst,go part time in something else more gentle ( I wanted to phase out gently) . As it happened,I fell very ill at the beginning of December. I have terminal cancer. Fortunately we have savings,and our house was paid for years ago ( my aim to be frank) . I have a moderate pension fund too,but frankly,that will go to my wife when I pass on ,along with other assets. I am glad I worked for that,as it means as a husband,I have looked after my wife. We are not super- rich,but nor are we poor. My best mate is in a good financial position,and slightly older than me. His wife has told him to Jack the job in, and he wouldn’t. Until he heard of my issues. This week he finished. 

My point is that anyone who has the financial abilities to retire - and wants to - then do it! Life can change rapidly and badly. Nobody is indestructible,and nobody lives forever! Good luck everyone,and be well. 

Really sorry to hear that and glad you have the assurance that you've provided for your wife. Wishing you peace.

Thanks. Don’t be sorry though. Serious illness is very common. I am in that club now,and when a member,you become aware of how common! My situation is what it is,and negative thoughts and statements are a waste of time ,literally. 

So without sounding negative ( I hope) ,I read here of income and pension payments that ( to me) are astronomical! There are posts about income ‘needed’ in retirement. That’s fair enough. It’s all about personal planning isn’t it? That’s good. Our own life is rather simple compared to many,but we have sufficient income to keep us the way we like to be. The biggest plus is outright ownership of our house and zero debt. And savings of course. Which is what this forum is about! 

Personal finances are a personal decision,and why not? But one thing I must say,and I really mean this: After falling so ill,I don’t need money! It means nothing. Nothing at all. Yes there’s enough to feed and heat and all that, but REAL treasure is waking up and having another day in front of you ,not counting what’s in the bank. 

Take care all. 

Roger175

mumf said:

Thanks. Don’t be sorry though. Serious illness is very common. I am in that club now,and when a member,you become aware of how common! My situation is what it is,and negative thoughts and statements are a waste of time ,literally. 

So without sounding negative ( I hope) ,I read here of income and pension payments that ( to me) are astronomical! There are posts about income ‘needed’ in retirement. That’s fair enough. It’s all about personal planning isn’t it? That’s good. Our own life is rather simple compared to many,but we have sufficient income to keep us the way we like to be. The biggest plus is outright ownership of our house and zero debt. And savings of course. Which is what this forum is about! 

Personal finances are a personal decision,and why not? But one thing I must say,and I really mean this: After falling so ill,I don’t need money! It means nothing. Nothing at all. Yes there’s enough to feed and heat and all that, but REAL treasure is waking up and having another day in front of you ,not counting what’s in the bank. 

Take care all. 

What made you "pull the trigger" .... this post!!

mumf, I have already put the wheels in motion and started the glide to early retirement, but it's proving a bit more difficult than I thought since I'm self employed and have lots of existing commitments. However, your post and particularly the last line have given me the kick up the !!!!!! I needed - that's it, I'm taking on no new jobs and will just work through those I'm already committed to.

Kim1965

Mumf, I am self employed and like you have physically worked my nuts off all my wirking life. I too have saved reasonably well to fund a retirement, paid mortgage,  no debts, my wife is terminlly ill. All my plans now seem a bit futile.
 I have started to thin down on my work, but still need earn albeit not much.
 If people can pull the trigger they should. 

Pat38493

mumf said:

Dew_2 said:

mumf said:

Cottage_Economy said:

DH pulled the pin in May 2021 on his 60th. His plan was to retire at 62 but a close friend of his became ill in the February, was diagnosed with terminal liver cancer in April and was gone by mid-June. They were the same age.

The previous year I managed to move sideways in my job and get a decent payrise while training. When J was diagnosed, I worked out that once I had completed my training, the additional payrise combined with DH's NRA60 pension benefits and a small SIPP we had built up would replace his salary. Then an aunt died and unexpectedly left him a small lump sum and that sealed the deal. That became an extra 'cushion'.

We're in a good place- there's money in the bank that we have yet to touch, I'm aiming to retire in five years (I'm 12 years younger) and we're still on track. Even with the cost of living increases, we're doing ok and have a lot to be grateful for. 

His was a manual job and I wanted him out. I was sick of seeing him walk in through the door after every shift looking like a ghost. He's never going back. 

All so true! I did manual work all my life,and the last twelve months ( after 40+ years) I too have been coming home like your DH ,tired and not good at all. My wife wanted me to chuck the job in and at worst,go part time in something else more gentle ( I wanted to phase out gently) . As it happened,I fell very ill at the beginning of December. I have terminal cancer. Fortunately we have savings,and our house was paid for years ago ( my aim to be frank) . I have a moderate pension fund too,but frankly,that will go to my wife when I pass on ,along with other assets. I am glad I worked for that,as it means as a husband,I have looked after my wife. We are not super- rich,but nor are we poor. My best mate is in a good financial position,and slightly older than me. His wife has told him to Jack the job in, and he wouldn’t. Until he heard of my issues. This week he finished. 

My point is that anyone who has the financial abilities to retire - and wants to - then do it! Life can change rapidly and badly. Nobody is indestructible,and nobody lives forever! Good luck everyone,and be well. 

Really sorry to hear that and glad you have the assurance that you've provided for your wife. Wishing you peace.

Thanks. Don’t be sorry though. Serious illness is very common. I am in that club now,and when a member,you become aware of how common! My situation is what it is,and negative thoughts and statements are a waste of time ,literally. 

So without sounding negative ( I hope) ,I read here of income and pension payments that ( to me) are astronomical! There are posts about income ‘needed’ in retirement. That’s fair enough. It’s all about personal planning isn’t it? That’s good. Our own life is rather simple compared to many,but we have sufficient income to keep us the way we like to be. The biggest plus is outright ownership of our house and zero debt. And savings of course. Which is what this forum is about! 

Personal finances are a personal decision,and why not? But one thing I must say,and I really mean this: After falling so ill,I don’t need money! It means nothing. Nothing at all. Yes there’s enough to feed and heat and all that, but REAL treasure is waking up and having another day in front of you ,not counting what’s in the bank. 

Take care all. 

I am really sorry to hear that and thank you for this very powerful and open message.  This morning I had a call with an colleague who has been sick for several months and he informed me that is now in the same situation.  

Ciprico

This post has transformed from a fairly ordinary pension post to something quite inspirational... 

Anonymous101

This thread really reminds me of a podcast I listened to a little while ago with Bill Perkins, the author of the book "Die with Zero - Getting all you can from your money and your life".

Absolutely fantastic podcast which really emphasised for me that a head down / get to FI approach to life isn't the most effective way to live.
Given the last few posts I think it would really resonate with many reading this thread too.


https://www.youtube.com/watch?v=eE8W1Lp_VRE

scottiescott

Triggers?
1. I became a highly paid clerk (audits, procedures, risk assessments, permits ISO etc etc) instead of the Manager I was and wanted to be.
2. Funerals became too regular for my liking. 
3. Company gave us on-line visibility of our Pension numbers.
Seven years and counting. Never looked back.

coyrls

chubsta said:

yp70479 said:

Chubsta - go for it - you are more than prepared - just a little scared! I remember someone saying no one has  -" they were a good worker" - on their tombstone - you've doe your time and paid your dues - now have some "me  time" - it sounds as though you've done everything you possibly could to prepare - and who wants to receive "death in service" benefits!!

My biggest fear - 'what on earth will I think about if I don't have to think about my pension projections and retirement date'?

No need to fear, you will be thinking about actuals, as well as projections.

Cevets

Great thread. Finally drawn me into making my first post after over 3 years skulking in the shadows absorbing info from multiple Boards related to retirement.

I spent the majority of my career working in Oil & Gas / Petrochemicals on a self employed basis. So no employer contributions to my Pot. I was fortunate that in the early years of my career, when I was in my early 20s, I was working with an older colleague who advised me to find an Independent Financial Advisor and take out a personal pension plan if I planned on remaining in the self employed world. Based on the projections at the time of taking out the plan (mid 80s), provided I increased my contributions annually in line with inflation, I should be able to retire at 55 with a forecast annual income of £28.5k. At the time I thought I was so wise and could just sit back and enjoy the next 30 years. 

It was in my late 40s that reality hit home. The warning letters started arriving advising that the growth figures used by IFAs in the 80s were a tad optimistic, to say the least. It transpired my £28.5k retirement income was more realistically going to be around £6k. I spent a few months assessing my options with multiple Investment Specialist and finally sat down with my current Advisors. We came up with a new Plan, targetting retirement at 62. This required significant contributions for the remaining working years, which resulted in me opting to work overseas for the remainder of my career to enable me to hit the retirement pot target. 

Once again I felt that everything was under control. For a few years prior to my target date I began monitoring our outgoings in some detail. That's when the worry started kicking in. Was my Pot value (forecast over 10 years previously) really going to be enough? If not, how much more do I need? Do I need to delay retirement again? I decided to do another year, just to be on the safe side. Then Covid arrived !

I actually worked another 15 months until the hassle associated with international travel become so unenjoyable that I resigned, and retired. Not an easy decision if I'm honest, as I knew was almost certainly closing the door on my current employer and overseas work (due to problems getting new visas at my age). 

So, in answer to the original posters questions, my reasons were probably 1) Fed up with the job and 2) Enough money....I think -  and most important of all, my wife wanted me home!

From personal experience I can fully understand how difficult it is for people to "Pull the Trigger" if they don't have a DB Pension. In my case, even after making the decision, the worry doesn't stop. But that's a conversation for another time.