What made you 'pull the trigger'? 9 January at 11:00AM in Pensions, annuities & retirement planning 289 replies 71.1K views

Simon11

otb666 said:

Both my mum and dad have ended up in homes and with weekly charge approx £1000 each any inheritance will be long gone.  

Having seen my dad's set of grandparents go into care with all their inheritance gone as a result, my mom took another approach with her mum and with her brother, they both took on the care role for her.

It was a lot of work for them/ sacrifices however the benefits were that she could stay in her home, receive the best care and enjoy moments with their mum.

Once she passed away, it unlocked a lot of inheritance and my mom who has always worked part-time in low paid jobs said she received more from the inheritance than from working in her career over her lifetime which put it into perspective.

While I don't need to make any decision around my parents care for hopefully a long time, I am seriously thinking of retiring early to become a carer to help them providing that of course I can support their care needs.

SouthCoastBoy

I won't be helping them with house deposits directly, my father in law is in his 90s and if we inherit anything from him we will pass at least 50% on to our two children. 

Additionally hopefully there will be something left in the pot when we depart this world along with the house.

Bravepants

Albermarle said:

Silverbullet036 said:

Everyone seems to want to be social and say its a must for retirement. Personally I cant think of anything worse , I retired to get away from people and enjoy the peace and quiet

Quote from the philosopher Jean Paul Sartre

' Hell is other People ' 

But Jean Paul Sartre's people couldn't get away from each other. In his play, from which this line appers, three people are trapped in a room which is actually Hell. It's more about how we see ourselves and judge ourselves because we can become objects in other peoples' eyes and therefore judged.

The line has been misunderstood, and certainly doesn't mean all people are hellish and we should hide away from them.  

I think a good example from a financial point of view is the idea of "Keeping up with the Jones's". Such people who like to spend money to keep up with the neighbours are in hell, because they can't escape their apparent need to spend their money on stuff in a self-imposed competition with other people. It is our own judgment of ourselves under the assumption of the way other people judge us that keeps us in "Hell". 

Albermarle

repeat said:

I'm imagining our 3 kids will need help to get on the properly ladder unless the housing market miraculously becomes more affordable. The timing on this help - well let's see. If they won't work then forget it but if they are doing their best to make their way in the world then the plan is to help them. they don't know it and they are still too young to care (oldest is 14).

Although you can find that some young adults are not that keen for you to help them too much, or maybe more accurately, too obviously.. It is a kind of independence issue.
I found  that you had to dress it up a bit as a kind of practical issue/paying directly for things, rather than just giving them money. Such as paying for driving lessons/car. Paying for Uni accommodation. Giving them money specifically to top up a LISA, and probably one day helping with a house deposit on top of the LISA.
On the other hand one is back at home for a year or two and insists on paying a reasonable rent and paying for some supermarket shopping.

LV_426

Bravepants said:

But Jean Paul Sartre's people couldn't get away from each other. In his play, from which this line appers, three people are trapped in a room which is actually Hell. 

Sounds like many workplaces

Bravepants

LV_426 said:

Bravepants said:

But Jean Paul Sartre's people couldn't get away from each other. In his play, from which this line appers, three people are trapped in a room which is actually Hell. 

Sounds like many workplaces

That I DO agree with!

Spreadsheet_Addict

chubsta said:

To say I am 'planning' my retirement is a bit of an understatement - I have multiple spreadsheets dealing with historical and future outgoings, projected pension income, inflation rates etc. To be fair, I often have a bit of spare time in the morning so often spend an hour or so adjusting figures and making small changes to prospective dates so it doesn't get in the way, and whatever happens I want to be able to say that at least I covered all the bases when I make my final decision on when to leave work.

I dislike the place I am working at but have been there for over 38 years(!), the job has changed a huge amount recently though so I just want to leave, the plan is to then get a part-time, minimum wage job for a few years just to keep me busy for the two days a week I will have spare.

But as my prospective date gets closer and closer it is actually becoming quite scary - I have had the safety net of doing a job for decades that I can do easily so the idea of not doing it any more, as much as I dislike it, is very unsettling. But I am definitely going to leave in the next year or so, so my question to others is, what made you settle on a date to retire?

Was it:
I have enough money
I am fed up with my job
I want more spare time
a significant birthday (60 etc)
health

I would imagine for most people it is a combination of the above, but which was the actual one that made you think the time is right? I am at the point where I am working out whether I should go on X date, or 5 weeks later but perhaps I am going into it in such detail as a form of delaying tactic, as I can always think of a reason why I should go slightly later, then I work out that actually, sod it, I may as well go a month or two earlier!

I am guessing this sort of anxiety is recognisable to a few of you?

For me, it's been the plan for the last 7 years (54 next month.)

Tired of the stress, the office politics, finance meetings, staff issues etc and really want to spend my remaining relatively young years doing what I want to do, having climbed the career ladder, been a responsible parent, paid the bills etc, I'm coming to the end of one thing and the beginning of another. 

Seeing a couple of close family and one friend all die young in the last 5 years just gave added impetus. None of us knows how long we have and I don't want to give those years to the office.

Kids both grown up and finished university. Won't be long before they move out. Mortgage paid end of this month, will be debt free in November. 

I'm lucky to have two defined benefit pensions I can take early at 55 and even reduced, they'll give me £22k PA.  I'll have a lump sum of £37k and an AVC pot I can take tax free (LGPS scheme) of £55k.

Intending to go July 24.  

Wife teaches and is 55 in August 26. Her pension will be about £11k with lump sum of about £15k and an AVC pot of £65k.

Hoping to do about £50k of home improvements,  keep back £35k for replacement cars or emergencies and have enough to average £6k a year till I'm 67 (slightly less if it goes to 68) for holidays etc. 

Both of us want to travel and are looking forward to doing it outside school holiday times for the first time in 30 years.

The pensions will give us slightly more take home spend than we have now (high AVC payments and major mortgage overpayment, wgich will be switching to credit card (legacy of putting 2 kids through university at the same time) payments at the end of April to clear cards by November.) We never got used to our salaries, just paid debt or AVCs with the extra, so retirement will give us more cash to spend on us than we have ever had.

Of course something could still go wrong to derail the plan (like changing access to pensions to 57/58 before August 26) or some unexpected life emergency,  but I'm hoping that won't happen. 

I am literally counting down and every time I have a stressful day, the retirement spreadsheet comes out.  I've literally been there and done that with work and want to do new things. Can't wait.

Jellybaby

I pulled the trigger three weeks ago and it feels absolutely blooming marvellous!  

All my working life has been in local government and I'm in the fortunate position of asking for and being given severance. So I will leave at the end of the year, almost 60, and plan to use the compensatory payment to cushion, if needed, the years until SP kicks in.  

I was widowed at a young age and bringing up two children, now successful, contented adults, was a real struggle at times.  I too, like many of the comments already posted, have just had enough of the stress, office politics, and the constant drain of negativity in many areas of my work.

I thought I might have had a few 'have I done the right thing' wobbles but nothing so far and this makes me even happier.  Literally counting down the days now until Christmas!

Spreadsheet_Addict

LV_426 said:

Bravepants said:

But Jean Paul Sartre's people couldn't get away from each other. In his play, from which this line appers, three people are trapped in a room which is actually Hell. 

Sounds like many workplaces

To quote Dave Lister "Yeah, but all his mates were French."