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What made you 'pull the trigger'?
in Pensions, annuities & retirement planning
289 replies 71.1K views
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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.
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.
Sounds like many workplaces
That I DO agree with!
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.
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!