What made you 'pull the trigger'?

chubsta

As the OP on this I still go round and round checking my financial situation will be ok when I retire but decided last year to actually put everything in motion and notify my employer I will be leaving at the end of April.

There are still the odd times when I am mooching around at home that I think 'is retiring a good idea?' but funnily enough I never get those thoughts when I am work - at work all I can think about is how few shifts I have left and how I just can't wait to leave.

For me it was finally realising that I will be ok financially when I retire - I have kept a close eye on incoming and outgoing money for a few years now so know what I will need to live off, and because that has previously included such things as mortgage payments and then saving for retirement I will have more spare cash when retired than I have ever had my whole working life. Of course, I could stay on another year at work and have even more spare money but where would that end? How much would be enough if I already have enough but want more?

I will miss many of the people I work with, but on the other hand there are plenty I hope to never see again, but the end of April can't come soon enough - for the first time in my life it feels I will actually be 'free' having gone from school to college and straight into work.

So, to answer my own original question, what made me 'pull the trigger' was a combination of disliking my job, feeling the effects of working shift for nearly 40 years (on nights I get no more than 3 hours sleep a day), and realising that I am not actually 'retiring', I am just becoming 'financially independant' as I am going to be given enough money to never have to work again, a bit like winning the lottery!

Pat38493

chubsta said:

As the OP on this I still go round and round checking my financial situation will be ok when I retire but decided last year to actually put everything in motion and notify my employer I will be leaving at the end of April.

There are still the odd times when I am mooching around at home that I think 'is retiring a good idea?' but funnily enough I never get those thoughts when I am work - at work all I can think about is how few shifts I have left and how I just can't wait to leave.

For me it was finally realising that I will be ok financially when I retire - I have kept a close eye on incoming and outgoing money for a few years now so know what I will need to live off, and because that has previously included such things as mortgage payments and then saving for retirement I will have more spare cash when retired than I have ever had my whole working life. Of course, I could stay on another year at work and have even more spare money but where would that end? How much would be enough if I already have enough but want more?

I will miss many of the people I work with, but on the other hand there are plenty I hope to never see again, but the end of April can't come soon enough - for the first time in my life it feels I will actually be 'free' having gone from school to college and straight into work.

So, to answer my own original question, what made me 'pull the trigger' was a combination of disliking my job, feeling the effects of working shift for nearly 40 years (on nights I get no more than 3 hours sleep a day), and realising that I am not actually 'retiring', I am just becoming 'financially independant' as I am going to be given enough money to never have to work again, a bit like winning the lottery!

In a way we have just sort of pulled the trigger in that we have just put our house on the market and set up a lot of viewings for downsize.  This is definitely part of the plan to allow me to stop work sooner rather than later.

In my head I have a kind of flow chart - if we downsize with the required minimum capital being freed, I will pretty much hand in my notice the day after we exchange contracts, which could I guess even be within 3-4 months from now best case!

On the other hand if it takes a long time to downsize or we can't find the right scenario, I am going to try to stick it out till April next year.  If this happens, I will probably take my TFC from my pension in the Summer and then use up to 30% of the TFC (within recycling guidelines) to allow me to pay all of my 40% tax liability into my pension in the 24/25 tax year.  I will hand in my notice in April 2025 (my company pays a bonus in April each year subject to company performance - there won't be one this April but there might be one next April).

I have just started the process to partially transfer almost all of my employer pension into my II account so that I can take all the TFC as one transaction (again to make sure I comply with the odd recycling guidelines).

Last checkpoint will be - is there a market crash in 24/25?  I am going to stick with 80/20 equity/bonds mix until just before I retire so if there is a big crash, I am prepared to delay another year or two until markets recover.  I think that by Summer 2027 I will be retired even in the worst case scenario.   Probably very high chance I will be retired by next May.

bluenose1

I pulled the trigger in October 23 giving my employer the required 3 months notice and started retirement 2nd January 24.
Had dithered about retiring for a couple of years but a new toxic colleague gave me the oomph I required.  Still early days but loving the freedom this has brought to my life, whereas before I would be stressed sat at my desk all day and even on days off counting down until I had to return. I was sometimes  very stressed by work and love the relaxed, contented feeling I now have. 

A typical day is 

• Meditation for 15 minutes
• Walk in woods with dog for 1 to 2 hours.
• visit to gym to do weights/ sauna  3/4 times per week.
• lunch while watching Bargain Hunt  
• Potter around garden centre/ visit coffee shop in afternoon. (More my own garden in nice weather)
• Browse t’ internet
• Prepare home made meal
• Few tidying up jobs.
• Think to myself where has the day gone 😆 

Pat38493

bluenose1 said:

I pulled the trigger in October 23 giving my employer the required 3 months notice and started retirement 2nd January 24.
Had dithered about retiring for a couple of years but a new toxic colleague gave me the oomph I required.  Still early days but loving the freedom this has brought to my life, whereas before I would be stressed sat at my desk all day and even on days off counting down until I had to return. I was sometimes  very stressed by work and love the relaxed, contented feeling I now have. 

A typical day is 

• Meditation for 15 minutes
• Walk in woods with dog for 1 to 2 hours.
• visit to gym to do weights/ sauna  3/4 times per week.
• lunch while watching Bargain Hunt  
• Potter around garden centre/ visit coffee shop in afternoon. (More my own garden in nice weather)
• Browse t’ internet
• Prepare home made meal
• Few tidying up jobs.
• Think to myself where has the day gone 😆 

Sounds pretty idylic to me!

katejo

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?

I am thinking about this a lot at the moment and I am currently reading a book on the psychology of retirement! I am almost 61, no mortgage left and a decent university DB pension scheme including AVC's. Years ago I said I would stop at 60 but I have only dropped down to 4 days a week so far. I have also been in the same job for many years and want a change but do worry whether the grass might look greener on the other side of the fence.  My current plan is to carry on for about another year. This may include dropping to 3 days a week. I have already discussed this with my line manager. I may be able to stay on as a casual for a few hours a week.

mark55man

Tabby_cat said:

.. snip .. 
Now, no stress. I get up at 7 but only because I want to. I'm lighter by 4 stone, fitter than I've ever been in my life and happy. You can't put a price on that and now nothing would make me return to my former profession. Yes, the last year has been interesting finance wise. But I still have enough to enjoy life and if my IFA ever suggested that wasn't the case, I'd happily go and stack shelves at Waitrose. Until then you'll find me at a fitness class or on my allotment.

@tabby_cat - best paragraph ever (even if it is a year+ old.)  Thank you.

daz378

I've looked after the same few people with autism for last 20 years...of 23 years in job...while I think the the world of them....it is stressful  working Xmas weekends etc...while I have  accepted  as part of the job..in the past...the fact I have only 2 years before 60 and claim my dB pension...started to resent it...when I claim my pension...Will still hope to do a couple of shifts

MetaPhysical

I work in IT technical sales.  I am finding it increasingly stressful and almost impossible to keep reinventing myself to keep pace with innovation every few years at my advancing age - it is a younger person's game.  I am approaching 57 and will pull the trigger when I'm 58.  Holidays, biking, gym, piano, music, hiking are the things I want to do more of both on my own, with my wife and in groups.  We shall be on about about £3500 per month after tax with no debt or mortgage to cover the time until SP for us both.  We can take holidays and cruises when it is cheaper when the kids are at school, the cost difference is huge.

poseidon1

Pulled the trigger at age 57 after a health scare, the dawning realisation that I no longer had the mental acuity my career  demanded and sale of a home which raised enough cash to invest across a variety of  asset classes for a sustainable income. 

No regrets at all. Everyday is a holiday ( even if spent doing absolutely nothing!),  can indulge a love of art and antiques ( which was neglected for many years due to demands of work), and importantly no puritanical sense of guilt for having jettisoned the rat race a little early.

Realisation (late in the day), that I was climbing the career tree purely to sock away enough funds to stop doing so ( professional status was not my thing ), so the health scare helped in determining that I did indeed have enough.

IvanOpinion

I have been pondering on when to pull the trigger, money is not the object (by my calculations I will retire on about 112% of my current take home pay - and growing). I have several problems though

• I still love my job and the people I work with. It is taxing and frustrating at times but is mentally stimulating and the work is very rewarding
• I have no real hobbies so not sure what I would fill the day with. Walks in the country and visiting teashops and castles would not do it for me. I have seen friends choose to retire and then become so bored they take on another job just to fill in time - why would I want to give up an enjoyable well paying job to do something I probably would not enjoy (as much) that pays minimum wage
• I have been a saver all my life and am really struggling with how to manage a switch to spending
• Mrs O would not want me hanging around all day

We love to travel, but my job currently offers infinite leave so we take as many holidays as we want a year - and the company is happy with the number of days I am taking off.

I had always talked about retiring at about 55-58, but I am now 61 and still working, loving it and happy (especially since I now work from home so no commute). I can't seem to find an incentive to actually retire.