Bold leap into retirement

GlasgowExpat2

Countdown begins - 1 year to retirement 

Moved to 4 days a week in April, loving my long weekends

MetaPhysical

GlasgowExpat2 said:

Countdown begins - 1 year to retirement 

Moved to 4 days a week in April, loving my long weekends

Good luck.  Exactly what I've done.

Wobble101

Can I join in please!?

I’ve recently decided to retire in just over a year, on my 60th birthday. I was casually looking into retiring in a few years, but on doing more research into how I’d fund this, realised I could afford to next year, using DB pensions taken early and savings. My husband isn’t well, which has been a major motivation - he’s ok at the moment but we can’t take that for granted for very long. 

I veer between excitement and a desire to just stop now (it’s been lovely having all these bank holidays!), and anxiety about missing the social support and stimulation I get from work (in senior management in the public sector). But more the former than the latter, to be honest!

I’m not sure when to tell work. Obviously I don’t have to for ages - and I suspect the minute I do I’ll be in the rear view mirror (for good and bad). I was thinking I’d give 6 months notice - I interested in what others did. 

Smudgeismydog

Wobble101 said:

Can I join in please!?

I’ve recently decided to retire in just over a year, on my 60th birthday. I was casually looking into retiring in a few years, but on doing more research into how I’d fund this, realised I could afford to next year, using DB pensions taken early and savings. My husband isn’t well, which has been a major motivation - he’s ok at the moment but we can’t take that for granted for very long. 

I veer between excitement and a desire to just stop now (it’s been lovely having all these bank holidays!), and anxiety about missing the social support and stimulation I get from work (in senior management in the public sector). But more the former than the latter, to be honest!

I’m not sure when to tell work. Obviously I don’t have to for ages - and I suspect the minute I do I’ll be in the rear view mirror (for good and bad). I was thinking I’d give 6 months notice - I interested in what others did. 

Of course you can join in, you are very welcome.
I am sorry to hear your husband isn’t well, it certainly focuses the mind on what’s really important to you. 

I have remained in contact with former work colleagues, nearly a year on from retiring, and there is no reason why you can’t too. I also spent time in the run up to retirement, reaching out to friends I hadn’t seen much of (due to time constraints while working), and arranged get togethers. The social support aspect is really important for me, and so every week I ensure I meet up with someone for a walk, cuppa or lunch out.

In terms of the stimulation that work currently provides, it might be a good idea to think about what can replace this for you when you retire. This might be something like a new hobby, perhaps something you’ve always wanted to try, or volunteering, I feel an enormous sense of purpose after my volunteering days. 

I gave 6 months notice as per my contract, and the first half of that was fairly busy in terms of handing things over, but then the second half was much quieter.

Wishing you all the best
x

cloud_dog

@Wobble101, I (finally) stopped at the end of March this year.  We had always intended to stop early but as our plans firmed into concrete we were going to stop just before Xmas 24.

At that planning point I was in a very disgruntled place with my employer and had worked out that with my terms of employment only requiring one months notice, and with me still holding 20 days leave, I could hand my notice in and be gone within days.

However whilst I was was disgruntled with my employer my team were amazing and I didn't want to leave them in the proverbial so to speak, so I gave my employer 5 months notice (to Xmas), which I subsequently agreed to extend to end of March 25 (to allow sufficient time for my replacement to bed in).

BrilliantButScary

Wobble101 said:

Can I join in please!?

I’ve recently decided to retire in just over a year, on my 60th birthday. I was casually looking into retiring in a few years, but on doing more research into how I’d fund this, realised I could afford to next year, using DB pensions taken early and savings. My husband isn’t well, which has been a major motivation - he’s ok at the moment but we can’t take that for granted for very long. 

I veer between excitement and a desire to just stop now (it’s been lovely having all these bank holidays!), and anxiety about missing the social support and stimulation I get from work (in senior management in the public sector). But more the former than the latter, to be honest!

I’m not sure when to tell work. Obviously I don’t have to for ages - and I suspect the minute I do I’ll be in the rear view mirror (for good and bad). I was thinking I’d give 6 months notice - I interested in what others did. 

I've been retired almost 2 years now, and with hindsight, wished I had finished 5 years earlier. I really value, and am grateful, for the time I can spend with my partner. Health is wealth, and I worry more about running out of time together, rather than running out of money.
My partner always used to say to me about work, that at the end of the day you are 'just a number' and that all you get is a 'DCM', which means 'Don't come on Monday'. I didn't really listen and was a (too) conscientious employee, but I have to say I don't miss it one bit.
I was asked if I had any flexibility on my retirement date, the answer was no, I gave the required 6 weeks notice and I was gone!

Storcko14

I'm now 6 weeks away from a contract end point which is my opportunity to go.  I work 3 days/wk for this contract (rare thing in my game and not without its challenges) which has stretched from 4 to 18 months but the 4 days off are now overflowing so I think I'll call time this time.  I'm also almost fully qualified for a hobby vocation which I can either do as a voluntary thing or for pin money.  The figuring out of retirement occupation rather than retirement money has been the main thing over the last year or two.

SarahB16

Wobble101 said:

I was thinking I’d give 6 months notice - I interested in what others did. 

If you have definitely made up your mind that you are going in a year's time then I would not delay telling them.  The longer you give them the easier it is for them.  Also means the possibility of an internal candidate taking over your role too and you can help them with the handover. This assumes you are on good terms with your employer and just be honest with them. 

If you are on a six months' notice period no need to formally hand your notice in yet.  Perhaps in your next one to one just have a friendly conversation with your line manager and share your plans.  

Cobbler_tone

SarahB16 said:

Wobble101 said:

I was thinking I’d give 6 months notice - I interested in what others did. 

If you have definitely made up your mind that you are going in a year's time then I would not delay telling them.  The longer you give them the easier it is for them.  Also means the possibility of an internal candidate taking over your role too and you can help them with the handover. This assumes you are on good terms with your employer and just be honest with them. 

If you are on a six months' notice period no need to formally hand your notice in yet.  Perhaps in your next one to one just have a friendly conversation with your line manager and share your plans.  

I have a slightly different view and lots of reasons why, especially if you are at a large organisation. I would personally give them the minimum notice possible.
Firstly you may change you mind. You will undoubtedly be treated or looked upon differently and not necessarily in a positive way. In some instances they may exclude you from certain situations. You might think that is fine but then it could start to grate. It will be hard to convince some that you are still engaged and care, assuming that hopefully you did in the first place! 
Whether it is 3 months or 6 months, how long does an organisation need to replace you?! Bad news, you are not indispensable, no-one is. The world (and your role) went on before you and will go on after. In a years time you will be a distant memory, after they have blamed you for everything that was wrong after you have left.
It also pretty much rules out any chance of potential redundancy, unless your operation closes down.
On redundancy...does any business think "Oh, we better keep poor old 'x' "? They don't.
We do a good job (hopefully) and get rewarded for it well (hopefully). If your number is up it all becomes pretty transactional. I have lost count of the amount of extremely talented colleagues who have been made redundant after 5,10,15,20 years service.

I am actually very much a positive and 'glass half full' person. I like to think I do a cracking job and know I have saved and earnt my business millions over my 30+ years. So it is practical advice and I seen it and lived it time and time again. It is very individual but I always think it is best to pursue a flexible working request in the run up to finishing, to reduce your hours/days down and prepare for that transition.

That said, if you work for a small family business, with your friends, then you may be able to judge the situation and you might want to mentor your successor and have the best party when you leave.  

I like the fact that people retire now from 50-70+, it keeps them guessing! 

arthur_fowler

SarahB16 said:

Wobble101 said:

I was thinking I’d give 6 months notice - I interested in what others did. 

If you have definitely made up your mind that you are going in a year's time then I would not delay telling them.  The longer you give them the easier it is for them.  Also means the possibility of an internal candidate taking over your role too and you can help them with the handover. This assumes you are on good terms with your employer and just be honest with them. 

If you are on a six months' notice period no need to formally hand your notice in yet.  Perhaps in your next one to one just have a friendly conversation with your line manager and share your plans.  

That's what I did, only formally gave notice when I needed to. Yes I get the point about large companies but also I care about my colleagues who I was leaving behind and wanted to give them the best chance to replace me and have an ordered handover. Had there been any chance of VR I would have taken a different approach.