Bold leap into retirement

pterri

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 gave two months (only needed a month) as I wanted my excellent boss and team a chance to get various ducks in a row. I’m was in a (semi) public sector role with a DB pension so redundancy can give a massive benefit, taking the DB early without reduction. That wasn’t on the cards but may be with your role? I would try and find out if that’s likely in the next year, it would be a bummer to miss out on that. 

SouthCoastBoy

When it comes to me leaving I will treat it the same as if I was leaving for another job, and therefore work out my contractual notice period, which for me is 3 months (too long in my opinion)

Simon11

Some of you guys are far too nice to your employers!

I too would treat it as the same as if I was leaving for another job, and may put something in their mind that I may be moving to a competition, even if planning to retire. A chance to go on gardening leave for three months! 

If that doesn't work, I would consider maximising use of 'sick pay' and taking it easy, as there is no repercussion.

Employers will always take the mick and its important to take the mick too! Heck, I've been cheeky and managed to get my employer to pay for my flights to New Zealand while undertaking some international work for a holiday and pay for hotel accommodation for another holiday in lieu of no bonus for busy periods. Also been lucky to be paid part-time while travelling for five months to manage the day job remotely. If you don't ask or take, they will always want more.

Cobbler_tone

"you're a slave to money then you die" TUNE!

BrilliantButScary

Cobbler_tone said:

"you're a slave to money then you die" TUNE!

'Cause it's a bitter sweet symphony, that's life'

MallyGirl

MallyGirl said:

nicknameless said:

cloud_dog said:

pterri said:

I’ve done it, I’ve handed in my resignation. April tax year end….

I wanted to thank @pterri for posting their own thread on the Pensions Board, to help themselves to confirm their own position and the viability of their options recently.  Well technically thanks is probably due to the the other posters

The post and responses caused me to reconsider the method for how we will be funding our own early / retirement (ISA, SIPPs, DBs).  I had previously decided that I was going to take the main DB at NRA, as I wanted to try to ensure as large a guaranteed source of income as reasonably possible for our later stages of life, but having re-modelled the numbers it has given me cause to re-assess.

I am 53, waiting with baited breath for vol redundancy decision, and have one DB with NRA of 60.

I plan to retire this year, take the DB at 55 (approx. 20% reduction).  All my modelling shows that this increases probability of success calculated via monte carlo, by smoothing sequence of return risk.  Survivor benefits are not actuarially reduced.

@nicknameless did you get VR?
2 of us do our rather niche role and they have just made the other guy redundant. Absolutely gutting as he didn't want to go and I would have done happily - our company doesn't 'do' VR  

After a very unexpected phone call from my line manager's boss yesterday it is all change. The other guy still doesn't want to go so they have decided to take into account the fact that I wouldn't mind. VR it is!
It won't immediately be 'retirement' as OH is not ready to go, and I want to be off travelling with him, but I will certainly take the summer off before looking for a gentler job.
I will finish at the end of June and my 21 years service will ensure a decent payoff.

SarahB16

pterri said:

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 gave two months (only needed a month) as I wanted my excellent boss and team a chance to get various ducks in a row. I’m was in a (semi) public sector role with a DB pension so redundancy can give a massive benefit, taking the DB early without reduction. That wasn’t on the cards but may be with your role? I would try and find out if that’s likely in the next year, it would be a bummer to miss out on that. 

That's an excellent point and something I hadn't considered (not that I'm thinking of retiring anytime soon) but I agree you wouldn't wish to miss out on the opportunity of redundancy so that would be a very good reason for keeping your intentions to yourself.  

Noted this for myself as I'm in a DB pension scheme.  

kipsterno1

MallyGirl said:

MallyGirl said:

I will finish at the end of June and my 21 years service will ensure a decent payoff.

Good luck, sounds like a result.

Smudgeismydog

MallyGirl said:

I will finish at the end of June and my 21 years service will ensure a decent payoff.

Good luck, sounds like a result.

Brilliant result!

Pat38493

cloud_dog said:

@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).

I am in a similar place right now - I just figured out this morning that if I handed my notice in tomorrow, I could be gone by 22nd May, taking into account accrued holidays.  That's only a few working days as I'm already working 3 day week.  That will at least get their attention as the management of my company tend to operate on a firefighting basis a lot of the time!

Did you threaten to go straight away at all?

I have pretty much balanced all my retirement assets and prepared everything such that I can go tomorrow.  I can withstand pretty much anything except 1973 or 1915 scenario and I can mitigate that by reducing spending if really needed.

I am wondering how to handle this - similar to later posters, I am considering handing my notice in and saying - "I'm outta here in 2 weeks".   

Question is - should I be nice and offer an extra few months, or should I actually treat it as a negotiation - if you want me to stay longer what's in it for me?  I have little to lose as I don't really much care if they say ok just leave now then.

Most of the services I'm managing are outsourced and most of my internal colleagues are in another country - the colleagues I was friendly with have mostly moved on long ago.

I am pretty sure the place wouldn't fall apart without me but it would give a few short term headaches to a few people.

I'm also thinking the fact that I'm even considering this is telling as I would have been too "loyal" to contemplate such a thing a few years ago.

The annoying thing is that I'm pretty sure they will expect me to spec the job for, and recruit, my own replacement, and to be frank I'm not sure I can be bothered - I might just leave it as their problem.  Maybe that's my terms - I'll agree to come back and train someone up but I am not going to go through a bunch of recruiting procedures again.