Bold leap into retirement

MallyGirl

cfw1994 said:

MallyGirl said:

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.

Congrats! That sounds like the dream 😎🎉
I think you should live some solo fun adventure to encourage your OH to join you in Team Unemployable - he may never be ready without that spark to ignite him 🤷‍♂️

Indeed. I have already said I will go to a European Christmas market with our daughter. Our old dog limits spontaneity a bit but on OH's wfh days I can leave the dog at home with him. 

My face aches from smiling 😀

Preacher64

Fantastic news, MallyGirl.
So glad it worked out for both you and your colleague.
Hope you have a long and happy retirement and enjoy life at your own pace.

IamWood

SouthCoastBoy said:

IamWood said:

SouthCoastBoy said:

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)

Yes, at the firm I'm currently working for, you're placed on 3-month garden leave the same afternoon your resignation letter or email is received by HR. All system access is typically locked within a couple of hours.

No one is truly irreplaceable — we all know that.
Of course, if you're working for a friend, that might be a different matter.

I've never understood why firms that ask you to leave straight away have such long notice periods. What is the benefit to them?

Some firms demand to sign up for 9 months of garden leave. It can be good or bad — it really goes both ways.

Garden leave is sometimes jokingly called “forgotten leave,” since it gives you time to forget what you worked on — mainly for IP protection. lol

SouthCoastBoy

IamWood said:

SouthCoastBoy said:

IamWood said:

SouthCoastBoy said:

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)

Yes, at the firm I'm currently working for, you're placed on 3-month garden leave the same afternoon your resignation letter or email is received by HR. All system access is typically locked within a couple of hours.

No one is truly irreplaceable — we all know that.
Of course, if you're working for a friend, that might be a different matter.

I've never understood why firms that ask you to leave straight away have such long notice periods. What is the benefit to them?

Some firms demand to sign up for 9 months of garden leave. It can be good or bad — it really goes both ways.

Garden leave is sometimes jokingly called “forgotten leave,” since it gives you time to forget what you worked on — mainly for IP protection. lol

But surely you can just document what you worked on before you forget?

IamWood

It really depends on the sector. The one I currently work in is fast-paced when it comes to technological innovation and ideas. From the employer’s perspective, the hope is that by the end of the garden leave period, the technology will have moved on and the ideas will be outdated.

Personally I may look for the opportunity of signing up a year garden leave contract just before the time I decide to hang my tool. Lol

Wobble101

Thank you very much everyone who responded to my post. 

I’m definitely not telling anyone until much later this year, at the earliest. As some have mentioned, the forthcoming spending review might mean (more) redundancies, although these tend not to be voluntary. And, though I feel I have decided on when to stop, the moment I announce it I’ve got fewer options. I will give at least 6 months notice though, which feels fair. 

I’m already working reduced hours and have been thinking about what I’d like to do. I’ve got a number of interests that I’d like to spend more time on, am applying for a voluntary position in a work-related charity (want to keep those bridges open for a while!) and I would like to volunteer regularly as well. Travel in the UK would be good too (abroad is tricky given my husband’s health).

Money wise I’m going to be depending on two DB pensions taken early plus top ups from savings. 

This thread has been really helpful. I guess the main thing on my mind at the moment is the possibly contradictory tension between wanting to get through the next 14 months as quickly as possible and not wanting to check out of my job entirely, and get something out of this period. 

cfw1994

Wobble101 said:

I guess the main thing on my mind at the moment is the possibly contradictory tension between wanting to get through the next 14 months as quickly as possible and not wanting to check out of my job entirely, and get something out of this period. 

Just on that point…..my retirement was delayed a year (by me!) due to COVID….I found it very easy to spend that time “planning” the next few years!

I guess what I mean is that “getting something out” of the working time left was more focussed on the time coming beyond, for me at least.

You might usefully do the same 🤷‍♂️

I’ve mentioned before I wrote a “list” of future things I wanted to spend some time on.  High level topics such as family/friends/decorating/travel/reading/culture, etc.  Then a list under each of those with specific things.  

Our time here is not infinite - how often do you hear retired people say “I don’t know how I had time to work!” -  but we do have the ability to “make time” for the things we want to do 😎  
Having a list gave me something of a reference point during the first year or two.  Something to tick off as time flew past.  I did keep adding to it, but have to say that has rather slid away now (4 years in).

I also *cough* perhaps over-planned my own virtual leaving session: a pandemic can do that to you 👀  I wrote a multi-verse set of limericks, reflecting on my life & career, & had a fair number of people join me for it when the time finally came.  It amused me, & I have the recording, so I can enjoy it again any time I like 😜

Good luck 👍

Shimrod

Wobble101 said:

I’m definitely not telling anyone until much later this year, at the earliest. As some have mentioned, the forthcoming spending review might mean (more) redundancies, although these tend not to be voluntary. And, though I feel I have decided on when to stop, the moment I announce it I’ve got fewer options. I will give at least 6 months notice though, which feels fair. 

I took a slightly different approach. I gave my three months notice last year when I decided to leave, but then offered to stay a bit longer to complete the current client project I was working on. In the end, it was about an extra three weeks -  but if I had left at the three month mark it would not have been an issue. It then also leaves the decision on whether longer notice is required to the company and you don't need to feel bad if you leave at the end of your contracted notice period.

nicknameless

MallyGirl said:

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.

Only just seen this.  Amazing news.  Really glad this worked in your favour.

nicknameless

Just over a month to go and it is dragging awfully tbh.  Still seems totally unreal as well.  Think I just need to be gone now and start a new way of life.  Limbo is not great.