Bold leap into retirement

Smudgeismydog

Good afternoon frankfish,

So pleased you are looking to join our merry gang!

I think the first thing to really understand is your number, how much do you need each month to fund your lifestyle? How much will the DB’s contribute toward that amount, and what do you need from the DC’s to top up? You haven’t said how long it will be from June 2026 until State Pension age, but would the combined 4 DB pensions as well as joint State Pensions once in payment be enough to support your expenditure?

In terms of tax, by using both of your DB pensions, then clearly that helps to utilise your personal allowances. Personally I would try not to let the tax tail wag the dog, and I would also not get too hung up on waiting for your DC pot to reach a certain level before pulling the trigger.

With 4 DB’s and both state pensions, that sounds like a pretty good safety blanket.

HudsonBay

Had the conversation at work today.   I will be joining you all at the end of January.  7 months and counting!  I am ridiculously excited now

Smudgeismydog

Huge congrats HudsonBay, you’ll be very welcome to join

Have you thought about what you will be retiring to? Perhaps spend some time over the next 7 months planning or putting things into place.

Keep posting to let us know how you are getting on

WYSPECIAL

frankfish said:

Afternoon 



My intention is to stop once my DC pot reaches a value, hopefully June 2026 - we both have 2 DBs each we can take early so intend to use the 4 DBs plus some from DC to fund us until SP kicks in. Only possible fly in the ointment is my health cover - Mrs Fish will likely need a new hip, so would like to use the cover if possible, however Plan B would be to look to drop down to a lesser role to maintain the benefit but reduce the BS.

Why not add the cost of a hip replacement to your DC target and then just pay yourself when it is needed?

You could be hanging on for years just to use your health cover.

cfw1994

Pat38493 said:

MetaPhysical said:

I nearly resigned today after another BS episode at work.   I'm 58 nearly and can't stand this !!!!!! much longer, it is such utter BS that it is vomit-inducing. They want forever more and more from less and less people and resources.  I'm thinking of getting my holidays out of the way in June and another in September and then handing in my notice when I return in September. They'll probably patio leave me until xmas on full pay.  I was going to hang on until next March but I'm not sure I can stand it that long now.  I feel sorry for younger people in the workplace.  

Very much looking forward to joining you folks who have done it  

I had the exact same issue a few days ago - I actually typed out my resignation email and a very sarcastic reply to some idiot.  In the end I discussed it with my boss and he laughed at me.  His comment was - you have already said you are planning to leave in October so why are you getting stressed out about it.  I guess he has a point - I can see the funny side but at the same time it didn't feel funny at the time.  I have known him for many years so I took it in good spirit.

It is true: once you have a firm plan, you can (& should) relax into it 👍

COVID delayed my leaving - no point retiring when I couldn’t do anything - but I found it so much easier to enjoy the zooms and made a point of having (even more) banter/e-banter with people I enjoyed working with 😎
I also spent more time than I should writing lists of things I wanted to do - the point made earlier about “retiring TO something, not just FROM work” feels to me the most important part of “retiring” 💪

Messaging bosses reminded me of when I left my first job after 7 years.   1992.  
I was then in technical support, and frequently dealt with….let’s say challenging people (or idiots, as I probably called them - we were less politically correct back then 👀).  

On many occasions I would write an acerbic email to my (somewhat older) boss about the situation, perhaps (ok - usually 🫣) with a few choice swear words in it….when I left, he told me he would very much miss those emails 🤣
A pressure-release for me, and an amusing email to him 🤪

Anyway - good luck to those looking to join Team Unemployable: do come in, the water is lovely 🙏

Now just a relaxing day after a long, hot & utterly fantastic Isle of Wight festival….fifth time there, with our offspring & their partners - they loved it, which was an awesome way to build more shared memories 💪

frankfish

Morning

Thanks for the feedback, have done various calculations to work out the 'magic' number for the DC pot to reach, have factored in growth and inflation and some wiggle room just in case need anything major for the house.

Reckon will need around £20kpa from the DC for 10 years until both SPs kick in, I am due mine in 2034, Mrs Fish in 2037. This should allow us to still take holidays etc, could look at the option of a job if things dont work out as planned.

Good shout about adding the hip cost to the DC target - think it would only add on 6 months or so which would take me to my 60th birthday 

MallyGirl

HudsonBay said:

Had the conversation at work today.   I will be joining you all at the end of January.  7 months and counting!  I am ridiculously excited now

Congratulations. Those 7 months will fly by now that there is an end in sight - and you get the 3 winter bank holidays too.

nicknameless

So I have finally jumped in.  Last working day last Friday.  In the end it was quite an emotional process leaving a workplace I've been in for so long and saying goodbye to everyone.  Had some really nice things said about and to me.  Was dreading the leaving thingy but actually glad I did it in the end.  My better half's last day is tomorrow.

So here we go - where I don't quite know yet, but somewhere different to last 30 odd years.  54 this year.  Lots ahead to do and see, yet to be determined.

Cheers folks.

Smudgeismydog

Welcome aboard nicknameless, 

Enjoy the sunshine, rest & catch up on sleep, and slowly let yourselves find a new rhythm. Do you have some trips planned, or jobs around the house you’d like to do?

nicknameless

Smudgeismydog said:

Welcome aboard nicknameless, 

Enjoy the sunshine, rest & catch up on sleep, and slowly let yourselves find a new rhythm. Do you have some trips planned, or jobs around the house you’d like to do?

Thankyou.  We are away next week for a week and loads of stuff around the house to do.  Plan is no plan for a few months and then re-evaluate if needed.