Bold leap into retirement

nicknameless

Kernowshep said:

HUSKYPAL said:

I have a £23k/a DB that is already being paid 
Likely SIPP by Nov 25 - £370k - going to take 25% without triggering MPAA to pay off my low interest 5yr mortgage (1.2%!) which expires in Nov 25 (about £90k left to pay).

Leaves about £280k in the SIPP (taxable eventually)

By early 2027 - should have about another £75-85k saved into SIPP 
We will take TFLS from this and use it as a cash buffer in case of unexpected expenses. 

Total taxable balance in SIPP would be £336k-371k depending on when I go.

Plan is to use about £270-280K of this to buy a fixed term 9 or 10 year annuity -  current 10yr pays £27k/a plus £100k back at the end. 

This would give me gross £50k/annum to keep within lower tax band and will be plenty until state pension kicks in at 67, when I also get the £100k back from the annuity. 

You could always consider getting a 10 year fix, and use the £90k between 55 and 65 (or 5 year to 60). Gives more flexibility and you could probably make money on the spread / get more into your/your wife's SIPP. 

That's what I'd be looking at.  Never understood the 'security' of having mortgage paid off if you know you have an income / capital to cover it.  Just maximise resources and flexibility.  Knowing I'm making the most of resources gives me far more peace of mind, but perhaps I'm the odd one out.  Our mortgage currently runs another 22 years and just retired.

MetaPhysical

I was going to go March 2026 but I've had enough.  Thinking of handing my notice in in September this year after my holiday.

Smudgeismydog

What’s happening in work @MetaPhysical?

MetaPhysical

Smudgeismydog said:

What’s happening in work @MetaPhysical?

Same old s**t @Smudgeismydog.  Getting worse with constant restructures and initiatives that no one can understand and are not adequately resourced.  I note other posters on this thread express very similar concerns.  I CBA with it all anymore and have other life priorities.  I will know soon whether or not a VR package will be available so it's worth hanging on for another 7-8 weeks just in case.  After that I am out and can work on my fitness, house refurb and holiday planning that matter to me far more than work related BS.

Pat38493

My boss confirmed today that they are just about to advertise for a position that will partially replace me, with the rest of my job going to HQ in Germany.  Let's see if I can make it through to October as I'm rapidly losing interest now!

MayDogsandCoffee

@MetaPhysical I am the same, I did want to hang on until next July but yet another 'grand plan' will have me leaving sooner.  We will just be expected to get on with it and have a different 'org chart' - this will be the same org chart we moved away from 5 years ago.  No VR on offer, we would probably all go if that was the case.  So just waiting to see what happens but my retirement notice will go in at the same time as the change is formally announced.

pterri

@MetaPhysical I was going to hang on to about now but went in April, much the same as you, I just had enough. My busy day has involved watching the Tour de France

MetaPhysical

pterri said:

@MetaPhysical I was going to hang on to about now but went in April, much the same as you, I just had enough. My busy day has involved watching the Tour de France

Yay.  I'd have done the same if Eurosport hadn't been dropped!  TNT is much more expensive so I have been watching it on ITV4 and blasting through the interminable ads.

Indeed, I am thinking of handing in my notice in September/October with a view that I retire at Xmas.

GenX0212

pterri said:

@MetaPhysical I was going to hang on to about now but went in April, much the same as you, I just had enough. My busy day has involved watching the Tour de France

Then you should have plenty of time to dust that TV stand! 

pterri

GenX0212 said:

pterri said:

@MetaPhysical I was going to hang on to about now but went in April, much the same as you, I just had enough. My busy day has involved watching the Tour de France

Then you should have plenty of time to dust that TV stand! 

You are not incorrect