Bold leap into retirement

MetaPhysical

pterri said:

nicknameless said:

Does anybody else who has taken the retirement plunge, like me, not quite believe it is true?  I left work for the last time approx. 7 weeks ago and it is still somewhat surreal.  Is this usual?  Takes a little while to sink in?  54 at the end of the month and no work to do!  Not saying I am missing it in the slightest and wouldn't change a thing right now, but this is very strange indeed

It’s been four months for me (57). It’s been fine but is starting to feel different now that it’s well beyond a holiday period, I do wonder what the winter will be like. I deliberately avoided foreign breaks so I could seek out some warmth over winter and possibly pick up som last minute breaks.  I don’t regret it for a moment, I’m sleeping way better and no more work dread over the weekend. One downside, I’ve (ad to spend my own actual money on a laptop

I bought a new laptop ahead of time! Macbook 14" with Pro chip, 24g RAM and 512G SSD.

Next week will be my last "normal" week (and with a BH Monday and a time-off-in-lieu day as well , I am then going on holiday for a couple of weeks and my first day back in mid-September I will be handing in my notice which I have already written.  I get three months "off" on full pay - albeit with some customer handover meetings and then will be on gardening leave until Christmas.  Then I'm done and I have just turned 58.

I shall be on a decent fraction of my working salary when retired, all being well with a good TFLS which I am definitely taking (a bird in the hand and all that),  OH has a small pension and so we will get two full SPs at SPA.  I will keep the TFC in ISAs and in a GIA until I can get it all into ISAs and invest it in MM funds and a bond ladder INCOME funds to pay me a small supplemental "salary".  My rationale is going to be to spend, spend, spend and travel, travel, travel.

My one and only worry is that I will lose medical insurance and I am not paying £500 a month to replace it.  I do have a hip problem that cycling keeps in check.  So, the solution is lots of cycling - I'll have the time to do it! I'll put 15k into a medical buffer fund in case that hip should need replacing.  It is fine for now my consultant says.

EDIT: removed my figures since I was a bit excited when I wrote original post, will keep that to the specific threads on the main board.

MallyGirl

I went to a broker and got private medical from AXA for a fraction of the continuation quote from BUPA

MetaPhysical

MallyGirl said:

I went to a broker and got private medical from AXA for a fraction of the continuation quote from BUPA

Thanks.  I will check that out.  It won't cover my right hip though.

MallyGirl

MetaPhysical said:

MallyGirl said:

I went to a broker and got private medical from AXA for a fraction of the continuation quote from BUPA

Thanks.  I will check that out.  It won't cover my right hip though.

For me, I am not covered for anything I have claimed for in the last 12 months - arthritic knee in my case. This restriction lasts for 2 years and then is removed and I have full coverage. 

pterri

MetaPhysical said:

pterri said:

nicknameless said:

Does anybody else who has taken the retirement plunge, like me, not quite believe it is true?  I left work for the last time approx. 7 weeks ago and it is still somewhat surreal.  Is this usual?  Takes a little while to sink in?  54 at the end of the month and no work to do!  Not saying I am missing it in the slightest and wouldn't change a thing right now, but this is very strange indeed

It’s been four months for me (57). It’s been fine but is starting to feel different now that it’s well beyond a holiday period, I do wonder what the winter will be like. I deliberately avoided foreign breaks so I could seek out some warmth over winter and possibly pick up som last minute breaks.  I don’t regret it for a moment, I’m sleeping way better and no more work dread over the weekend. One downside, I’ve (ad to spend my own actual money on a laptop

I bought a new laptop ahead of time! Macbook 14" with Pro chip, 24g RAM and 512G SSD.

Next week will be my last "normal" week (and with a BH Monday and a time-off-in-lieu day as well , I am then going on holiday for a couple of weeks and my first day back in mid-September I will be handing in my notice which I have already written.  I get three months "off" on full pay - albeit with some customer handover meetings and then will be on gardening leave until Christmas.  Then I'm done and I have just turned 58.

I shall be on a decent fraction of my working salary when retired, all being well with a good TFLS which I am definitely taking (a bird in the hand and all that),  OH has a small pension and so we will get two full SPs at SPA.  I will keep the TFC in ISAs and in a GIA until I can get it all into ISAs and invest it in MM funds and a bond ladder INCOME funds to pay me a small supplemental "salary".  My rationale is going to be to spend, spend, spend and travel, travel, travel.

My one and only worry is that I will lose medical insurance and I am not paying £500 a month to replace it.  I do have a hip problem that cycling keeps in check.  So, the solution is lots of cycling - I'll have the time to do it! I'll put 15k into a medical buffer fund in case that hip should need replacing.  It is fine for now my consultant says.

EDIT: removed my figures since I was a bit excited when I wrote original post, will keep that to the specific threads on the main board.

Sounds good. I’ll be quite flush in three years when the DB kicks in. I’m fine now on my SIPP/ISA savings, I’m still trying to gauge what my retirement spend looks like. I’ve got a theoretical idea but I want to see if that is as I thought, I want to be cautious but not overly so. Once the DB starts and I’ve got the AVCs paid out then I’ll have base spend more than taken care off and a good ISA/GIA fund for fun and big spends. All good but I need to watch that my over cautious self doesn’t mean I die with a fortune to hand over! It’s a common dilemma, the habits that allowed me to save and retire early are somewhat counter to spending. I’ll get over it though! 

MetaPhysical

MallyGirl said:

MetaPhysical said:

MallyGirl said:

I went to a broker and got private medical from AXA for a fraction of the continuation quote from BUPA

Thanks.  I will check that out.  It won't cover my right hip though.

For me, I am not covered for anything I have claimed for in the last 12 months - arthritic knee in my case. This restriction lasts for 2 years and then is removed and I have full coverage. 

That's good to know.  May I ask which broker you went through please?

MetaPhysical

pterri said:

MetaPhysical said:

pterri said:

nicknameless said:

Does anybody else who has taken the retirement plunge, like me, not quite believe it is true?  I left work for the last time approx. 7 weeks ago and it is still somewhat surreal.  Is this usual?  Takes a little while to sink in?  54 at the end of the month and no work to do!  Not saying I am missing it in the slightest and wouldn't change a thing right now, but this is very strange indeed

It’s been four months for me (57). It’s been fine but is starting to feel different now that it’s well beyond a holiday period, I do wonder what the winter will be like. I deliberately avoided foreign breaks so I could seek out some warmth over winter and possibly pick up som last minute breaks.  I don’t regret it for a moment, I’m sleeping way better and no more work dread over the weekend. One downside, I’ve (ad to spend my own actual money on a laptop

I bought a new laptop ahead of time! Macbook 14" with Pro chip, 24g RAM and 512G SSD.

Next week will be my last "normal" week (and with a BH Monday and a time-off-in-lieu day as well , I am then going on holiday for a couple of weeks and my first day back in mid-September I will be handing in my notice which I have already written.  I get three months "off" on full pay - albeit with some customer handover meetings and then will be on gardening leave until Christmas.  Then I'm done and I have just turned 58.

I shall be on a decent fraction of my working salary when retired, all being well with a good TFLS which I am definitely taking (a bird in the hand and all that),  OH has a small pension and so we will get two full SPs at SPA.  I will keep the TFC in ISAs and in a GIA until I can get it all into ISAs and invest it in MM funds and a bond ladder INCOME funds to pay me a small supplemental "salary".  My rationale is going to be to spend, spend, spend and travel, travel, travel.

My one and only worry is that I will lose medical insurance and I am not paying £500 a month to replace it.  I do have a hip problem that cycling keeps in check.  So, the solution is lots of cycling - I'll have the time to do it! I'll put 15k into a medical buffer fund in case that hip should need replacing.  It is fine for now my consultant says.

EDIT: removed my figures since I was a bit excited when I wrote original post, will keep that to the specific threads on the main board.

Sounds good. I’ll be quite flush in three years when the DB kicks in. I’m fine now on my SIPP/ISA savings, I’m still trying to gauge what my retirement spend looks like. I’ve got a theoretical idea but I want to see if that is as I thought, I want to be cautious but not overly so. Once the DB starts and I’ve got the AVCs paid out then I’ll have base spend more than taken care off and a good ISA/GIA fund for fun and big spends. All good but I need to watch that my over cautious self doesn’t mean I die with a fortune to hand over! It’s a common dilemma, the habits that allowed me to save and retire early are somewhat counter to spending. I’ll get over it though! 

Exactly.  You have to be somewhat careful but then again you don't want to be the richest person in the graveyard either.  It's a balancing act.  Where that pivot lies exactly in a world of market ups and downs and a world of potential government tax raids is becoming more and more difficult to define,

I think the most important thing is to have some sort of plan.  I realise that when I finally give up I might have a bit more time on my hands than I originally thought, I can't live in the gym and on my bike.  But I will finally have time to play piano and guitar more when I'm not doing that and I can paint in watercolours more and work at my website and astronomy more.  I can stay out on clear nights as long as I want instead of worrying about getting back to bed for work in the morning.

MallyGirl

MetaPhysical said:

MallyGirl said:

MetaPhysical said:

MallyGirl said:

I went to a broker and got private medical from AXA for a fraction of the continuation quote from BUPA

Thanks.  I will check that out.  It won't cover my right hip though.

For me, I am not covered for anything I have claimed for in the last 12 months - arthritic knee in my case. This restriction lasts for 2 years and then is removed and I have full coverage. 

That's good to know.  May I ask which broker you went through please?

They were Heath Crawford. I was happy with the service and the chap seemed to know what he was talking about 

katejo

nicknameless said:

Does anybody else who has taken the retirement plunge, like me, not quite believe it is true?  I left work for the last time approx. 7 weeks ago and it is still somewhat surreal.  Is this usual?  Takes a little while to sink in?  54 at the end of the month and no work to do!  Not saying I am missing it in the slightest and wouldn't change a thing right now, but this is very strange indeed

I think it will be like that for me. I am down to 3 days a week next week so won't be working Thursday and Friday. It is going to seem very odd. I have just found out today what my net pay will be in late September. When I stop completely, I want to have a special holiday booked but I can't decide what it will be. Several possibilities in mind.

seacaitch

MetaPhysical said:
 
I realise that when I finally give up I might have a bit more time on my hands than I originally thought, I can't live in the gym and on my bike.  But I will finally have time to play piano and guitar more when I'm not doing that and I can paint in watercolours more and work at my website and astronomy more.  I can stay out on clear nights as long as I want instead of worrying about getting back to bed for work in the morning.

Honestly, if you've a few interests you'll soon discover your time absolutely disappears...

Going for a bike ride? With a caff stop that's a full day gone there. Food shopping + gym = another full day. Back on the bike the next day, so nothing else gets done that day. And so on. Week's over before you know it 😂

You'll be baffled how you ever went to work and fitted in anything else at all. Have fun!