Bold leap into retirement

Pat38493

MallyGirl said:

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

But was it still a lot more than what you (or your company) was paying when you were working?

MallyGirl

Pat38493 said:

MallyGirl said:

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

But was it still a lot more than what you (or your company) was paying when you were working?

Of course - I have no bulk buying power.
I paid tax on an £800 benefit, now I am paying £160 pcm. Both options covering me and adult daughter still in full time education 

nicknameless

MetaPhysical said:

nicknameless said:

cfw1994 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

Heh heh!
It could take a while, I guess.

In contrast: after a lifetime of work in technology, I was almost ashamed at how rapidly I embraced it 🫣

I did set off on a 19 day LEJoG bike adventure almost as soon as I stopped.  Solo, but with over a dozen pals either joining me for a bit of the ride, or meeting for a meal in the evenings.  Astonishing how fast I forgot about the day to day work life 👀
 
Now over 4 years in, I absolutely love the almost total flexibility to do things.   Sunny tomorrow? Maybe have a bike ride.  Want to lay in until lunchtime?  Sure!   

I do still “worry” about the money side.  Maybe worry is the wrong word: focus on it a bit much 🤷‍♂️  That said, we are in a fortunate position, and besides, I now feed my techie needs by being rather too fastidious with spreadsheets 🤣 Usually wake early, so I get my fix of reading various forums and news whilst lying in bed (hence this post!).


Relax and enjoy: this is your time 😎

Appreciate the response.  I am actually missing the financial planning a bit.  Had all sorts of spreadsheets and models and now just enacting the plan.  I want something to tinker with and to test out scenarios.  One of the things I actually loved in the preparation for retirement.  Not a single sole around me shares that interest and they simply look blankly if I try to engage them on anything financial planning / strategy related.  We should start of FP anonymous or something?

Don't fall into the paralysis by analysis trap.  There'll ALWAYS be something else you coulda, shoulda, woulda done.  There'll always be more money you could have saved, invested differently etc.  As long as the numbers look reasonably OK then just do it is my counsel, as I just said on another thread.  Your remaining days are getting shorter on this mortal coil, not longer.  There are fewer and fewer days to be with your loved ones and no one is guaranteed tomorrow.  No one on their death bed says "I should have worked longer". Never lose sight of that fact.

Think you may have misread - I've already taken the plunge.  Talking about missing the planning lol!

nicknameless

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

We have booked virtually a break a month - sept in the UK, Germany October, cycling in Majorca in Nov and then trying some xc skiing in Jan.  Might throw a last minute sunshine deal in there somewhere - but possibly shouldn't lol.

huw01

huw01 said:

I am contemplating in August not renewing my contract and looking to retire and not really work again if I can. 
Currently 51, single, in good health, mortgage free. So many friends have been inflicted with health conditions in the last 5 years that it has changed my outook on life.

225k in cash savings
330k in General Investment Account
82k in S&S ISA

LGPS deferred pension which will pay 12k per annum if taken early at age 55 along with a 20k automatic lump sum
LGPS AVC worth about 10k
Scottish Widows Workplace DC Pension 62k present

My plan is for the first three and a half years is to live off savings, drawing down 1900 per month should be more than enough for me to live and also travel which I want to do.

At age 55 is to start taking the LGPS and alongside the automatic tax free lump sum and AVC as a tax tree lump sum - these would top up the savings. I have asked the LGPS scheme as I will be 55 before April 2028 and the answer seemed to be that as long as I had started to take the LGPS then the rule changes to 57 wouldn't affect me. So for 10 year live of the LGPS and topped up by savings. THE LGPS would take the heavy lifting away from the savings.

Age 65 is to take 25% of the SIPP as a tax free lump sum and then at some point in the future the remaining 75% as either UFPLS, drawdown or annuity. Then age 68 all topped up by the state pension. My state pension forecast is now nearly at the full state pension.

Each year move 20k from the GIA to the S&S ISA, then take chunks out of the ISA as and when I fancy a splurge on something.

That is my thinking at the moment, life seems to short and unpredictable to be sat down wasting my time on someone else's priorities. Health and time is the only commodities that now seem important

So 1 year 2 months on, I left employment at the end of June 2024 - how is it going. Well I've gained a year in age - now 52

Financially

225k in cash savings is now 213K
330k in General Investment Account is now 331K
82k in S&S ISA is now 111K

I need to put £2880 in the SIPP this year but that has also gone up from 62k to 64K (it also has been transfered from a Scottish Widows Workplace Pension to an Aviva SIPP)

So although my cash savings has gone down in value by 12k the overall combined value of cash savings, GIA and S&S ISA is up 18k. I haven't really been tight or careful, been living my life as I would. In the last year I've been abroad a total of 7 out of 52 weeks.

Work

Not missing it one bit, I was offered some consultancy work earlier on this year but I turned it down - the thought of opening a laptop and having to use Teams or write reports felt like another era, another time. No that is defo behind me. No stress now, gone are the days of thinking and worrying about deadlines and dealing with problems which really were not my problems but the company's problems.

Instead I have been doing some Supporting Actor / Extra work, fell into it by accident last Autumn by seeing a facebook post. It's brilliant fun, got to meet new interesting, creative people. I'm averaging around 2 or 3 days a month which is ideal really. Peppered here and there, I like the unpredictability of it, not knowing where exactly I am going until the day before. Does it pay ? Nah not really, it's like pocket money but I'm not in it for the money - for the experience.

I'm also swimming more regularly than I was before and also walking more. Done some family history.

The only downside I can think of is I now don't like going anywhere on a weekend, too many people around. The world is a lot nicer when they're all in work !!!!!!!!

MetaPhysical

nicknameless 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

We have booked virtually a break a month - sept in the UK, Germany October, cycling in Majorca in Nov and then trying some xc skiing in Jan.  Might throw a last minute sunshine deal in there somewhere - but possibly shouldn't lol.

Holidays seems extortionately expensive lately.  Anywhere in The Canaries in UK winter is megabucks.  Me and my fiancee stayed at the Bahia Princess in Costa Adeje, Tenerife for a week AI two years ago in February (being careful to avoid half term prices) and even then it was £2500 for that week in total - I thought that was pretty staggering.  For next year it would be £3500.  These costs are unbelievable.

I thought upon retirement we'd be having many, many holidays in the "cheaper" times of the year - Jan/Feb, June and September and November.  Whilst these months are indeed "cheaper" I no longer think such "cheap" times exist.  I think so many people are in our early retired boat, or just retried,  that the holiday companies, AirBnB owners and airlines know the demand is there and can charge pretty much insane prices.

Cobbler_tone

I paid £800 in March for a week AI for the most luxurious place I’ve ever been in Madeira. Didn’t spend a penny and ate in a different restaurant every night. Sounds like those deals aren’t around at the moment.

MetaPhysical

Cobbler_tone said:

I paid £800 in March for a week AI for the most luxurious place I’ve ever been in Madeira. Didn’t spend a penny and ate in a different restaurant every night. Sounds like those deals aren’t around at the moment.

Wow that is some going.  That is a fabulous island indeed, wonderful and green.  I was there in May and did the Tobagan and cable car.

May I ask the name of this establishment please and how you came about such a deal?  Was it on Voyage Prive?

pterri

nicknameless 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

We have booked virtually a break a month - sept in the UK, Germany October, cycling in Majorca in Nov and then trying some xc skiing in Jan.  Might throw a last minute sunshine deal in there somewhere - but possibly shouldn't lol.

where in majorca? i've got  a gravel bike, i like to get away from the tarmac. is majorca  good for that? also, ive spent a lot on my bike and id like to take it wirh me. hassle i know, the main thing stoping me is a decent bike box, they cost a fortune for a rigid one, not convinced by the soft ones. id rather do that then spend more for a 'premium' bike hire. hoping to find a used bon on ebay.

Cobbler_tone

MetaPhysical said:

Cobbler_tone said:

I paid £800 in March for a week AI for the most luxurious place I’ve ever been in Madeira. Didn’t spend a penny and ate in a different restaurant every night. Sounds like those deals aren’t around at the moment.

Wow that is some going.  That is a fabulous island indeed, wonderful and green.  I was there in May and did the Tobagan and cable car.

May I ask the name of this establishment please and how you came about such a deal?  Was it on Voyage Prive?

It was on Tui...Dreams.
Booked three weeks before departure, so you won't get those prices now, plus it had just been refurbished so they may have been doing deals. Highly recommended.
We did the cable car and watched the toboggan. 

https://www.tui.co.uk/destinations/portugal/madeira/canical/hotels/dreams-madeira-resort-and-spa.html