Bold leap into retirement

chuffinnora

Indeed AlwaysLearnin, that carrot is getting awful heavy

To be fair half of that is in the DC. My initial thoughts were take the 25% and go into flexi drawdown for the rest. But someone on this thread mentioned about using half of theirs for a 10 year fixed annuity and £100k payback at the end. Those are looking reasonably attractive at the moment. So worth me checking that out.

I have also drafted an email for my manager to put the suggestion into the business why not consider me for VR...with something more generous than the statutory minimum (which is their usual offering). My position is becoming less of a requirement and part of my email actually pushes a notion letting me go would a good thing for the teams PL figures. Haha we'll see if they bite. If they do the VR is a bonus.

I'm also juggling those typical thoughts of moving from accumulation to decumulation. Its a tough one even though it sounds ridiculous as we all work our whole lives heading for that exact position. But these thoughts pale into insignificance when I consider how fantastic it will be to let go of the work routine and responsibility. Those endless years of working long hours, weekends, missing family and friends events. I've never been an early riser, so even just to wake when my mind and body think its the right time...oh cherish that thought! 

Sounds like I'm almost there Mrs chuffinnora.....

Simon11

I don't honestly know why you haven't retired already chuffinnora?

You are looking at £50k guaranteed per year from 67 as a couple which for most people is plenty before you even consider your other pots which are unlikely to run dry over the next 7 years.

The most important thing however- With a family history of people passing away before state retirement age, you may only have 7 years left on this planet. Would you not be royally annoyed that you had frankly worked too much in the later years when you could have had some golden years of retirement?

Maybe ask yourself how many years would I want to enjoy in my retirement and then run a health check to see life expectancy. Otherwise, I am sure that once you see your wife enjoying her life to the full, it will give you a massive nudge!

chuffinnora

It is odd Simon11, but I think it's just trepidation.  Seems most go through it on here.

With my wife going earylish, that will be the catalyst I'm sure. We have a lot of outgoings, which just need some work on them to eradicate the unnecessary. It's amazing when you start analysing these things what builds up over time. 

Totally agree about the family history, it's a very blunt sobering thought. And hammers home not to be afraid of retirement or spending to enjoy life at that time. 

We have some family members to support, so we have roughly put a mental note to allow about £150k for that. And like I mentioned, want to make sure we can manage comfortably in the event UK politics forces a means-tested SP which could result in us falling into that bracket. I know its political suicide for any party to do that, but you never know.

A friend had a financial advisor in to build them a plan of their sliding scale of spend to ensure the younger healthier years are better funded. We've come up with our own spreadsheet for that and its looking good for me to go in the near future. With my wife strutting about looking happier than ever, I can feel it coming.....

Smudgeismydog

I’m another pondering why you’ve not retired already @chuffinnora, although you haven’t stated your annual income requirement, I suspect you will fall into the same camp as many on here, who are unlikely to spend all their accumulated assets.

Waking up naturally, planning my days/week according to the weather, and filling my time with things I want to do over the last year has been even better than I imagined.

If you are confident about your figures, and it would certainly seem that way, then what are you waiting for? 

barnstar2077

chuffinnora said:

There are some very inspiring and encouraging comments on this thread for retirement. 

I'm 60 and daily pondering about when I might take the leap. My wife is 57, she's beaten me to it and finishes on 31st October. Her plan was always to go at 60, but recent work stresses and a mini-meltdown at work made her mind up. We did the math, got a quote for her DB pension at 57 and it was operation go go go!

40 years at the same place (with a couple of TUPEs along the way) is going to be quite emotional come end of October. Life-long work friends, change of life and routine, and all the plans for the future will no doubt hit home soon.

We'd have liked more funds behind us, but ultimately we are pretty lucky compared to many:

No mortgage.
About £500k between us spread around ISAs, PBs, Savings, Investments.
Wifes DB is only around £17.5k, plus another small one coming at 60. And some AVC pots of about £75k.
My DBs are only around £9k. I have a DC pot currently around £540k.
2 full SPs when they are due at 67, although I'm trying to not bank on that as I wouldn't be surprised if one of these disastrous governments start means testing that with national debt piling up.

Longevity is not a "theme" in my family. One parent and one sibling only got to 67. I have some major health issues although still reasonably fit. One definite task when I retire is to stay as fit as possible for as long as possible.

Although my job isn't that stressful, I'm well and truly into that CBA frame of mind these days. Like any business, mine has its irritations and nonsense, but my team is relatively quiet at the moment so I tend to regard it as easy money with some good benefits. If it had been weighing me down, I think I'd go now.

So the plan is to see how my better half deals with retirement, she is certainly looking forward to relaxing, gardening, taking the cockapoo on many interesting walks and nudging me to retire asap no doubt. I might be convinced to go sooner than later....

"Wifes DB is only around £17.5k" This is about what I will live on each year in total, and you have considerable assets beyond that.

Go now and enjoy your life.  It is later than you think!

chuffinnora

Hi Smudgeismydog, exactly what my wife said, what am I waiting for, she's got stuff to do and needs me available.

The last thing I need is a bored wife around the house, the implications would be serious......

But seriously, I am heading for retirement hopefully once we get everything sorted. You are all shining examples of the good life, reading this thread and some of the others has been quite an eye opener. 

chuffinnora

Hi barnstar2077, apologies "only" wasn't a good choice of words. It wasn't meant to come across in that context.
Think I was eluding to her arrangements and its a sizeable drop from what she earns now. We are indeed lucky to be looking at retirement now.

MetaPhysical

Like I said the other day, I handed in my notice    Some light work and gardening leave until my last day at Christmas.

I wish my employer well.  However, at 58 and working in IT sales, I am too old now for the yearly strategy changes, ever increasing targets, fewer resources, corporate BS and having to reinvent myself every 18 months.  I just can't keep up with the demand any more and is increasing my anxiety and stress levels too much.  I have some reasonable pensions I saved hard for and so no longer need to put up with it any more.

MallyGirl

MetaPhysical said:

Like I said the other day, I handed in my notice    Some light work and gardening leave until my last day at Christmas.

I wish my employer well.  However, at 58 and working in IT sales, I am too old now for the yearly strategy changes, ever increasing targets, fewer resources, corporate BS and having to reinvent myself every 18 months.  I just can't keep up with the demand any more and is increasing my anxiety and stress levels too much.  I have some reasonable pensions I saved hard for and so no longer need to put up with it any more.

Congratulations - I wasn't in sales but IT delivery shared many of the same frustrations. I am not missing it

cloud_dog

@chuffinnora I left the workforce at the end of March this year and the release or relief has been immeasurable. 

I gave my employer 5 months notice initially, extending it to 8 months in the end, but those 8 months were the most enjoyable working time I could recollect for a very long time.