Bold leap into retirement

huw01

https://forums.moneysavingexpert.com/discussion/comment/81945739#Comment_81945739

Absolutely. I gave the minimum one month notice when I retired two years ago otherwise I would have been given some apparent cricital piece of work that no one else had capacity to do. Stuff em. I actually found that my work dried up within two weeks as they were forward planning and had written me out of the plan and work being shoved onto others. Fine by me. You are just a number.

Absolutely no regrets and the last two years I have had a brilliant time

cloud_dog

https://forums.moneysavingexpert.com/discussion/comment/81945728#Comment_81945728

@Julezy101, you need to consider that there are two different and distinct aspects here; your terms of employment notice period, e.g. one month, and the period it may take for the scheme administrators to undertake all their calculations and due diligence before putting your pension into payment.

I'm lucky enough to have retired early and commenced SIPP drawdown to cover our income requirements (really very easy), and am now putting my DB scheme into payment, and even with this I gave the scheme administrators almost 6 months notice; and I still cannot be absolutely certain it will go into payment perfectly on time and correctly. So, contingency still exists with the SIPP monies.

kempiejon

I didn't even admit I'd retired for the first year and a bit - my situation was described as not currently looking for permanent full time employment. I offered to volunteer but that wasn't followed up, before Christmas I was thinking about looking for a part time or temporary gig. Instead I'm doing new things. I do a brisk hilly 4 miler, 3 times a week I started at about 2 miles mostly level walking, I'm doing a short DIY course and have picked up a new instrument and have weekly lesson.

I still spend a bit of time looking at the FI plan but I have learnt to trust in the process, changing mindset to deaccumulation is hard.

katejo

https://forums.moneysavingexpert.com/discussion/comment/81946040#Comment_81946040

My DB pension scheme doesn't allow me to set the ball rolling to claim the pension until I have notified HR of my resignation so I couldn't have done it well in advance. I was able to get a comprehensive forecast last September based on a planned retirement date at the end of April.

cloud_dog

https://forums.moneysavingexpert.com/discussion/comment/81946377#Comment_81946377

Obviously I do not know your specific employment circumstances but there is nothing stopping you from giving your employer more notice, than a one month terms of employment may require, and then advising the scheme administrators accordingly.

I had a one month employment notice period but gave them 5 months. As long as the process is followed, accepted and committed to then you should be able to proceed as it suits yourself.

katejo

https://forums.moneysavingexpert.com/discussion/comment/81946387#Comment_81946387

I gave my line manager more notice but wasn't quite ready to let HR know. Too late to change it now anyway.

MayDogsandCoffee

@Julezy I will only be given a month, I don't need my pension to tie in with end date.

Sarahspangles

https://forums.moneysavingexpert.com/discussion/comment/81946325#Comment_81946325

A year in, all I admit to is ‘I’ve probably retired’. I met someone a similar age to me yesterday, and she exclaimed she was a year younger than me and would have to work for ten more years. I don’t know if this is an issue for women specifically - unlike many of my peers, I haven’t had breaks, so I have healthy pension provision. Yet some people assume my partner must be supporting me, or reassure me I’ll find a job soon. Since it’s such thin ice I’m skating on, I just change the subject.

Smudgeismydog

I have also experienced this. I would hate to come across as bragging that I’ve taken early retirement, but then I don’t feel that I want to defend my decision either.

Storcko14

Of late, I've been slightly surprised by the reaction of others when I mention being early retired. Mainly because I think if you have a modest house and older car plus a freelance job that few understand and has no vanity title, you're assumed to be of modest means. I now talk about my volunteer roles as work. That's helped.