Bold leap into retirement

mrklaw

nice work @glass_half_full

DC looks more than enough - your problem may be leveraging what little basic rate you have from 60-67 looking at pulling out funds into ISA to cover future lump sum gifts/purchases if you’ll be HRT after state pension but thats a good problem to have. might still be some wiggle room with that split between you.

have you considered taking the 65 DB at 60? perhaps without lump sum to max the income (arguably you don’t need the lump sum). if the reduced amount takes your overall income to a point where it covers your essentials that’d be attractive to me as then you can be much more relaxed about the DC pot

crv1963

Congratulations @glass_half_full I enjoy reading people's successes! Enjoy your well earned retirement.

glass_half_full

https://forums.moneysavingexpert.com/discussion/comment/82024863#Comment_82024863

Hi @Smudgeismydog, not fully sure about household income but I have modelled around £60k for first 10 years, then maybe £50-55k. The DC fund is all in my name.

https://forums.moneysavingexpert.com/discussion/comment/82024958#Comment_82024958

Thanks @mrklaw. That's a very interesting idea about taking the dB pension due at 65 early, I can see why that would be beneficial, I will look into this. I must admit the tax optimization is something I need to really understand better.

https://forums.moneysavingexpert.com/discussion/comment/82024982#Comment_82024982

@crv1963 thank you!

BridgetTheCat

Hello again!

I semi-retired (went P/T) on 1st April, and it’s glorious! I now work 3 days a week T/W/T and my weekends are F/S/S/M. After 35 years of F/T it feels like I’m hardly at work at all.

To facilitate this I took my oldest deferred DB pension, which was a true final salary scheme . The advantages of this were twofold:

1. There was a compulsory 15k lump sum, which added to my existing savings was enough to clear the mortgage (10 years early - W00t!).
   
2. The monthly payments top up my P/T salary almost to the old F/T level.

Previous monthly take-home was ~2200, of which 1/3 went on the mortgage, 1/3 went into savings to pay off the mortgage early, and I lived on the other 1/3. Now total monthly income after tax is ~2100, with about 1/2 going into savings & investments. So although the total is slightly lower I have more disposable income, more going into savings, and I don’t have to worry about losing my home if I lose my job.

Some other observations:

• On my weekends I tend to forget what day it is. I think Friday is Saturday, Saturday is Sunday, and Sunday and Monday are “should I be at work today?”. I’m sure it will sort itself out in time but in the meantime I have alerts in my phone to tell me whether I should be at work or not. Saves the mild panic on a Monday morning when I wake up and think it MUST be a work day.
• I have a lot more time to do the things I’m interested in - but chores expand to fill the time available!
• I’m trying to have at least one ‘social’ day every week - seeing friends in person. I WFH so I don’t get much of that at work.
• Monday morning is for swimming. It’s always been my absolute favourite thing to be doing so I’m taking advantage of the adults only session at my local pool.
• On the 3 days I am at work I feel much more ‘present’ and productive. My concentration is better and I’m not worrying about fitting my personal business into the work day.

michaels

https://forums.moneysavingexpert.com/discussion/comment/82025902#Comment_82025902

At that level of saving won't you have much more to spend each month when retired than you spend now? Does that make sense for you?

BridgetTheCat

https://forums.moneysavingexpert.com/discussion/comment/82026096#Comment_82026096

yes it does. I have 3 more DB pensions to come plus state pension.

Sarahspangles

https://forums.moneysavingexpert.com/discussion/comment/81950251#Comment_81950251

Revisiting the topic of ‘retiring under the radar’… One of the reasons I was being discreet about my retirement is that I have a younger sister very close to me in age who I knew was going to work to at least 60 (I retired at 57). She has more family responsibilities than I do, and I was sad that she was juggling so much. She also recently went very quiet on social media.

Anyway I saw her at a family event the weekend, and when it was just the two of us, literally the first thing we both said is “I think I’ve retired”. She had the opportunity at Xmas and decided it was time. It will actually be possible for us to spend time together for the first time in forever. There’s lots to catch up on, I think we’ve both been a bit discombobulated by the change.

HUSKYPAL

I'm leaving at the end of December. I haven't told anyone at work yet, but feeling like time has slowed down, it's like waiting for paint to dry, only much more tedious.

I really can't be bothered with work at all any more! Just kind of cruising until I give my notice. Going to wait till August, that's about 4.1/2 mths notice- contractually only need to give 3.

Just quietly wishing my life away at the moment....anyone else experience this drag? I feel like there may be Eddies in the space time continuum.

Ebeneezer9

https://forums.moneysavingexpert.com/discussion/comment/82038459#Comment_82038459

I’m experiencing a similar situation, planning to retire end of March next year, I have lost all interest in work and take a back seat. Thank the lord for good books.

barnstar2077

https://forums.moneysavingexpert.com/discussion/comment/82038459#Comment_82038459

This is how I feel, and I have four to six years to go! : )