Bold leap into retirement

saucer

6 weeks tomorrow for me to go.

Smudgeismydog

https://forums.moneysavingexpert.com/discussion/comment/82101214#Comment_82101214

How are you feeling about it?

HUSKYPAL

Good afternoon all, my plan is to go at Christmas, discussed it with the company last week and they have said they would be open to me going part time (3 days a week). This would be good in some ways including the fact I would not need to touch my pension yet, plus would be able to practice living on my retirement income. It would also give a softer slope to stopping entirely rather than a cliff edge, which does fill me with a bit of trepidation (not very bold I know!).

What are your thoughts? Anyone take this route? I'm thinking give it 6 months and see how it goes, but no more than 1-2 years, by which time I'll be 58/59.

Your thought would be appreciated as I'm in two minds about just biting the bullet or taking a slower approach to this retirement business.

HedgehogRulez

personally never been a fan of part time, i’d end up with the same work anxiety but for less pay

kempiejon

Early in my FIRE plan I was all or nothing work/retire however nearer to 55 I did weigh it up. I discussed reducing hours as a concept with my manager. I thought 6months at 4 days reducing to 3 then 2 with a good plan to hand over my specific jobs to others within the team and an option to sub out the hard bits. It was just hypothetical but for reasons of learning to live on retirement income and backing away from work without a cliff edge were consideration.

A catalogue of global, local and personal events got between me and that plan. I think the hard break worked out best for me, for some a glide out works.

mrklaw

https://forums.moneysavingexpert.com/discussion/comment/82104678#Comment_82104678

I think if I was offered that I’d be tempted. Assuming I’m at the point where my numbers work you’re effectively coasting for a year in something you’re familiar with with more time to yourself. In particular for me a year extra would likely give me confidence to park the ‘annual spend’ in a S&S ISA as a ‘screw it, treat yourself’ pot (although perhaps wait until closer to SP and make sure things have gone ok for the first few years before breaking the glass

AlwaysLearnin

I was also offered part time when I handed my notice in. I took it, and it solidified to me that I valued my non-working time far more, even when I had more of it! I stuck at it for about a year (some of which was notice period), but I was pleased when I got out entirely. I don't regret doing it though, as I think a cliff edge might have been a bit much at the time (I was still pretty young), and it gave me some optionality.

Mrs_Z

https://forums.moneysavingexpert.com/discussion/comment/82104678#Comment_82104678

Just be careful here…so that you don't end up doing 5 days' work in 3 days. So ensure that you'd have renegotiated your job description ;)

Apart from that, i'd give it 6 months and then review. It's a softer landing and might be useful, especially if you have doubts and are not in a position where you must retire asap (for example health/family issues).

HUSKYPAL

https://forums.moneysavingexpert.com/discussion/comment/82104827#Comment_82104827

Thanks - that thought had also crossed my mind, but I think it would be helpful for the company to have someone start to pick up my work the days I'm not there, eventually they will take it all on when I do finally leave. I think i'll give it a go and see how I feel 3 months in, with 3 months notice afterwards if it isn't working.

HUSKYPAL

https://forums.moneysavingexpert.com/discussion/comment/82104775#Comment_82104775

https://forums.moneysavingexpert.com/discussion/comment/82104738#Comment_82104738

Thanks both, I like the idea of setting the saved spend aside and doing something big with it, and of having 4 day weekends, eventually leading to 7 days weekends! I'm going to try it out and see how it goes. If it becomes a chore, at least it will have made my mind up for me, and I suspect I would regret not trying it out.