Bold leap into retirement

Smudgeismydog

Just saw this a link to this retirement calculator, anyone else seen it?

https://fire.tiiny.site/

Storcko14

https://forums.moneysavingexpert.com/discussion/comment/82110600#Comment_82110600

I volunteer at a local CAB and once you're a qualified advisor you can pick and choose how often and when you turn up. 3 months off in the summer doesn't appear to be an issue. But they are all independently run so that might not be typical. It's utterly different to work - great fun and never dull plus you don't have to sugarcoat it / play corporate games / have annual 360 degree appraisals…

BridgetTheCat

@HUSKYPAL I went down to 3 days from full time in April this year. I’m 56 and not quite ready to retire completely yet, but I did want more time to pursue other interests. I’m aiming to fully retire by my 60th birthday.

I haven’t regretted it - in fact for me it’s the best of both worlds. I’ve still got a salary and I’m still paying into my pension but I have time for myself. A 3 day working week flies by and a 4 day weekend gives me time for chores AND socialising AND crafting AND a day out. I don’t have any trouble switching off from work - I just don’t open the laptop on my days off. My mantra is ‘nobody’s going to die if they have to wait until Tuesday’.

HUSKYPAL

https://forums.moneysavingexpert.com/discussion/comment/82109413#Comment_82109413

I'm coming round to this way of thinking, about the part time I mean, no idea on volunteering, might give it a go. I don't think I could switch off on my days off, I can't even do that now, checking emails at the weekend, so likely just do the same amount of work for 60% of the pay. Kind of the worst of both worlds?

HUSKYPAL

https://forums.moneysavingexpert.com/discussion/comment/82110930#Comment_82110930

Thanks for the reply, I think if you can switch off, it would be great. I suspect, having given it more thought, that I would not be able to relax on my days off. The cover that would be put in place would not really understand my area and I would still have to pick up all the workload when I'm working. I would love it to work, but actually feeling like I'd just be doing the same amount of work/same responsibilities and targets for 60% of the pay. I'm thinking I need to be bold and just make the leap!

NormalNorman

Yeah, certainly I would not go PT with the existing employer. Same work, same corporate bull, same boring meetings, same emails and Teams. No thanks. That’s why my evening job for transition is with a new employer. Plus no email, Teams, meetings, corporate nonsense etc. It’s like the olden days and that suits just fine.

dharm999

it’s been nearly two years now since I gave up full time work. Took me a long time to just get used to doing nothing, especially checking my phone for emails, that bad habit took at least 6 months to stop. Last two years of work were stressful, so to just slow down and not worry about doing anything has been a refreshing change.

My days aren’t full, I could probably do more, but why? This time is for me to enjoy and not worry if I’m not filling it with ‘productive’ things. I started regular exercise about a year ago, so have never been fitter, manage to do something 5-6 days a week, and I can see visible improvements.

I got back into a sport I hadn’t played in 30 years at a local club, and they are a good bunch. I’ve found a niche with them, writing grant applications for them, which I’m surprisingly good at, so a new skill added, and that could lead to some paid work. Great if it does, but if it doesn’t, then that’s fine too.

Me and the OH, tried pickleball, but OH couldn’t get on with it. We are going to learn to play bridge, and starting a French conversation course in a couple of weeks, with a view to going to France for a holiday.

Financially, things are good, OH’s state pension, DB pension, interest on cash and dividends more than covers day to day costs, we aren’t touching the capital unless it’s for a specific high cost item. When we do have to buy something, we knock 40% off the cost, as that’s the IHT we are saving, not strictly true of course, but it makes it easier to spend.

With the change in tax treatment of pensions, we are looking to gift significant sums to our son, and are also gifting him money every month out of surplus income. Tax wise it’s great, as he has salary sacrificed extra in to his pension, and we give him the reduction in net income. A double win, he gets more in to his pension and we potentially save on IHT.

Overall, very happy with things, and glad I stopped working.

Purplelady65

https://forums.moneysavingexpert.com/discussion/comment/82111364#Comment_82111364

I went from 4 day a week working, which I’d done for 12 years, to full retirement. I did briefly consider dropping another day for a while but all the issues around work would still be there - not enough funding, restructures, workload, deadlines to meet e.t.c. plus trying to ‘catch up’ from the missed days so decided just to make the leap to full retirement which I haven’t regretted.

Peterrr

Things are falling nicely into place for us and I plan to go from full time to zero in February next year (handing in my notice the day the annual bonus lands in the bank).

We're in the process of downsizing to a smaller place on the coast, which requires a fair bit of DIY and redecorating, so my plan is to throw myself into that when I stop the paid job. By next summer I'll hopefully transition my grip from paint brush to golf club while DW plans to work a further year. Our youngest is looking for a flat as he wants to stay in our current town (near to his job and social circle) so no doubt I will also be mucking in with more painting & decorating.

The cliff edge retirement from 5 days to zero really doesn't concern me and my preference has always been to do a shorter period of full time rather than a longer period of part time.

Albermarle

https://forums.moneysavingexpert.com/discussion/comment/82117494#Comment_82117494

It is often said that Downsizing to a more desirable location ( with a sea view for example) does not produce the often expected boost to the coffers. Is this your experience out of interest?