Bold leap into retirement

Peterrr

https://forums.moneysavingexpert.com/discussion/comment/82118551#Comment_82118551

The move is scheduled for early October so yet to be proven out, but the downsize will leave us with circa £100k (after stamp duty and moving costs) to refurb and future-proof some elements. The house we’re selling is in need of similar spend, so we look at this as a saving and the smaller size should mean reduced heating and maintenance costs going forward. Fingers’ crossed the refurb doesn’t get out of control!
We’re both enjoying the cathartic de-cluttering and domestic simplification experience, though will still have 2 spare bedrooms for family and friends to visit.

Belt_E

I've been reading through this thread over the past 6 months! A lot resonates where as we get closer to retirement the work culture, hustle etc. starts to wear us down, I'm not suggesting we\I coast for a few years until we retire but when it comes to PDR time I've made it clear I have no intentions to progress and my aim is to retire as soon as I can😂

I also work in HE (almost 30 years to the day) and the sector, organisation has changed dramatically, even more in recent years through a combination of bad\greedy management and confusing government policy. But overall the job was very good with a lot of nice people for most of it.

I was really frustrated and quite stressed a few years ago and put in for a voluntary severance but got rejected, later that year there was a bit of a restructure and I got a more technical role without the management hassles, if I'd been forced to take the next iteration of the job I'd have toughed it out for another 6-7 months and gone on my 55th birthday.

The new role did improve things but I still get some frustrations and the lack of staff in the department in general, and in the last couple of months they've actually made people redundant which has hardly ever happened previously, it was usually through VS.

I reduced to .7 but over three longer days from 1st May this year, it's been hard to judge so far due to various holidays, but often felt like it was the same workload, and I'd go in on Tuesday and play catchup for emails\Teams that had appeared since the previous week, and that's despite logging in to delete the fluff.

I've got 31 years in the LGPS but I bought a lump with some inheritance in 2020 and I also overpaid £500 PM for 5 years which has had a big impact on the CARE portion. On top of that I've had paid 8% into an AVC for 23 years, luckily my colleagues at the time were very savvy and suggested I took one out. That is now fairly big despite always being in safe investments. I'm very risk averse.

I do have some money in savings, we have no mortgage or kids and although I've got a loan for my car it's not particularly big and I could pay it tomorrow if I want to. I don't really go for flash cars either. But cycling and sports are getting expensive.

My sums currently suggest that I could have a small payrise on what I live on per month currently with the pension and drawing down from the AVC, which would then be replaced by the SP.

I'm very active so hopefully won't get bored, do a lot of cycling, running (when I'm not injured) but also don't mind walking, a lot of the money I spend is actually on travelling.

My partner is 5 years younger though, but she's in the same LGPS and she's also frustrated with her job. From what I've been told off our pensions expert she'll still be entitled to take her LGPS at 55 despite the recent change to 57 assuming she can afford it, she has very little outgoings and doesn't drive so should be less of a problem.

In the back of my mind there's the usual doubts of, will I get bored, will I run out of money, but having gone over the figures hundreds of times I'm pretty sure I'll be fine as long as I don't buy a Lamborghini or something daft!

I'm 57 in May and would always prefer to go in Spring to avoid going on the dark nights, as I'm an outdoors person the winter can get challenging, but when you have more days of freedom you can go out on the good days.

As per the thread title, I probably just need to make the bold leap.

WitsEnd101

https://forums.moneysavingexpert.com/discussion/comment/82128278#Comment_82128278

Very interesting. Who is HE - Highways?

Belt_E

Higher Education.

pterri

https://forums.moneysavingexpert.com/discussion/comment/82128278#Comment_82128278

yep, my DB has an AVC schem that i joined. fantastic, will pay out a chunk tax free when the DB starts.

Smudgeismydog

Morning all,

I’m back after an amazing Interrailing adventure with my daughter before she heads back to start her 2nd year at Uni.

I am so thankful to have had the time for this experience with her, and very thankful I didn’t have thousands of work emails to come back. Instead I’ve focused on catching up on sleep and washing!

We’ve been volunteering this week (scything), and have family over this weekend to celebrate my son’s 21st, and to spend time with my daughter before she leaves.

Early retirement is giving me these opportunities, and I’m loving it.

katejo

https://forums.moneysavingexpert.com/discussion/comment/82140530#Comment_82140530

I am currently on a cruise ship from Ålande (Finland) to Stockholm. Halfway through a walking holiday. It will be so good to get back home next week without the need to return to work the next day.

seacaitch

I am currently on a cruise ship from Ålande (Finland) to Stockholm. Halfway through a walking holiday.

Sounds great - is this with Explore? And how's the trip?

BobR64

Not so much a bold leap as a push for me.

I had been hoping to cut down my hours over the next few months with a plan to retire next summer but I recently got made redundant for the first time in my life. I don't feel quite ready but I am sure I will work it out.

Financially I was already fine but the redundancy package bolsters my position. Ironically it would have been cheaper for my employer if they had simply let me retire as planned. They might also have got some very useful handover knowledge out of me as a bonus but that's not my problem now!

katejo

https://forums.moneysavingexpert.com/discussion/comment/82142248#Comment_82142248

Yes it is the Explore trip. Just about over now. I fly home tomorrow. It is a really good trip but I think that the walks should be graded 1/2 or possibly 2. One of them is harder than the others. It involves a lot of walking/scrambling on sometimes slippery granite. I am glad that I brought my walking pole for that one. We had 1 older group member who has found it hard work and needed help.