Bold leap into retirement

HUSKYPAL

I was dithering a while back about going part time or making the leap, I have now told work that I am done and leaving at Christmas. Very happy with the decision, looking forward to a pretty special Christmas now with no January blues! Finances should be fine, still looking at a fixed term annuity (10 yrs) to bridge to SP. Annuity rates are getting better too. We have always lived to a budget and excess pay has gone into pension contributions, so retirement budget will be more generous than we are currently living on. Bit nervous, or maybe excited, hard to tell at the moment!

daveyjp

Last day of my 5 weeks leave today, retirement therefore officially begins tomorrow.

The 5 weeks has flown by. First couple of weeks were doing 'stuff', house tidy up, small jobs, personal admin. We then went on a two week holiday which was planned before we decided to retire. Knowing we didn't have to be be home we extended the trip by two days. Returned home on Monday, but driving home in the knowledge we wouldn't be back to the old daily grind made such a huge difference to how we felt.

Did some DIY yesterday, yet more personal admin - for anyone retiring it takes a while to get finance ducks in a row!

In the office later this week to drop off laptop and phone and say farewell to colleagues.

Smudgeismydog

https://forums.moneysavingexpert.com/discussion/comment/82153635#Comment_82153635

brilliant news @HUSKYPAL I’m so pleased for you

Smudgeismydog

https://forums.moneysavingexpert.com/discussion/comment/82153826#Comment_82153826

Congrats @daveyjp the freedom to extend your trip and not have post holiday blues is just priceless

kempiejon

https://forums.moneysavingexpert.com/discussion/comment/82153635#Comment_82153635

Well played. Are you annuitising from a SIPP for that 10 year income? I'm looking at a similar plan to guarentee an income before SP but have more in ISAs than SIPP so would prefer to buy from that cash.

michaels

https://forums.moneysavingexpert.com/discussion/comment/82153619#Comment_82153619

We are looking at Australia next (UK) summer - did USA for a month last July shortly after I retired then a year of long haul this year. Google has told me I should be booking early next year for the best prices - being retired I have all the time I need to look for the most comfortable and cheapest itinerary not the quickest.

pterri

https://forums.moneysavingexpert.com/discussion/comment/82153826#Comment_82153826

i jumped 18mnts ago, zero regrets. weirdly handing back my laptop made it final rather than my last day in the office, i was using up annual leave after that so was a few weeks before i popped back in the office. i toyed with the idea of doing a few days here and there on contract with my old employer bit quickly dropped that idea. living off my SIPP and ISA until DB in 2028. all good

finbaar

I do enjoy reading this thread. I've just put the paperwork in to get my DB pension on my 60th birthday in February next year.. I was planning to go part time for another year but things have annoyed me and I'm going to leave at the end of July most likely.

Yorkie1

https://forums.moneysavingexpert.com/discussion/comment/82152637#Comment_82152637

Well done!

HUSKYPAL

https://forums.moneysavingexpert.com/discussion/comment/82154123#Comment_82154123

HI - yes I have 2 SIPPS, one that I'll use to buy a FTA (with some cashback) and the other I'll just leave to grow. I also have a DB pension of about £23k/a, together with the FTA it will see us through to SP. I'm risk averse and can't be bothered with a drawdown. The FTA will give about £26.5k/a for 10 years with £45-50k back at the end for a cost of £234k. I could probably do better as a drawdown, but I could also do a lot worse and the risk isn't worth the possible gain. If I had the funds in an ISA, I don't think I'd bother doing that, probably just look at highest rate of interest possible on secure funds and it would likely work out better with no income tax to pay?