Bold leap into retirement

NorthYorkshireWhite

Really pleased to have come across this thread and see so many like minded people.  It has been somewhat reassuring to read as I get the wobbles about how much, when, how I’m feeling about myself and indeed work having made the decision.

My plan; (and please critique or comment as you see fit, it would be much appreciated)
My wife is 57 this month and retired 3 years ago.  I’m 55 in August which will be the trigger for retirement having stepped down to 4 days and latterly 3 days a week.

We have 10.6k DB coming in between us already with some other smaller DB for my wife taking us to 13.3k at current value from her age 65.  Combined with eventual SP for both of us, I make that 37k of ‘index linked’ pensions in todays money from when I reach 67 so have that gap to fill.

my DC pot is 658k with circa 20k further to drop in before I leave
wifes DC pots total 42k
Current non-pension funds, ISA etc £227
mortgage paid but looking to move to the country for retirement and use funds, potentially £200k

we are budgeting on £35k spend which could be tightened if needed.

so in summary, come 1 Sept an estimated 963k - less say 250 for the house move and a car leaves 713k to see us through, remembering that 10k p.a. Is still coming in from DB today between us.  Like many on here I’m giving up a decent crust but when it’s time to go, it’s time to go!

Good Luck and happy retirement to you all.

Florafauna

I am leaving work on 23rd July (I work in education). Back at work on 15th April after Easter holidays. I've only got 13. 5 weeks left at work. I cannot wait, feeling burnt out but will of course work at my usual high standard until I go.
I am going to enjoy going on cheap and last minute holidays after years of expensive, school restricted ones. 
I'm 57 and low maintenance in terms of spend so will be living on savings until I'm at least 60.
Its all becoming very real

Peterrr

NorthYorkshireWhite said:

Really pleased to have come across this thread and see so many like minded people.  It has been somewhat reassuring to read as I get the wobbles about how much, when, how I’m feeling about myself and indeed work having made the decision.

My plan; (and please critique or comment as you see fit, it would be much appreciated)
My wife is 57 this month and retired 3 years ago.  I’m 55 in August which will be the trigger for retirement having stepped down to 4 days and latterly 3 days a week.

We have 10.6k DB coming in between us already with some other smaller DB for my wife taking us to 13.3k at current value from her age 65.  Combined with eventual SP for both of us, I make that 37k of ‘index linked’ pensions in todays money from when I reach 67 so have that gap to fill.

my DC pot is 658k with circa 20k further to drop in before I leave
wifes DC pots total 42k
Current non-pension funds, ISA etc £227
mortgage paid but looking to move to the country for retirement and use funds, potentially £200k

we are budgeting on £35k spend which could be tightened if needed.

so in summary, come 1 Sept an estimated 963k - less say 250 for the house move and a car leaves 713k to see us through, remembering that 10k p.a. Is still coming in from DB today between us.  Like many on here I’m giving up a decent crust but when it’s time to go, it’s time to go!

Good Luck and happy retirement to you all.

It looks to me like you are in a very sound position. A lot can happen in 12 years, but if drawing down just £20k (subject to inflation) then that gives you plenty of headroom. Enjoy!

zagubov

Florafauna said:

I am leaving work on 23rd July (I work in education). Back at work on 15th April after Easter holidays. I've only got 13. 5 weeks left at work. I cannot wait, feeling burnt out but will of course work at my usual high standard until I go.
I am going to enjoy going on cheap and last minute holidays after years of expensive, school restricted ones. 
I'm 57 and low maintenance in terms of spend so will be living on savings until I'm at least 60.
Its all becoming very real

Have you contacted the pension agency?
I thought that most education jobs only let you leave on 31st March, August or December. You'd contribute more into our pension if you delayed it a few more months.

cfw1994

FIREDreamer said:

Smudgeismydog said:

Three months for me too @FIREDreamer, and like you I’m in the quietly quitting mode. Interestingly, I also work in financial services!

Are you starting to think about what your new routines might look like?

It pretty much coincides with school holidays, but havent given it any thought - just glad I don’t have to work any more!

I always tell people they should give it some thought!

The fact we are all on here shows there is an interest, but (as I might have said before!), people should retire TO something, not just “from work” 🤷‍♂️

Yesterday was a surprisingly fun day for us.  

I used the last little piece of a generous RedLetterDay voucher colleagues bought on my leaving (*cough* 3 years ago) for a crafting and ‘afternoon tea’ thing.  We both made some soap and other bits….frankly didn’t take long, but then a delicious box of the afternoon tea arrived (for lunch, as it was then about noon!)….had to take half home for later.

That was all nice, but on the way back we stopped off in Chesterfield on a whim - driven through it MANY times, never really walked about it…..& found ourselves in the middle of a 1940s Market Day 💪

So many people dressed up in old garb; a couple of groups of singers at either end of the event; a load of old cars and military vehicles (one owner had owner his over 60 years!); even a full on Spitfire outside the twisty spired church - amazing!  

Just great to happen upon it in the warm spring sunshine 😎



Those are the days to live for…..but do a bit of planning too 😉

Smudgeismydog

@NorhYorkshireWhite, thanks for popping in. I agree with @Peterr, that your plans sound very comfortable. Our house move will be from a family home on an estate, to a more rural setting, with a very different lifestyle, and I can’t wait. Have you been searching on Rightmove, Zoopla etc to get an idea of what you want? (and how much it will cost). 

@Florafauna, so you are back in on Monday, and then it’s a proper countdown, I bet you can’t wait! Hopefully the summer term will fly by for you 🤞🏻

I have some holidays I need to take before I leave, as they won’t pay me for any unused holiday, so I’m thinking I will bring forward my last day on the office. I’ve got a busy couple of weeks ahead, but then as my work load reduces, I will have time to start finding my feet and new routines

Pat38493

Smudgeismydog said:

@NorhYorkshireWhite, thanks for popping in. I agree with @Peterr, that your plans sound very comfortable. Our house move will be from a family home on an estate, to a more rural setting, with a very different lifestyle, and I can’t wait. Have you been searching on Rightmove, Zoopla etc to get an idea of what you want? (and how much it will cost). 

@Florafauna, so you are back in on Monday, and then it’s a proper countdown, I bet you can’t wait! Hopefully the summer term will fly by for you 🤞🏻

I have some holidays I need to take before I leave, as they won’t pay me for any unused holiday, so I’m thinking I will bring forward my last day on the office. I’ve got a busy couple of weeks ahead, but then as my work load reduces, I will have time to start finding my feet and new routines

If you are a UK employee I think they are legally obliged to pay you for unused holiday (or insist that you leave earlier to take the holiday).

NorthYorkshireWhite

Smudgeismydog said:

@NorhYorkshireWhite, thanks for popping in. I agree with @Peterr, that your plans sound very comfortable. Our house move will be from a family home on an estate, to a more rural setting, with a very different lifestyle, and I can’t wait. Have you been searching on Rightmove, Zoopla etc to get an idea of what you want? (and how much it will cost). 

Thank you both for your comments, it stirs a little concern when I see some of the plans on here but I keep telling myself it is enough and I’ve already done 1 more year. Our house move will be similar to yours moving away from Leeds for a rural lifestyle with the search continuing across North Yorkshire which is a huge area.  Ours has sold but our buyers are only just gone to market.  We keep seeing houses we love get snapped up in the meantime.  I’ve not bought and sold for 20 years so forgot what a pain it is, particularly now it’s at higher values.

it certainly looks like it will cost the £200k inc all fees etc extra on top of ours.  We did see a perfectly placed one for 60k less in recent weeks but it was only on a week.  We love walking with the dogs, country pubs etc so there will be no better place to be.  Small village, with pub, village hall, community away from it all, prefer land for chickens if poss. Bliss.  It will happen, I just need to try and stay patient.  I hope your hunt is going well.

ex-pat_scot

NorthYorkshireWhite said:

Smudgeismydog said:

@NorhYorkshireWhite, thanks for popping in. I agree with @Peterr, that your plans sound very comfortable. Our house move will be from a family home on an estate, to a more rural setting, with a very different lifestyle, and I can’t wait. Have you been searching on Rightmove, Zoopla etc to get an idea of what you want? (and how much it will cost). 

  We love walking with the dogs, country pubs etc so there will be no better place to be.  Small village, with pub, village hall, community away from it all, prefer land for chickens if poss. Bliss.  It will happen, I just need to try and stay patient.  I hope your hunt is going well.

Welcome to our neck of the woods - Howardian hills / North York moors. Perfect for you, albeit you do have to wait for the right house.

handful

I just thought I would drop back into this thread with an update on my situation. Suffice to say I retired on the day before Good Friday and this is the first time I've logged in to MSE! I think I can safely say I'm not bored yet! I used to log in every day from work! all great so far and still not done much of the things I thouht I would need to do to fill my time. e.g motorhome trips. We are heading off for a week at the end of next week and have a trip to Cornwall planned for May and another to France in June. Just one cycle so far and 2 rounds of golf so lots more scope there! Stay well all.