Bold leap into retirement

cloud_dog

198 days to go... just saying    (have put a countdown clock on the front door)

(well until I hand my notice in, then we will see what the actual date is)

ex-pat_scot

I've felt for the last couple of years that I've been "phoning it in" if I understand the phrase. Not getting as involved. Not looking to "grow" or improve or take on additional tasks.
I'm 2 weeks away from being able to retire.
I'm trying to work out what my next phase might look like.
Whilst I am ready to stop, I think that a glide-path would be a good compromise between my need to find something new to keep me interested, take advantage of peak earning potential, and ease flexibly into a less full-on work.

I can pivot onto consultancy in my area of technical specialism, either for my current employer or doing some additional projects. I've got great contacts around my market, and could capitalise on this to get a handsome amount for a few years.  It feels less of a "bold leap into retirement", and perhaps a cautious shuffle...

I could continue drifting in my current role for a few years - earning around £150,000 pa or slightly more as a consultant in a different role, with greater autonomy, flexibility (but volatile cashflows).

We have invested heavily in our children for many years - schooling, college fees, university - so have not enjoyed the material fruits of our work in terms of holidays, house improvements, modern cars etc.  that my peers have. I don't want to automatically chase their material habits, but I'm also conscious that my earnings potential for the next few years could take us from "OK retirement" to "very comfortable indeed" with a final push.

I do know that I am incredibly lucky in this respect, to have these options and our health.

SouthCoastBoy

Yes, it's a tricky one to know when to stop or carry on. I downgraded my job last year, took a 30 to 40k paycut, less stress but job still not that enjoyable, I could go contracting and earn a decent wage, however I know mentally I'm done. I'm 60 next year and really need to get my act together and retire, hopefully I have enough

Sarahspangles

SouthCoastBoy said:

Yes, it's a tricky one to know when to stop or carry on. I downgraded my job last year, took a 30 to 40k paycut, less stress but job still not that enjoyable, I could go contracting and earn a decent wage, however I know mentally I'm done. I'm 60 next year and really need to get my act together and retire, hopefully I have enough

We’re all cheering you on! 

MallyGirl

I am placing far too much hope on winning 'enough' on the premium bonds to make OH accept that we don't have to work till daughter graduates (2 years and 1 term to go). The 3rd of the month is a rollercoaster of emotions! The value of 'enough' drops with each new bad day at work. 

Florafauna

@zagubov , yes I am officially retiring on 31st August but my last day of work is 23rd July as school holidays start then. I've contacted my pension provider but won't be drawing it for 7ish years and will be living on savings until then.
We are moving to a cheaper area which is also very near to close family so will also have £90k profit from our house sale as well as monies saved. 
I have worked since I was 15 and am excited and quite non plussed by the thought of having time to suit myself. I've never been bored in my life so am not worried a bit what I'll do once work stops 
I am still working hard as I am very committed to maintaining high standards but the stress is ebbing as I'm thinking that soon I won't have to deal with it. 

cloud_dog

MallyGirl said:

I am placing far too much hope on winning 'enough' on the premium bonds to make OH accept that we don't have to work till daughter graduates (2 years and 1 term to go).  

This made me chuckle @MallyGirl, as we had originally timed our early retirement to commence with the end of ours University studies (July 2026), but we've brought R-Date forward now! 

ex-pat_scot

cloud_dog said:

MallyGirl said:

I am placing far too much hope on winning 'enough' on the premium bonds to make OH accept that we don't have to work till daughter graduates (2 years and 1 term to go).  

This made me chuckle @MallyGirl, as we had originally timed our early retirement to commence with the end of ours University studies (July 2026), but we've brought R-Date forward now! 

End of education is a nice milestone, but it rather depends on how old you were when you had your youngest!
I've still got 4 yrs ish before youngest is through the system, but the main point for me is the end of school, next year, which opens up our calendar to the new world of holidays outside of the school rhythm, and the freedom from the daily schedule of pick ups / drop offs / activities etc.

MallyGirl

Indeed - I came round to the idea of a child after a few years together so, combined with her doing a 6 year degree, I will be 59 just when she graduates. I still think we could comfortably go at 58 but the OH is a one more year type.

MetaPhysical

@MallyGirl you need to reign in the OH and their "one more year" habit 🤣