Bold leap into retirement

Sea_Shell

I hadn't seen the mentions before now!!   Slightly wrong username I think, re hyphen/underscore.

Glad you found my thread interesting.

If I had a pound for every time someone mentioned inflation.....😉🤣


Do the maths, take the leap, then go with the flow.  Good luck.

savingmore

Am subscribing to your thread. I too am taking the leap this early summer and you have more in your pots than I do, and I think you are in a good position.  Like you I feel the psychological impact of spending rather than saving is going to be a big hurdle, but there are worse hurdles to jump over.  Walking into regret is also something I have thought about but overall I am excited.  

Smudgeismydog

Thanks savingmore, I’m more excited than nervous too. 

I’m pleased you’ll be with me as I venture into this next chapter. Are you happy to share details of your position?

Smudgeismydog

Thanks Sea_Shell, 
I have read your thread with interest for a long time, and it’s given me a huge amount of confidence that this is possible 

Daffodil1234

Good luck, @Smudgeismydog ,  hope all goes well with telling your employers your plans.  I liked your approach of the combination of mathematical prediction plus allowing for change / uncertainty / flexibility.

I'm following in your footsteps too and found reading your posts to be very helpful - haven't quite decided for myself when to make the leap but hopefully soon.

handful

Good luck Smudgeismydog. I find myself in a similar position to you albeit I am 61 so not such a great leap of faith! I spoke to my boss in October and said I wanted to reduce my hours from April this year and due to having received an inheritance, had no "need" to continue working. So basically gave him a bit of an ultimatum. I said we would talk again after Christmas. That talk happened last night and although it was perfectly amicable, he said he didn't feel it would be good for the business to allow me to reduce days as it would set a bit of a precedent for others wanting to do the same. 

So to cut a long story short, I am now leaving at the end of March! We have left the door open to me accepting short term offers to do specific things for him but it would be on the basis that I do what I want/can do and turn down what I don't want/can't do.I don't anticipate this will happen though, I believe he will quickly move on and it's unlikely that I will do anything meaningful. I had quite a restless night last night mulling everything over in my head but the dominant feeling is one of excitement but I would be lying if I said I was not feeling some trepidation after 44 years of accumulating! Like you, de-cumulating with no known end date is quite a scary prospect! I will no doubt be asking some questions about the mechanics of what I need to do in due course!

Smudgeismydog

Well, I spoke to my manager this morning, and I’ve taken my ‘bold leap’.

He was hugely supportive, and whilst he said he was “gutted”, he was very pleased for me. He is going to speak to HR on my behalf, but we are looking at a retirement date of end of June 🍾

Honestly, I feel liberated. I celebrated by coming back home, changing out of my work clothes and walking Smudge in the sunshine.

Daffodil123 and handful, how lovely of you to post. It does feel daunting, but if you don’t ‘need’ to work and it’s not making you happy, then why stay there?

I intend to post my figures again at retirement date, and also ideas of how I will start using my savings to support my retirement plans. 

I would welcome your thoughts, and also be more than happy to answer any questions you might have on your plans

Albermarle

@Smudgeismydog
@handful

Congratulations on taking the leap. Feel free to post your plans for comment but I also recommend spending some time  just reading through the forum regularly, as there are lots of informative threads and posts on managing retirement financially and mentally. Plus you will see links to potentially useful websites/you tube tutorials etc 

squashtraveller

There must be something in the air!? I also confirmed to my line manager that I am going this year (end of August). I have been thinking about this for some time (years as my suffering partner would say) and experienced some of the feelings expressed (e.g., worrying if I will have enough money, what will I do etc). Given the balance of where I am, that I dont like what I am doing and we wont be destitute, I decided the time is right for a change. I wish all similar posters the same best of luck for a great 2024.

AliBee16

Definitely something in the air. I have been inspired by various threads and decided that I wanted to go after talking with my FA last summer. Her suggestion that I stayed and halved my hours till State Pension kicked in filled me with such horror. I do quite a physical job and cant imagine me still doing it aged 67. I am 62 at the moment. I told my boss and was going to wait to resign at the end of February as not much going on in the winter, socially. I should have about the same income as I currently earn with my annuity and 25% cash from pension, and more to draw on aged 67. However, more recently I have got cold feet at the thought of not being in employment 'just in case'. So I am going to work 1 day a week just to keep one foot in the world of work. This will mean I can go with a months notice when I feel braver. Good luck everyone starting this journey to freedom