Bold leap into retirement

Smudgeismydog

My partner and I have been discussing this. We feel we are too long in the tooth to put up with the BS any more, and we have no desire to ‘play the game’ or climb the greasy corporate pole. This is coupled with the understanding and appreciation we don’t have to.

I think we also have a greater awareness and desire to spend time together pursuing active hobbies and interests while we are physically able to. As we’ve all seen, too many people are not able to enjoy the retirement they imagined they would. Time and health are two of the most important things.

I have no problem with taking on a part-time, short-term or even Christmas job if I want or need to at a later date.

What are you waiting for?

ColdIron

I think George Osborne's 2014 radical pensions reform plays a part in this. Previously when the only practical route for many was an annuity there was pressure to just keep going

Roger175

ColdIron said:

I think George Osborne's 2014 radical pensions reform plays a part in this. Previously when the only practical route for many was an annuity there was pressure to just keep going

I totally agree. I think this was a classic case of the law of unintended consequences. Whereas the intention was to put the onus on the individual to take responsibility for their own pension provision, those who fully embraced it now find they have many more options available. 

The way we view things is simply that we needed to accumulate sufficient funds to plug the gap between early retirement and SP age, the pension freedom legislation allows us to manage this very effectively.

ColdIron

And frees up positions for the young 'uns. A marriage made in heaven

MetaPhysical

Smudgeismydog said:

<snip>

What are you waiting for?

In my case I ideally need another year of maxed-out contributions and one year less of not drawing from my pot/funds to give me the just-below higher tax threshold pension income that I want of around £50k pa.  If the situation were desperate enough (it isn't just yet)  then I could go now but I'd rather not just yet, lovely though that would be.  There is also the prospect of VR looming as well which could pay me off a multiple £10k sum so I will keep going for another 12-16 months.
As per the other thread running on this topic of not letting your time run out before your money does, I 100% get that.  But also have to balance that with being financially prudent as well.
But 12-16 months I am definitely going, come what may.

MetaPhysical

Phossy said:

MetaPhysical said:

Interesting so many fifty -somethings want to retire.  I never felt that way in my forties.  Now I can't wait to go.  Wonder why so many of us think the same?  Just tired with work?  Getting older and awareness of our own mortality?

Awareness that I can retire is a big factor for me - when something is visible / in sight then it occupies the mind more and you start to look at the possibilities. 

Agreed.  When you can almost taste/touch it, it becomes so much more tangible and the longing increases. 

I feel so sorry for this young generation like my three daughters ( ages 17, 24 and 30) being brought up in this stressful information, always-on age.  Not all developments are for the better and the workplace is one of them.  It is effecting my middle daughter badly.

Work just stresses me so much these days.  Back in the day when you were a carpenter or a plumber, you learned your trade and just did it.  These days, constant pressure and multiple input vectors into your day and time cause so much stress.  At 57 nearly I have got to the point that I can't cope with it for much longer.  I'm a fit cyclist chap but I've started to get heart palpitations and headaches because of it.  I want out.  I can manage this for another 16 months tops.

Smudgeismydog

Ooh, @MetaPhysical, that really doesn’t sound good, please look after yourself

I was just reading on another thread that we should be more concerned about running out of time, than running out of money. I feel this is so true.

Dew_2

Same @MetaPhysical, I can feel physical symptoms - heart palpitations and bruxism -from having too many plates spinning at work and being spread too thinly. I'm going at the end of the year and maybe before if it gets too much. Health comes first. Take care.

LHW99

We feel we are too long in the tooth to put up with the BS any more, and we have no desire to ‘play the game’ or climb the greasy corporate pole.

Definately this! We couldn't retire early, as we had never been particularly well paid, so we started our own business. It didn't improve the pay situation (not at first anyway) but it cut the carp immediately. Consequently although the business is now closed (after about 20 years), we still have a few days a month doing what we do for a long-term customer, to help out with staff absences.

bluenose1

I had a lot of anxiety the last year whilst working, I even went to Drs as thought I had heart issues as terrible pain in chest plus turned out I had really high blood pressure. 
After a brilliant consultation with her she said it was anxiety and stress caused by work….
That was the catalyst for me, I gave my 3 months notice in and throughout that period was constantly worried that I was doing the right thing financially etc etc.
Now been retired just over 4 months and the chest pains have stopped and my blood pressure is now healthy.
Ironically since day one of retirement all the money worries have disappeared. Valuing my freedom so much and love being not accountable to an employer. 

I used Guiide.co.uk to check my excel workings and another good one that put  things in perspective was a USA site - Rich, Dead or Broke. You just put £ in instead of $. In every scenario I was far more likely to be dead than broke, though maybe not very rich
https://engaging-data.com/will-money-last-retire-early/