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Bold leap into retirement

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  • barnstar2077
    barnstar2077 Posts: 1,650 Forumite
    Eighth Anniversary 1,000 Posts Name Dropper Photogenic
    pterri said:
    Well done! I’ll be 57 next year (2025 July) and am thinking of leaping. I want the time back, working in a stressful ‘professional’ position is making me ill, not dreadfully so but in that grinding way. I’m very conservative financially which paradoxically makes going very early, seen by some as reckless, possible as I’ve always saved. My position, mainly due to a DB pension and not over stretching myself house buying.

    no mortgage or dependants

    my DB pension will be worth £37k if I take it at 60. Loose a chunk if I take it at 57 so planning to use my SIPP and ISA until then
    SIPP £110k
    ISA £87k
    ive got £130k in AVCs long story but I can take that as a tax free lump sum without affecting my DB or transfer it to my SIPP. I can only do this at the same time as starting my DB.
    full state pension at 67

    so essentially I’ll use my SIPP and ISA to tick over to 60 (three years) then I’m in a good place.

    ive probably ‘over saved’ but I’ve never felt I’ve missed out, except time spent at work. Pay back time!

    best of luck smudge, hope it works out. I’m sure it will
    Wow, looks like you have done very well!  You could have gone earlier for sure, but you can at least say you won't have to worry about money going forward.

    I would go today if I was you, and get to living it up ASAP! 


    Think first of your goal, then make it happen!
  • Dew_2
    Dew_2 Posts: 36 Forumite
    Part of the Furniture 10 Posts Name Dropper Combo Breaker
    edited 20 June 2024 at 9:41AM
    Wishing happy times ahead to all of you teetering on the brink of retirement!  I'll be joining you in December.
  • huw01
    huw01 Posts: 380 Forumite
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    edited 20 June 2024 at 11:38AM
    Just had my last payslip now. HR really are useless, they informed me that I was only due 4.5 of my 7.5 remaining annual leave days and would be paid for the 4.5.

    But on the payslip they have paid me 7.5. This happend last time with my previous employer and them trying to get me pay the overpayment back was a right pain as it mucks up your tax and you have to wait another tax year to be refunded. I wonder if these lot will want to claw back the pay for the 3 days ?
  • Sarahspangles
    Sarahspangles Posts: 3,239 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    huw01 said:
    Just had my last payslip now. HR really are useless, they informed me that I was only due 4.5 of my 7.5 remaining annual leave days and would be paid for the 4.5.

    But on the payslip they have paid me 7.5. This happend last time with my previous employer and them trying to get me pay the overpayment back was a right pain as it mucks up your tax and you have to wait another tax year to be refunded. I wonder if these lot will want to claw back the pay for the 3 days ?
    My OH retired coming up to two years ago, he had five more payslips before they got it right, and then as a result there were pension arrears and an extra chunk of PCLS. So much for retirement being lower stress!
    Fashion on the Ration
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  • cloud_dog
    cloud_dog Posts: 6,326 Forumite
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    Earlier in this thread I outlined our plans for stopping towards the end of this year, and my (possibly 'f*** you' feelings at present) thought that with about 20 days leave outstanding I'll hand my notice in (30 days notice) and be gone within a matter of days (if that).  But, I had a regular catch up with my line manager today and they indicated that one of our other key people had given the business 2 years notice of retiring.  So now I am sat feeling a bit 'bad' / guilty, and feeling that I should probably shine the light on my plans.

    I'll deal with it after my holiday.  Something to look forward to :-|
    Personal Responsibility - Sad but True :D

    Sometimes.... I am like a dog with a bone
  • eastcorkram
    eastcorkram Posts: 911 Forumite
    Part of the Furniture 500 Posts Name Dropper
    cloud_dog said:
    Earlier in this thread I outlined our plans for stopping towards the end of this year, and my (possibly 'f*** you' feelings at present) thought that with about 20 days leave outstanding I'll hand my notice in (30 days notice) and be gone within a matter of days (if that).  But, I had a regular catch up with my line manager today and they indicated that one of our other key people had given the business 2 years notice of retiring.  So now I am sat feeling a bit 'bad' / guilty, and feeling that I should probably shine the light on my plans.

    I'll deal with it after my holiday.  Something to look forward to :-|
    Wow. Two years.
    I'll be giving 12 weeks, and finishing at Christmas this year. 
  • Pat38493
    Pat38493 Posts: 3,334 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    edited 20 June 2024 at 2:59PM
    cloud_dog said:
    Earlier in this thread I outlined our plans for stopping towards the end of this year, and my (possibly 'f*** you' feelings at present) thought that with about 20 days leave outstanding I'll hand my notice in (30 days notice) and be gone within a matter of days (if that).  But, I had a regular catch up with my line manager today and they indicated that one of our other key people had given the business 2 years notice of retiring.  So now I am sat feeling a bit 'bad' / guilty, and feeling that I should probably shine the light on my plans.

    I'll deal with it after my holiday.  Something to look forward to :-|
    I am planning to either stop completely or go down to 3 days by latest May next year (I was originally planning earlier but we are potentially due a significant bonus if I stay till then - I don't absolutely need the bonus but it also allows me to get my modelling up to 100% instead of 99% as well).

    I have started to make noises with my management that I am planning on winding down or stopping "some time in the next year or two" so I have made them aware I'm thinking about it without being too specific about timing.
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