Bold leap into retirement

Workerbee999

HudsonBay said:

Congratulations on your retirement!  I can't wait to join you.  Counting down to December 2025 for me

Dec25 for me too!

katejo

Workerbee999 said:

HudsonBay said:

Congratulations on your retirement!  I can't wait to join you.  Counting down to December 2025 for me

Dec25 for me too!

Out of curiosity, does your employer already know you plan to go then? I only have to give 1 month notice but feel I should give  more advance warning. 

Workerbee999

katejo said:

Workerbee999 said:

HudsonBay said:

Congratulations on your retirement!  I can't wait to join you.  Counting down to December 2025 for me

Dec25 for me too!

Out of curiosity, does your employer already know you plan to go then? I only have to give 1 month notice but feel I should give  more advance warning. 

No they don’t. On 6 months notice but I wouldn’t want to jeopardise any potential bonuses in the meantime. I’ll see how I feel nearer the time, under standard timescales I’d be telling them this time next year

savingmore

We retired last month.  Delayed by a year due to work situation.  It’s fabulous, so enjoying it and enjoying making spontaneous decisions and a little planning.  Don’t wait if you have opportunity - time is limited at the end and we never know when that is.  

33scott

31 March 2025 for me, so 9 months, 9 days to go.
I'm on 30 days notice, but starting to feel a bit guilty about starting projects I know I won't see through to completion. Don't care about the company, but do feel for my colleagues who I'll be leaving behind.

Apricota

Peterrr said:

I've been (over) thinking about retirement for a few years now and have always imagined that the nearer I get to Rday the happier I'd be in my workplace (not long to go now & light at the end of the tunnel thinking). However I'm dismayed at the number of folk posting on this thread who are crawling towards the finish line and finding the corporate BS increasingly intolerable 
I admit I feel similarly increasing stress but still have (at least) 2 to 3 years to go. Perhaps I should get off these boards, put down the financial planning spreadsheet, and try to get my head back into 'work mode' so as to avoid driving myself into a Michael Douglas character in the movie Falling Down 

Peterr I am with you here. Trying to work the figures and work out what I need. It’s troubling, but can I stop reading, not really, I’m not wishing life away but choice is the best thing.

Moonwolf

33scott said:

31 March 2025 for me, so 9 months, 9 days to go.
I'm on 30 days notice, but starting to feel a bit guilty about starting projects I know I won't see through to completion. Don't care about the company, but do feel for my colleagues who I'll be leaving behind.

31 March 2025 is me as well, I'm on 90 days notice so will hand in my notice on New Years Eve this year.

I turn 59 this December so I'll have 9 months until my first two DB schemes kick in, I'm going to use DC drawdown to bridge the gaps.

I've told my boss already so some planning has started.

pterri

Moonwolf said:

33scott said:

31 March 2025 for me, so 9 months, 9 days to go.
I'm on 30 days notice, but starting to feel a bit guilty about starting projects I know I won't see through to completion. Don't care about the company, but do feel for my colleagues who I'll be leaving behind.

31 March 2025 is me as well, I'm on 90 days notice so will hand in my notice on New Years Eve this year.

I turn 59 this December so I'll have 9 months until my first two DB schemes kick in, I'm going to use DC drawdown to bridge the gaps.

I've told my boss already so some planning has started.

Cool, I’m jumping next year 57! Got lots of SIPP/ISA so can soldier on until I’m 60 when my DB kicks in. Very early but I can do it if I’m not overly extravagant for the three years, so looking forward to getting the time back. Can always go back part time if required but really can’t see it

Smudgeismydog

It’s so lovely to hear all your retirement plans and timescales.

I received my last pay today, so thought I would provide updated figures as my retirement starting point, and can then build on this through my journey. Please feel free to comment and share your position (if you feel comfortable doing so).

Cash £42,128
SS ISA £146,380
SIPP £813,056

dependents pension £15,500 pa gross 

Monthly expenditure; 
joint account £1,250
personal spends £300

capital costs;
£25,000 towards the new house
university tuition fees for my daughter Sept 25, 26 and 28 (she is planning on doing an industrial placement)

I’m currently 50, so can’t access my SIPP until age 57 (September 2030), and the State Pension at age 67. Therefore my cash, ISA and dependents pension need to cover the regular expenditure, house and University costs, as all of these will occur before I reach 57.

I feel my personal spends are quite low, I’m not a big spender, but I can revise this if necessary. My partner is also paying into the joint account, along with child benefit and my daughter’s dependent pension for another year until she reaches 18 (the dependent pension will then be paid directly to her until she reaches 23). The joint account will pay all household bills, plus coffee shop trips, lunches out and day trips. With regards to any work needed in the new house and holidays, we will fund from the joint account, and then both top up from personal funds if needed.

The sun is out, my time is my own, and I have no regrets!

FIREDreamer

Smudgeismydog said:

It’s so lovely to hear all your retirement plans and timescales.

I received my last pay today, so thought I would provide updated figures as my retirement starting point, and can then build on this through my journey. Please feel free to comment and share your position (if you feel comfortable doing so).

Cash £42,128
SS ISA £146,380
SIPP £813,056

dependents pension £15,500 pa gross 

Monthly expenditure; 
joint account £1,250
personal spends £300

capital costs;
£25,000 towards the new house
university tuition fees for my daughter Sept 25, 26 and 28 (she is planning on doing an industrial placement)

I’m currently 50, so can’t access my SIPP until age 57 (September 2030), and the State Pension at age 67. Therefore my cash, ISA and dependents pension need to cover the regular expenditure, house and University costs, as all of these will occur before I reach 57.

I feel my personal spends are quite low, I’m not a big spender, but I can revise this if necessary. My partner is also paying into the joint account, along with child benefit and my daughter’s dependent pension for another year until she reaches 18 (the dependent pension will then be paid directly to her until she reaches 23). The joint account will pay all household bills, plus coffee shop trips, lunches out and day trips. With regards to any work needed in the new house and holidays, we will fund from the joint account, and then both top up from personal funds if needed.

The sun is out, my time is my own, and I have no regrets!

Now into my final week - roll on!