Bold leap into retirement

Cus

huw01 said:

That's it, laptop closed for the final time. Everything packaged up now to be picked up by a courier tomorrow. That is it. 51 years old and now retired. Lets see how this goes, now to start planning the rest of my life

Lol, I hope you have planned some part of the rest of your life.  Unless you actually just didn't think about at all until that laptop clicked..very bold 

huw01

Cus said:

huw01 said:

That's it, laptop closed for the final time. Everything packaged up now to be picked up by a courier tomorrow. That is it. 51 years old and now retired. Lets see how this goes, now to start planning the rest of my life

Lol, I hope you have planned some part of the rest of your life.  Unless you actually just didn't think about at all until that laptop clicked..very bold 

Oh no, I have plans to do a lot more walking than I can currently fit in around meagre leave entitlement. I have already planned my next camino walk, having walked the camino frances to Santiago previously. Lots of trips in the pipeline, take time out to learn languages, read more, swim more and basically enjoy what life has to offer whilst I have the health to do it

katejo

Sarahspangles said:

It’s a toss up whether my laptop will last long enough to hand in!

To my surprise, we were told a few months ago that we would all be issued with new laptops. We had to hand the old ones in to be wiped of secure data/password logins but then we were allowed to collect them and keep them. I now have a new one for work.

pterri

huw01 said:

I am contemplating in August not renewing my contract and looking to retire and not really work again if I can. 
Currently 51, single, in good health, mortgage free. So many friends have been inflicted with health conditions in the last 5 years that it has changed my outook on life.

225k in cash savings
330k in General Investment Account
82k in S&S ISA

LGPS deferred pension which will pay 12k per annum if taken early at age 55 along with a 20k automatic lump sum
LGPS AVC worth about 10k
Scottish Widows Workplace DC Pension 62k present

My plan is for the first three and a half years is to live off savings, drawing down 1900 per month should be more than enough for me to live and also travel which I want to do.

At age 55 is to start taking the LGPS and alongside the automatic tax free lump sum and AVC as a tax tree lump sum - these would top up the savings. I have asked the LGPS scheme as I will be 55 before April 2028 and the answer seemed to be that as long as I had started to take the LGPS then the rule changes to 57 wouldn't affect me. So for 10 year live of the LGPS and topped up by savings. THE LGPS would take the heavy lifting away from the savings.

Age 65 is to take 25% of the SIPP as a tax free lump sum and then at some point in the future the remaining 75% as either UFPLS, drawdown or annuity. Then age 68 all topped up by the state pension. My state pension forecast is now nearly at the full state pension.

Each year move 20k from the GIA to the S&S ISA, then take chunks out of the ISA as and when I fancy a splurge on something.

That is my thinking at the moment, life seems to short and unpredictable to be sat down wasting my time on someone else's priorities. Health and time is the only commodities that now seem important

Ive got less SIPP but still a good chunk and will have a large AVC fund. I’ll be 57 next year and will do similar. I’ve got enough SIPP and ISA cash to easily make it to 60 when I draw my DB. Like you I could do it early but I’d rather not get hot with the penalty, drawing down the max SIPP tax free and using the isa seems the most efficient way - zero tax. Then a DB worth £37k at 60 (that’s at current value on retirement, will go up with RPI). Ill need to decide what to do with the AVC, i can take it as tax free mostly rather than transfer it to the SIPP. Dunno, got a few years to think about it. Have fun

barnstar2077

huw01 said:

barnstar2077 said:

huw01 said:

That's it, laptop closed for the final time. Everything packaged up now to be picked up by a courier tomorrow. That is it. 51 years old and now retired. Lets see how this goes, now to start planning the rest of my life

Also, my apologies if I have missed it, but could you please give a quick breakdown of how you plan on funding this new found freedom, how much you plan on spending etc?

I am still planning to go sometime after my 55 birthday, which is about eight years away.

Yes, of course, here it is 

https://forums.moneysavingexpert.com/discussion/comment/80757436/#Comment_80757436

Thank you.  I have a memory like one of those things with holes in! : )

Having reread some of the earlier posts I am glad that it has all come together for you. You seem to be sorted financially.  That combined with a bit of an effort to stay active and sociable will see you having a great retirement. 

As I said, do let us know how it is all working out in the future!

FIREDreamer

And that’s me done. Goodbye work, hello retirement.

EDIT: Wow, HMRC have cancelled my current employment already, only my pensions and annuity are active.

The non coded income must be interest - looks about right.

Daffodil1234

Congratulations everyone who's just retired or just about to !  I've also reached that happy spot a couple of weeks ago.

I think it might take a while to sink in, and also to stop thinking about work - my head was totally full of "stuff" to do with work and the items I was assigned to.  Though a friend said when she left, it took her 2 weeks and then she'd automatically stopped thinking about what was happening at work.

Interesting to see people's numbers about approx spending they plan for in retirement.   My plan for "normal" spending per year comes to around £16k (as one half of a couple, it would be more if I were single).  Then on top of that would be anything extra / unexpected such as -  having to replace car, having to replace boiler, and so on.

Currently I'm thinking a lot about challenging myself to declutter the house, and then consider very carefully before acquiring more "stuff".  Sometimes it makes sense to buy things in bulk, but I'm considering a one-in / one-out policy on most things.

jackieblack

I am envious… I’m planning on retiring in 4-5 years but would love to be able to go earlier and spend more time with my granddaughter while she is still young and before she starts school.
 As a low earner (my income is much less than some here feel they need for retirement) I live frugally anyway and my needs aren’t great but I’ve spent way too much time recently trying to figure out how little I really need to live on to see if I could go any sooner… (do I really need to eat 3 times a day? 😁)

pensionpawn

Back into work on Monday having taken June off (reduced hours). Then mid August to end of Sept off then early Dec to early Jan off etc. Dropped my hours at 56 and work life has never been better. My target to fully retire is this time next year however as I can do the job in my sleep and the money is good I'll just carry on until they, as Dirty Harry would say, "give me a reason, make my day" 

arthur_fowler

I have a couple of options at the moment. Mrs F will retire in April 2025 to help look after our new granddaughter. 
I will request to reduce to 3 days work per week at that time for 6-12 months or retire completely at the same time age 60.
Reservation about going 'cold turkey' is whether I will be bored and perhaps my brain would be happy with a gradual reduction. My work is quite well paid and not very stressful.