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Bold leap into retirement

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  • cloud_dog
    cloud_dog Posts: 6,323 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    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.
    Is there a reason why you and the OP are giving so much notice? Is it in the contract, or is it just out of courtesy? I'm thinking of finishing in December, but wasn't playing on saying anything until November or possibly October..
    My contract says 3 months - however, recruitment in my sector is not easy and my boss/employer has been good to me. Finally, despite what Sun Tzu says, I dont want to burn bridges. You never know!
    This has been debated on other threads and a lot depends on your type of job and your relationship with colleagues and managers ( and customers in my case) 
    I contractually had to give 4 months notice, but knowing it would take longer than that to replace me, especially with Covid still rampant at the time, I informed my ( good) Boss 9 months in advance. With some foot dragging from HR, and the successful candidate needing to give 3 months notice and a few weeks training, the whole process took around 15 months in the end. Ideally it was 3 months too long  but it meant  One more years money in the bank/pension and no loose ends, and everybody happy with the outcome, so no problem.
    My HR (company) will not even begin to act / start the process until the person leaving has actually left.  It has always been a bone of contention for the rest of us who have to operate within the business. 
    Personal Responsibility - Sad but True :D

    Sometimes.... I am like a dog with a bone
  • Vespaboy said:
    Mcc100 and handful

    ditto for me too, I always earmarked 60 to retire which should be later this year but now I am in that “year” I am finding the prospect of pulling the plug disconcerting but equally I find that I really do not want to stay in my job either. These conflicting thoughts run around and around my mind

     



     
    I've been trying to retire for about 4 years, was going at 55 initially now 59 in March, maybe this is the year. I have exactly the same thoughts, I think it is perfectly natural to have some anxiety about pulling the plug. It's a big leap especially after working so many years.
    It's just my opinion and not advice.
  • handful
    handful Posts: 568 Forumite
    Part of the Furniture 500 Posts Name Dropper Combo Breaker
    cloud_dog said:
    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.
    Is there a reason why you and the OP are giving so much notice? Is it in the contract, or is it just out of courtesy? I'm thinking of finishing in December, but wasn't playing on saying anything until November or possibly October..
    My contract says 3 months - however, recruitment in my sector is not easy and my boss/employer has been good to me. Finally, despite what Sun Tzu says, I dont want to burn bridges. You never know!
    This has been debated on other threads and a lot depends on your type of job and your relationship with colleagues and managers ( and customers in my case) 
    I contractually had to give 4 months notice, but knowing it would take longer than that to replace me, especially with Covid still rampant at the time, I informed my ( good) Boss 9 months in advance. With some foot dragging from HR, and the successful candidate needing to give 3 months notice and a few weeks training, the whole process took around 15 months in the end. Ideally it was 3 months too long  but it meant  One more years money in the bank/pension and no loose ends, and everybody happy with the outcome, so no problem.
    My HR (company) will not even begin to act / start the process until the person leaving has actually left.  It has always been a bone of contention for the rest of us who have to operate within the business. 

    I think it comes down to cost. Many companies can't afford the luxury of 2 salaries whilst a proper handover takes place.
  • Albermarle
    Albermarle Posts: 27,871 Forumite
    10,000 Posts Seventh Anniversary Name Dropper
    handful said:
    cloud_dog said:
    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.
    Is there a reason why you and the OP are giving so much notice? Is it in the contract, or is it just out of courtesy? I'm thinking of finishing in December, but wasn't playing on saying anything until November or possibly October..
    My contract says 3 months - however, recruitment in my sector is not easy and my boss/employer has been good to me. Finally, despite what Sun Tzu says, I dont want to burn bridges. You never know!
    This has been debated on other threads and a lot depends on your type of job and your relationship with colleagues and managers ( and customers in my case) 
    I contractually had to give 4 months notice, but knowing it would take longer than that to replace me, especially with Covid still rampant at the time, I informed my ( good) Boss 9 months in advance. With some foot dragging from HR, and the successful candidate needing to give 3 months notice and a few weeks training, the whole process took around 15 months in the end. Ideally it was 3 months too long  but it meant  One more years money in the bank/pension and no loose ends, and everybody happy with the outcome, so no problem.
    My HR (company) will not even begin to act / start the process until the person leaving has actually left.  It has always been a bone of contention for the rest of us who have to operate within the business. 

    I think it comes down to cost. Many companies can't afford the luxury of 2 salaries whilst a proper handover takes place.
    It is not just cost, it also depends on the role involved. For example if the person leaving is the main contact for many important customers, or on the other side the main financial contact for the banks, lenders, financial analysts etc , or maybe the IT person liaising with SAP, Microsoft etc then just leaving a gap for months dents confidence.
    It does not have to mean the top dogs/directors, but just people who are the face of the company to the outside world. 
  • I have also questioned my reasoning about taking the bold leap, but it’s been a really tough day in work today. 
    I can’t wait to get out!

    I know I could take on a local, part-time role if I need to later on. Of course the pay would be less, but I don’t ‘need’ to earn what I do now.
    I just need less stress and I want more time to do what I want to do.
    I’m a Forum Ambassador and I support the Forum Team on the Pension, Debt Free Wanabee, and Over 50 Money Saving boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the Report button, or by e-mailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
  • cloud_dog
    cloud_dog Posts: 6,323 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    handful said:
    cloud_dog said:
    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.
    Is there a reason why you and the OP are giving so much notice? Is it in the contract, or is it just out of courtesy? I'm thinking of finishing in December, but wasn't playing on saying anything until November or possibly October..
    My contract says 3 months - however, recruitment in my sector is not easy and my boss/employer has been good to me. Finally, despite what Sun Tzu says, I dont want to burn bridges. You never know!
    This has been debated on other threads and a lot depends on your type of job and your relationship with colleagues and managers ( and customers in my case) 
    I contractually had to give 4 months notice, but knowing it would take longer than that to replace me, especially with Covid still rampant at the time, I informed my ( good) Boss 9 months in advance. With some foot dragging from HR, and the successful candidate needing to give 3 months notice and a few weeks training, the whole process took around 15 months in the end. Ideally it was 3 months too long  but it meant  One more years money in the bank/pension and no loose ends, and everybody happy with the outcome, so no problem.
    My HR (company) will not even begin to act / start the process until the person leaving has actually left.  It has always been a bone of contention for the rest of us who have to operate within the business. 

    I think it comes down to cost. Many companies can't afford the luxury of 2 salaries whilst a proper handover takes place.
    Whilst I don't disagree (cost is everything in a business), they won't even start the internal paperwork to authorise the vacancy, draft the job spec, etc.  I've never known for us to recruit someone within 6 months of someone leaving.  It is this extended gap which causes the overload on the people remaining.
    Personal Responsibility - Sad but True :D

    Sometimes.... I am like a dog with a bone
  • I think you are right, @Smudgeismydog , that very likely there could always be some further job / work to do in the future if needed or if wanted.  I keep reminding myself of that as I am heading towards taking the plunge.

    There is clearly a big difference between "A: I don't have enough money to pay my basics"  and "B: I already have enough money for all the essentials and a few luxuries - but who knows what bizarre things might require money further down the line".      I do know logically I'm in the B category, not the A, and also that the list of potential things that might need money in the future is long - however I also know that it's really important to prioritise my own health, wellbeing, stress levels, and time for me.

    When feeling nervous about approaching the big change of stopping work, I am sometimes choosing to look at it like a gap year.   After 1 year of not working, I think I'd be very clear on whether I wanted to go back to work (FT or PT); whether I felt I needed to earn more income;   or whether I had come up with entirely different ideas.  I don't think a 1 year gap on a CV would be a huge problem if I did want to return to work, either. 
    The issue I have with stopping work is once you have taken a year out and you are in your 60s I imagine it could be quite difficult to get back into a decent paying job, so better to do the extra year(s) up front
    It's just my opinion and not advice.
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