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Bold leap into retirement
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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 in my mind
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Albermarle said:squashtraveller said:eastcorkram said:squashtraveller 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.
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.Personal Responsibility - Sad but True
Sometimes.... I am like a dog with a bone1 -
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
It's just my opinion and not advice.4 -
cloud_dog said:Albermarle said:squashtraveller said:eastcorkram said:squashtraveller 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.
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.
I think it comes down to cost. Many companies can't afford the luxury of 2 salaries whilst a proper handover takes place.
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handful said:cloud_dog said:Albermarle said:squashtraveller said:eastcorkram said:squashtraveller 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.
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.
I think it comes down to cost. Many companies can't afford the luxury of 2 salaries whilst a proper handover takes place.
It does not have to mean the top dogs/directors, but just people who are the face of the company to the outside world.2 -
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.1 -
Interesting thread. Your talk of 1:1's reminds me of my situation a few years ago. At around age 49 triggered partly by some work issues I did spreadsheets and worked out I could just about afford to leave in about 3 years time.So during the 3 year period maxed out savings and pensions - in fact in the last year I ended up putting 100% of my gross salary into pensions.
Finally reached the day I could afford to go (based on a share option trigger date).I had planned to take a few weeks enjoying the fact that I could resign whenever I wanted, but by coincidence I had a 1:1 that very day - and you guessed it - I resigned straight away.
Technical I took a 3 year career break - which for my company was still technically resigning,
Might have been willing to do the odd bit of work for the company - but slightly disappointingly I never heard a single thing officially from the company again - despite having worked for them for my whole 35 year career!
All working out well so far for me. Ran out of easily accessible cash a few months before I could access my SIPP at age 55 - so bridged the last few months with an interest free credit card.
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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.6
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handful said:cloud_dog said:Albermarle said:squashtraveller said:eastcorkram said:squashtraveller 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.
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.
I think it comes down to cost. Many companies can't afford the luxury of 2 salaries whilst a proper handover takes place.Personal Responsibility - Sad but True
Sometimes.... I am like a dog with a bone1 -
Daffodil1234 said: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.It's just my opinion and not advice.3
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