Bold leap into retirement

nicknameless

Sarahspangles said:

nicknameless said:

I'm a cyclist too - bike replacements every 3 years for £xK (too embarassed to say) in the planning lol!

Laughing at this - since he retired OH has had a net increase of two bikes per year. Buns of steel, mind.

That's impressive.  My OH currently has more bikes than me.  That budget is joint, but I think I may follow your OH's lead!!!!

Edited to add that I found the bike purchase, and not his buns, impressive.  However, if you want to post pics ........

michaels

Another wanting to go because work is so unfulfilling rather than having something specific to retire to which worries me.  My work does support 'career breaks' so half wondering if I should sign up to that as a security blanket.  UC qualification ends at the end of May next year which might make it a good time to go.  DS also finishes school early ie mid June not end July after GCSES and DD2 after A levels so planning a road trip in the US for 4 weeks then so would be great not to have to take that out of annual leave.

GenX0212

nicknameless said:

Hey folks - thread resurrection.

Currently contemplating our bold leap which is a real possibility next year.  Comments and suggestions very welcome.

Situation I am 53 and my long term partner is 54.  We've been planning towards financial independence for quite some time.  She would leave work tomorrow if able to and is insistent that there would be no negatives for her in doing so.  I am a little more hesitant about pulling the plug - partly financially, but partly because I think some of my identity is tied up in work and wonder if I will be successful in the transition mentally.  However, presently I am just drifting in my job and doing the bare minimum to get by in it.  That in itself is indicative and not a great place to be in for me tbh.  Have had dips in motivation over the years, but presently it is a longer term thing.

Planning wise I have spreadsheets, a legacy test account with timeline planning, and have just been using the voyant planning free month trial to check everything in triplicate.  Voyant is telling me we have all spending at current levels covered going forward and running monte carlo simulations in both voyant and timeline estimates our overall probability of success without the need for plan adjustments of between 85% and 95% depending on timing of retirement next year (summer for both, or me continuing till the end of the year) and whether we take into account a likely very small inheritance.

Don't have major plans for what we would be doing in retirement.  We are both really into health and fitness and it would release more time to focus there and perhaps achieve a few things.  I also expect to volunteer at something, but don't yet know what.

Have already suggested partner plan to go at end of June next year and I'll make up my mind in the meantime.  Got to say the thought of a June finish has given me a pang of excitement a couple of times ........... or is it trepidation?

Would really welcome thoughts.

Should I stay or should I go?  Happy to divulge any more info.

Have you considered dropping hours and working less days? I dropped a couple of hours and switched to a 4 day week earlier this year and at the moment I'm loving it. Still earning relatively close to what I was before. Now have much more free time and longer weekends and even re-engaged with work to an extent. 

LHW99

nicknameless said:

LHW99 said:

50% of DB to partner

Is that civil partner / spouse? Otherwise it may depend on the DB, not all are up to date with non-official partnerships.

We plan on marrying next year for simplicity's sake.  I'd pop to the registry office but she wants something else but not in a church lol as we're both atheist and allergic to churches.  Probably in Scotland but that's another thread.

Don't know if this would apply to your scheme, but maybe better to tie the knot before you leave work / the DB?

https://forums.moneysavingexpert.com/discussion/5969323/db-scheme-spouses-pension-denied

nicknameless

LHW99 said:

nicknameless said:

LHW99 said:

50% of DB to partner

Is that civil partner / spouse? Otherwise it may depend on the DB, not all are up to date with non-official partnerships.

We plan on marrying next year for simplicity's sake.  I'd pop to the registry office but she wants something else but not in a church lol as we're both atheist and allergic to churches.  Probably in Scotland but that's another thread.

Don't know if this would apply to your scheme, but maybe better to tie the knot before you leave work / the DB?

https://forums.moneysavingexpert.com/discussion/5969323/db-scheme-spouses-pension-denied

It doesn't but it might be simpler anyhow.

nicknameless

GenX0212 said:

nicknameless said:

Hey folks - thread resurrection.

Currently contemplating our bold leap which is a real possibility next year.  Comments and suggestions very welcome.

Situation I am 53 and my long term partner is 54.  We've been planning towards financial independence for quite some time.  She would leave work tomorrow if able to and is insistent that there would be no negatives for her in doing so.  I am a little more hesitant about pulling the plug - partly financially, but partly because I think some of my identity is tied up in work and wonder if I will be successful in the transition mentally.  However, presently I am just drifting in my job and doing the bare minimum to get by in it.  That in itself is indicative and not a great place to be in for me tbh.  Have had dips in motivation over the years, but presently it is a longer term thing.

Planning wise I have spreadsheets, a legacy test account with timeline planning, and have just been using the voyant planning free month trial to check everything in triplicate.  Voyant is telling me we have all spending at current levels covered going forward and running monte carlo simulations in both voyant and timeline estimates our overall probability of success without the need for plan adjustments of between 85% and 95% depending on timing of retirement next year (summer for both, or me continuing till the end of the year) and whether we take into account a likely very small inheritance.

Don't have major plans for what we would be doing in retirement.  We are both really into health and fitness and it would release more time to focus there and perhaps achieve a few things.  I also expect to volunteer at something, but don't yet know what.

Have already suggested partner plan to go at end of June next year and I'll make up my mind in the meantime.  Got to say the thought of a June finish has given me a pang of excitement a couple of times ........... or is it trepidation?

Would really welcome thoughts.

Should I stay or should I go?  Happy to divulge any more info.

Have you considered dropping hours and working less days? I dropped a couple of hours and switched to a 4 day week earlier this year and at the moment I'm loving it. Still earning relatively close to what I was before. Now have much more free time and longer weekends and even re-engaged with work to an extent. 

It's something I could try out mid next year I suppose if my employer were in agreement.  Not sure atm. and easier to drop hours than responsibilities!

cloud_dog

michaels said:

Another wanting to go because work is so unfulfilling rather than having something specific to retire to which worries me.  My work does support 'career breaks' so half wondering if I should sign up to that as a security blanket.  UC qualification ends at the end of May next year which might make it a good time to go.  DS also finishes school early ie mid June not end July after GCSES and DD2 after A levels so planning a road trip in the US for 4 weeks then so would be great not to have to take that out of annual leave.

Annoyingly it looks like my product will win a new contract for a national system rollout (outside the UK).  I've done three of these national implementations over the last 15 years, and it is both extremely challenging and exciting (hugely rewarding) all at the same time.  It is the sort of engagement that has me chomping at the bit.

It would likely be a two (plus) year undertaking.  Hmmm.  My employer has commented about the possibility of staying on for it.  Haven't mentioned any of this to the OH.  Hmmm.  Will sleep on it (so to speak).

Sarahspangles

The penny is dropping with my employer - but it currently feels more like one of those arcade games where your penny has got to seesaw, slingshot, teeter and be nudged through a series of mechanisms before the lights come on. One of the options to replace me would allow me to handover properly, so I hope that comes off.

I’ve got a little spiel ready when managers try to persuade me to stay, about retiring to something. I wasn’t planning to book a holiday immediately after R day but maybe I need to so I don’t waver and agree to One More Month.

Moonwolf

Sarahspangles said:

The penny is dropping with my employer - but it currently feels more like one of those arcade games where your penny has got to seesaw, slingshot, teeter and be nudged through a series of mechanisms before the lights come on. One of the options to replace me would allow me to handover properly, so I hope that comes off.

I’ve got a little spiel ready when managers try to persuade me to stay, about retiring to something. I wasn’t planning to book a holiday immediately after R day but maybe I need to so I don’t waver and agree to One More Month.

I've started the ball rolling this week with 6 months to go, I sent a formal exploratory email to HR asking for support and about when to complete the pension form.

I also put this which I think will forestall pressure to stay.

"I’d like to stress that this isn’t a reflection on the organisation, any of my colleagues or managers here.

I care for my 92 year old uncle and as he becomes less independent the things are becoming more onerous.

Also in the last 5 years I have had bowel cancer, two melanomas and a pulmonary embolism and kind of feel my body is telling me something."

We have booked a hideously expensive river cruise as well, the month after my retirement, coinciding with our 35th anniversary in May.

Sarahspangles

Moonwolf said:

I also put this which I think will forestall pressure to stay.

"I’d like to stress that this isn’t a reflection on the organisation, any of my colleagues or managers here.

I care for my 92 year old uncle and as he becomes less independent the things are becoming more onerous.

Also in the last 5 years I have had bowel cancer, two melanomas and a pulmonary embolism and kind of feel my body is telling me something."

We have booked a hideously expensive river cruise as well, the month after my retirement, coinciding with our 35th anniversary in May.

I always expected someone would need care around the time I retired, and helping our parents was definitely a factor when I had a break over the first winter of the pandemic, before taking this contract. Sadly we’ve lost them all since, but at good ages.

It’s funny how people expect a reason. I mention OH is already retired (he’s a bit older), and since I’m home working they’re used to Teams calls where he brings me coffee still wearing his cycling gear.

Whereas actually it’s the stress that is getting to me. So fun isn’t really on the agenda, yet. I’ve gone down to 4 days but I need that recovery time, I’m not gaining anything. It’s not something I foresaw.