📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Bold leap into retirement

Options
15253555758122

Comments

  • barnstar2077
    barnstar2077 Posts: 1,650 Forumite
    Eighth Anniversary 1,000 Posts Name Dropper Photogenic
    Cus said:
    cloud_dog said:
    cloud_dog said:
    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).
    Sooo, that didn't take long.  I have been asked if I would stay on!

    I asked what that meant, and they came back with, 'until the end of March 2025?'.

    More sleeping to be done over the weekend me thinks :o
    If you don't need the money, don't do it.  You will never get the time back again!
    You put it better than me. But just thinking more about it, there is a scenario where the extra income over a short period could make the rest of your life more comfortable and enjoyable. I guess there can be a future £value of your time left on this world.
    Indeed, but once you have put your notice in, then you should have already reached that number! :  )
    Think first of your goal, then make it happen!
  • SouthCoastBoy
    SouthCoastBoy Posts: 1,084 Forumite
    1,000 Posts Fifth Anniversary Name Dropper
    It's tricky isn't it, how much is enough. For me there is always the temptation to continue working, especially if you don't dislike your job. 

    If I lived in a country with a nice warm climate I think my views may be different, as good weather makes such a difference to the type of life you can lead.
    It's just my opinion and not advice.
  • cloud_dog
    cloud_dog Posts: 6,326 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    Thanks all for your valid thoughts and insights.

    There are a few variables at play here.

    The fact that I didn't respond with a no straightaway may be psychologically telling.

    My (our) route to where we are was based on a frustration with my employer, having a numerical target for retirement, and basically reaching the target early.

    As sad as it is my previous target was based on stopping at the end of the financial year 2025 just because it made a nice neat end / start for the tax situation.

    So, there is this linkage with a previously planned end date, and I am unsure whether there is some pull in that? Unsure.

    Perhaps there is also an element of the finality, the comment previously about those extra 3 months making it additionally just that bit more secure, may well have a comfort element to it.


    Personal Responsibility - Sad but True :D

    Sometimes.... I am like a dog with a bone
  • pterri
    pterri Posts: 362 Forumite
    Third Anniversary 100 Posts Name Dropper
    cloud_dog said:
    Thanks all for your valid thoughts and insights.

    There are a few variables at play here.

    The fact that I didn't respond with a no straightaway may be psychologically telling.

    My (our) route to where we are was based on a frustration with my employer, having a numerical target for retirement, and basically reaching the target early.

    As sad as it is my previous target was based on stopping at the end of the financial year 2025 just because it made a nice neat end / start for the tax situation.

    So, there is this linkage with a previously planned end date, and I am unsure whether there is some pull in that? Unsure.

    Perhaps there is also an element of the finality, the comment previously about those extra 3 months making it additionally just that bit more secure, may well have a comfort element to it.


    I really dislike my job and the numbers work to jump next year at 57 (thanks DB) but yep, the finality (it’s not final exactly but doubt I’ll go back to a similar job). It’s just feels odd, very few of my friends are in this position but wish me well. 30 years ago it was not very unusual to jump at 55, I suspect the luxury will not last long. My employer is a funded public sector pension, it costs them a fortune. They are trying to bring it to a close, honestly I can’t blame them.
  • Firegirl
    Firegirl Posts: 1,007 Forumite
    Tenth Anniversary 500 Posts Name Dropper
    edited 11 October 2024 at 5:36AM
    Just catching up on your thread!  Lovely to read about people a few years ahead of me and the thought processes when close to retirement.

    I hope you’ve come to a decision you’re happy with now.  Did the not saying no straight away sway you in the end?
    Mortgage balance Feb 2015 start of MFW Journey-£245316.06/Aim to be mortgage neutral 2022 — Target for May 2024 14 Year Target Balance MF50 = £89,535 — Mortgage Balance £106, 000—Target for May 2024! £89,535

    Retirement Planning
    Starting Position (Jan 2024) : Pension 1-£165,000/Pension 2-£50,000/Pension 3-£9,500/ISA-£87,000/Total-£311,500
  • cloud_dog
    cloud_dog Posts: 6,326 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    cloud_dog said:
    Thanks all for your valid thoughts and insights.

    There are a few variables at play here.

    The fact that I didn't respond with a no straightaway may be psychologically telling.

    My (our) route to where we are was based on a frustration with my employer, having a numerical target for retirement, and basically reaching the target early.

    As sad as it is my previous target was based on stopping at the end of the financial year 2025 just because it made a nice neat end / start for the tax situation.

    So, there is this linkage with a previously planned end date, and I am unsure whether there is some pull in that? Unsure.

    Perhaps there is also an element of the finality, the comment previously about those extra 3 months making it additionally just that bit more secure, may well have a comfort element to it.


    Having discussed it at home, possible implications, possible benefits, I have agreed to extend until the end of March 2025.

    We have agreed we will ring fence and use the additional financial benefit (overall about a £20k net gain) for retirement enjoyment, e.g. we will be actively looking at how and where we use it, e.g. more travel or possibly purchasing the campervan earlier.  Nice problems to take up your time with.

    I have also advised my employer that there will not be any further extensions.

    (I'll have to reset my countdown timer on the door 😁)
    Personal Responsibility - Sad but True :D

    Sometimes.... I am like a dog with a bone
  • Hope you feel better having made the decision, and start planning those campervan adventures!
    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.
  • MeteredOut
    MeteredOut Posts: 3,080 Forumite
    1,000 Posts Second Anniversary Name Dropper
    edited 11 October 2024 at 12:38PM
    cloud_dog said:
    cloud_dog said:
    Thanks all for your valid thoughts and insights.

    There are a few variables at play here.

    The fact that I didn't respond with a no straightaway may be psychologically telling.

    My (our) route to where we are was based on a frustration with my employer, having a numerical target for retirement, and basically reaching the target early.

    As sad as it is my previous target was based on stopping at the end of the financial year 2025 just because it made a nice neat end / start for the tax situation.

    So, there is this linkage with a previously planned end date, and I am unsure whether there is some pull in that? Unsure.

    Perhaps there is also an element of the finality, the comment previously about those extra 3 months making it additionally just that bit more secure, may well have a comfort element to it.


    Having discussed it at home, possible implications, possible benefits, I have agreed to extend until the end of March 2025.

    We have agreed we will ring fence and use the additional financial benefit (overall about a £20k net gain) for retirement enjoyment, e.g. we will be actively looking at how and where we use it, e.g. more travel or possibly purchasing the campervan earlier.  Nice problems to take up your time with.

    I have also advised my employer that there will not be any further extensions.

    (I'll have to reset my countdown timer on the door 😁)
    Looking forward to your February update when they ask you to extend beyond March :)
  • cloud_dog
    cloud_dog Posts: 6,326 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    @MeteredOut ha ha ha.

    That will not be happening.

    I have already explained to the business that my last day (end March minus annual leave) means I will likely leave prior to the end of acceptance testing for the April release, so they need to factor that in 😯


    Personal Responsibility - Sad but True :D

    Sometimes.... I am like a dog with a bone
  • michaels
    michaels Posts: 29,122 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    pterri said:
    cloud_dog said:
    Thanks all for your valid thoughts and insights.

    There are a few variables at play here.

    The fact that I didn't respond with a no straightaway may be psychologically telling.

    My (our) route to where we are was based on a frustration with my employer, having a numerical target for retirement, and basically reaching the target early.

    As sad as it is my previous target was based on stopping at the end of the financial year 2025 just because it made a nice neat end / start for the tax situation.

    So, there is this linkage with a previously planned end date, and I am unsure whether there is some pull in that? Unsure.

    Perhaps there is also an element of the finality, the comment previously about those extra 3 months making it additionally just that bit more secure, may well have a comfort element to it.


    I really dislike my job and the numbers work to jump next year at 57 (thanks DB) but yep, the finality (it’s not final exactly but doubt I’ll go back to a similar job). It’s just feels odd, very few of my friends are in this position but wish me well. 30 years ago it was not very unusual to jump at 55, I suspect the luxury will not last long. My employer is a funded public sector pension, it costs them a fortune. They are trying to bring it to a close, honestly I can’t blame them.
    I am thinking of perhaps arranging an unpaid career break, that apparently my employer offers, as a safety net for the case where I suddenly decide it is all a big mistake....
    I think....
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 351.1K Banking & Borrowing
  • 253.1K Reduce Debt & Boost Income
  • 453.6K Spending & Discounts
  • 244.1K Work, Benefits & Business
  • 599K Mortgages, Homes & Bills
  • 177K Life & Family
  • 257.4K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.