Bold leap into retirement

pterri

michaels said:

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’ve thought about this. They even continue to support the pension accrual if 3 months or less, I think I have to pay what would be my contribution had I been earning. Also, there may be a clause that it’s cancelled if I do a sabbatical and resign at the end. Yes though, I have considered it. 

SouthCoastBoy

I'm also considering a months unpaid leave in Nov 2025, plan to visit Australia for a month and watch some cricket. The other option is to retire, but the unpaid leave is tempting.

pensionpawn

MetaPhysical said:

3 April 2026 is my date by which time I'll be 58 and 8 months.  If it all got unbearable I can afford to pull the chute on work at anytime however,  would rather wait for a potential work redundancy payout if possible worth about 50-60k.  However, if that does not come I will deffo finish Apr'26.

I am exactly 58 & 8 months and also could go now if need be, although I'm also eking it out just in case a redundancy situation arises. I'd kick myself if I called it a day and months later an ex colleague lets me know that he's accepted voluntary redundancy. I'm effectively 3 days a week (for the last 2.5 years, my wife is retired) and my latest boss knows that I'm just one bad day from handing my notice in. Still enjoy the job I'm employed to do even though the bureaucracy, mindless training and "surrounded by idiots" environment grinds me down. So it's a balance between continuing in a relatively well paid part time job I can do in my sleep, which allows me to keep my pension pot topped up, and calling it a day. It also grates with me that I'm paying £1k7 pa for insurance, tax, MoT, service and petrol to commute to work where I could save that expense and sell my car for quite a few £ks! Although I have plenty of time off work and I'm never bored, I still can't find the time I need for the fun hobbies that I'm looking forward to enjoying. The one "disconcerting" aspect of being part time is the contrast between bed time arriving so quickly on my days off compared to when I'm at work, and the implication for when I'm fully retired. That said there are more days behind me than in front and I am conscious of making the most of the time remaining (sorry for the depressing tone..) I have no intention of being the richest person in the graveyard and as mentioned elsewhere in this thread, just having enough is good enough for me. Can't see me not pulling the trigger before 60.

GlasgowExpat2

I’m planning to go on 8 April 2026 (so I get paid for the bank holiday). Is there any benefit to going on 6 April?

I could go now but want to top up my DC pension pot which will help fund the gap until I get my DB pension at 65. Going to drop to 4 days from April to ease myself in. 

pensionpawn

GlasgowExpat2 said:

I’m planning to go on 8 April 2026 (so I get paid for the bank holiday). Is there any benefit to going on 6 April?

I could go now but want to top up my DC pension pot which will help fund the gap until I get my DB pension at 65. Going to drop to 4 days from April to ease myself in. 

Why not go at the end of May and pick up another couple of bank holidays?

GlasgowExpat2

pensionpawn said:

GlasgowExpat2 said:

I’m planning to go on 8 April 2026 (so I get paid for the bank holiday). Is there any benefit to going on 6 April?

I could go now but want to top up my DC pension pot which will help fund the gap until I get my DB pension at 65. Going to drop to 4 days from April to ease myself in. 

Why not go at the end of May and pick up another couple of bank holidays?

Want to go in April.  Don’t want to wait an additional 7 weeks

Smudgeismydog

Hello everyone,

Thanks for all the posts, it’s interesting hearing all your thoughts about when to take your ‘bold leap’.

We were away for the weekend with some old friends, one couple have accumulated fairly substantial assets (pretty big job in the city), both still working full time, but his wife is concerned about his health due to stress, lifestyle etc. Over the weekend she wanted me to try and persuade him to step back from work, I don’t think it’s my place to do this, but we did share our thought processes and calculations that we went through prior to leaving work.

He was quite vocal that once he leaves he would not want to return to any form of employment, he stated he would not work for a low salary as he is used to earning a large figure. In the meantime his wife feels he has, and continues, to miss so much of their daughters’ lives, and noted that when he comes home from work, he usually has his tea and then falls asleep on the sofa. She is concerned about the real possibility of him having a heart attack, he has already had a few scares, and is on medication (age 52).

I tried to outline the concept of working out your ‘number’, and also to factor in state pensions and the timing of accessing different tax pots. Ultimately, although I know them well enough to understand they do already have enough to retire, however, I feel he is not ready to step away from his job as it forms such a large part of his identity. He also has no idea what he would do if he wasn’t working, as it has consumed him for so long.

They are dear friends, and I am worried about him, but, perhaps due to his career, he strongly feels for every extra year he works, he can accumulate more assets (he is quite money focused). 

pterri

Smudgeismydog said:

Hello everyone,

Thanks for all the posts, it’s interesting hearing all your thoughts about when to take your ‘bold leap’.

We were away for the weekend with some old friends, one couple have accumulated fairly substantial assets (pretty big job in the city), both still working full time, but his wife is concerned about his health due to stress, lifestyle etc. Over the weekend she wanted me to try and persuade him to step back from work, I don’t think it’s my place to do this, but we did share our thought processes and calculations that we went through prior to leaving work.

He was quite vocal that once he leaves he would not want to return to any form of employment, he stated he would not work for a low salary as he is used to earning a large figure. In the meantime his wife feels he has, and continues, to miss so much of their daughters’ lives, and noted that when he comes home from work, he usually has his tea and then falls asleep on the sofa. She is concerned about the real possibility of him having a heart attack, he has already had a few scares, and is on medication (age 52).

I tried to outline the concept of working out your ‘number’, and also to factor in state pensions and the timing of accessing different tax pots. Ultimately, although I know them well enough to understand they do already have enough to retire, however, I feel he is not ready to step away from his job as it forms such a large part of his identity. He also has no idea what he would do if he wasn’t working, as it has consumed him for so long.

They are dear friends, and I am worried about him, but, perhaps due to his career, he strongly feels for every extra year he works, he can accumulate more assets (he is quite money focused). 

In a weird way I’m quite glad I no longer particularly like my job and have no wish to move somewhere else doing essentially the same thing, it makes the leaving decision much simpler. It comes down to ‘the number’ that will allow me to jump ship, possibly to do something fun part time for little money or voluntary work. I’ve got a good few months of DIY I’ve been putting off initially. 

I can see how something like music or acting could be your recreation but a ‘professional’ job? Not for me. 

Cus

Smudgeismydog said:

Hello everyone,

Thanks for all the posts, it’s interesting hearing all your thoughts about when to take your ‘bold leap’.

We were away for the weekend with some old friends, one couple have accumulated fairly substantial assets (pretty big job in the city), both still working full time, but his wife is concerned about his health due to stress, lifestyle etc. Over the weekend she wanted me to try and persuade him to step back from work, I don’t think it’s my place to do this, but we did share our thought processes and calculations that we went through prior to leaving work.

He was quite vocal that once he leaves he would not want to return to any form of employment, he stated he would not work for a low salary as he is used to earning a large figure. In the meantime his wife feels he has, and continues, to miss so much of their daughters’ lives, and noted that when he comes home from work, he usually has his tea and then falls asleep on the sofa. She is concerned about the real possibility of him having a heart attack, he has already had a few scares, and is on medication (age 52).

I tried to outline the concept of working out your ‘number’, and also to factor in state pensions and the timing of accessing different tax pots. Ultimately, although I know them well enough to understand they do already have enough to retire, however, I feel he is not ready to step away from his job as it forms such a large part of his identity. He also has no idea what he would do if he wasn’t working, as it has consumed him for so long.

They are dear friends, and I am worried about him, but, perhaps due to his career, he strongly feels for every extra year he works, he can accumulate more assets (he is quite money focused). 

Sounds like there are some more complex conflicting thoughts he needs to process. Scared of no identity after work, doesn't know his own values, might hate being at home, who knows. If he was my friend I would be tempted to chat 1-1.

Smudgeismydog

Thanks Cus, I think you are right.
I do know him well enough to say I’m worried about him, and to chat to him about his figures, plans etc. It’s difficult as his ‘big job’ is very much tied into his perceived status. I’m not that way at all, he’s been a friend for over 35 years, so I just see him as my mate.

I suppose you can always find a reason to stay and earn another year’s salary, particularly when you are on a very good wage. Maybe I take a different view after being widowed so young, but none of us know what is around the corner, and if I can own my time, and choose how to spend it, prioritising my health and my family, then that’s what I want to do.