Bold leap into retirement

jackieblack

Smudgeismydog said:

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.

This ^^^^^^^^^^^^ , 100%

Scrudgy

Well the bold leap for me came in the form of a phone call three weeks ago asking if I would consider voluntary redundancy. I was chuffed to accept a decent offer to go quietly and I finish next week.

I was planning on pulling the plug in March anyway so really pleased to get a package to go early. I was always at risk of saying in March "one more year" so it is actually quite nice to have this thrust upon me.

Really looking forward to handing back the work PC equipment next week.

MallyGirl

Scrudgy said:

Well the bold leap for me came in the form of a phone call three weeks ago asking if I would consider voluntary redundancy. I was chuffed to accept a decent offer to go quietly and I finish next week.

I was planning on pulling the plug in March anyway so really pleased to get a package to go early. I was always at risk of saying in March "one more year" so it is actually quite nice to have this thrust upon me.

Really looking forward to handing back the work PC equipment next week.

That would be my dream outcome

Smudgeismydog

Great result Scrudgy, how are you feeling?
Thats quite quick 

Scrudgy

Smudgeismydog said:

Great result Scrudgy, how are you feeling?
Thats quite quick 

Feeling good right now thanks Smudge, will see if the "fear" sets in at some point about the new situation. I had however always hoped that a package would come along and I had given up hope and was prepared to resign in the new year with 12 weeks notice I had to give to finish in March.

The original offer only gave me 18 days from first contact to last day, but some back and fore negotiating dragged it out a bit and my last day is next Thursday. 

jackieblack

MallyGirl said:

Scrudgy said:

Well the bold leap for me came in the form of a phone call three weeks ago asking if I would consider voluntary redundancy. I was chuffed to accept a decent offer to go quietly and I finish next week.

I was planning on pulling the plug in March anyway so really pleased to get a package to go early. I was always at risk of saying in March "one more year" so it is actually quite nice to have this thrust upon me.

Really looking forward to handing back the work PC equipment next week.

That would be my dream outcome

Mine too  

pterri

Scrudgy said:

Well the bold leap for me came in the form of a phone call three weeks ago asking if I would consider voluntary redundancy. I was chuffed to accept a decent offer to go quietly and I finish next week.

I was planning on pulling the plug in March anyway so really pleased to get a package to go early. I was always at risk of saying in March "one more year" so it is actually quite nice to have this thrust upon me.

Really looking forward to handing back the work PC equipment next week.

The absolute dream scenario for me. Best of luck

BestnamesRgone

Like Scrudgy I’ve also had the call that my role is going and I couldn’t be happier! My manager (verbally) told me end of March which would take me to 20 years service. HR are saying end of year with January as PILON. I’m going to request HR honour the end of March (well if you don’t ask!) feels a bit surreal at the moment! 

Smudgeismydog

Thanks for dropping in BestnamesRgone, had you been planning to retire?
Have you had time for it all to sink in yet?

Thought I would post an update, now that I am 4 months in to my retirement;

Position at start of retirement
Cash £42,128
SS ISA £146,380
SIPP £813,056
Total £1,001,056

Since retiring I have withdrawn £63,456 from my SS ISA to fund my share of the new house purchase and renovation costs. We also took the kids to New York for 4 days before we moved, ideally I would have funded a lot of this from cash, but my savings are currently on fixed rates, so I decided against it.

Current position;
Cash £48,300
SS ISA £75,176
SIPP £838,984
Total £962,460

Anticipated costs still to cover are a new en-suite (including moving a wall), replacing the bath in the downstairs bathroom with a shower and a new front fence. I also still wish to cover my daughter’s University tuition fees (Sept 25-27).

I’ve got 6 years until I can access my SIPP (at age 57 in September 2030), but happy to deplete the cash and ISA over this period, (my dependent’s pension covers my share of the household expenditure).

As I’ve said from the start, I am open to taking on a part-time role if I feel I want or need to. My partner will be able to access his SIPP at age 55 in May 2027, and he has again confirmed that if we need to take more from his pension until I can access mine, then that is what we can do. We can also delay any of the additional jobs around the house that we can’t do ourselves, as they are now ‘wants’ and not ‘needs’.

I remain very confident in my decision to retire, I’m loving planning and working on the house projects with my partner, the kids have certainly benefitted from us having more time with them, and my wellbeing has improved. I’m still in touch with some work colleagues, who have reported nothing has changed, in fact the environment appears to be more toxic.

Would love to hear how you are all getting on.

michaels

Do you and partner both have full state pension contributions, if not is it worth buying extra credits?