Bold leap into retirement

Kim1965

SouthCoastBoy said:

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. 

The issue I have with stopping work is once you have taken a year out and you are in your 60s I imagine it could be quite difficult to get back into a decent paying job, so better to do the extra year(s) up front

I think you are correct. However providing a persons basic spending is covered, the job need not be a big earner. If you retire from a stressful career, not too  many would want to go back to the grind. A bit of part time work potentially unconnected to former employment might attractive. 

Albermarle

Kim1965 said:

SouthCoastBoy said:

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. 

The issue I have with stopping work is once you have taken a year out and you are in your 60s I imagine it could be quite difficult to get back into a decent paying job, so better to do the extra year(s) up front

I think you are correct. However providing a persons basic spending is covered, the job need not be a big earner. If you retire from a stressful career, not too  many would want to go back to the grind. A bit of part time work potentially unconnected to former employment might attractive. 

Although not sure many would be that keen on being ordered about by some Twenty Something !

SouthCoastBoy

Albermarle said:

Kim1965 said:

SouthCoastBoy said:

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. 

The issue I have with stopping work is once you have taken a year out and you are in your 60s I imagine it could be quite difficult to get back into a decent paying job, so better to do the extra year(s) up front

I think you are correct. However providing a persons basic spending is covered, the job need not be a big earner. If you retire from a stressful career, not too  many would want to go back to the grind. A bit of part time work potentially unconnected to former employment might attractive. 

Although not sure many would be that keen on being ordered about by some Twenty Something !

Yes, that would be a massive mind shift for me, and not one I am prepared to take.

Smudgeismydog

Starting to plan for handovers in work and all staff in the office have now been informed. It’s beginning to feel very real. Whilst it is a little scary, I’m also feeling really excited about this next chapter in my life.

Details of yet another project that needs to be completed has been fed down from Head Office together with a completely unrealistic deadline, and no regard to what might already be in diaries. I just know it’s not going to change.

I’ve made arrangements to meet up with a different friend each week over the next 3 weeks, I’ve obtained a list of classes running each day in the gym to see if there’s anything I fancy, and I’ve also made plans to have a day out every month with my mum. I’m slowly starting to visualise what my new routine could look like, it’s very exciting.

Yes, there was a ‘surprise uptick’ in inflation last month, and FTSE didn’t have a great day today. I accept there will never be the perfect time to do this. However I feel my initial detailed mathematical planning has given me confidence and none of this will derail my plans!

Daffodil1234

A combination of excitement and nerves - absolutely understandable.

One of my recently-retired friends told me - Never book up too many new things in the first few weeks / months of retirement, just take some time to be - and settle - and have the extra time.

Kim1965

In response to Albermarle and South Coast Boy re part time work. 
 I think it very much depends on the career/job you have been employed in. I work in the construction industry, its a skilled job, pays more than the average wage but is physical, dirty and i cook in the summer and freeze in the winter
. Its not really a job for people in their sixties. I am hoping i can work one more winter perhaps two at a push. 
 Part time work would be a breeze, even if my boss had acne. Lol

Smudgeismydog

Thanks Daffodil1234, I’ve heard that before, and I think it’s great advice. I’m sure I’ll find a new rhythm to my day, and I’m reminding myself that this is one of the reasons I’m doing this, to live a calmer, slower life after feeling challenged, squeezed and time poor for so long.

Regarding potential part-time work in retirement, being able to go into something to allow yourself to just tick over financially, I feel is very different from your full-time, full-on career. So like Kim1965 has posted, I’m viewing this option as almost like a hobby, or outlet that would provide me with some form of routine or structure to my week, plus a social outlet. Honestly, being on the tills in Tesco for a couple of mornings a week, or part-time receptionist might work for me! 

I’m not basing my financial calculations on having to undertake paid work at some point down the line, I’m just keeping an open mind.

lets see what happens

SouthCoastBoy

Kim1965 said:

In response to Albermarle and South Coast Boy re part time work. 
 I think it very much depends on the career/job you have been employed in. I work in the construction industry, its a skilled job, pays more than the average wage but is physical, dirty and i cook in the summer and freeze in the winter
. Its not really a job for people in their sixties. I am hoping i can work one more winter perhaps two at a push. 
 Part time work would be a breeze, even if my boss had acne. Lol

I understand where you are coming from, and initially I thought I could take a part time role, but have since decided its not for me, so doing an additional year or two instead.

Albermarle

SouthCoastBoy said:

Kim1965 said:

In response to Albermarle and South Coast Boy re part time work. 
 I think it very much depends on the career/job you have been employed in. I work in the construction industry, its a skilled job, pays more than the average wage but is physical, dirty and i cook in the summer and freeze in the winter
. Its not really a job for people in their sixties. I am hoping i can work one more winter perhaps two at a push. 
 Part time work would be a breeze, even if my boss had acne. Lol

I understand where you are coming from, and initially I thought I could take a part time role, but have since decided its not for me, so doing an additional year or two instead.

Or maybe three or four ?

Albermarle

Yes, there was a ‘surprise uptick’ in inflation last month, and FTSE didn’t have a great day today. I accept there will never be the perfect time to do this. However I feel my initial detailed mathematical planning has given me confidence and none of this will derail my plans!

Some points here;

1) You have to think on a long term basis as you will hopefully be retired for many years/decades. So what is happening in the financial markets today is of almost zero importance. 

2) The FTSE 100 although referred to widely in the UK, is only of minor importance globally. Only if you were largely invested in UK shares rather than being more globally diversified ( which is not a recommended strategy) would it really affect you.

3) Most people pensions, investments etc are not 100% equity and will contain a proportion of mainly bonds usually. So making daily movements in share markets even less of an issue.