Bold leap into retirement

nicknameless

cloud_dog said:

nicknameless said:

cloud_dog said:

nicknameless said:

So my employer has just announced what is a very generous scheme for voluntary redundancy.  No idea if I would be accepted for it and don't have to apply until after xmas so have some time to contemplate whether to apply or not.

We would be in a financial position to retire anyhow from the middle of next year.  My missus is chomping at the bit and now that the end is finally on the horizon I am 100% uncertain as to what to do myself!

If I were to be accepted for this scheme, financially it is a no brainer.  The other option I was contemplating was going part-time from autumn next year with a large break beforehand, partly to gauge how the stepdown from work would affect me mentally.  If I still wanted to go I could always then give notice.

However, were I accepted for this redundancy I could work part-time for 18 months or more from late next summer, only to be in a similar financial position.

Help me decide lol ..................

Of course I know I'll apply and then not be accepted for redundancy !!!!!!!!!!!

...but what was your plan for when you would retire, e.g. in a similar timeframe or another 3 years?

No this is the timeframe we had planned.  It's just that as it gets closer I am getting cold feet!

Assuming the redundancy payment covers the additional months costs (not employed) then I would be biting their hands off.

Having just said that, I understand where you are coming from, as I had resigned with an agreed end date just before Christmas, but recently my employer asked if I would extend my finish date to March 2025.  I think part of me saw an extra bit of comfort blanket in doing so, and the fact that I didn't just say no at the time was telling I suppose, although there were some other factors involved.

Many thanks.  I've decided (I think!!!!) that I am going to attempt to bite their hand off.  Just hope they take the bite and don't say no.

As I say financially this is a no brainer.  Well in excess of a year's salary, a good portion of which is tax free.  I could probably go at the same point of the year next year as we had tentatively planned as a retirement point, but now with this payout in my pocket as well.

Yep - it's a no brainer.  Will update when I know more.  Keep fingers crossed for me.

sgx2000

nicknameless said:

So my employer has just announced what is a very generous scheme for voluntary redundancy.  No idea if I would be accepted for it and don't have to apply until after xmas so have some time to contemplate whether to apply or not.

We would be in a financial position to retire anyhow from the middle of next year.  My missus is chomping at the bit and now that the end is finally on the horizon I am 100% uncertain as to what to do myself!

If I were to be accepted for this scheme, financially it is a no brainer.  The other option I was contemplating was going part-time from autumn next year with a large break beforehand, partly to gauge how the stepdown from work would affect me mentally.  If I still wanted to go I could always then give notice.

However, were I accepted for this redundancy I could work part-time for 18 months or more from late next summer, only to be in a similar financial position.

Help me decide lol ..................

Of course I know I'll apply and then not be accepted for redundancy !!!!!!!!!!!

I had this earlier this year...
Employer announced redundancies, but no voluntary.....

I made the case for myself and another to be made redundant and other colleagues to be redeployed and not made redundant....

It worked 

I am 64,  18 months to SPA
The redundancy covers my expenses unit SPA

I have been retired 4 months now.....
Love it!
Already had 2 holidays
3 more planned

Potter around, do what I want, when I want to do it.....

Pat38493

sgx2000 said:

I made the case for myself and another to be made redundant and other colleagues to be redeployed and not made redundant....

Am I the only one wondering whether the "another" knew that you were doing that... 

pterri

sgx2000 said:

nicknameless said:

So my employer has just announced what is a very generous scheme for voluntary redundancy.  No idea if I would be accepted for it and don't have to apply until after xmas so have some time to contemplate whether to apply or not.

We would be in a financial position to retire anyhow from the middle of next year.  My missus is chomping at the bit and now that the end is finally on the horizon I am 100% uncertain as to what to do myself!

If I were to be accepted for this scheme, financially it is a no brainer.  The other option I was contemplating was going part-time from autumn next year with a large break beforehand, partly to gauge how the stepdown from work would affect me mentally.  If I still wanted to go I could always then give notice.

However, were I accepted for this redundancy I could work part-time for 18 months or more from late next summer, only to be in a similar financial position.

Help me decide lol ..................

Of course I know I'll apply and then not be accepted for redundancy !!!!!!!!!!!

I had this earlier this year...
Employer announced redundancies, but no voluntary.....

I made the case for myself and another to be made redundant and other colleagues to be redeployed and not made redundant....

It worked 

I am 64,  18 months to SPA
The redundancy covers my expenses unit SPA

I have been retired 4 months now.....
Love it!
Already had 2 holidays
3 more planned

Potter around, do what I want, when I want to do it.....

I’ve lived through three rounds of redundancy, it’s always been too early for me. Sounds amazing, my post retirement plan is pottering about

Sarahspangles

pterri said:

I’ve lived through three rounds of redundancy, it’s always been too early for me. Sounds amazing, my post retirement plan is pottering about

I’m thinking of just light pottering at first, and building up to full pottering over time.

sgx2000

Pat38493 said:

sgx2000 said:

I made the case for myself and another to be made redundant and other colleagues to be redeployed and not made redundant....

Am I the only one wondering whether the "another" knew that you were doing that... 

Lol......Yes he did.....
Asked me to make it happen...
Both in our 60's
Both extremely happy with outcome

sgx2000

Sarahspangles said:

pterri said:

I’ve lived through three rounds of redundancy, it’s always been too early for me. Sounds amazing, my post retirement plan is pottering about

I’m thinking of just light pottering at first, and building up to full pottering over time.

Lol.....
Highly recommended.....

german_keeper

I think I've probably mentioned this before but I remember when the first of our group at work retired about 10 years ago she said the first thing she learnt was that there are people who can keep busy doing nothing and people who can't. Two and a half years in I am so far definitely in the former group.

sgx2000

german_keeper said:

I think I've probably mentioned this before but I remember when the first of our group at work retired about 10 years ago she said the first thing she learnt was that there are people who can keep busy doing nothing and people who can't. Two and a half years in I am so far definitely in the former group.

Lol..... Ditto...
Its very easy..
Find yourself getting a bit bored......
Get up and do something
Easy

huw01

huw01 said:

That's it, laptop closed for the final time. Everything packaged up now to be picked up by a courier tomorrow. That is it. 51 years old and now retired. Lets see how this goes, now to start planning the rest of my life

Well it's been a full 4 months now and I can honestly say that I don't miss that laptop one little bit.
Been to Greece for 2 weeks and went walking in Portugal for 3 weeks
Started doing some family history
I am now swimming more regularly along with midweek long walks when the weather permits

I have even done a few days work as an "extra" on a film set - that was totally random how that was picked up by chance from someone sharing a post on facebook. Really enjoyable experience which I will hope to do again on an ad-hoc basis, I have a couple more dates booked in for December.

That will be paid work and I will need to set myself up for self assessment next year to declare it but I'll still be under the threshold for paying income tax.

I don't know where the time has flown to really and I enjoy having no set structure to my weeks.

The budget was good for me, no raises in fuel duty (although car tax will go up) and no changes to anything major on private pensions (especially the age I can take them - still planning on taking it at 55 in 2028 as I scrape in)

I've not skimped on anything but yet on average I find I am spending around £300 less that I have budgeted for.
Off to Krakow in a couple of week for a city break
And Microsoft Teams...... I have not missed you son