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Bold leap into retirement
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I used to work for a university and they did pre retirement workshops. Does your employer offer anything like that? They covered the financial side in that they explained in principle the pension scheme although most had already consulted on that but they also talked about the psychological aspects of retirement. Some people are defined by their work/job and feel directionless when they retire. To a certain extent I can identify with that and set myself a purpose after retirement and in my case it was hiking the South West Coast Path not only to get fit but also to explore the area of the country I live in. It has turned out to be a hobby I love and now spend hours on the coast path each week and lead walks for various walking groups. I would also say volunteering for MSE has turned out to be more enjoyable than I thought it would as years ago I did debt counselling for a high street bank and found it very stressful. I volunteer to listen to struggling readers at my granddaughters primary school too. I didn't volunteer to do these all at the same time though and I would advise when you do retire you take some time to think about what you want to do.I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment 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 emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
The 365 Day 1p Challenge 2025 #1 £667.95/£301.35
Save £12k in 2025 #1 £12000/£80004 -
On volunteering, it's good to try different things to find something you really enjoy - there are so many ways to volunteer that everyone can find something - trustee, tutoring, dog walker, charity shop volunteer, petition signing, to name a few.Statement of Affairs (SOA) link: https://www.lemonfool.co.uk/financecalculators/soa.phpFor free, non-judgemental debt advice, try: Stepchange or National Debtline. Beware fee charging companies with similar names.2
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@smudgeismydog - I made the decision last June and felt relieved. We have big life changes all the time, so I'm excited. Instead of spending 8 hours a day looking at spreadsheets and calclulations I get to use that time doing things I enjoy. The downside is not being able to save as much as I have been.
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Also be prepared to be a bit apprehensive about drawdown stage. After a lifetime of saving for early retirement and even after double checking my figures and getting an IFA to do a drawdown plan even now I cannot get used to spending and not saving. Luckily another income stream kicked in last year so I get my kick of saving again now we are getting closer to state pension age.I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment 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 emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
The 365 Day 1p Challenge 2025 #1 £667.95/£301.35
Save £12k in 2025 #1 £12000/£80002 -
Thanks enthusiastic saver, I appreciate it’s a huge mindshift from squirrelling it away. I had wondered about your saving goals as you are in a the decumulation phase.
Is this what you are also experiencing kniphofia as you mention the downside for you has not been able to save so much?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.3 -
Instead of spending 8 hours a day looking at spreadsheets and calclulations I get to use that time doing things I enjoy.
Some of us here spend too much time on spreadsheets even when retired - LoL
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LHW99 said:Instead of spending 8 hours a day looking at spreadsheets and calclulations I get to use that time doing things I enjoy.
Some of us here spend too much time on spreadsheets even when retired - LoL
I will be too, but it'll be much more fun!2 -
LHW99 said:Instead of spending 8 hours a day looking at spreadsheets and calclulations I get to use that time doing things I enjoy.
Some of us here spend too much time on spreadsheets even when retired - LoL
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Following with interest. I hope to be able to pull the plug on my day job mid 2030 and switch to passion projects instead.Achieve FIRE/Mortgage Neutrality in 2030
1) MFW Nov 21 £202K now £174.8K Equity 32.77%
2) £2.6K Net savings after CCs 6/7/25
3) Mortgage neutral by 06/30 (AVC £24.3K + Lump Sums DB £4.6K + (25% of SIPP 1.2K) = 30.1/£127.5K target 23.6% 29/7/25
4) FI Age 60 income target £16.5/30K 55.1%
5) SIPP £4.8K updated 29/7/252 -
Thanks for directing me to your thread….brilliant read and happy for you that you’ve been brave and taken the leap!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-£311,5000
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