Bold leap into retirement

Cobbler_tone

Anyway, my number.
We net £6k a month at the moment and save £3.5k of it. No mortgage, kids grown up.
We will retire at 57 and 54 on £3k a month net, (DB’s and drawdown) bridges to state pension and a fund of £100k for items like cars and holidays. 

It’s pretty risk adverse and not sure the overall pot will diminish over time. 

I haven’t ruled out picking up a bit of work here and there if I get bored or want a boost.
’Retirement’ is such a final word!

GenX0212

pterri said:

GenX0212 said:

My every instinct tells me this is absolutely doable and that we can carry on with no real impact to our current standard of living but as the 57 mark comes ever closer I do find myself second guessing our plans.


Sorry, long winded post I know! 

Not exactly the same personal set up, mine is far simpler. If it were just numbers, it’s a no brainer for me. It’s the finality of it, but even that is nonsense. Plenty of people at my place retired and went back for various short term gigs. Funny old world but a good problem to have. 

I think you have hit the nail on the head. If the need did arise then there is nothing whatsoever stopping me from finding another job but it's not the money it's making the mental leap to say I've worked and saved long enough and now is the time to start a different chapter.

Cobbler_tone

pterri said:

Cobbler_tone said:

I’d hazard a guess that far, far more people who have a plan to retire early (i.e. decent assets and income) generate further wealth as opposed to depleting it significantly. I’ve seen it first hand with both sets of parents and backed up by the conversation here. Probably human nature if you’ve been saving and working all your life.
It’s one of the reasons why IHT is such a hot topic and easy pickings for the government.
We need to shift our mindsets.
Some of the over cautious approaches I read are staggering, unless factoring in 10 years+ of five star long term care.

Cobbler_tone said:

I’d hazard a guess that far, far more people who have a plan to retire early (i.e. decent assets and income) generate further wealth as opposed to depleting it significantly. I’ve seen it first hand with both sets of parents and backed up by the conversation here. Probably human nature if you’ve been saving and working all your life.
It’s one of the reasons why IHT is such a hot topic and easy pickings for the government.
We need to shift our mindsets.
Some of the over cautious approaches I read are staggering, unless factoring in 10 years+ of five star long term care.

There’s a think on the FT about the tax and economic windfall that may happen if people end up spending what they would have passed on. 

Exactly…do it for the good of the
economy! Our kids will thank us.

pterri

I’ve done it, I’ve handed in my resignation. April tax year end….

Smudgeismydog

Huge congrats pterri, how are you feeling?

pterri

Smudgeismydog said:

Huge congrats pterri, how are you feeling?

Odd, if posted my numbers elsewhere. Most would kill for them, the fact that I’ve managed to save that is an illustration that I’m not reckless with money but nor do I skimp. If I were 60, I’d skip out the door, it’s the psychological thing of being 57(almost) and it seems wrong - I’ll get over it though! Work has never defined me so don’t need it to define who I am, I’m so grateful for the DB in three years (assuming I don’t claim it earlier). It covers my spend quite easily and the SP on top at 67. 

I need to try and not get sacked before April. 

barnstar2077

pterri said:

Smudgeismydog said:

Huge congrats pterri, how are you feeling?

Odd, if posted my numbers elsewhere. Most would kill for them, the fact that I’ve managed to save that is an illustration that I’m not reckless with money but nor do I skimp. If I were 60, I’d skip out the door, it’s the psychological thing of being 57(almost) and it seems wrong - I’ll get over it though! Work has never defined me so don’t need it to define who I am, I’m so grateful for the DB in three years (assuming I don’t claim it earlier). It covers my spend quite easily and the SP on top at 67. 

I need to try and not get sacked before April. 

Well done!  You have squirreled away for sure, so relax and enjoy the fruits of your labour!

I am a good seven years away, but I know I will savour every moment when the day comes and all of my saving and investing comes to fruition.

I am however less than two months away from my end of year report on my finances and I am chomping at the bit to get another one in the bag.  Wishing my life away really lol!

af1963

I need to try and not get sacked before April. 

Would it really make a difference at this point ? :-) 

If you stay the right side of "gross misconduct", the worst that can really happen is they ask you to leave earlier, paying your notice period. 

An ex-colleague of mine had great fun during his notice, conspicuously asking management all the awkward questions that everyone was normally too cautious to raise in staff forums. Knowing that you'll never face another annual performance review can be very liberating.

MallyGirl

I have started practicing spending since OH was not ready to go this year. I have made it very clear that I am finishing next year - with or without him but I really hope it will be with. We fitted solar/battery last year, which has already helped a lot with the electric bill, and we have 2 significant holidays this year. One is the long postponed family celebration of end of A levels - covid hit and she never sat the exams and every holiday since has been filled with vet med placements. It was originally a safari but now is a Canadian road trip as she still couldn't take a full 2 weeks off. We'll do a safari once she qualifies next year - funded by not having to pay her accommodation any more
We are also going for a week on a Caribbean island to celebrate our 25th anniversary - never done this sort of holiday so it is a bit of an experiment. While we are still working we can play a bit, safe in the knowledge that we can always earn the cost back if we have to.

nicknameless

pterri said:

I’ve done it, I’ve handed in my resignation. April tax year end….

What amazing news.  Congratulations.  I am waiting with baited breath on the outcome of my plea for redundancy.  Hope to join you soon.