Bold leap into retirement

pterri

nicknameless said:

pterri said:

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

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

That would be the dream for me. There was a small possibility six or so years ago. Was too early for me. 

Roger175

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. 

I was 59 when I retired (last year) and it still seems wrong! My wife and I often walk round our town on a weekday, when all you tend to see are retired folk and I still feel like I'm not one of them. They all look like old people, whereas I still feel 40

pterri

Roger175 said:

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. 

I was 59 when I retired (last year) and it still seems wrong! My wife and I often walk round our town on a weekday, when all you tend to see are retired folk and I still feel like I'm not one of them. They all look like old people, whereas I still feel 40

I’m weirdly looking forward to that. I may cycle to a cafe near one of our offices early morning and watch people trudge in, worrying about emails. Then I’ll cycle home and have a cup of tea and a biscuit. I’m a simple soul. 

bjorn_toby_wilde

Set your alarm early on an icy day. Lying in bed with a cup of tea listening to others de-icing their cars ready for the commute is remarkably liberating.

cloud_dog

pterri said:

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

I wanted to thank @pterri for posting their own thread on the Pensions Board, to help themselves to confirm their own position and the viability of their options recently.  Well technically thanks is probably due to the the other posters

The post and responses caused me to reconsider the method for how we will be funding our own early / retirement (ISA, SIPPs, DBs).  I had previously decided that I was going to take the main DB at NRA, as I wanted to try to ensure as large a guaranteed source of income as reasonably possible for our later stages of life, but having re-modelled the numbers it has given me cause to re-assess.

pterri

cloud_dog said:

pterri said:

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

I wanted to thank @pterri for posting their own thread on the Pensions Board, to help themselves to confirm their own position and the viability of their options recently.  Well technically thanks is probably due to the the other posters

The post and responses caused me to reconsider the method for how we will be funding our own early / retirement (ISA, SIPPs, DBs).  I had previously decided that I was going to take the main DB at NRA, as I wanted to try to ensure as large a guaranteed source of income as reasonably possible for our later stages of life, but having re-modelled the numbers it has given me cause to re-assess.

I’m not absolutely decided on how to fund the early years before NRA, it’s only three years though. Fairly sure I want to leave the DB until NRA but not sure that’s the best idea, I’ll think more once I’ve pulled the trigger. Does yours allow you to take a larger amount at NRA, dropping at SPA so evens out? Mine has a quotation but based on the minimum (.?) state pension so will actually be slightly more as I’ve got full SP due. 

Also, I’m wavering on dates. April 4th is official but MAY stretch to July if they can find me a low stress alternative for a few months, I’m bending toward April though.  

Cobbler_tone

Roger175 said:

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. 

I was 59 when I retired (last year) and it still seems wrong! My wife and I often walk round our town on a weekday, when all you tend to see are retired folk and I still feel like I'm not one of them. They all look like old people, whereas I still feel 40

I don't think that ever changes. My 90 year old dad (59 at redundancy/retirement) still feels 40 inside and think that is pretty common, which is nice but also scary! 

michaels

cloud_dog said:

pterri said:

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

I wanted to thank @pterri for posting their own thread on the Pensions Board, to help themselves to confirm their own position and the viability of their options recently.  Well technically thanks is probably due to the the other posters

The post and responses caused me to reconsider the method for how we will be funding our own early / retirement (ISA, SIPPs, DBs).  I had previously decided that I was going to take the main DB at NRA, as I wanted to try to ensure as large a guaranteed source of income as reasonably possible for our later stages of life, but having re-modelled the numbers it has given me cause to re-assess.

It is such a conundrum - in theory maxing guaranteed index linked seems like a no brainer for longevity protection, I can use index linked gilts to bridge to state pension age to remove any risk in that period

But, what about inverse longevity risk and inheritance?  For that DB is not heritable (beyond DW or special case DKs to age 23 if we both die in the next 7 years).  So spending DB and thus leaving more DC means more inheritance.

Similar consideration for whether to take the poor value PCLS (15 years of unreduced payments) from the DB.

Sarahspangles

The universe is conspiring against me. I need a ‘long appointment’ filling and literally the only time the dentist can offer is 11:30 on my first day of retirement. It had better rain!

katejo

Sarahspangles said:

The universe is conspiring against me. I need a ‘long appointment’ filling and literally the only time the dentist can offer is 11:30 on my first day of retirement. It had better rain!

I recently saw a comment on another forum from someone who had retired pretty recently but now finds that all their spare time is taken up with medical appointments.