Bold leap into retirement

FIREDreamer

Following too.

After 5 “one more years” I handed in 6 months retirement notice on 2 January and I retire on 30 June, age 60 (FIRE but not so “E”).

My notice period is 1 month but by giving 6 months notice we can work 80% hours in penultimate month and 60% hours in the final month with no reduction in salary. They call it “retirement leave”. So a nice leaving bonus.

I suspect the next 5.5 months are going to drag though as I am not really enjoying the job now (haven’t forbsome time tbh).

I have two defined benefits that I took early plus a larger RPI JL annuity that I took end of last year to secure retirement and means a worry free retirement. Still have a drawdown pot and ISA for any extras.

Smudgeismydog

congrats FIREdreamer, I’m so pleased you are joining me on this journey

what made you finally take your bold leap?

Daffodil1234

I've finally made my decision to join others on this thread in making the bold leap !  Thank you @Smudgeismydog for your comments and starting this thread up.

I will be handing in my notice to work next week at a meeting with the boss face-to-face, and expect my last working day to be end of May 2024.

This is after getting IFA advice;  lots of reading of MSE and other blogs such as Monevator, Mr Money Mustache, to get ideas; and lots of spreadsheet / calculations / running different What If options.

We will be living a version of FIRE (not all that early as we'll be aged 54 / 59) - I also would describe our plans as on the frugal side of moderate.  I think of spending as a 3-option version of Frugal;  Moderate;  Luxury.

While there's been a lot of concern / tension / worry in getting to the point of making this decision, I resonate with comments from Smudge earlier in the thread about the feeling of liberation / calm - I'm not quite there yet but once my boss has been told, I think I can see a glimmer of that on the horizon !

Smudgeismydog

Oh Daffodil1234, that’s brilliant news, I’m so pleased for you 🍾❤️
Please keep posting and let us know how you get on

I definitely think there are so many of us who just feel burned out, not getting what we once did out of work, and realising there is more to life.

FIREDreamer

Smudgeismydog said:

congrats FIREdreamer, I’m so pleased you are joining me on this journey

what made you finally take your bold leap?

Getting to 60, had enough and the annuity means I don’t have to worry about the drawdown pot which is Global Equity ETFs plus cash.

bluenose1

I gave my notice October 23 and officially retired 2nd January 24.
I was definitely burned out and stressed with work, though kept worrying am I doing the right thing……
Hasn’t sunk in yet, still feel like I am on holiday but already my blood pressure has reduced from very high to the normal range and I feel so less stressed.
I am making the first 3 months about me and not committing to any new activities yet, want to improve my health and fitness etc. 
Have been enjoying gym visits 4 times a week including sauna, walks in the woods with the dog (currently suspended as hurt my knee) , trying new recipes and day time meals with family and friend. Plus daily 10 minute meditation which I can’t believe how much I enjoy and how relaxed I feel after it, I always thought it was woowoo

I have started a Journal to record my “gratitude” list and “to do” list.
Think I have my finances sorted it is more the psychological aspect of retirement I am concentrating on now.

On a financial note I have decided to defer my pension until April 24 as makes financial sense for me as I am due pension rise in April 24. Still waiting on our pension team to confirm exact amounts so need to chase them up.)

enthusiasticsaver

Lovely to lovely to read so many of you are taking the plunge and retiring early. 60 is still early @FIREDreamer. It is a nice feeling knowing your time is all your own. 

kimwp

May I ask - those who are leaving jobs that are making you stressed/burnt out - how are they making you feel that way when you know you can leave?

Phossy

FWIW, I don't plan to retire just yet, but I could. Even though I know that, it doesn't make me care any less about what I do and I will continue to try and do everything to the best of my ability and worry about it until the day I retire (or expire!). It's in my nature. 

Smudgeismydog

I have worked in my field for over 30 years and I just feel I’ve done my stint. It wouldn’t change anything for me by moving to a new employer, if anything it would be harder initially as I would need to get myself established. 

I’m tired and want to slow down, spending my time and money doing the things I want to do.


In money news I’ve confirmed to my employer I want to sacrifice the whole of my annual bonus into my pension (I haven’t been salary sacrificing all year avoiding paying 40% tax to scupper it now), and I’ve also started to list some work clothes on Vint*d. Have to be honest it feels great knowing I won’t need to wear them again!

My partner’s rental property should complete at the end of the week. We are going to sit down and work out much he can pay into his pension, then he will top up his ISA and cash accounts as he is thinking of  reducing to 4 days a week later this year. He is currently aged 52, so will need the cash & ISAs until he can access his pension at 55.
I think he can see how much more relaxed I am a since I gave my notice, and he thinks long weekends every week would be a good start for him.