I did it… I’m retiring… no more dithering

Sunsh1ne54

Update… I’m officially retiring as of October, after much dithering!

Plenty to sort out workwise, but also starting to allow myself to plan my retirement!

Thanks to those of you who’ve helped along the way by commenting on my previous posts. 

bluenose1

Many congratulations Sunsh1ne54.
I dithered for many years and now after 4 months of retirement have not once regretted my decision.
It’s lovely to be able to plan my life without considering work commitments and can’t tell you how less stressful……

I still go to bed early and get up early but great not to set an alarm and to wake up naturally.
I thought I would have joined loads of Groups by now but finding the day goes quickly with my existing commitments, taking dog for long walks, going gym, coffees out, making meals, sorting house out etc, etc. 

I think I am still in decompression stage after 40 years of working, as still just enjoying the new freedom and not in mood to take on any extra commitments yet.

Sunsh1ne54

bluenose1 said:

Many congratulations Sunsh1ne54.
I dithered for many years and now after 4 months of retirement have not once regretted my decision.
It’s lovely to be able to plan my life without considering work commitments and can’t tell you how less stressful……

I still go to bed early and get up early but great not to set an alarm and to wake up naturally.
I thought I would have joined loads of Groups by now but finding the day goes quickly with my existing commitments, taking dog for long walks, going gym, coffees out, making meals, sorting house out etc, etc. 

I think I am still in decompression stage after 40 years of working, as still just enjoying the new freedom and not in mood to take on any extra commitments yet.

Congratulations @bluenose1 I’m so pleased to hear you’re thoroughly enjoying retirement! Your days sound perfect to me, I shan’t be rushing into any commitments either. I imagine I’ll also be in a decompression stage for a while! Enjoy!

katejo

bluenose1 said:

Many congratulations Sunsh1ne54.
I dithered for many years and now after 4 months of retirement have not once regretted my decision.
It’s lovely to be able to plan my life without considering work commitments and can’t tell you how less stressful……

I still go to bed early and get up early but great not to set an alarm and to wake up naturally.
I thought I would have joined loads of Groups by now but finding the day goes quickly with my existing commitments, taking dog for long walks, going gym, coffees out, making meals, sorting house out etc, etc. 

I think I am still in decompression stage after 40 years of working, as still just enjoying the new freedom and not in mood to take on any extra commitments yet.

I am also dithering and have been for over a year since reaching 60. Do you mind me asking whether you have a partner? My fears are of being too isolated once I don't have regular daily contact with colleagues and adjusting to the lower monthly income from my DB university pension and AVC's. I have savings as well but feel uncomfortable using those when I won't be able to top them up as much as when working. I have already reduced to 4 days a week but I am nervous about the next step. 

Sunsh1ne54

katejo said:

bluenose1 said:

Many congratulations Sunsh1ne54.
I dithered for many years and now after 4 months of retirement have not once regretted my decision.
It’s lovely to be able to plan my life without considering work commitments and can’t tell you how less stressful……

I still go to bed early and get up early but great not to set an alarm and to wake up naturally.
I thought I would have joined loads of Groups by now but finding the day goes quickly with my existing commitments, taking dog for long walks, going gym, coffees out, making meals, sorting house out etc, etc. 

I think I am still in decompression stage after 40 years of working, as still just enjoying the new freedom and not in mood to take on any extra commitments yet.

I am also dithering and have been for over a year since reaching 60. Do you mind me asking whether you have a partner? My fears are of being too isolated once I don't have regular daily contact with colleagues and adjusting to the lower monthly income from my DB university pension and AVC's. I have savings as well but feel uncomfortable using those when I won't be able to top them up as much as when working. I have already reduced to 4 days a week but I am nervous about the next step. 

Hi @katejo I do have a partner and he’s already retired. It is a hard decision to make, perhaps live off the income you’ll have in retirement for a while and on your days off cultivate new contacts/hobbies? You may find you aren’t yet ready to retire, or it may give you the confidence to go for it. Good luck!

katejo

Sunsh1ne54 said:

katejo said:

bluenose1 said:

Many congratulations Sunsh1ne54.
I dithered for many years and now after 4 months of retirement have not once regretted my decision.
It’s lovely to be able to plan my life without considering work commitments and can’t tell you how less stressful……

I still go to bed early and get up early but great not to set an alarm and to wake up naturally.
I thought I would have joined loads of Groups by now but finding the day goes quickly with my existing commitments, taking dog for long walks, going gym, coffees out, making meals, sorting house out etc, etc. 

I think I am still in decompression stage after 40 years of working, as still just enjoying the new freedom and not in mood to take on any extra commitments yet.

I am also dithering and have been for over a year since reaching 60. Do you mind me asking whether you have a partner? My fears are of being too isolated once I don't have regular daily contact with colleagues and adjusting to the lower monthly income from my DB university pension and AVC's. I have savings as well but feel uncomfortable using those when I won't be able to top them up as much as when working. I have already reduced to 4 days a week but I am nervous about the next step. 

Hi @katejo I do have a partner and he’s already retired. It is a hard decision to make, perhaps live off the income you’ll have in retirement for a while and on your days off cultivate new contacts/hobbies? You may find you aren’t yet ready to retire, or it may give you the confidence to go for it. Good luck!

@Sunsh1ne54 I do have ideas but they are the types of activity which I can't start until I actually have more free time during the week (eg. voluntary work, daytime adult education classes). 

bluenose1

@katejo   I have a partner but that didn’t stop me dithering. No reason for thinking this but I started worrying  how would I manage financially etc if we split up as my pensions aren’t that great.
I get what you mean re being isolated, though I always think if that was the case for me there is charity work etc I could do that would involve working with others.
Because I have been contributing the max allowed to my pension I actually have more income in retirement than I have had for the last several years working. I suppose you have to work out what your income in retirement will be and what you are likely to require to determine any shortfall.

Could you consider a Career break to practice retirement? 

I read somewhere that we should worry about running out of time rather than money and that has really started to hit home with me. Good luck with making  your decision.

Smudgeismydog

@bluenose1, that “worry about running out of time rather than worrying out of money” is very thought provoking, and so true.

We will move a couple of months after finishing work, and I’m already looking into local groups or clubs I could join so I can meet people in the new area. I have also been reconnecting with local friends, and organising meeting up for a cuppa and chinwag. I also have big plans on creating veg beds, putting up a greenhouse etc as I want to be able to spend a lot more time in the garden.

katejo

bluenose1 said:

@katejo   I have a partner but that didn’t stop me dithering. No reason for thinking this but I started worrying  how would I manage financially etc if we split up as my pensions aren’t that great.
I get what you mean re being isolated, though I always think if that was the case for me there is charity work etc I could do that would involve working with others.
Because I have been contributing the max allowed to my pension I actually have more income in retirement than I have had for the last several years working. I suppose you have to work out what your income in retirement will be and what you are likely to require to determine any shortfall.

Could you consider a Career break to practice retirement? 

I read somewhere that we should worry about running out of time rather than money and that has really started to hit home with me. Good luck with making  your decision.

I can't do a career break but I am reducing my worktime gradually. I now work 4 days and have the option to drop to 3. I am still paying into the pension but have a small cushion from the money which previously went into AVC's. That stopped when I reached 60 and I couldn't continue it. I looked into a new AVC but it wasn't worth the money. I won't have a shortfall as such but I am just reluctant to fund things like holidays out of savings (but still want holidays!).

I do keep forgetting that, when I take my pension, I will also get a significant lump sum as well as the monthly taxed income.

Moonwolf

Congratulations, I think I'm really going to do it this time, if so I've got 11 months left bar major disasters.  I'll probably post a request here for a final "is there anything I've missed" later in the year.

I would not be in this position without this forum, I've listened, been corrected and learned.

Moonwolf

bluenose1

@katejo and @moonwolf. In the tax year you retire I would consider putting all your taxable earnings into a SIPP for the 6.25% return after tax. I put mine in a cash HL SIPP and withdrew it about 9 weeks later when it had been topped up. Depending on whether you leave before or end of next tax year Moonwolf you may also want to consider it for this tax year if you have savings you can use, doesn’t need to be paid in until just before end of 24/25 tax year. Just need to make sure withdrawing it wouldn’t make you a higher rate tax payer in that year.
I also used the “small pots” rule in the run up to retirement to get 3 x £10,000 withdrawal. Worth checking on here if you don’t know about it. Basically I put £8,000 into a HL SIPP and it is  topped up to £10,000 after about 9 weeks. After tax you get £8,500 back, do it again twice more with the same £8k if required,  again be careful doesn’t put you in higher rate tax bracket. Great to make £500 for an hour or so work. 

Katejo - I think it’s known that people can  find it difficult to spend in retirement after so many years of accumulation. I have worked my income and savings out until age 67 when SP starts, keeping back a set amount of savings for emergencies, and have given myself a monthly allowance to cover all essential spending and a “fun” fund. Feel like a monthly salary.