Am i okay to "deflate"? Please sanity check my model / thinking!

megacatt

A bit peripheral and you may have already done this but I was late to this party and many people I know are unaware of it.  Like you I have a youngish child and am in my 50s.  We are all entitled to 18 weeks of unpaid Parental Leave for each child up until they are 18.  I was going to pack it in in a year or so but then thought that with young Megakitten in school what am I going to do with my time?  No long European holidays etc. possible due to school commitments.  Instead I'm maximising my leave buy-back and taking my 18 weeks PL over the next 3-4 years before finishing at 60.

This way I can take almost all school holidays off (4/6 in summer) for the 3-4 years between now and the end whilst maintaining my FT role.  This may provide some flexibility for you if you want to phase down as employers have very limited ability to deny PL.  

Even if you just take your last 18 weeks as PL it gives you access to work benefits for that time.

cfw1994

eastcorkram said:

@crv1963
@cfw1994

I'm sure there's something wrong with me   

I'm finishing in 4 weeks time. Stopping dead (pun intended). 

I have no plans, or ideas really, of what I will do. I've a vague idea of something voluntary a day or two a week, but at this stage, no idea what. Certainly to start with, I'll be doing nothing. I've had enough, physically and mentally at work. Need to rest and re group , before I move on to the next phase. My OH will finish next summer. 

I've read the number thread, but never worked out a number. I came to all this too late, to be able to make much of a difference. Plus, I'd have no idea how to do a spreadsheet, or even the purpose of such a thing. Just figured I'll live within my means, whatever they are. Once SP kicks in next year for me, and in two years for OH, we'll be on around £60k gross between us. Very roughly about half each. 

You read quite a lot on here about holidays, and clearly a lot of people enjoy them, and even enjoy the planning of them. We don't do holidays as such, apart from the odd one night away, even as a couple earning around £100k a year. We have no plans to change that in retirement either. Though I'd expect the nights away to increase. Some people find that odd. Usually the people who like holidays! I'm not sure it's that rare though. I work in a department of 9 people. They're all on between £50k to £60k. Only one of them goes on holiday each year. That's to the same place in France each time, certainly for the last 15 years, excluding COVID. None of the others go away. 

So four weeks left. I'm not excited about it. It's an odd feeling. I'm looking forward to it, but all I'm looking forward to, is not going to work anymore. I'm pretty thick, but not thick enough to realise that I will need to discover a new schedule and routine, which might need to last 1, 10, 20, or 30 years. 

I'm also aware that I'm not doing it the way you're supposed to. As in, I should already have a plan. Probably suits me as a contrary so and so. If I vanish from here sometime just after Christmas, it might be because I've dropped dead shortly after stopping work! 

Never been sure if that's a real thing, or just a myth .

You know what sparked my interest in retiring early?
My first proper job, as a programmer: I was 21 years old.  

Went to the retirement party for the Head of Department for the team I coded for.  Lovely afternoon, nice cake & spot of drink 🥳
Some speeches - of course I didn’t really know him, but he seemed a decent fella.  I believe he was in his 60s.   

The next day: he passed away.   Seriously 😱

Properly made me sit up and think “I need to enjoy work AND plan to get out of it”.
You take care there 💪

Not having much of a plan is fine: you can spend winter and spring figuring out what will drive you forwards, & indeed how you want your finances to work.
My only tips are to avoid daytime TV, & avoid drinking too much 🤪

I did have a long list of things I broadly wanted to go at during the years ahead, under a wide range of headings….but that is me, forever planning 🤣
I also promised myself not to commit to anything in the first year.  TBH, I’ve avoided committing to anything ever since - it is nice to be flexible 👍

Good luck 👍

Cobbler_tone

cfw1994 said:

eastcorkram said:

@crv1963
@cfw1994

I'm sure there's something wrong with me   

I'm finishing in 4 weeks time. Stopping dead (pun intended). 

I have no plans, or ideas really, of what I will do. I've a vague idea of something voluntary a day or two a week, but at this stage, no idea what. Certainly to start with, I'll be doing nothing. I've had enough, physically and mentally at work. Need to rest and re group , before I move on to the next phase. My OH will finish next summer. 

I've read the number thread, but never worked out a number. I came to all this too late, to be able to make much of a difference. Plus, I'd have no idea how to do a spreadsheet, or even the purpose of such a thing. Just figured I'll live within my means, whatever they are. Once SP kicks in next year for me, and in two years for OH, we'll be on around £60k gross between us. Very roughly about half each. 

You read quite a lot on here about holidays, and clearly a lot of people enjoy them, and even enjoy the planning of them. We don't do holidays as such, apart from the odd one night away, even as a couple earning around £100k a year. We have no plans to change that in retirement either. Though I'd expect the nights away to increase. Some people find that odd. Usually the people who like holidays! I'm not sure it's that rare though. I work in a department of 9 people. They're all on between £50k to £60k. Only one of them goes on holiday each year. That's to the same place in France each time, certainly for the last 15 years, excluding COVID. None of the others go away. 

So four weeks left. I'm not excited about it. It's an odd feeling. I'm looking forward to it, but all I'm looking forward to, is not going to work anymore. I'm pretty thick, but not thick enough to realise that I will need to discover a new schedule and routine, which might need to last 1, 10, 20, or 30 years. 

I'm also aware that I'm not doing it the way you're supposed to. As in, I should already have a plan. Probably suits me as a contrary so and so. If I vanish from here sometime just after Christmas, it might be because I've dropped dead shortly after stopping work! 

Never been sure if that's a real thing, or just a myth .

You know what sparked my interest in retiring early?
My first proper job, as a programmer: I was 21 years old.  

Went to the retirement party for the Head of Department for the team I coded for.  Lovely afternoon, nice cake & spot of drink 🥳
Some speeches - of course I didn’t really know him, but he seemed a decent fella.  I believe he was in his 60s.   

The next day: he passed away.   Seriously 😱

I think most of us are aware of a story like that. My two colleagues (partners) were 59 and 67. The older male had no desire to retire but the younger female did and they were about to relocate and retire to the coast following her 60th. I'm sure they could have gone 5 years+ before that. He had a heart attack at work and died two weeks before her planned retirement. Whilst having the protection of still being employed (i.e. fine financially), she still moved to the coast but her future is very different without her partner. It was heartbreaking.
My dad was a part of four people who got made redundant, all between 59-62 years old. Two of those died within a year of it happening. Maybe that is an argument for continuing to work! 

I appreciate it is the exception rather than the norm but we are all impacted with these stories when they happen close to us. If work is not your life (fully respect those who live to work), I think most people will want to enjoy their latter years ASAP. It is probably why a lot of us chose to read these forums and hopefully most of us enjoy life well into old age with a solid plan.

Albermarle

Cobbler_tone said:

cfw1994 said:

eastcorkram said:

@crv1963
@cfw1994

I'm sure there's something wrong with me   

I'm finishing in 4 weeks time. Stopping dead (pun intended). 

I have no plans, or ideas really, of what I will do. I've a vague idea of something voluntary a day or two a week, but at this stage, no idea what. Certainly to start with, I'll be doing nothing. I've had enough, physically and mentally at work. Need to rest and re group , before I move on to the next phase. My OH will finish next summer. 

I've read the number thread, but never worked out a number. I came to all this too late, to be able to make much of a difference. Plus, I'd have no idea how to do a spreadsheet, or even the purpose of such a thing. Just figured I'll live within my means, whatever they are. Once SP kicks in next year for me, and in two years for OH, we'll be on around £60k gross between us. Very roughly about half each. 

You read quite a lot on here about holidays, and clearly a lot of people enjoy them, and even enjoy the planning of them. We don't do holidays as such, apart from the odd one night away, even as a couple earning around £100k a year. We have no plans to change that in retirement either. Though I'd expect the nights away to increase. Some people find that odd. Usually the people who like holidays! I'm not sure it's that rare though. I work in a department of 9 people. They're all on between £50k to £60k. Only one of them goes on holiday each year. That's to the same place in France each time, certainly for the last 15 years, excluding COVID. None of the others go away. 

So four weeks left. I'm not excited about it. It's an odd feeling. I'm looking forward to it, but all I'm looking forward to, is not going to work anymore. I'm pretty thick, but not thick enough to realise that I will need to discover a new schedule and routine, which might need to last 1, 10, 20, or 30 years. 

I'm also aware that I'm not doing it the way you're supposed to. As in, I should already have a plan. Probably suits me as a contrary so and so. If I vanish from here sometime just after Christmas, it might be because I've dropped dead shortly after stopping work! 

Never been sure if that's a real thing, or just a myth .

You know what sparked my interest in retiring early?
My first proper job, as a programmer: I was 21 years old.  

Went to the retirement party for the Head of Department for the team I coded for.  Lovely afternoon, nice cake & spot of drink 🥳
Some speeches - of course I didn’t really know him, but he seemed a decent fella.  I believe he was in his 60s.   

The next day: he passed away.   Seriously 😱

I think most of us are aware of a story like that. My two colleagues (partners) were 59 and 67. The older male had no desire to retire but the younger female did and they were about to relocate and retire to the coast following her 60th. I'm sure they could have gone 5 years+ before that. He had a heart attack at work and died two weeks before her planned retirement. Whilst having the protection of still being employed (i.e. fine financially), she still moved to the coast but her future is very different without her partner. It was heartbreaking.
My dad was a part of four people who got made redundant, all between 59-62 years old. Two of those died within a year of it happening. Maybe that is an argument for continuing to work! 

I appreciate it is the exception rather than the norm but we are all impacted with these stories when they happen close to us. If work is not your life (fully respect those who live to work), I think most people will want to enjoy their latter years ASAP. It is probably why a lot of us chose to read these forums and hopefully most of us enjoy life well into old age with a solid plan.

Just to add to the jollity..

I worked in the next office to a guy who was just slightly older. After I left the company I kept in touch with the people there ( I was still in the same industry) .
Despite having built up 25 years of DB pension ( salary £75K ? ) and 15 years of DC , he decided to stick it out to the DB NRA of 65. In his last year of work he was diagnosed with MND and within a miserable 6 months of retiring, it had killed him. 

Cobbler_tone

Anyone got any good news? 

My DB NRA's are split at 60 & 65...I'm out (if I get there, not sure after reading this!) at 58. One of the things I find most interesting on here are the various outlooks of different people. We all follow the examples (or experiences) around us. I know my own elderly parents have more money than they have ever had and need less than they have ever needed. 
I know I only need 50% of my wage and there will be life events along the way. I may/may not get inheritance depending on care needs. I might do some part time work if I get bored, or need some pin money. Why work to 65+ to have income of £50k plus if £30k is ample? Then some people are in their mid-50's with a modest lifestyle and worrying that they are only sitting on £1m! 
I have three back surgeries behind me and want to enjoy some years of adventure.

Did the chap above have to stay to his NRA, maybe he wanted to?

I always support my direct reports when they are over 55+ and have actively accessed and explained pension detail with them (without financial advice of course), in two instances leading to early retirement (after they engaged with advisors) that they didn't think was possible.

I think so many people are still pre-programmed to think that we all work until the state pension kicks in. I figure if you are entitled to free prescriptions then (unless you want/need) to, you should be gearing up to be in a position to retire.
I always find it staggering just how many people have paid into a pension you years and have never even looked at it.

Secret2ndAccount

Can I just say that my first job was in a large open-plan office staffed half by fresh graduates, and half by old people. So I saw a lot of people retire. Without exception, they all went on to live for several or many comfortable years. I only went to one funeral in ten years.

Sarahspangles

It’s not just about life expectancy, it’s quality of life. I have a few colleagues or friends who retired because of ill health that would reduce lifespan. There are more who will say they haven’t had the retirement they expected due to their own or their partner’s health. I’m unlikely to hop off my twig in my late 50s but my Q Risk score for a CV event within 10 years is 4 to 5% and some of my peers are already on waiting lists for hips and knees. I think I’ll be healthier for longer as a retiree.

Cobbler_tone

Sarahspangles said:

It’s not just about life expectancy, it’s quality of life. I have a few colleagues or friends who retired because of ill health that would reduce lifespan. There are more who will say they haven’t had the retirement they expected due to their own or their partner’s health. I’m unlikely to hop off my twig in my late 50s but my Q Risk score for a CV event within 10 years is 4 to 5% and some of my peers are already on waiting lists for hips and knees. I think I’ll be healthier for longer as a retiree.

That's a good Q risk score for your age. 

Starmer24

Update - negotiated to move to 3 day work week starting April 1st.  Will see how this goes (both parties) !