Early-retirement wannabe

robin61 · 30 August 2015 at 1:06PM

kangoora wrote: »

I'm in a strange position now.

I could conceivably take a package now at getting on for 54, and according to my calculations, retire on about 50% of current household income. The trouble is, each year I put off retiring, increases the annual pension income by around 6-7%.

I've decided to put it off to 56, another 12-15% p.a. spending money (ish) for the rest of my life for 2 and 1/2 more years of what is becoming a minor hell in work seems an acceptable price to pay.

On the plus side, if I do get pushed out as they've now started a purge (disguised as job capability assessments), at least I now know I can either take a part-time job stacking shelves, van driving, hunt beating, etc. for a couple of years or contract for a much higher wage for a year - or just quit work anyway and accept a lower income.

It's a nice feeling knowing I don't actually 'need' to work so that makes it a bit more bearable for me.

I could have written that post.

I had originally planned to go at 60. Then I revised that date down to 57 and now I realise that 56 is comfortably doable. I am nearly 55 now and I think that when I reach 56 I will feel more relaxed about the whole thing. I just hope that they are still offering some voluntary redundancy packages then.

ManofLeisure_2 · 30 August 2015 at 2:09PM

ML, I guess what you are looking for is ''inner peace'', and that is something I feel many people spend their whole life looking for and sadly never do. There aren't any easy answers. What I would say is that you are so much more than ''the accountant''. Yes, you may have made ''a lot'' of money, but from what you have said, you have achieved so much more. You have turned your fortunes around and are now living the life that as a child you probably could only dream of. Now that has to be admired

. Additionally, you are in the fortunate position of having a family - something so many people yearn for. Have I started to ramble? - yes, probably lol
My advice to you is not to think so deeply about your retirement. You have no money problems and so in the position to ''go with the flow''

. New doors will open.

kidmugsy · 30 August 2015 at 3:11PM

"inner peace"? Go to Bali and try yoga. Some people find it that way.

Moby · 30 August 2015 at 4:01PM

Marine_life wrote: »

Oh my gosh, well there's a question that could take a book to answer!

The simple answer is that we are already there in the 'very' comfortable zone with an annual buffer of around 50% of what I believe is a very reasonable annual spend. Even after that we would still have a remaining pot by the time our pensions start paying out of 10 years spending. So trust me, it's no longer about the money.

So if it's no longer about the money then what's it all about? Its all about the psychology.

A couple of things:

1. I'm in a job where the pay puts me in the top 1% of earners. Coming from a working class background I am acutely aware of the privileged position, what others would do to be there and what it would mean to walk away.

2. This sounds very poncy, but....well...I'm still not sure who I am! Am I the successful accountant or am I the person who like to grow a beard, wear shorts and tee shirts and stand around looking at the beauty of the world? If you're not sure who you are or more importantly who you want to be...then maybe remain as you are if who you are right now is a pretty good place to be.:o See I told you it was poncy.

There's no doubt that the more options you have the more difficult decision making becomes.

Perhaps the issue is you have defined yourself in the past by your successful career and giving that up becomes difficult for that reason. You therefore need to decide what will motivate/define you in future. So long as whatever it is doesn't eat into that 50% buffer too much you'll be fine. It's like going over the edge when you are absailing;)

Marine_life · 30 August 2015 at 5:59PM

kidmugsy wrote: »

Philosophers might debate whether such a category exists. Can someone who has devoted his life to such essentially trivial pursuits as book-keeping and tax-avoiding truly be said to be successful? Obviously if you'd run a sweetie shop, you could be successful - you'd only have to look at the beaming faces of the children (and the local dentists). But an accountant?

Ha ha - you are right, its a bit of an Oxymoron

I was referring purely to reward, although it seems to be completely paradoxical that society that society does not apply rewards to those truly deserving. I once turned down the option to teach (which would have been hugely satisfying) because it did not pay enough money. I'm not sure what that makes me........

Marine_life · 30 August 2015 at 6:30PM

cathybird wrote: »

Are "successful accountant" or "beardie hippie" really the only two alternatives? ... Can't you be the "successful accountant" who retired to live a full and interesting life?

No, probably not the only alternatives but when I took my 10 week sabbatical last year, the first thing I wanted to do was grow a bread for the first time in my life (and I'll admit I was a little shocked that it was grey :eek:), so to me this is the big contrast. Come to think of it I have no idea why I shaved the beard off......maybe I could have a let a little bit of light into the darkness ;-)

Marine_life · 30 August 2015 at 6:45PM

ManofLeisure wrote: »

ML, I guess what you are looking for is ''inner peace'', and that is something I feel many people spend their whole life looking for and sadly never do. There aren't any easy answers. What I would say is that you are so much more than ''the accountant''. Yes, you may have made ''a lot'' of money, but from what you have said, you have achieved so much more. You have turned your fortunes around and are now living the life that as a child you probably could only dream of. Now that has to be admired . Additionally, you are in the fortunate position of having a family - something so many people yearn for. Have I started to ramble? - yes, probably lol
My advice to you is not to think so deeply about your retirement. You have no money problems and so in the position to ''go with the flow'' . New doors will open.

That's quite deep :think::think::think: ....now I really do wish I had a beard so I could stroke it.

I speak to friends and ask them what their dreams are and a lot say "basically I am quite happy as I am, where I am", whereas I always seem to be searching for something. Unfortunately I don't know exactly what it is I'm looking for (and I hope I will know it when I find it) but I suspect its fear of 'missing out'. So maybe you're right.

madeinireland_2 · 30 August 2015 at 6:55PM

robin61 wrote: »

I could have written that post.

I had originally planned to go at 60. Then I revised that date down to 57 and now I realise that 56 is comfortably doable. I am nearly 55 now and I think that when I reach 56 I will feel more relaxed about the whole thing. I just hope that they are still offering some voluntary redundancy packages then.

You two gents obviously work for BT then. I am fairly certain there will be further voluntary redundancy packages otherwise we have just wasted a heap of money developing a new paid leavers module as part of the new HR system. I'm not sure how widespread they will be however.

robin61 · 30 August 2015 at 7:11PM

If

madeinireland wrote: »

You two gents obviously work for BT then. I am fairly certain there will be further voluntary redundancy packages otherwise we have just wasted a heap of money developing a new paid leavers module as part of the new HR system. I'm not sure how widespread they will be however.

Hopefully a matter of hanging on in there and being patient for a bit longer. As Kangoora said every extra year is another 6% on the pension just a matter of working out the balance ..time v's money.

gfplux · 31 August 2015 at 8:55AM

I have posted this before but does not mean that repeating it makes it easier to deal with.
Many of us are defined by what we do....."successful accountant".......Company CEO, Engineer, Teacher etc.
when you retire you are a "USED TO BE"
wether we like it or not that can be difficult to cope with.
I confess that this did trouble me for the first one or two years.
Do not discount that in your calculations.

Early-retirement wannabe

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