Retirement shocker
- Thread starter raysablade
- Start date
bigjonny
pfm Member
Not just me then
although I’m busy today, I’m on the way to a beer festival.I was offered redundancy at 46 and grabbed it.
We paid off the mortgage and fortunately, (a) my wife is 8 years younger than I and continues to work and (b) we don't have any kids to support.
I'm 55 now and would hate to still be working. I wouldn't have time what with all the golf and fishing. I don't have to dip into the pension pot just yet which considering mad Vlad's plans, is quite lucky.
A friend of mine has just taken early retirement/redundancy and was contemplating what he'd like to do with his TFCS. That was until one of his son's came come and decided on a change of career and would dad like to fund him through pilot training. I think its somewhere north of £70k.
Kids? I'll stick with the spaniels!
We paid off the mortgage and fortunately, (a) my wife is 8 years younger than I and continues to work and (b) we don't have any kids to support.
I'm 55 now and would hate to still be working. I wouldn't have time what with all the golf and fishing. I don't have to dip into the pension pot just yet which considering mad Vlad's plans, is quite lucky.
A friend of mine has just taken early retirement/redundancy and was contemplating what he'd like to do with his TFCS. That was until one of his son's came come and decided on a change of career and would dad like to fund him through pilot training. I think its somewhere north of £70k.
Kids? I'll stick with the spaniels!
The other side would be the kids are independent, the mortgage will soon be done, we'll drive less, probably won't be as fit to go on holiday in 20 years and won't notice the improvement in a £2k mains lead!
paulfromcamden
Baffled
Joe, members who bought well in previous decades may well find the rising cost of used vinyl funds their retirement : )
CraShWilliams
pfm Member
Very inspiring to read of some here retiring in their 50s - I turned 52 recently and for a while now I've been thinking of cutting back. I'm in the fortunate position of having a house in London with quite a low mortgage which we've just put on the market - we're planning to relocate to Devon. I've also been in some form of pension since I was 18 and currently 9 years into a Local Gov Pens Scheme - I recently had forecast around retiring at 55 and it would give me about £14k a year and wondering whether that, some money invested and selling some art (years ago, I picked up several prints by a well known street artist) could I get by - I do have the opportunity to continue working from home so maybe a move to reduced hours might be the soft landing in to retirement that I need...
paulfromcamden
Baffled
I think that's quite a smart approach if you have the opportunity.
If you can get by on a modest retirement income that makes downsizing a lot more do-able, but to make it work and still be secure I think you also need an emergency cash fund for stuff like medical emergencies, unexpected structural work on your home etc etc.
Ponty
pfm Member
Semi retired at 40. My wife attempted early retirement but keeps being asked to get involved in stuff she finds interesting. Her work ethic is incredible (too much time working in the US). Of course, unless you have staggering levels of wealth, early retirement is only really an option due to the NHS and for many now, pension schemes which will not exist for the next generation. It’s pretty cheap to live in the UK once you’ve got your housing sorted. Try doing it in the US…
mikemusic
pfm Member
I sold my company and worked for the new US owners for a few months before I had to leave as almost permanently angry
Slightly worried I would be bored being retired
Thought I could work part time or consult somewhere but never got around to it
No chance. There's the music of course, the dogs to walk, cycling, leaves to rake and other grunt gardening work.
Retirement is great especially as I had the pension sorted when the company made loadsamoney
Wish I'd done it earlier.
I can live on not a lot. The boss needs a fair bit more than that though !
Neighbour just retired after seeing that the project managers in his line retired and died within 5 years
Slightly worried I would be bored being retired
Thought I could work part time or consult somewhere but never got around to it
No chance. There's the music of course, the dogs to walk, cycling, leaves to rake and other grunt gardening work.
Retirement is great especially as I had the pension sorted when the company made loadsamoney
Wish I'd done it earlier.
I can live on not a lot. The boss needs a fair bit more than that though !
Neighbour just retired after seeing that the project managers in his line retired and died within 5 years
Sue Pertwee-Tyr
Accuphase all the way down
I do wonder about tales like this, which are very common. It's almost as though the sudden life changes bring stresses of their own. I'm considering a phased withdrawal for that reason. Ease into retirement rather than a sudden transition and period of adjustment.
mikemusic
pfm Member
Pick one. Do it now.
Sudden was fine for me, much to my surprise
The world becomes a different place
Finnegan
I like a bit of a cavort
Whisky (partially) funding mine. Took early retirement, couldn’t wait to get out. My occupational pension is about half of what I was earning but I paid off the mortgage. When I was working, a new boiler, or car, or NDX2 was financed relatively easily. Now I have a finite pot of money in the bank to allow for major house renovations, repairs etc. when it’s gone, it’s gone. Don’t qualify for the state pension for another eight years. But now I wake up every morning naturally, not by the radio alarm. Not always certain how I’ll fill my day, but however it’s filled it’s my own choice, not dancing to someone else’s tune. Wouldn’t (couldn’t) return to full-time employment.
Ponty
pfm Member
Indeed. It’s not necessarily what your income is, it’s what your overheads are.
hifinutt
hifinutt
very nice too . will be shortly selling a house in one of the bed areas and roads in devon !!! hope you find something good
CraShWilliams
pfm Member
paulfromcamden
Baffled
I took a career break that turned into a full year off. Didn't realise quite how unwell physically and mentally I'd become - I was basically burnt out. Then returned to higher education for three years (while also working a few evenings a week) which I found pretty intense. When that finished it took me about six months to recharge my batteries. After a couple of years in my current job I switched to working part time. I'm hoping to do some postgrad stuff next year.
Each transition has surprised me at how much of a mental adjustment has been required on my part. I've discovered (to my dismay!) that I really benefit from having some structure to the week so the days don't all just blur into one. I also need some focus - something that I feel I'm working on or towards. I suspect that if I finally escape the need to do paid work at some point I'll still want to do some form of unpaid voluntary work.
BillT
pfm Member
Retired on Christmas eve 2021 at the ripe old age of 61. I wasn't planning to go then, but got offered a decent redundancy packege and so took the money and ran. Best Christmas present ever. The only downside is the current inflation rate is somewhat eating in to my cash stash. Everything else is the upside.
SteveG
pfm Member
I turn 55 in March and my current plan-B is to retire then, once I have access to my personal pensions. Plan-A is for my company to keep me interested enough to stay on, but with a big transformation looming in 2023 (with us aligning EMEA to our US business structures and processes) it's not yet clear whether that's going to happen. Plan-A+ would there being a need to downsize the department as part of that transformation and volunteering to be one to go - but sadly not looking likely at the moment.
My main problem is proving to my wife that we won't be immediately destitute! I've got a spreadsheet showing we can meet the Which "luxury" target retirement income without needing to sell either of our houses but she's not a believer.
My main problem is proving to my wife that we won't be immediately destitute! I've got a spreadsheet showing we can meet the Which "luxury" target retirement income without needing to sell either of our houses but she's not a believer.