I've reached that watershed moment when you start to think seriously about retiring. I'm at a confluence of two factors contributing to this: firstly we paid off our mortgage last week and secondly my job is becoming more stressful and annoying at the same time.
So I'm writing this post partly to straighten things out in my head.
I can't draw the state pension until November 2026. I also have three company pensions, none of them particularly lucrative and although I could draw on them before 2026, I'm determined not to - to give the overall pension pot a chance to grow a bit. I'll obviously get a bigger yearly wedge of cash out of all of them if I leave them alone for now.
However - I do have a substantial chunk of savings. I've saved pretty diligently this last ten years or so and I also inherited some money. I could live off savings, modestly anyway, until November '26 and still have most of them left in 2.5 years time once I start living off my various pensions.
So: knowing that I could retire right now, at a pinch, makes it very tempting to do so.
Against that: every month I stay in work is another £2Kish I can add to my savings, now that I've paid the mortgage off. And of course it's one fewer month I'd be draining them when I do retire.
Then again: why not use my savings for electricity bills, Tesco, car maintenance and the rest for a couple of years? It's not like I have other plans for them. No wish to move to a bigger house. No desire to own a Porsche or a boat. I have no desire to be, as my wife occasionally puts it, "the richest man in the graveyard".
Another option is to quit my job and do something lower paid and less irritating and demanding for a year or two. Maybe I could start a YouTube channel and get some income off that, or get occasional writing work. Or do occasional short contract IT work.
So there are a lot of variables and considerations to this. Another thought is that I do get a sense of purpose from my job. It does occasionally provide me with a bit of pride and satisfaction.
If you've retired - did you experience a lasting surge of joy at being released from having to work for a living? Or did you look out of the window on a rainy Monday afternoon with no job to go to and think: "is this it?"
I couldn't wait to retire. I spent all my working life thinking about it. As a social retard the whole process of going into work and being with people filled me with dread and I couldn't wait to be free of it.
After my second redundancy, because I was getting on a bit the employment I did get wasn't as remunerative as before so I got used to living on less. I had paid 20 years into a final salary pension with my first job which will pay a reasonable amount at 65 so I've got that.
My state pension age is 67, but I'd estimated that with savings and company pension starting two years earlier that I could finish work at 62, but an inheritance enabled me to bring it forward to 59 :)
My day is now my own and I can make the most of sunny days and get out on the bike. Two years on though I still have work related nightmares...
I couldn't wait to retire either and luckily circumstances allowed me to quit when I was 54 (I'm 60 later this year). I have no regrets at all; similarly when I left the military after 26 years I didn't look back and while there were some elements I missed 26 years really is enough for anyone.
Mine and my wife's pensions leave us quite comfortable and we haven't had to draw down on any of our savings but we won't be getting our state pensions for quite a few years yet.
I love being able to do anything I want to, when I want without getting up at 6am like I used to and going away for work to shitholes I would never have wanted to visit with people I would never have socialised with.
You've just reminded me of something Nick. On my very first week as an analyst/programmer at Rolls-Royce, one of the old lags in the office was about three weeks from retiring. He'd been there since the '60s and he was counting the days. And I remember him saying to me, with a wry smile, "you've got about 35 years to go, haven't you Jim?"
He knew I was 29, and people typically retired at 64 in those days.
And now I think about it, that'll be 35 years ago in August.
I,m packing it in next March.. nhs does phased retirement 3 months out from your finish date..so next Jan will be 4 days a week.. Feb 3.. Mar 2 days a week..so the plan is to hang on to 8 days holiday which mean I can finish basically end of Feb and take the whole of March off .... Letter goes into HR 6 months from the finish date so late summer this year...
Ouch, when I read all this. I am. 54 and have another 13 years and then some to go. State pension current starting date is January 4th,2038. It sounds like a science fiction concept...
Mind you I don't mind working, and my current job suits me just fine.
I have always gotten by regardless of how much the salary was. I am currently quite comfortable, but need to start saving up a bit more.
Having said that, I have had quite some colleagues that started working less, 4 days, some even 3. It sounds appealing, when the time is there.
Also, I wouldn't mind working a bit after my retirement, find something nice and get on with it. But that's what I'm saying now of course..
Good luck making your decision though James, I can only say it would leave more time for cycling. And guitar playing. Or playing guitar while cycling, the possibilities are endless!
I'm really looking forward to packing in work in August after notching up 44 years for the same company. I joined Post Office Telecommunications as an apprentice on 1st September 1980 the day after my 17th bithday. When I joined, retirement was set at 60 years of age and from the age of 18 we paid into the defined benefits pension scheme which was designed to provide a lump sum and an annual pension based on half your final salary after 40 years service. However.....It all changed in 2009 because it was too expensive.
The final salary scheme was replaced with one based on career average pay and the retirement age was increased to 65 years of age. I think (?) we also had slightly increased contributions too (of course, the benefits already built up under the previous scheme were not lost). However.......A number of years later this too was deemed to be too expensive so it was junked for a defined contribution scheme (roulette wheel!).
Last year some of my colleagues opted to initiate a 'Flexible Retirement' option which allows you to take the defined benefit part of your pension and continue to work for a maximum of two years (salary plus pension). However.....BT has periodically offered quite good redundancy packages ('Voluntary Leaver Scheme' - recently been capped at 12 months salary). A lot of engineers in my role are of a similar age and most were hoping one day we would benefit from VLS. I duly decided to go for the Flexible Retirement Scheme but not before I made equiries about whether a VLS package would be coming down the track in the near future. I was told it was most unlikely. With that in mind, I had a decision to make on how to take my pension (min. lump sum, max lump sum, PIE etc.). Happy with my decision, I 'pressed the button' last June and started the countdown to my last day of work being no later than 31st August 2025 (my 62nd birthday).
I never intended to work until that date and decided that I would take a year of the pension payments before quitting. I informed my manager about six weeks ago that I wanted 31st August this year to be my last day of employment. I was happy to be leaving on my own terms at a time that suited me.
However.....the shine has been taken off my leaving due to a VLS being announced just a couple of weeks after I gave my boss my termination date. This means that colleagues of a similar age, in a similar role will now be walking away from the company with over £40K redundancy. The few in my position were pissed with the situation and a snotagram was sent to my senior manager. Stock reply stating the redundancy package would not have been offered to me anyway because I'd opted for Flexible Leaver Scheme.
I feel I've been a bit unlucky but when you factor in the pension payments for 12 months, interest on the lump sum and the fact that I've been erroniously paid a call-out retainer for nearly six years (even though I have brought it to management's attention at least three times!), I've done OK. I've also enjoyed what is possibly one of the best engineering roles on the company and for the last five and a half years I've been blessed to work in a stunning part of the world (Gloucestershire Cotswolds) with little or no managerial interference whatsoever - probably the most enjoyable period of my career. So I needn't feel too sorry that I missed out on a wedge of cash that, in truth, I don't need. I've also been fortunate enough to squirrel away the maximum into my DC pension from my salary for the last few years and probably won't need to touch it for quite a while. All I need is for the BT share price to fly. That would be gravy!
If I hang on to the lion's share of my unused annual leave, I should be leaving around mid August. It all sounds great unless........WW3 ruins it all
Work had me by the throat for too many years of my life. I was in an unrewarding job, well beneath what I feel I should have achieved in life but circumstances in my early twenties dictated that I just had to bring home a wage despite what the unwashed general public contrived to throw at me. I met some very interesting people along the way. Stories that I wouldn't dare to write here, but it could never soak up the regrets of, you guessed it, what might have been.
However, about 2018, I was surprised to discover that one of my workplace pensions, my first one in fact, had grown to an extent I had never thought possible. Not quails eggs in Mayfair for lunch money, but a sum which opened up a world of possibility that I never imagined would happen. Folk at work actually started to notice that my A4 day book was constantly full of unintelligible figures. All I did between work commitments was scribble fanatically, calculating possible retirement dates and income. I was probably 58 and suddenly rejuvenated into a world of excitement and adventure.
Then the company I worked for was sold, voluntary redundancy was offered and to my bosses disbelief, I strolled into the boardroom and asked to be considered. I got it. I'd been there twenty years and felt nothing as I left, only disappointment that M&S wasn't open yet so I had to park up for a while so that I could buy a nice lunch for me and my sister. Had a couple of part time jobs afterwards but struggled to find the correct spec's prescription for the screens. Got sore eyes, then double vision, thyroid eye disease (get checked folks) and so, so lucky it all happened after the redundancy situation which set me up quite nicely.
I hated work and love every day I'm not there, but weirdly as Nick mentioned earlier, I still dream about it in the most tormenting ways. Can't shake off the people or paperwork dramas which were of no significance then or now. But still they surface. Retire, James, I've a feeling you'll love it.
Reading my grim chapter back makes me think that if only my bass playing skills had been picked up by pals called Neil and Alex, things could have been significantly brighter. Or perhaps the cyst currently residing in my throat would be a greater issue if I'd managed to perfect the caterwauling of my perceived idea of the perfect male singing register.
Wife suggests that, in the long run, I probably wouldn't save any money by leaving the company pensions alone until state pension age.
Tempting as it is to walk away from all the various work commitment nonsense, turning off the money tap is an uncomfortable thought, especially at the very moment when I get to keep more of it. Funnily enough I just got a pay rise as well today, not a big one though. Below inflation actually.
Sorry, James. Now edited. Where did Jim come from?
Quote from: Slim on April 22, 2024, 11:05:51 PMWife suggests that, in the long run, I probably wouldn't save any money by leaving the company pensions alone until state pension age.
Tempting as it is to walk away from all the various work commitment nonsense, turning off the money tap is an uncomfortable thought, especially at the very moment when I get to keep more of it. Funnily enough I just got a pay rise as well today, not a big one though. Below inflation actually.
Yes, the one thing I miss is that stream of cash hitting the account on that same day every month. If you are in good health and not overwhelmed by work I would definitely recommend that tap being left completely open for as long as it's available.
Quote from: The Picnic Wasp on April 22, 2024, 11:07:30 PMSorry, James. Now edited. Where did Jim come from?
Probably my reminiscence from 1989, that's what my colleagues used to call me back then.
Honestly there was no need to edit it, I don't mind it at all.
Quote from: David L on April 22, 2024, 10:41:46 PMHowever.....the shine has been taken off my leaving due to a VLS being announced just a couple of weeks after I gave my boss my termination date. This means that colleagues of a similar age, in a similar role will now be walking away from the company with over £40K redundancy.
This is yet another variable I need to think about. A few years ago there were two waves of redundancies at our place. I highly doubt they'd offer voluntary redundancy but it's just possible that they'd do it again, and I'd get the (involuntary) chop this time.
My payout would be at least £16,000 as a statutory minimum which is not life-changing, but I'd hate to leave my job and miss out on it a couple of months later, if it happened.
I handed my notice in. I'm not convinced I'm retiring. It's not necessarily permanent. Maybe it is. But it is indefinite.
Ideally I would have liked to work for another six months or so but the job is getting more annoying by the day and as Miles Davis once said - when you're at a party, you've gotta know when to leave.
I'm contracted to provide 8 weeks' notice, but I've given them 9. Partly to make the transition easier for them, partly to squeeze another week of cash while I'm in the less stressful situation of knowing I'm leaving.
I'm not sure I'm ever going to be able to retire. The reasons why are a bit complex. I run a family property investment and lettings business. The process of splitting it up between the 3 owners will be stressful and expensive but it will happen at some point in the next decade. Once that happens, I guess my workload will be reduced but I'll still be managing tenants and tenancies - I simply couldn't pass that on to a letting agency to manage..because they're all useless.
I am conscious that my dear wife is 4.5 years older than me and she deserves to be able to enjoy life a little more and not have a husband who can't holiday, for example in the summer because of tenancy changeovers and is constantly preoccupied with work issues. That weighs heavily on my mind because, frankly, she deserves much better.
Well, it's the last day in my present job. It's all a bit surreal. Had some sweet messages from people at work but otherwise it's been very low key. I haven't actually met a customer or a colleague in person for 18 months.
Still don't know if I'll work again, but I have no plans to.
Quote from: Slim on June 27, 2024, 11:29:43 AMWell, it's the last day in my present job. It's all a bit surreal. Had some sweet messages from people at work but otherwise it's been very low key. I haven't actually met a customer or a colleague in person for 18 months.
Still don't know if I'll work again, but I have no plans to.
Have a great last day..👍🥃
Quote from: Slim on June 27, 2024, 11:29:43 AMWell, it's the last day in my present job. It's all a bit surreal. Had some sweet messages from people at work but otherwise it's been very low key. I haven't actually met a customer or a colleague in person for 18 months.
Still don't know if I'll work again, but I have no plans to.
All the best James. I'm sure you'll love being a man of leisure.
Quote from: Slim on June 27, 2024, 11:29:43 AMWell, it's the last day in my present job. It's all a bit surreal. Had some sweet messages from people at work but otherwise it's been very low key. I haven't actually met a customer or a colleague in person for 18 months.
Still don't know if I'll work again, but I have no plans to.
I suspect it's a nice position to be in, you don't need to, but if you'd want to you could.
Until that time: enjoy your time off.
Quote from: Slim on June 27, 2024, 11:29:43 AMWell, it's the last day in my present job. It's all a bit surreal. Had some sweet messages from people at work but otherwise it's been very low key. I haven't actually met a customer or a colleague in person for 18 months.
Still don't know if I'll work again, but I have no plans to.
I hope you really enjoy your new life. It must be a good feeling though to realise that with your huge knowledge of that great mystery to most of us, the computer, you'll never be out of demand. I wish I'd experienced a final day at work like you though. Mine was in instalments. I took voluntary redundancy from my job of twenty years as I couldn't stand it any longer. Then three extremely short lived term part-time jobs before my last three month stint with a local firm. I hadn't realised that the Graves' disease was probably the real root of my unrest, but other than missing out on a gold clock day I'm pretty content. Good luck with everything you decide in the future.
Enjoy the weekday lie-in tomorrow
Welcome to the club ;D
So: three weeks of it now, and I must say they've flashed past. So far so good, though I wonder if the winter months might be a bit of a challenge.
A friend of mine retired from his job as a detective inspector in Leicestershire CID a few years ago and he had a bit of a mental health crisis about it. His sense of purpose disappeared with his job. He ended up seeing a therapist and eventually took a part time job working on a farm, picking fruit and painting sheds. Seems happy enough now.
I'm definitely not having a crisis so far. But I am trying to do something productive every day and started keeping a simple diary of what I've done, just to guard against that feeling that I'm wasting my time. Relubing a bike, cleaning the oven, changing the sheets, a bike ride, a Tesco run, painting the bathroom, guitar practice, whatever.
Being just 54 I cannot even begin to imagine this. Work is so deeply rooted in my daily life. I have to say though that the work from home policies as of recent may help navigate my situation when the time is there.
Just 13 years to go..
Well I always loved doing nothing and now I have all the time in the world to do it :)
At best I worked to live, I never lived to work.
That's it! A 44 year career comes to an end. Employed until the end of the month but last day of duty today. Surrendered my laptop, keys and pass card - home by midday.
I'm off down the pub!
I just checked the government website and my current pension date is January 4th 2038. I now feel the urge to post this in the grumpy thread.
Ive just found out that if I pay HMRC the national insurance contribution for each year that I've lived in Ireland I can get the UK pension for those years. Bit of a no brainer in terms of return so I've got that process underway.
Obviously if I die in the next 8 years it will have been a waste but I think its a risk worth taking!
Quote from: dom on August 01, 2024, 09:59:23 PMIve just found out that if I pay HMRC the national insurance contribution for each year that I've lived in Ireland I can get the UK pension for those years. Bit of a no brainer in terms of return so I've got that process underway.
Obviously if I die in the next 8 years it will have been a waste but I think its a risk worth taking!
This might help in making shortfall contributions.
http://betweenthewheels.net/index.php?topic=48.msg23256#msg23256
Quote from: pxr5 on August 01, 2024, 10:32:03 PMQuote from: dom on August 01, 2024, 09:59:23 PMIve just found out that if I pay HMRC the national insurance contribution for each year that I've lived in Ireland I can get the UK pension for those years. Bit of a no brainer in terms of return so I've got that process underway.
Obviously if I die in the next 8 years it will have been a waste but I think its a risk worth taking!
This might help in making shortfall contributions.
http://betweenthewheels.net/index.php?topic=48.msg23256#msg23256
Thanks for that - I've actually got a professional to sort it out - I think partly due to reading your post!
Working out my remaining hols and then the phased retirement that kicks in after New Year.. so last working day will be Feb 19th although I'm still on the payroll till end of March..
My wife pointed out this morning I have only two more Mondays to work ..today and dec 30th
Quote from: Fishy on December 16, 2024, 09:41:11 AMMy wife pointed out this morning I have only two more Mondays to work ..today and dec 30th
Somehow I feel a list of chores being built up rapidly.
Quote from: Thenop on December 16, 2024, 04:14:29 PMQuote from: Fishy on December 16, 2024, 09:41:11 AMMy wife pointed out this morning I have only two more Mondays to work ..today and dec 30th
Somehow I feel a list of chores being built up rapidly.
It already has mate..
Just realised I'm now into single figures for working days left.. 3 days each in the next three weeks.. a nice but slightly odd feeling if I'm honest
So no more ThursFridays to work
So a retired fish. Is that a clam?
Hope you enjoy all your free time
Quote from: pdw1 on February 14, 2025, 07:20:22 PMSo a retired fish. Is that a clam?
Must have been a shell company then
That's put him in his pla(i)ce
I'm sure he'll be a Dab Hand at being retired
There are so many fish puns that this could go on for a while, but eventually the thread will begin to flounder.
Holy carp these are fintastic...
That's Mondays done n dusted.
Quote from: Thenop on February 19, 2025, 12:06:33 PMQuote from: Fishy on February 17, 2025, 04:35:07 PMThat's Mondays done n dusted.
counting the hours?
Think we're down to minutes now.. went on site to clear out my office/ desk.. bumped into a few folks to say bye.. it's a bit odd.. meal out tonight with family/ kids then Marrakesh on Friday.. what's not to like?😀🍾🍷🍺
last pay for March now in the bank...
This is an interesting thread. I'm 59 and am in a job position I've dreamt of all my working life. Self managed doing a job that I find very easy. I'm being paid well and have very little stress. I could retire now ish, and be relatively ok.
I turn 60 in January, at that point I think I'll drop down days, maybe do 3 a week, starting in April when it's warm enough to fish!
I still work in housebuilding but am home based, and do a job involving getting completed developments over to local authorities ( adoption ), the job is really about who you know and getting on with folk, which I seem to do ok at. ( I was National Employee of Excellence last year !! The award I got was on a shelf in the local pub for a while . )
I have a few gangs of sub contractors who cover all the bases of issues I could have to deal with who I've known for years.
Of course come next January things could all change.
Quote from: Slim on April 25, 2024, 11:01:17 PMI handed my notice in. I'm not convinced I'm retiring. It's not necessarily permanent. Maybe it is. But it is indefinite.
Ideally I would have liked to work for another six months or so but the job is getting more annoying by the day and as Miles Davis once said - when you're at a party, you've gotta know when to leave.
I'm contracted to provide 8 weeks' notice, but I've given them 9. Partly to make the transition easier for them, partly to squeeze another week of cash while I'm in the less stressful situation of knowing I'm leaving.
Incredibly, to me anyway, I handed my notice in one year ago today. Admittedly I've only actually been retired for slightly less than ten months, but even so - that just shot past.
I swear these last ten months have gone quicker than that last nine weeks at work.
My first pension hits the bank tomorrow..
Quote from: Slim on June 27, 2024, 11:29:43 AMWell, it's the last day in my present job. It's all a bit surreal. Had some sweet messages from people at work but otherwise it's been very low key. I haven't actually met a customer or a colleague in person for 18 months.
Still don't know if I'll work again, but I have no plans to.
A year ago. Unbelievable.
Quote from: Slim on June 27, 2025, 10:12:44 AMQuote from: Slim on June 27, 2024, 11:29:43 AMWell, it's the last day in my present job. It's all a bit surreal. Had some sweet messages from people at work but otherwise it's been very low key. I haven't actually met a customer or a colleague in person for 18 months.
Still don't know if I'll work again, but I have no plans to.
A year ago. Unbelievable.
That has flown!
Well that's my first year up. Very quick ..stopped on wed 19th last year although officially it was end of March.. blimey that was quick
Less than two weeks until my state pension begins and I'm officially an OAP. Doesn't seem real somehow when my main consideration today is whether or not to buy a YYZ hoodie from Danforth & Pape. Shouldn't it be slippers and a quarter of mint imperials?
Other big decision is how much to take monthly from the private pension. It's a bit of an impossible mental conundrum trying to figure out how long do I need it to last, against what standard of living should I enjoy, whilst keeping HMRC's grubby mitts off it as much as possible.
State pension age keeps on getting raised over here. It is for me now 68 and a couple of months. My brother is already at 70 (!).
So, seems I'll be working for a while then. Not that I mind.
Well we're off to Rome next week and during last year we did
Morocco
Arran twice
Madrid
Majorca
Cyprus
London
Already booked for Tenerife end of April
Quote from: Fishy on February 18, 2026, 11:53:59 AMWell we're off to Rome next week and during last year we did
Morocco
Arran twice
Madrid
Majorca
Cyprus
London
Already booked for Tenerife end of April
You bad, irresponsible person ;)
Quote from: Fishy on February 18, 2026, 11:53:59 AMWell we're off to Rome next week and during last year we did
Morocco
Arran twice
Madrid
Majorca
Cyprus
London
Already booked for Tenerife end of April
If I'd had to put up with all that .. I wouldn't have retired.
Quote from: Slim on February 18, 2026, 12:18:10 PMQuote from: Fishy on February 18, 2026, 11:53:59 AMWell we're off to Rome next week and during last year we did
Morocco
Arran twice
Madrid
Majorca
Cyprus
London
Already booked for Tenerife end of April
If I'd had to put up with all that .. I wouldn't have retired.
Most were only 4-5 day trips.. apart from Cyprus which was a pals wedding.. not much to moan about really 😀
Quote from: Fishy on February 18, 2026, 11:53:59 AMWell we're off to Rome next week and during last year we did
Morocco
Arran twice
Madrid
Majorca
Cyprus
London
Already booked for Tenerife end of April
Can't go wrong with Rome
Quote from: Fishy on February 18, 2026, 11:53:59 AMWell we're off to Rome next week and during last year we did
Morocco
Arran twice
Madrid
Majorca
Cyprus
London
Already booked for Tenerife end of April
If that was me it would be almost exclusively a list of Greek islands; the exceptions would be a couple of places on the Greek mainland. ;)
Quote from: Matt2112 on February 18, 2026, 07:16:15 PMQuote from: Fishy on February 18, 2026, 11:53:59 AMWell we're off to Rome next week and during last year we did
Morocco
Arran twice
Madrid
Majorca
Cyprus
London
Already booked for Tenerife end of April
If that was me it would be almost exclusively a list of Greek islands; the exceptions would be a couple of places on the Greek mainland. ;)
That blue in your avatar really should be a different shade, no?
I've stayed "local" since retiring, but the last few years have seen at least 14 night a year away in Hotels.
Last year saw visits to:
Birmingham
Bristol
Shrewsbury
Glasgow
London (x2)
Nottingham
Cardiff
Manchester
Oxford
All done using the train too.
Quote from: Nickslikk2112 on February 18, 2026, 09:47:17 PMI've stayed "local" since retiring, but the last few years have seen at least 14 night a year away in Hotels.
Last year saw visits to:
Birmingham
Bristol
Shrewsbury
Glasgow
London (x2)
Nottingham
Cardiff
Manchester
Oxford
All done using the train too.
Now if I had to put up with that I wouldn't have retired 😀
Quote from: Fishy on February 18, 2026, 10:35:29 PMQuote from: Nickslikk2112 on February 18, 2026, 09:47:17 PMI've stayed "local" since retiring, but the last few years have seen at least 14 night a year away in Hotels.
Last year saw visits to:
Birmingham
Bristol
Shrewsbury
Glasgow
London (x2)
Nottingham
Cardiff
Manchester
Oxford
All done using the train too.
Now if I had to put up with that I wouldn't have retired 😀
Apart from trains it's actually enjoyable :) So the wife tells me...