Retirement

[Slim999]

I was thinking of this thread as the year clocked around to 2024. My plan is:
- Drop to a lower grade, part time job in 2035
- Retire completely in 2037

That brings me down to just 11 years of main career work now. Still a long way to go, but I'm 1 year into a 'new' job, which I thought would be a 3-4 year post. That brings me down to 8 or 9 years of career to plan out. If I move on to another job for 4 years after this, it really starts to break down that 11 years.

It looks like the interest rate rises added 6 months to my mortgage which means that part of the plan is behind. But then my pension (USS) has resorted back to the previous scheme of lower payments and more out, after they admitted they had screwed members by increasing payments in and reducing payments out. If I put the take home wage increase that gives and put it into mortgage over payments, then I'm back on track.

I did something similar when around 48 - we had a 200k mortgage hanging round our necks & a house worth 500k- and I just started drip feeding the odd £3 or £5k per year chunk in as overpayment.

A coupe years later we'd got the mortgage down to £130 k and the interest amount reduced so we were paying of £25k per annum off .... as opposed to £15k prev

All worked well as we ended up selling that house in 2019 ( London) for a fair chunk more than we paid - & bought cheaper in Bristol.

Net effect was that I retired then at 57 - the missus just recently at 59. Although she still keeps her hand in & earns a few £k per annum still.

Both USS pensions

+ I have the money purchase pot which is ticking along quite nicely at this moment .....long may that continue .

 

[DaveH]

I did something similar when around 48 - we had a 200k mortgage hanging round our necks & a house worth 500k- and I just started drip feeding the odd £3 or £5k per year chunk in as overpayment.

A coupe years later we'd got the mortgage down to £130 k and the interest amount reduced so we were paying of £25k per annum off .... as opposed to £15k prev

All worked well as we ended up selling that house in 2019 ( London) for a fair chunk more than we paid - & bought cheaper in Bristol.

Net effect was that I retired then at 57 - the missus just recently at 59. Although she still keeps her hand in & earns a few £k per annum still.

Both USS pensions

+ I have the money purchase pot which is ticking along quite nicely at this moment .....long may that continue .

Nice. We have been making over payments for years. I think now we are close to making double payments and that is shaving off nearly 10 years from a 30 year mortgage.

 

[Darlo1973]

Thought it was worth mentioning here- previously we'd discussed money purchase pension pots and where to invest them

Back in Oct ish I followed the advice of a poster on here and switched 70% of my pot into a Global Equities fund ( split between US / Europe & invested in many different sectors - but particularly tech stox ( Meta , Apple , Amazon etc etx)

Happy to say its risen by 10% since Oct

2023 was looking like a unspectacular year but there has been solid growth since Sep/Oct which have meant that the last 12 months have been decent. I'm now at the stage where my money earns more money from being invested than I do from working. I could still could do with another 5 years of year-on-year growth of 8-10% before I consider quitting.

 

[Slatz63]

Not a gloating post I just want to celebrate that I have 12 working days left before i retire.

 

[moanjam]

Not a gloating post I just want to celebrate that I have 12 working days left before i retire.

Lucky bassa, another 4-5 yr for me

 

[leyburnrunner]

Not a gloating post I just want to celebrate that I have 12 working days left before i retire.

Good on ya! I've got just 310 days left. Cheer me up and tell me the 1 year countdown just flew by!!

 

[Tuono]

Not a gloating post I just want to celebrate that I have 12 working days left before i retire.

12 days for me anarl, except I'm having tomorrow off so 11 working day. Only problem is I'm self employed and my private pension is shite so I'll carry on working but take plenty of holidays.

 

[CPLforever]

Not a gloating post I just want to celebrate that I have 12 working days left before i retire.

Whoopee. Well done.

12 days for me anarl, except I'm having tomorrow off so 11 working day. Only problem is I'm self employed and my private pension is shite so I'll carry on working but take plenty of holidays.

Whoopee, well done you too.

 

[JJH]

12 days for me anarl, except I'm having tomorrow off so 11 working day. Only problem is I'm self employed and my private pension is shite so I'll carry on working but take plenty of holidays.

So you are not retiring

 

[CPLforever]

So you are not retiring

Not sure he is. I'm taking my Whoopee back.

 

[Slatz63]

Good on ya! I've got just 310 days left. Cheer me up and tell me the 1 year countdown just flew by!!

I gave them 5 months notice so that they could replace me and have a decent handover.

First four months flew by, these last few days are taking forever.

 

[Matt Hopkins]

I gave them 5 months notice so that they could replace me and have a decent handover.

First four months flew by, these last few days are taking forever.

A year today since I handed my notice in, had to work 12 weeks notice. It was horrific, sorry @leyburnrunner

 

[Swindon On Tour]

Not a gloating post I just want to celebrate that I have 12 working days left before i retire.

The finishing line is in touching distance.

 

[Tuono]

So you are not retiring

No, just working less. I tried retiring or rather semi retiring a few years ago and found I was spending more not working than if I was working. I missed the crack and shitting in buckets anarl.

 

[CPLforever]

No, just working less. I tried retiring or rather semi retiring a few years ago and found I was spending more not working than if I was working. I missed the crack and shitting in buckets anarl.

OK you can have your Whoopee back but only cos you sent me a sad face.

Most, no everyone I know who has retired (including myself) worried about it, then got into it and now love it.

 

[Paddy O'Dors]

Me missus got put on redundancy notice today like. EVR's get 6 weeks pay for every year and she's done a few so would get a canny wack. Telt her to snap their hands off and go for it cos you might not get that generous an offer again. They only want 300 out of 5.2k. Telling her to start winding her working life down (mid-50's) like me.

 

[Will e]

Me missus got put on redundancy notice today like. EVR's get 6 weeks pay for every year and she's done a few so would get a canny wack. Telt her to snap their hands off and go for it cos you might not get that generous an offer again. They only want 300 out of 5.2k. Telling her to start winding her working life down (mid-50's) like me.

My eldest daughter got the same today anarl, she's just a younger lass like, 160 out of 230 to go in her section in Sunderland, or something similar, fortunately for her she has no commitments, lad on her team was in tears, just bought a new house poor sod.

 

[Paddy O'Dors]

My eldest daughter got the same today anarl, she's just a younger lass like, 160 out of 230 to go in her section in Sunderland, or something similar, fortunately for her she has no commitments, lad on her team was in tears, just bought a new house poor sod.

Does she work for a well-known bank?

 

[Darlo1973]

My eldest daughter got the same today anarl, she's just a younger lass like, 160 out of 230 to go in her section in Sunderland, or something similar, fortunately for her she has no commitments, lad on her team was in tears, just bought a new house poor sod.

I've been made redundant twice and both times it has worked out for the best. When a firm starts cutting people then it's usually a sign of bad times ahead so it can be better to be one of the first out of the door rather with a decent package than the last when there is no money left.

First redundancy hit me hard as it was my first proper post-university job. With the second one I was dancing out of the building.

Current plan is to keep my nose clean at work and hope for a juicy redundancy in around 5 years.

 

[elder]

Me missus got put on redundancy notice today like. EVR's get 6 weeks pay for every year and she's done a few so would get a canny wack. Telt her to snap their hands off and go for it cos you might not get that generous an offer again. They only want 300 out of 5.2k. Telling her to start winding her working life down (mid-50's) like me.

I've got around 7 years left to go but redundancy would cut that down by about a year or 18 months. i'm pretty sure I will be offered it at some point so unless anything changes significantly i'm going to hang on for it.