Retirement

[Slatz63]

I don’t enjoy work and I’m applying for voluntary redundancy.

Walk away, quality of life is more important.

I retired at 61, two years into it and have no regrets. I spend far less than I did when I was working and have a much better quality of life.

Gym 3 times a week, golf whenever I want, hobbies a plenty. I have become the cliche of how did I find time for work.

 

[DaveH]

I have a few scenarios on a spreadsheet, e.g.

** assume mortgage paid off **

1. Retire at 55, take reduced DB pension, deplete SIPP and ISA over 12 years until state pension.

2. As above but aged 57.

3. As above but defer DB until 60+ and live off SIPP and ISA until 60.

4. Retire at 60. Take DB and remnants of SIPP, spend ISA if necessary.

Even though I’d be considerably richer (spoke with a brummie accent) the later that I take the DB pension, scenario 2 has the smoothest income stream (approx 2k per month after tax).

If I wait too long then I’ll have more income at 67+ but I’d rather enjoy myself before then.

You sound like me, spreadsheets galore. I have modelled up a few scenarios and track my pension.

I have a spreadsheet where I record every day I work onsite, home and away on courses, conferences. I said to myself I would stay in my current job for 3-5 years, so I put together a tracker where I track what percentage through each of duration, how long I have to my target retirement date and how many Mondays left.

 

[Ned Land]

Walk away, quality of life is more important.

I retired at 61, two years into it and have no regrets. I spend far less than I did when I was working and have a much better quality of life.

Gym 3 times a week, golf whenever I want, hobbies a plenty. I have become the cliche of how did I find time for work.

I have outlined my plans to my wife ( pics not worth it) and her first question was whether I was going to find another job. I then asked her what her retired parents do all day.

I can see trouble ahead!

 

[JAZZMANB]

Does this mean the following … based on current rules… I’ve kept the numbers simple… I dont have a million quid in a pension btw



At 57 I have £1m in my pension pot. That allows me to take £250k tax free lump sum or I can spread that £250k out as a tax free draw down over 10 years at a rate of £25k per year (£250k/10yrs).

I can also take out up to my personal allowance of £12,500 a year.

So each year I can take from my pension £37500 before I start paying any tax between 57-67 years of age.

Plus take money from ISA’s to top up further should I wish too.



Then once I get state pension I pay tax on anything I draw down from my pension as I’ll be over the personal allowance of £12500.

Quick observations ,there maybe a cap in the tax free lump option ? Quick Google should sort . If you choose to go the other route whatever you draw 25% of it is tax free ,so to get your 25k a year you'd have to pull 100k ( I think ) to get it . Not your £12500 .

 

[Woodman Boy]

I don’t enjoy work and I’m applying for voluntary redundancy.

A mate applied for voluntary redundancy when his employer asked for redundancy requests, just before his 60th birthday. He had worked for the firm for over 20 years.
They said no, so he decided to leave and handed in his letter of resignation without getting a penny. Fortunately he did not need the redundancy money.

 

[Ned Land]

A mate applied for voluntary redundancy when his employer asked for redundancy requests, just before his 60th birthday. He had worked for the firm for over 20 years.
They said no, so he decided to leave and handed in his letter of resignation without getting a penny. Fortunately he did not need the redundancy money.

It’s officially a ‘mutually agreed resignation scheme’ (MARS) and this is the 3rd round.

If my application is rejected then I’ll amble along for a few more years and pump £££ into my SIPP, pay for any big house jobs or holidays etc.

 

[Kobayashi]

It’s officially a ‘mutually agreed resignation scheme’ (MARS) and this is the 3rd round.

If my application is rejected then I’ll amble along for a few more years and pump £££ into my SIPP, pay for any big house jobs or holidays etc.

I'd something similar. Manufacturing staff (only unionised area of company) was voluntary, office based was not. Missed out on previous 2yrs. Seemed crazy, myself and another guy been there 20yrs. No interest in climbing further up the ladder, getting salary not far off twice that of the youngest staff for same job. Had to "work my ticket", before I got it in the 3rd year. Fantastic payout allowed early retirement and as some say previously, wondering how I had the time to work back then!

 

[Swindon On Tour]

Reminds me of the 80s when lads would work every weekend extra
" it's two days work for a weeks money "
So !?! . ..
I've never thought like that . Peak of your life working 7 days . Money can't buy life's experiences.
Just been for a walk with the lads along the front for a coffee this morning .
Made a Sandwich back home, messed around in garage . Lucky if I spend a tenner today. Class . Stress free head ,no drama

That would suggest someone in the company is more savvy on employment law than HR which I doubt . Hr consultants are often used for smaller set ups as a help line for stuff as and when needed .

Just come back from 5 nights in Malta. Went with a Mate, no Mrs (no) and none of my lads.
Watched the Sunderland game with @Its Him Again and what a cracking break.

The biggest takeaway was not having that feeling of dread and thinking of having to go back to the work and pressure next week. Never experienced that and it felt great.
That is a price you cannot put on retirement. For some anyway.
Stress free and no drama.

 

[JAZZMANB]

Just come back from 5 nights in Malta. Went with a Mate, no Mrs (no) and none of my lads.
Watched the Sunderland game with @Its Him Again and what a cracking break.

The biggest takeaway was not having that feeling of dread and thinking of having to go back to the work and pressure next week. Never experienced that and it felt great.
That is a price you cannot put on retirement. For some anyway.
Stress free and no drama.

Yes ,it's the little things I found . Looking forward to getting back from a break . No cloud at the back end of your holiday . Just making g a cuppa and looking out the window even . Having half a plan and changing your mind . No pressure .

 

[Its Him Again]

Just come back from 5 nights in Malta. Went with a Mate, no Mrs (no) and none of my lads.
Watched the Sunderland game with @Its Him Again and what a cracking break.

The biggest takeaway was not having that feeling of dread and thinking of having to go back to the work and pressure next week. Never experienced that and it felt great.
That is a price you cannot put on retirement. For some anyway.
Stress free and no drama.

Meanwhile I was hungover at work on Monday morning

 

[Darlo1973]

Yes ,it's the little things I found . Looking forward to getting back from a break . No cloud at the back end of your holiday . Just making g a cuppa and looking out the window even . Having half a plan and changing your mind . No pressure .

Really looking forward to the flexibility or being able to head off somewhere for a few days (or even weeks) just because I feel like it without having to worry about booking the time off, doing handovers and having to catch up when you get back.

Going to Tenerife tomorrow for a week but it has been planned for months. I still have things to sort out this afternoon and then there will be the dread or opening my email on the first day back or even the emergency phone call while I'm away.

 

[Swindon On Tour]

Meanwhile I was hungover at work on Monday morning

It was a cracking day, afternoon and evening.
Far too much to drink.

 

[Its Him Again]

It was a cracking day, afternoon and evening.
Far too much to drink.

I’m thinking to organize an SMB meet over here next year , maybe Sunderland and Swindon end of season piss up ?

 

[Swindon On Tour]

I’m thinking to organize an SMB meet over here next year , maybe Sunderland and Swindon end of season piss up ?

That would be mental

 

[DaveH]

Yes ,it's the little things I found . Looking forward to getting back from a break . No cloud at the back end of your holiday . Just making g a cuppa and looking out the window even . Having half a plan and changing your mind . No pressure .

Just so I remember what I plan to do and jobs I need to get done, I make a list. Except it is usually way too ambitious and I finish the weekend with only half the things crossed off, and have that Monday morning back at work knowing I had a busy weekend and did not manage everything I wanted. I look forward to the days where I can shrug and say no worries, I'll do it tomorrow. Can't do it tomorrow, working, is an awful phrase.

 

[Tuono]

I’m thinking to organize an SMB meet over here next year , maybe Sunderland and Swindon end of season piss up ?

Or you could both go to the Black Cats of Italy meet up in June.
..............
Just did 2 weeks graft for a mate and I'm exhausted. It's surprising how much fitness I lost just by not working since December. I think I have a weeks work in June, sandwiched between two holidays. This part time working is more knackering than a full time job.

 

[Its Him Again]

Or you could both go to the Black Cats of Italy meet up in June.
..............
Just did 2 weeks graft for a mate and I'm exhausted. It's surprising how much fitness I lost just by not working since December. I think I have a weeks work in June, sandwiched between two holidays. This part time working is more knackering than a full time job.

Would need a new liver

 

[JAZZMANB]

Or you could both go to the Black Cats of Italy meet up in June.
..............
Just did 2 weeks graft for a mate and I'm exhausted. It's surprising how much fitness I lost just by not working since December. I think I have a weeks work in June, sandwiched between two holidays. This part time working is more knackering than a full time job.

I'm staying quite active but think I'd struggle to do my old job now a year in . The hours and the mental side of it

 

[a1970man]

The thing I'm most looking forward to in retirement isn't the no working, I'm OK with that, work isn't too stressful.
It's the knowing that I don't have to rely on it for an income.
Once I'm retired, the money is mine and the income is set and there isn't a risk of losing it.
I'm always aware that at work I could get made redundant or lose my job, I've seen some absolute thunderbolts out of the blue at my place and people I thought were doing well and seemed secure in their role get taken into an office and leave with a box, just because of some corporate resizing at the higher up protect their own back with budgets and forecasts etc.

I can access my pension pot next year, but I'm not retiring immediately, but should something happen I know I've got something to fall back on and I won't be panicking about bills and mortgage payments. At the moment I'm happy getting a salary and watching the pot grow although Mr Tango in the US seems hell bent on kick the hell out of the stock markets on a daily basis at the moment.

 

[DaveH]

The thing I'm most looking forward to in retirement isn't the no working, I'm OK with that, work isn't too stressful.
It's the knowing that I don't have to rely on it for an income.
Once I'm retired, the money is mine and the income is set and there isn't a risk of losing it.
I'm always aware that at work I could get made redundant or lose my job, I've seen some absolute thunderbolts out of the blue at my place and people I thought were doing well and seemed secure in their role get taken into an office and leave with a box, just because of some corporate resizing at the higher up protect their own back with budgets and forecasts etc.

I can access my pension pot next year, but I'm not retiring immediately, but should something happen I know I've got something to fall back on and I won't be panicking about bills and mortgage payments. At the moment I'm happy getting a salary and watching the pot grow although Mr Tango in the US seems hell bent on kick the hell out of the stock markets on a daily basis at the moment.

That is a very good point. I'm feeling a bit grumpy about work this morning after the IT Director sent around a mail at the end of last week reminding everyone of the mandatory requirement to be onsite twice per week.

She gives a reminder every 4-6 months and then nothing more is said, so I don't know how much of that is just her keeping to the company line without actually enforcing. But there is the fear they will crank that up. I have a 2 hour commute so if work do that, I lose another evening per week. So far this year I have done pretty well. We only go in for our team days, which are Mondays. But I keep finding reasons not to go in so I have only been in 7 times this year out of a possible 16. I suspect nowt will change but it adds that doubt and annoyance. It will be nice to be free of all that.