Did anyone else have a "fuck it, I'm retiring" moment?

[MrsMoastyToasty]

I'm in my late 50s, mortgage paid off, have worked since the age of 18. I'm so close to jacking my job my job in .

You cut your cloth to suit your needs.
House paid for. Children grown up. Husband also retiring this summer. Sure, there will be a bit of a financial hit but we won't starve.
You are only here once so you can't waste time being miserable or working for people who don't respect you if you can possibly afford to

I'm very done, but they've changed the rules and I can't get my work pension until age 57 which is highly frustrating.

I’m desperate to go but the mortgage isn’t quite paid off yet and I really need more time for my pensions to mature.

I am just tired, it’s been non stop working since I was 16, plus running the home, raising a family. I think I’ve run out of steam.

I am 59 this year, and am planning on calling it at 62. Just 3 years to go!!

What a great thread! I really am ready to go and so inspired by some of your posts.
I know it’s a derail but can anyone point me to a thread for people who want to crunch the numbers to see what’s possible? Thanks.

@LAvortonDeLaLitière not a thread but I’ve used the Guiide website to put my numbers in which has been super helpful. Make sure you spell it with two x ii when you google it.

I've also recommended on another thread to look at Rebel Finance School. It’s a couple who reached financial independence and now teach others (free) how to understand and manage their money. They’re currently teaching the course (week 4) online and you can join and catch up on the previous videos.

This, although I’m only early 50’s.

i plan 3-5 more years. I might look into PT to keep me ticking over for a few years, but I want to live while I’m still young enough.

I have a small nhs pension which I have to take at 60, which helps.

Dh and I may look at selling up, flat here, place in Europe somewhere. But I have an EU passport so that is still an option for us.

I am finishing on Monday 30th. Every day feels like an eternity. I can see the wheels will fall off the team when I leave, as can everyone else, but I don’t care.

I've just looked at the Guiide website. Really helpful, although I'm not sure I understand the graphs at the end which seem to indicate that the money I have left at the end of each retirement year grows yoy? I must have done something wrong.

16 weeks to go til SPday (state pension day) With that and my small works pension I'm going to be much better off. Don't qualify for the winter fuel payment though, my birthday is after the cut off point.
Already planning places to go and things to do.....

@Floofydawg do you mean the money left in your pension pot at the end of each year grows? That is entirely possible if you are withdrawing less than your pot is growing (DC pot I mean ie SIPP). If you’re confused I think there’s a contact email address- I contacted them
once when it wasn’t working as it should and they sorted it straight away.

Yes, I was made redundant at 49 and decided that's enough work for me! It's now been 4 1/2 years and not one regret! I will start to take a few pensions when I hit 55 to keep me going.

Thankyou. Yes - that's exactly what I mean. Just looks too good to be true. Not basing this on a huge pot, around £350k (DC).

@Floofydawg (love that username btw!) it’s well worth having a little play around with it - changing things like whether you expect low medium or high growth, adding in if you think you’ll do some p/t work etc.

Not sure whether you’re familiar with FIRE (financial independence, retire early) but one of their ‘principles’ is a ‘safe’ withdrawal rate of 4% - as in, if you only draw 4% of your pot’s value each year, in theory it should never run out. The trick of course is to withdraw it all gradually over your retirement so there is nothing left when you die!! Means giving money away while you’re alive rather than leaving a big inheritance, and spending it on experiences while you’re young enough and fit enough to enjoy them. There’s a great book called Die with Zero which goes into this.

@chimichangaz thankyou! (I have a floofy dog, unsurprisingly!!)

I'm familiar with the 4% rule. It's such a tough call deciding when you have 'enough' money to retire. I took a new job recently with the view I'd just do a couple more years (I'm 56 this year). But two years feels like a looooong time! I also have a £5k pa DB pension which kicks in at 60, and savings. I'm not poor. But you do get used to a good income.

My best friend told me she always gets to that point mid month every month but then like tomorrow when the monthly wage appears in the bank account it's a reflection point and settles on 'well maybe not just yet' 😁

I’m 56 and currently working 2 part time jobs, one is 3 days the other 1 day pw. I was planning to drop the 3 days in April 27 and consider myself retired but this job is NHS and it’s possible that VR might be available in the next few months and I had that “fuck it” feeling. Trying to prepare myself for the transition now so would love to join your chat.
@Floofydawglooks like you have a sustainable plan if you can live off the income from your savings without reducing the capital.
@Elmrosiehope your last day went well.
@LAvortonDeLaLitièrehappy to join a thread to crunch the numbers with you, I’ve been researching and planning for over a year now.

This is me, every month. I have it all planned out then I see my payslip and it goes on hold for another month 😂

@LangmaLady
If a possible VR is on the cards, it’s definitely worth hanging in there! And a good idea to keep your one day per week. I was similar to you with a 25 hours per week role and a second one which was around a day or so per month. I gave the second role up first thinking I no longer needed the extra money but when I retired from my main job, which was only around a year or so later, I really wished I had kept the second job on.

Ahh, that would be great!
I’m slightly cautious about declaring myself too fully but essentially here goes!
I am 61 and my DH is the same age. We are able to go early on reduced pensions which come to a combined income of around £2500. We own our home and have no debt and about £80,000 in savings. We will both receive our state pensions at 67.
Thoughts please on whether we can live a modest/comfortable life on that. Our children are adults now and independent. Thanks.

I think that sounds doable at a modest level although it depends if the £2500 pm is before or after tax. You could add interest from your savings (although rates are going down) which would be approx an extra 250 pm at today’s rates. It would also depend on how much it costs you to live. You could use some of the savings to bridge the gap to state pension age when you will have an extra 2k per month if you want to make the most of early retirement but personally I would be reluctant to use all of it in the next 6 years as this will be your emergency fund. Things I would consider would be are your pensions flexible or are they fixed DB schemes? If flexible you might be able to take a higher income until 67 and then reduce it. I would also think about your ability to live on only one pension income should that become necessary (sorry just being practical). Also there might be the option of part time/ hobby income to bridge the gap if needed.
It helps that your children are independent. We are not there yet as had them a bit later in life so still at A level and Uni stage which is expensive.

@LAvortonDeLaLitière
It would depend on your outgoings, i would think. You would have more monthly income when you actually hit pension age, so it might be worth playing with your figures.
What would it mean if you worked 1 more year? More savings? the £80k increased to £xxk only having to be spread over 5 years. Does that mean a more even amount between retirement & pensionable retirement. Don't forget the remainder on the £80k should rsrn interest at a minimum of 4%
Happy to bandy thoughts around - from someone terrified to actually take that step herself 🤦🏻‍♀️

@LAvortonDeLaLitière that monthly income would be too low for us. Depends on your expenses though.

Thanks @2ndtimefinances @LangmaLady @Floofydawg - your thoughts are very helpful. How much do you think we would need to feel more comfortable on a month to month basis. We are really determined on going now - we have lost several family members recently and my husband especially is nearing the end of his tether at work.

There no one figure that works for everyone. You need to sit down and go through all your essential expenditure and discretionary expenses over the course of year.

Then work out what will change if you're not working (will you save on commuting and lunches, will you spend more on holidays and travel?).

@MySaxIsOnFire says there is no one figure for everyone i.e. my figure will be higher than yours as I am a full time carer for my adult DC & I will always allow for that. But I have no car expenses as that comes from his PIP.
How old is your car, do you have 2, will you get rid of one.
Boiler, flooring, appliances other possible house maintenance
Utility Outgoings
Hobbies
Meals
Gifts
Weekend trips
Holidays.
Others might be able to add more questions to consider........
I totally get how losing people changes your perspective as I was widowed at 42 & I am looking to retire in the next few years myself - however I want to be absolutely certain that I won't need to go back to work as I am self employed & wouldn't want to have to build up a new business