What to do?

[LF11]

I’m 54, £1m in pension savings, £105k in ISA and other savings, I want to retire now. Single no mortgage & no debts. I need to give 3 months notice. Would you just do it. Only tie is the PMI as I’ve had a lot of surgery over the past few years.

Yes, in a heartbeat.

I agree. We took early retirement at 57. We have travelled the world and had so much enjoyment. You need to do this while you are fit and healthy.

Well done !
yes, absolutely

what income are you looking for in retirement? Have you modelled it? What’s your money currently in?

Definitely possible at your age with your wealth but lots to think about first.

I fully appreciate everyone’s encouragement. My hopefully last operation is early September, once I’m over the op I want to give notice, live off savings till I’m 55 next year. My job is WFH, extremely well paid but I’ve had enough of sitting at my desk all week after what I’ve been through - cancer. I just need a MN kick up the arse.

You can do this. Life is short and for living. Retirement doesn't have to be travelling the world and big holidays. Retirement is just pure freedom from work constraints and not living by the clock.

We have friends who have taken that path and enjoyed the relaxation. You have to find what’s for you. One has taken an OU course, another flower arranging. Some learnt a new sport. In retirement you do what suits you. We now have 4 lovely grandsons. We are happy to help out with their care, share their fun and travel less often-with them or on our own adventures. It’s never been dull.

Financially your good. Think about if you get your sense of purpose and identity from work though.

In your position (which is great) I’d first go part time which might be a good balance of having some engaging work as well as lots of relaxation time. If your job is well paid then keeping a bit of foot in the door might be a good idea for you to test out your options. Once you are sure or if you feel you want complete retirement then you can go for it.

a lady in my team has gone down to 3 days at 60, and she loves the balance between all her worlds. She regularly goes on holidays too - with annual leave and some unpaid.

I’m already part time. Can’t reduce hours anymore in my role.

In your position I would definitely go for it. Financially you sound fine and you could always pick up a part time job in the future if you wanted to for financial or other reasons.

Yes. My dh didn’t get to see his retirement due to cancer. I’m halfway to retirement as a result. Enjoy it whilst you can. Tomorrow isn’t promised.

Have you worked out your expenses? The standard safe withdrawal is 4% so would £25k be enough to live on?

Please do it! My mum had cancer, she then returned to work and counted down the days till she was retirement age (didn't have a good private pension) . She then got cancer again (different type) and died three months later, 8 days before she was due to properly retire. Do it and enjoy not having to wake up to the sound of an alarm and live your life how you want to, you deserve it.