Is it time to retire?
- Thread starter Hobbit
- Start date
drdel
Tour Rookie
Here, here.
Got the chance to retire early. Formed my own, one-man consultancy and it supplemented the 15 years pension wonderfully. Get to chose what I do; when I work see the grandchildren.
No brainer for me.
The Green Fairy
Assistant Pro
I retired when I was 52 potentially a 'bit early' but the opportunity came to cash in, so I took it. My wife retired a few years later, just to get the kids through uni and ensure her pension was good.
Since then it has enabled us to do things we had only dreamed about, golf three times a week, winters in a warmer climate, going on holiday tomorrow if we feel like it.
Taking the opportunity, if given, to live wherever.
To live the vida loca you need to be selfish - so a few rules
a) make plans
b) don't have a pet
c) don't become temp parents (grandchildren)
d) stop dreaming about it - do it.
Seize the day.
Since then it has enabled us to do things we had only dreamed about, golf three times a week, winters in a warmer climate, going on holiday tomorrow if we feel like it.
Taking the opportunity, if given, to live wherever.
To live the vida loca you need to be selfish - so a few rules
a) make plans
b) don't have a pet
c) don't become temp parents (grandchildren)
d) stop dreaming about it - do it.
Seize the day.
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MegaSteve
Tour Winner
Have threatened to retire several times over the last few years or so but bottled it every time... I have, for the first time, now put it in writing and handed letter to the management... Providing I hold my nerve it'll be a double celebration next July... 40 years of marriage and retirement...
Bazzatron
Q-School Graduate
I think about retiring everyday, but at the age of 32 it may be a little soon
Bigfoot
Tour Rookie
I tried last year but they wanted me to stay.
3 years max but maybe two left then??
3 years max but maybe two left then??
Marshy77
Journeyman Pro
Totally agree with this. Up until recently I worked in pensions payroll - paying benefits for spouse's, dealing with deaths, paying out death grants etc and the number of cases of people retiring and like bluewolf saying deteriorating quickly to various mental or physical health and sudden death is unbelievable. It was shocking really. My old man retired about 6 years ago and I advised him to keep active, keep his mind ticking over and he's been in voluntary employment ever since (plus it gets him out of doing DIY round the house). Everyone is different and it sounds like you enjoy your work, maybe not the long hours and I remember when I bought your driver and rescue club off you that you travel up and down the country - could you be placed more local or reduce hours?
williamalex1
Money List Winner
I grabbed the chance of early retirement age 52 when the restructuring of the local councils took place. I still did the odd job as an electrician but only if it suited me.
I also took the opportunity to reform a band with some of my old band mates, which lasted 10 years, playing every weekend.
Retired from music again at 62 , and now I'm almost retired from electrical work, except for the odd job for relatives and close friends.
If you can afford to retire early, grab it with both hands , I remember most of my old tradesmen only lasted a few years after turning 65.
I also took the opportunity to reform a band with some of my old band mates, which lasted 10 years, playing every weekend.
Retired from music again at 62 , and now I'm almost retired from electrical work, except for the odd job for relatives and close friends.
If you can afford to retire early, grab it with both hands , I remember most of my old tradesmen only lasted a few years after turning 65.
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Tashyboy
Please don’t ask to see my tatts 👍
Had a nice card off ma an pa today which said no more alarm clocks. Really.
grandson woke me up yesterday at 5.50 and fire alarm woke us up this morning at Mecure Wetherby.
That aside, if you work in the medical trade, you keep getting prodded with a big stick to remind you that you cannot always do things tomorrow.
One of the lads was made redundant/ retired last year at 50 yr old. He now has a brain tumour and has lost all movement down Lhs of body. It has made a few of the lads look at themselves.
grandson woke me up yesterday at 5.50 and fire alarm woke us up this morning at Mecure Wetherby.
That aside, if you work in the medical trade, you keep getting prodded with a big stick to remind you that you cannot always do things tomorrow.
One of the lads was made redundant/ retired last year at 50 yr old. He now has a brain tumour and has lost all movement down Lhs of body. It has made a few of the lads look at themselves.
HomerJSimpson
Hall of Famer
tricky and very personal decision. If I was in the OP's shoes, I'd definitely give it serious thought and likely to do it. Life's too short anyway and so if you can get some more time to go places you have always wanted, have fun with friends and family and play golf or take up other past times then it's seems a very simple choice on paper. Of course I realise in reality there are so many factors to consider
SocketRocket
Ryder Cup Winner
I retired from my high powered job at 60, not through personal choice but due to the way things unfolded. Since then I had a year out with some time for myself and family, worked 3 years part time for National Trust and have worked another three years for a local Golf Club. In both these part time jobs I have been able to meet people and keep active, somthng I would recommend to anyone retiring early.
The Green Fairy
Assistant Pro
Oh, one thing I forgot
If you don't travel first class - your kids will.
If you don't travel first class - your kids will.
Doon frae Troon
Ryder Cup Winner
Sound advice, similar to what I did.
If you go from a busy job to nowt overnight, IMO you are asking for trouble.
I did 8 years of low paid no brainer part time hobby jobs so that I could keep my pension pot value. I really enjoyed that time.
Reduced hours as I went along so that my last job was only 12 hours a week.
Kept busy with voluntary work, helping with g'kids and bowling.
Occasionally I wish I had taken the advice of an earlier poster to not get tied down with pets and grandparenting....especially during summer holidays.
williamalex1
Money List Winner
Also , take lots of SKI holidays [ spending kids inheritance ] :whoo:
SwingsitlikeHogan
Major Champion
It's an old thread and I know this subject has been touched on in others more recent...but as of precisely one hour ago the question of the OP is 100% the question I have to answer.
Just had a call from my boss and my company is looking to cut costs and I've been offered an early exit. Package works out at just under 95% of one year top line (about 16months bottom line). I need to decide this week as there are only limited funds and offer has been made to a few...so I shouldn't dither. I think it could see me walk out of the door in next couple of weeks.
Was thinking I might well finish next Spring - if not even this coming August if things had opened up out there. A serious conversation with our financial advisor is in order methinks. But what else must I consider that I haven't thought of. State Pension would kick in in a handful of years time (yes - I'm a late-1950s baby) - so would need a bridge between now and then - which we're fortunate to have the funds for.
I know that once we are reopened I can do a part-time work in our church cafe...couple days a week...and then there is midweek golf...now there's a thing I know nothing at all about...
Hmmm...
Just had a call from my boss and my company is looking to cut costs and I've been offered an early exit. Package works out at just under 95% of one year top line (about 16months bottom line). I need to decide this week as there are only limited funds and offer has been made to a few...so I shouldn't dither. I think it could see me walk out of the door in next couple of weeks.
Was thinking I might well finish next Spring - if not even this coming August if things had opened up out there. A serious conversation with our financial advisor is in order methinks. But what else must I consider that I haven't thought of. State Pension would kick in in a handful of years time (yes - I'm a late-1950s baby) - so would need a bridge between now and then - which we're fortunate to have the funds for.
I know that once we are reopened I can do a part-time work in our church cafe...couple days a week...and then there is midweek golf...now there's a thing I know nothing at all about...
Hmmm...
NearHull
Well-known member
There will many bits of advice, but the advice I pass on to whoever will listen, is that it is very important that you pick the date so as it becomes your choice and not your employer’s. It sets up a feeling that your are in control. Then focus on you, and whilst you will want to hand over in pleasant and personally “fulfilling’ manner, the job/firm/work will carry on without you.
IanG
Tour Rookie
Not sure what 95% of 12 months salary is for you but there is a tax free cap at 30K above which severance payments are taxable.
Something to bear in mind for your calculations.
Nevertheless what you outline seems like a no-brainer given your intentions to retire soon anyhow.
I took the retirement plunge myself about 6 months ago - love it !
Something to bear in mind for your calculations.
Nevertheless what you outline seems like a no-brainer given your intentions to retire soon anyhow.
I took the retirement plunge myself about 6 months ago - love it !
SwingsitlikeHogan
Major Champion
Thankyou sir! Sound advice.
To be honest I'm not that worried about the 'work' and the 'team'. I work from home and have done so for many years, and as I move between assignments (only recently moved onto a new one at basically no notice given - if I was very sensitive I'd have felt upset...but that's the way it works when assignments come to an end) I don't have any feelings of personal connection with any group or individual colleagues I am currently working with.
I've heard from our Head of HR in the last half hour that they'd be looking for me to decide before Friday - leaving on the 1st March...I guessed they'd look to move quickly. So I am not really in control - but that said I'd already set expectations that I might well be looking to hang up my boots in August.
PJ87
Journeyman Pro
Don't even think twice
The world is a changing place. Good pensions will be harder to come by, if you get an offer that suits and you can afford just say thank you and goodbye
Almost a year ago My dad was waiting for a payout to retire ... November was his aim
When covid hit we sat him down and said look your the least healthy of us all just retire you can afford it
He loves it
Got a part time job in the church shop when it re opens and loves being grandad
SwingsitlikeHogan
Major Champion
I'd exceed the cap but they can put the residual into my company pension fund if I so wish. As I'd be moving the fund from the company scheme to my main scheme I assume I could take 25% of the new whole sum I move tax free. But will check with my Financial Advisor.
One thing I didn't realise is that as this is a settlement agreement I have to get a solicitor involved...I guess to avoid me going back to the company after the deed is done with issues or complaints.
