Is it time to retire?

[Hobbit]

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...

If they're looking to cut costs, the business isn't doing as well as they'd like. Take the money whilst they've still got money to pay out. And if they wanted to keep you they'd be having the discussion with someone else. But that doesn't mean you have to retire. If you want to carry on doing the same work, get another job.

And filling your time won't be an issue. We've had to knock stuff of our diary to fit other stuff in.

 

[SwingsitlikeHogan]

If they're looking to cut costs, the business isn't doing as well as they'd like. Take the money whilst they've still got money to pay out. And if they wanted to keep you they'd be having the discussion with someone else. But that doesn't mean you have to retire. If you want to carry on doing the same work, get another job.

And filling your time won't be an issue. We've had to knock stuff of our diary to fit other stuff in.

That’s my thinking. I was taken off my previous assignment as the account needed to keep cost down and it’s a good bit cheaper to use a Polish or an Indian PM than a UK PM. We PMs in general all work remotely and never have to meet the customer face2face.

And on a rereading of the settlement they’ve offered its based upon my Full Time salary - so thats a good thing.

TBH Bri - I’m really not inclined to do more of the same or similar. I have only been doing it for the number in the bank account each month. That said when we start getting back to a normal, my church redevelopment project will hopefully restart and we need project management experience on that...plus volunteering in our church cafe...I’m sure with all the jobs my Mrs has lined up for me plus all the housework as she is still working 2-3 days a week...?

 

[SwingsitlikeHogan]

I started a similar thread last autumn. I dropped to a 3 day week from January 1st. So far I've only managed a shorter week twice due to workload.

I'm waiting to see what Drakeford says on Friday, then unless longer lockdown, I'm going to pack it from end April.

1st May....free.

Indeed. Though my Mrs is finding it a little bit scary the thought of me retired on 1st March...only two weeks work left ?..and tbh - when faced with that realisation out of the blue I feel a little bit of the same...

 

[williamalex1]

I started work at 15, then had nearly 10 years part time jobs semi retirement at the end of my working years.
I was lucky enough to have had an extra 10 years added to my company retirement package which made a huge difference.
I never had a day unemployed, gap year etc. so basically 50 years work with an added 10 years.

Same for me I started work 1961 age 15 never been unemployed . I took early retirement at 52 with 29 years service with the local authority they also added 10 years on,
That took me to 1 year short of the maximum 40 years giving me a works pension of 39/ 80th of the best of my last 3 years salary plus a lump sum.
Initially the DHSS said my state pension would be approx. £6 a week short, [ I had been on strike for 17 weeks ] but I could buy stamps back. I laughed when they said it would cost £6 a week to buy them.
The minimum contributions required for maximum state pension change around 2011.

A few years after I retired my department was taken over by a private firm Morrisons then Mears, according to my ex workmates everything changed for the worse, including the pension scheme, I was the last to receive early retirement enhancements.
Best decision I ever made was taking early retirement, at the right time.

 

[stefanovic]

One thing I've enjoyed about retirement is not being ruled by the clock.
Strangely however, I actually want to get up in the morning.
Does time even exist? There is no definite proof that it does within the laws of physics.
All we know is that it ticks by differently depending on where you are and what you are doing.
As you get older it also seems to speed up.

What happened to yesterday. Did it even exist?

"There is nothing in the world except for empty curved space."
Get the point of this John Wheeler quote and then decide if retirement is a true option.

 

[backwoodsman]

One thing I've enjoyed about retirement is not being ruled by the clock.
Strangely however, I actually want to get up in the morning.
Does time even exist? There is no definite proof that it does within the laws of physics.
All we know is that it ticks by differently depending on where you are and what you are doing.
As you get older it also seems to speed up.

What happened to yesterday. Did it even exist?

"There is nothing in the world except for empty curved space."
Get the point of this John Wheeler quote and then decide if retirement is a true option.

Well, yes, I guess you could wrangle wjth the philosophy of it all. Or alternatively just ask yourself, " have I got enough to do exactly what I want to do with my time?

 

[SwingsitlikeHogan]

One thing I've enjoyed about retirement is not being ruled by the clock.
Strangely however, I actually want to get up in the morning.
Does time even exist? There is no definite proof that it does within the laws of physics.
All we know is that it ticks by differently depending on where you are and what you are doing.
As you get older it also seems to speed up.

What happened to yesterday. Did it even exist?

"There is nothing in the world except for empty curved space."
Get the point of this John Wheeler quote and then decide if retirement is a true option.

That is just what we loved when my Mrs retired and I took 6months career break - we went travelling for over four months and the freedom we felt every morning, and each and every day through, was something I really hadn't expected.

 

[MegaSteve]

A little word of warning for when you start retirement... Don't do or attempt anything that may have life changing consequences... I started taking on 'stuff' that I'd previously engaged others to do only to find myself requiring a visit to A+E... It really really isn't worth it...

 

[SwingsitlikeHogan]

A little word of warning for when you start retirement... Don't do or attempt anything that may have life changing consequences... I started taking on 'stuff' that I'd previously engaged others to do only to find myself requiring a visit to A+E... It really really isn't worth it...

I won't - but I'll be doing stripping of paper off walls and ceiling of our lounge in prep for a plasterer to do a skim. And after it's dried I'll do all the sizing of walls and ceiling and all the decorating and rubbing down and painting of woodwork. I'd probably have got a decorator to do all of the post-plastering stuff - so 'll save myself something like £800 there.

 

[stefanovic]

have I got enough to do exactly what I want to do with my time?

As long as you don't fall into the DIY trap. Don't start wallpapering to prove to your partner you aren't finished. You have nothing to prove.
Retirement is like marriage. It starts with the honeymoon period. Progresses to the settling down period and finally the drifting apart and death period.
So what do you do after the retirement honeymoon when you walk along the beach in some exotic destination, and even the novelty of that wears off?
I'm going to say buy the John Parkin book, available in Waterstone's.

 

[backwoodsman]

As long as you don't fall into the DIY trap. Don't start wallpapering to prove to your partner you aren't finished. You have nothing to prove.
Retirement is like marriage. It starts with the honeymoon period. Progresses to the settling down period and finally the drifting apart and death period.
So what do you do after the retirement honeymoon when you walk along the beach in some exotic destination, and even the novelty of that wears off?
I'm going to say buy the John Parkin book, available in Waterstone's.

Hmm. When I say "do exactly what I want" I reckon wallpapering probably doesnt feature very high up the list ...

 

[D-S]

If you can retire in the Spring as being at home and having more free time all of a sudden feels a lot better in Spring/Summer than going into winter unless you have a lot of travel planned to sunnier climes.

 

[MegaSteve]

Also, from personal experience, idle summer evenings spent on the terrace can have a detrimental effect on the waistline...

 

[Hobbit]

Hmm. When I say "do exactly what I want" I reckon wallpapering probably doesnt feature very high up the list ...

3 years in to it. Just come down from a walk in the Sierra Cabrera... still not bored.

 

[williamalex1]

3 years in to it. Just come down from a walk in the Sierra Cabrera... still not bored.

Brian you're only a novice, I'll be 23 years retired come October, never been bored even in lockdown.

 

[ScienceBoy]

3 years in to it. Just come down from a walk in the Sierra Cabrera... still not bored.

I'm calling you out on that

 

[toyboy54]

Brian you're only a novice, I'll be 23 years retired come October, never been bored even in lockdown.

Yeah but Bill,you chucked it at 30(going by the regalia?)
Did you catch the game??
Jimbo

 

[backwoodsman]

3 years in to it. Just come down from a walk in the Sierra Cabrera... still not bored.

Git !! I love walking there

I was supposed to have a month there over Christmas & New Year. Hope Turre's not changed much - have to meet for drink in Los Cazadores next time I'm out there.

 

[williamalex1]

Yeah but Bill,you chucked it at 30(going by the regalia?)
Did you catch the game??
Jimbo

I'm still dancing, despite the Ref and Var , a good away win in Europe. Penalties are 10 a penny in the Arcade

 

[SwingsitlikeHogan]

My company today offered an extension to my finish date - to the end of March. An extra month salary; pension contributions, and company benefits...I thought for a moment; had a chat with the Mrs - and have gone for that. After all - as she said - fits just fine with likely restart to playing golf and what else would I do through March...(well she had plenty lined up for me). And gives me a little time to get used to the idea.