The Retirement Thread
13 lurkers |
174 watchers
May 2022
12:03pm, 6 May 2022
51,314 posts
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McGoohan
Dio, as of next week I'm going from 5 days to 4, 37.5 hours to 30. I decided to just make a clean sweep of it and not change the hours as such - just cut out a day of working. I will be financially worse off of course but I want to cut the stress of it out as much as possible. In fact the HR person in the discussion said to be very careful about feeling pressurised to do the same amount of work in less time or to let the non-working days expand to do the extra. |
May 2022
12:28pm, 6 May 2022
13,739 posts
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Sigh
In fact the HR person in the discussion said to be very careful about feeling pressurised to do the same amount of work in less time or to let the non-working days expand to do the extra. Glad that your HR are aware. I sent my first work email at 6:10am yesterday, and my last one at 7:04pm. Granted, I was away from my screen from 6:30-7:30am, took an hour out for a run between 11-12, and "finished" at 4:30pm; but even then work seems ever-present. (The email at 7:04pm was to reply to a chap in India to say, "I've already approved this, why are you expecting anything else from me before you proceed", only slightly politer; but I knew it would have been waiting for me in the morning and sleep better without that stuff in the background). Thus my plans to retire fully ASAP. |
May 2022
1:11pm, 6 May 2022
4,485 posts
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WayOfTheDodo (bja61)
McGoohan my experience of reducing from 5 days to 4 was that the workload didn’t change. It wasn’t until I went down to 3 days that I finally got rid of some of the work.
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May 2022
8:29pm, 6 May 2022
5,841 posts
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ThorntonRunner
I went from 5 7.5 hour days to 3 8 hour days last year so slightly increased the time per day. I also adjusted my pension contributions (and took one pension) so that our current household income pretty much mirrors what we intend living on when I finish at the end of the year - another sanity check of our calculations.
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May 2022
8:30pm, 6 May 2022
5,842 posts
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ThorntonRunner
Oh - and I'm strict with myself to not look at work email from 4pm Wed to 7:30 Mon
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May 2022
8:31pm, 6 May 2022
5,843 posts
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ThorntonRunner
My viw is they won't have me around at all after December so not having me around Thursday to Friday is good practice for them 
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May 2022
8:37pm, 6 May 2022
22,606 posts
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Bazoaxe
arbster I am still to hear back on next steps so will just have to wait and see. The LTA position does bother me. He said they have a lower threshold Which I guess is because they don’t want anyone of their digital advice people to need that kind of advice. However by my calculations with DB/DC combo I am nowhere near the limit. uFPLS is not something I know much about and maybe need to explore that option. Thing is I am reluctant to pay for advice in what is a pretty simple situation in my mind. Depending on costs I could be paying an extra £2k per year depending on actual fees and fund size which is easy money for an adviser. |
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May 2022
8:43pm, 6 May 2022
5,845 posts
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ThorntonRunner
My DC pension pot has now lost £18k since the start of the year - £20k if you include the contributions I've made to it in that time. Still within my margins for retiring at the end of the year, but I am looking at possible ways to avoid digging into it too much early on, to give it time to recover.
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May 2022
12:16am, 7 May 2022
18,101 posts
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3M (aka MarkyMarkMark)
I went from a nominal 35 hours week over 5 days to 32 hours over 4 days, which really didn't feel too bad at all financially, but knowing that I had a whole day when work couldn't touch me was wonderful! Dropping the next day to 24 hours over 3 days is even better in personal satisfaction terms, but the further 25% pay cut was a bit of a shocker! |
May 2022
7:58am, 7 May 2022
1,388 posts
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arbster
However by my calculations with DB/DC combo I am nowhere near the limit. 20x(initial DB) + DB tax-free lump sum + DC tax-free cash + DC pensions drawn down. Therefore, if you have a £20K DB, £100K TFLS, and take £500K into drawdown (including another £100K tax free cash) that would be £1M for LTA purposes, which would leave less than 7% of your LTA for any growth on the drawdown pot before the second LTA test at age 75. uFPLS is not something I know much about and maybe need to explore that option. Thing is I am reluctant to pay for advice in what is a pretty simple situation in my mind. Depending on costs I could be paying an extra £2k per year depending on actual fees and fund size which is easy money for an adviser. |
McGoohan Useful Links
FE accepts no responsibility for external links. Or anything, really.- Money Helper
- How Much is Enough to Retire On?
- Retirement Living Standards
- How much will you need to retire?
- Free Govt website for pension advice
- SIPP pensions
- ISAs
- Check your National Insurance contributions
- Check your state pension account
- Martin Lewis on pensions
- Support and advice for those widowed under the age of 50
- Power of Attorney information
- Making the most of your retirement
- 20 tips for a happy retirement
- Married Couple's Allowance
- Aviva guide to retirement planning
- U3A
- U3A Local Sites - map
- Make a Power of Attorney
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