The Retirement Thread
1 lurker |
174 watchers
May 2022
8:45am, 9 May 2022
57,910 posts
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Velociraptor
I'm more conflicted because there are things about my job that I enjoy probably as much as anything I do outside work. But that may change with a period of not working, which is something I've never had except when I was on maternity leave (and even then I was moonlighting before my allotted four months was up) or almost catatonic with occupational burnout.
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May 2022
8:55am, 9 May 2022
7,016 posts
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Fizz :-)
I worked out this weekend that my absolute final working day will be no later than 31st January 2025, earlier if I get made redundant, or WW decides to retire first. I’m resisting starting a countdown. (Although I’ve just checked the calendar and it falls on a Friday, which is perfect  )
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May 2022
9:02am, 9 May 2022
21,457 posts
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Ness
I’d agree with the above, definitely! Having taken early retirement at 54 and being really happy with it! I was motivated by seeing my Dad not reaching retirement age at all though so I’d been planning for it from the age of 25. When I say it like that it seems a bit strange but I knew that probably wouldn’t be able to keep on with a teaching career in to my 60s. I’m glad I did invest in the AVCs. |
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May 2022
9:05am, 9 May 2022
21,458 posts
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Ness
Sorry. Two extra posts whilst I typed. Vrap, I think you’ll find lots of lovely alternatives when you’re ready to leave the occupation behind. Perhaps you’re just not ready to leave it behind yet? Sounds great Fizz
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May 2022
9:10am, 9 May 2022
13,804 posts
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Sigh
The next stage in our plans is a 90-min 'joint advice' call with our IFA tomorrow. Having started this process in February with a tentative 'let's aim for when I'm 60' (5.5 years), that's since been revised down twice - initially to end of July '26 (aged 58) and now to end of October '23 (aged 55.5). Aged 58 is definitely do-able, I'm hoping that 55.5 is do-able too. Certainly I can see nothing to the contrary. |
May 2022
9:13am, 9 May 2022
45,416 posts
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♪♫ Synge ♪♫
My two-year fixed term contract (approx two days a week, sometimes slightly more in practice) which was going to be my last employment was due to come to an end next week, but I negotiated a switch to permanent about six months ago. I've also got a one-day-a-week paid role which I have no intention of ending just yet. I'm really enjoying the work and have no regrets about continuing ... For me, three days a week just about hits the sweet spot after a career of full-time work and before proper retirement. Enough leisure time to make good use of, but still a dose of work-related satisfaction, challenge, remuneration and colleagues. Dr S is still working and I suspect that we will somehow work out when the right time for us both to stop is. |
May 2022
9:45am, 9 May 2022
10,216 posts
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cathrobinson
That sounds like a good compromise, Synge. If you still enjoy work and want to work, then why not?! There’s also interesting research available that suggests people who retire early (and have no meaningful purpose beyond work) tend to die early.
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May 2022
9:46am, 9 May 2022
14,388 posts
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Mandymoo
Totally agree TRO - it's what we did and we are loving it. we spoke to an IFA at an expo yesterday and he told me that as I am not working/paying taxes and not at retirement age, it isn't worth me putting more money into my private pension, I would be better off putting into an ISA? |
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May 2022
9:53am, 9 May 2022
57,916 posts
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Velociraptor
I'd have thought it would be worth putting in the amount that gets you tax relief whether or not you pay tax, MM. £2,880 a year, rounded up to £3,600 with tax relief. (It's something I wish I'd done for eL Bee! during the years when he wasn't earning. It would have been a stretch financially, but worthwhile now.)
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May 2022
9:58am, 9 May 2022
6,049 posts
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um
There's (what I think is) quite a good summary comparison here Mandy hsbc.co.uk (just randomly found in the web, I assume there's plenty of others like it) Both of us are still paying in £2880 per year to a pension fund to get the tax top up to £3600, even if not paying tax. £720 isn't life changing, but it's better than current interest rates. |
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