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Probably the most difficult decision I've ever made. The constant doubt about whether I can afford it is causing me all sorts of anxiety. Anyone else had these doubts and can give me some positive thoughts? I haven't paid off my mortgage so will have to work something out there, but, eventually, I plan to travel for a few months, or possibly years, before moving somewhere cheaper than Norway. My head is all over the place right now.
I've just sent in my notice to retire from work on 07:22 - Jul 14 by noggin
Sorry to hear about your mum. Mine passed away 3 years ago and I think it has been a factor in my decision.
It is strange. My parents were not a factor in when I decided to retire. Not in the least. I’d always planned to finish by 60 and just about did. I actually wanted to go a few years before I did, but I was asked to do something that interested me and I wound up being promoted/paid ££ for it. It meant I didn’t have to worry about the money side when I stopped.
Logical? Felt so at the time. But it wasn’t. I could and should have saved myself the stress of the last couple of years. The money wasn't an issue - I was cautious and I actually found I needed less of it in retirement and was perfectly ok on that front. So work-wise I got involved in something interesting; an experience - but I’d rather have had the time back. Sadly it doesn’t work that way.
My advice is you only get one go at this life gig. Unless your work is vocational and you truly enjoy it, leave as soon as you can. Every day since finishing has been a holiday.
I think losing my parents not long before and after retirement just reinforced what I already knew.
You won’t regret calling it a day. I don’t know anyone who has. One particular friend of mine was a bit down about it for nine months or so, but that was just his adjustment period. Most people experience that, whether it’s 5 seconds or a year.
[Post edited 14 Jul 8:21]
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I've just sent in my notice to retire from work on 08:20 - Jul 14 with 1032 views
It's something I've really started looking at recently, although I'm a long way off (40 next year)!
Depending on when the house gets paid off, I think I could potentially retire at 64 if I continue in my current role.
That's without state pension - if that is still around then I'm comfortable at 67.
The big thing for us is getting the mortgage paid off. Need to start charging the kids to live at home... but I think charging two 4 years olds might be frowned upon haha!
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I've just sent in my notice to retire from work on 08:40 - Jul 14 with 996 views
I've just sent in my notice to retire from work on 08:20 - Jul 14 by RobTheMonk
Good luck!
It's something I've really started looking at recently, although I'm a long way off (40 next year)!
Depending on when the house gets paid off, I think I could potentially retire at 64 if I continue in my current role.
That's without state pension - if that is still around then I'm comfortable at 67.
The big thing for us is getting the mortgage paid off. Need to start charging the kids to live at home... but I think charging two 4 years olds might be frowned upon haha!
Our kids are all adults now and three still living at home, although one is about to go to uni. Since we recently bought our (previously rented) home, the mortgage is significantly more than the rent was. Having them pay a contribution has become somewhat essential, but what we ask is far less than market equivalent and weighted according to their income. The oldest had a grumble about this but he's working for Accenture, earns nearly as much as I do, and has no major financial commitments. I pointed out he was free to look for his own place, knowing full well he's going to lose most of his disposable income if he does so.
I've just sent in my notice to retire from work on 08:19 - Jul 14 by Churchman
It is strange. My parents were not a factor in when I decided to retire. Not in the least. I’d always planned to finish by 60 and just about did. I actually wanted to go a few years before I did, but I was asked to do something that interested me and I wound up being promoted/paid ££ for it. It meant I didn’t have to worry about the money side when I stopped.
Logical? Felt so at the time. But it wasn’t. I could and should have saved myself the stress of the last couple of years. The money wasn't an issue - I was cautious and I actually found I needed less of it in retirement and was perfectly ok on that front. So work-wise I got involved in something interesting; an experience - but I’d rather have had the time back. Sadly it doesn’t work that way.
My advice is you only get one go at this life gig. Unless your work is vocational and you truly enjoy it, leave as soon as you can. Every day since finishing has been a holiday.
I think losing my parents not long before and after retirement just reinforced what I already knew.
You won’t regret calling it a day. I don’t know anyone who has. One particular friend of mine was a bit down about it for nine months or so, but that was just his adjustment period. Most people experience that, whether it’s 5 seconds or a year.
I've just sent in my notice to retire from work on 08:19 - Jul 14 by Churchman
It is strange. My parents were not a factor in when I decided to retire. Not in the least. I’d always planned to finish by 60 and just about did. I actually wanted to go a few years before I did, but I was asked to do something that interested me and I wound up being promoted/paid ££ for it. It meant I didn’t have to worry about the money side when I stopped.
Logical? Felt so at the time. But it wasn’t. I could and should have saved myself the stress of the last couple of years. The money wasn't an issue - I was cautious and I actually found I needed less of it in retirement and was perfectly ok on that front. So work-wise I got involved in something interesting; an experience - but I’d rather have had the time back. Sadly it doesn’t work that way.
My advice is you only get one go at this life gig. Unless your work is vocational and you truly enjoy it, leave as soon as you can. Every day since finishing has been a holiday.
I think losing my parents not long before and after retirement just reinforced what I already knew.
You won’t regret calling it a day. I don’t know anyone who has. One particular friend of mine was a bit down about it for nine months or so, but that was just his adjustment period. Most people experience that, whether it’s 5 seconds or a year.
[Post edited 14 Jul 8:21]
For me to retire you need 2 things.
The finances need to be right and you need to want to stop work. Some people really love their job (lucky them) but I always ask "Do you go in at the weekend? And if not, why not?.
Of course they don't go in because they enjoy their weekends and I simply say that when you are retired, every day is a weekend.
As for the finances, obviously we are all in different situations. But two thoughts.
Retire too early and you'll soon know and can return. Retire too late (financially) and you can't go back and have that time again. So for me, if unsure (on the finances) go for it and the worst case you'll have to top up your income or return to work.
I guess some careers that may be hard, and it defo impacts pensions in that you can't untake them and/or are limited on future contributions if you have taken them so I guess proper financial advice would be sensible.
But I do feel people often over estimate how much they need. You'll save on transport to work, work clothing etc. You also have time which means you can cook more, holiday when it's cheaper and find the cheap deals when you do spend.
I've just sent in my notice to retire from work on 08:09 - Jul 14 by noggin
Albania is lovely and affordable. The only problem is, the annual increases to the UK state pension are not awarded to British pensioners in Albania. Bulgaria is an option, although I believe prices have increased significantly since they adopted the Euro.
I thought that the losing the annual increment on your United Kingdom state pension if you move overseas was almost universal (thanks Brexiteers) so you will probably have the same issue in Bulgaria. I'm a bit confused about your residency in Norway and entitlement to state pension although I can see that you may have built up entitlement to our state pension before you moved there. Do you have a Norwegian state pension to also take into account ? Do you need to move back to the United Kingdom to firm up an annual increase in our state pension ?
I've just sent in my notice to retire from work on 08:57 - Jul 14 by bluelagos
For me to retire you need 2 things.
The finances need to be right and you need to want to stop work. Some people really love their job (lucky them) but I always ask "Do you go in at the weekend? And if not, why not?.
Of course they don't go in because they enjoy their weekends and I simply say that when you are retired, every day is a weekend.
As for the finances, obviously we are all in different situations. But two thoughts.
Retire too early and you'll soon know and can return. Retire too late (financially) and you can't go back and have that time again. So for me, if unsure (on the finances) go for it and the worst case you'll have to top up your income or return to work.
I guess some careers that may be hard, and it defo impacts pensions in that you can't untake them and/or are limited on future contributions if you have taken them so I guess proper financial advice would be sensible.
But I do feel people often over estimate how much they need. You'll save on transport to work, work clothing etc. You also have time which means you can cook more, holiday when it's cheaper and find the cheap deals when you do spend.
My twopenneth.
I agree with all of that.
Financial planning is of course very important. If in doubt seek financial advice.
One thing I would say is that retiring is an opportunity. My father for example packed in his mid 50s. He had enough £ but there were other things he wanted to do. He started a little consultancy practice (he was a fully qualified town and country planner), but his main interest was gardening, so he went and did part time at Notcutts in Woodbridge. He absolutely loved it and carried on there till he was in his 80s.
A friend of mine found money getting tight and wound up working at Church House. Zero pressure, enjoyable work and they gave him a pension. There are different ways. It’s all good.
I've just sent in my notice to retire from work on 09:48 - Jul 14 by Churchman
I agree with all of that.
Financial planning is of course very important. If in doubt seek financial advice.
One thing I would say is that retiring is an opportunity. My father for example packed in his mid 50s. He had enough £ but there were other things he wanted to do. He started a little consultancy practice (he was a fully qualified town and country planner), but his main interest was gardening, so he went and did part time at Notcutts in Woodbridge. He absolutely loved it and carried on there till he was in his 80s.
A friend of mine found money getting tight and wound up working at Church House. Zero pressure, enjoyable work and they gave him a pension. There are different ways. It’s all good.
I do find it interesting (and a little unfathomable) when people carry on working when financially they are all set. Was chatting this weekend to a sibling in her 60s who 100% can retire but chooses to carry on and doesn't love their job.
She is going down to a 4 day week but was honest enough to state is scared of what they will do with their time. And I guess that is a real worry if you think you might waste your time.
It's her life and her choice but I always come back to "no one ever lays on their death bed wishing they'd spent more time at work".
(And I know for many the financial constraints mean they have to keep working - and that the whole conversation will be baffling for the younguns for whom retirement and financial independence is nothing but a pipe dream.
Top tip - max out your pensions kids - it may be hard but will pay dividends in the long term)
I've just sent in my notice to retire from work on 17:40 - Jul 13 by noggin
“ Whilst I didn't retire entirely until I was 70, some 6 years ago I was lucky enough to accept redundancy at 52.”
This confused me for a while.
The job I accepted redundancy was with PPG Stowmarket. For 22 years it was I.C.I. When PPG took over I.C.I. had put conditions on the sale in that terms and conditions were to remain the same for four years after the takeover. That was in 1999. When I had completed my 25 years my then manager came around with a letter from the site manager congratulating myself on my 25 years. I had spoken to my boss a year earlier about redundancy. Then there was none available. But handing me the letter he informed me that he needed two redundancies in his department (Engineering) and was I interested. was then going on holiday for two weeks and on my return he gave me the figures. I accepted. Fortunately for myself he said a condition would be I sorted out the stores and would be paid through a contractor. So I left on a Friday and returned to my desk on the Monday for another 10 months when that contract was terminated. It was strange really because that was 2003. When I left another job in 2015 and decided to get a part time job later that year it was through an agency. Not knowing where the job was it turned out to be back at PPG Stowmarket.
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I've just sent in my notice to retire from work on 10:20 - Jul 14 with 859 views
Rent your place out and go sit on the beach in Thailand, Malaysia or somewhere nice like that, paying off your mortgage and lowering your costs of living.
If the options there, reallocating some of your wealth into a dividend portfolio is a great way of earning passive income.
Good YouTuber to follow that takes advantage of geographic arbitrage is 'Retire and go'.
[Post edited 14 Jul 10:26]
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I've just sent in my notice to retire from work on 10:42 - Jul 14 with 838 views
Currently off work since April with health issues, (struggling to walk through nerve damage) and although I’m struggling with the extreme pain I’ve never felt more happy not working. Employers are currently saying my job isn’t viable for me and there’s nothing else available, so now on SSP and meeting ongoing regarding being pensioned off through ill health. The better half has a very good salary and no mortgage so money isn’t an issue, and if I eventually sort these health issues out I’ll look for part time work, and something a lot less strenuous that what I’d been doing.
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I've just sent in my notice to retire from work on 15:00 - Jul 14 with 758 views
I've just sent in my notice to retire from work on 18:12 - Jul 13 by noggin
Blimey, that looks a real bargain, although I don't really understand leasehold.
That sounds very much like where I live. I own 1/8 of the freehold with the other 7 owners.
It's likely the leases are very long since they own the freehold anyway. I think mine is something like 900+ years.
You would likely have to pay ground rent, a maintenance fee and building insurance. Again though, as the freehold is owned by the owners it's unlikely any of these would be an issue. I think I pay £25 a year ground rent.
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I've just sent in my notice to retire from work on 15:23 - Jul 14 with 737 views
I too, am creeping ever closer to a possible retirement or semi-retirement at a least, as I cannot fathom out what is going to fill my days having been really active in work/business for over 3 decades.
We spoke to a guy that plotted all our income, outgoings, pensions etc etc. in fairness we were pleasantly surprised and even using the government ‘suggestion’ that a couple need £45-50k a year in retirement, we seemed to get to post 90 before it runs out.
Loads of ups and downs could happen of course, but at least plotting it against known factors today can be really helpful.
I know I am going to struggle with spending from a pot that probably won’t get topped up, but I am just going to have to deal with that somehow.
The thought of day time TV , bed at nine and up at six scares me more if I’m honest. Not a great deal of help around to aid your thinking or suggesting options. Volunteering is an obvious option bud I just know it’s on my nature to take anything like that far too intense and end up doing too much for my own good.
But definitely for financial concerns, speak to a reputable specialist in retirement planning. It’s helped immensely.
Just to add to many of the youtube suggestions on this thread, I think this guy, Dan Haylett is a really good place to start when trying to get your head around what retirement might look like
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I've just sent in my notice to retire from work on 18:05 - Jul 14 with 637 views
I've just sent in my notice to retire from work on 10:04 - Jul 14 by bluelagos
I do find it interesting (and a little unfathomable) when people carry on working when financially they are all set. Was chatting this weekend to a sibling in her 60s who 100% can retire but chooses to carry on and doesn't love their job.
She is going down to a 4 day week but was honest enough to state is scared of what they will do with their time. And I guess that is a real worry if you think you might waste your time.
It's her life and her choice but I always come back to "no one ever lays on their death bed wishing they'd spent more time at work".
(And I know for many the financial constraints mean they have to keep working - and that the whole conversation will be baffling for the younguns for whom retirement and financial independence is nothing but a pipe dream.
Top tip - max out your pensions kids - it may be hard but will pay dividends in the long term)
I find it unfathomable that people carry on working when don’t have to too. It certainly wasn’t for me. My golf buddy is doing dozens of people’s tax returns (he was a qualified tax inspector). He has pots of money. Another chum has moved from HGV driving to being a cabbie - he doesn’t need the money either but wanted the challenge. Can’t think of anything worse personally.
Each to their own I say! There’s no right or wrong.
The nature of my work meant I got plenty of lucrative contract offers when I walked away. I also could have stayed with my existing employer and gone part time. But none of these options were for me. If I close the chapter, that’s it. Done. Finish. But that is my nature. Fortunately we are all different.
So aside from auditing accounts for a few local groups as a favour, not money, I do as I please. And quite frankly, I’m always busy and have never been bored for a second. I don’t know how I ever fitted work in!
Yes, plan retirement, especially the money against what lifestyle you want. Think about what you’d like to do because the single biggest difference between retirement and work is that more of your time will be you choosing what you’d like to do rather than responding to the demands of an employer, situation or customer if self employed.
One last thing. Fear. It can be scary walking away from an employer. Human beings by nature resist change. It’s natural to worry if one’s doing the right thing with a lifestyle change like retirement. The trick is to meet it head on and if you decide you are out of there, done the pros and cons, don’t look back.
It will be the right decision and it’ll be fine. Every day in work, unless vocational and you truly love it, is a day you can never get back.
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I've just sent in my notice to retire from work on 18:32 - Jul 14 with 617 views
I've just sent in my notice to retire from work on 18:05 - Jul 14 by Churchman
I find it unfathomable that people carry on working when don’t have to too. It certainly wasn’t for me. My golf buddy is doing dozens of people’s tax returns (he was a qualified tax inspector). He has pots of money. Another chum has moved from HGV driving to being a cabbie - he doesn’t need the money either but wanted the challenge. Can’t think of anything worse personally.
Each to their own I say! There’s no right or wrong.
The nature of my work meant I got plenty of lucrative contract offers when I walked away. I also could have stayed with my existing employer and gone part time. But none of these options were for me. If I close the chapter, that’s it. Done. Finish. But that is my nature. Fortunately we are all different.
So aside from auditing accounts for a few local groups as a favour, not money, I do as I please. And quite frankly, I’m always busy and have never been bored for a second. I don’t know how I ever fitted work in!
Yes, plan retirement, especially the money against what lifestyle you want. Think about what you’d like to do because the single biggest difference between retirement and work is that more of your time will be you choosing what you’d like to do rather than responding to the demands of an employer, situation or customer if self employed.
One last thing. Fear. It can be scary walking away from an employer. Human beings by nature resist change. It’s natural to worry if one’s doing the right thing with a lifestyle change like retirement. The trick is to meet it head on and if you decide you are out of there, done the pros and cons, don’t look back.
It will be the right decision and it’ll be fine. Every day in work, unless vocational and you truly love it, is a day you can never get back.
I am getting more indecisive with every passing year and suffer from crippling anxiety. The only promise I have made to myself is not to go on working too long and miss the opportunity for some quality years free from stress. All power to your elbow. You won’t regret it and will figure it all out as you go. I will hopefully join your soon.
Figuratively speaking obvs. No way I will be able to afford Norway on my meagre savings.
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I've just sent in my notice to retire from work on 20:20 - Jul 14 with 543 views
I've just sent in my notice to retire from work on 19:23 - Jul 14 by WD19
I am getting more indecisive with every passing year and suffer from crippling anxiety. The only promise I have made to myself is not to go on working too long and miss the opportunity for some quality years free from stress. All power to your elbow. You won’t regret it and will figure it all out as you go. I will hopefully join your soon.
Figuratively speaking obvs. No way I will be able to afford Norway on my meagre savings.
Must admit, my anxiety got so bad today that I called my boss and asked to withdraw my notice. He calmly talked me out of it. Thanks boss.
I've just sent in my notice to retire from work on 10:04 - Jul 14 by bluelagos
I do find it interesting (and a little unfathomable) when people carry on working when financially they are all set. Was chatting this weekend to a sibling in her 60s who 100% can retire but chooses to carry on and doesn't love their job.
She is going down to a 4 day week but was honest enough to state is scared of what they will do with their time. And I guess that is a real worry if you think you might waste your time.
It's her life and her choice but I always come back to "no one ever lays on their death bed wishing they'd spent more time at work".
(And I know for many the financial constraints mean they have to keep working - and that the whole conversation will be baffling for the younguns for whom retirement and financial independence is nothing but a pipe dream.
Top tip - max out your pensions kids - it may be hard but will pay dividends in the long term)
I've done 4 days a week (32 hours) since I was 35. Never going back to 5 days.
Next stop: 3 days!
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I've just sent in my notice to retire from work on 22:56 - Jul 14 with 416 views
I've just sent in my notice to retire from work on 21:23 - Jul 14 by J2BLUE
I've done 4 days a week (32 hours) since I was 35. Never going back to 5 days.
Next stop: 3 days!
I did the same, reduced from 5 days to 4 about 20 years ago. Had the Friday off to get chores done, Saturday, football, Sunday family day. That 3rd day of made a massive difference. Then went down to 3 day week as a prelude to retirement which should happen in 4 years time.
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I've just sent in my notice to retire from work on 01:16 - Jul 15 with 386 views
Whenever you take the first step boldly into a new adventure you will find the universe conspires to give you what you need quite unexpectedly and from unpredictable directions. You’ve made the move: your courage will be rewarded so enjoy the ride. You will be just fine. I’ve done it and felt just like you.
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