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Retirement letter delivered yesterday.

Including Financial Independence and Retiring Early (FIRE)
Eboli
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Re: Retirement letter delivered yesterday.

#506940

Postby Eboli » June 13th, 2022, 6:31 pm

Well done DelianLeague and best wishes for a very long and enjoyable retirement. It may take a few hours, days, months...but you will never regret it.

I remember that I planned to go to a favourite hotel in southern Spain for a week after handing in my retirement letter many years ago. When I arrived at the hotel they had given me an upgrade to a wonderful suite with a terrace overlooking the sea and despite being January it was sunny, blue skies and nearly 30 degrees. With a chilled glass in my hand in the sunshine I then knew I had made the right decision!

Best of luck!

Eb

AWOL
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Re: Retirement letter delivered yesterday.

#506985

Postby AWOL » June 13th, 2022, 9:48 pm

Charlottesquare wrote:My route has been to reduce working hours, now age 62 I work three days with a four day weekend.

I must admit I can get a bit edgy re thinking about retiring, whilst we could both retire now any significant downturn in the economy could erode our incomes and absent state pensions for 3-4 more years (circa 19k a year between us) not sure I would like to take the risk, especially as unlikely to be employable for similar money elsewhere if I then changed my mind after 12 months.

Given the last few years have seen a large fall in 2020, a rebound into late 2021 and then another drop recently I am aware that if we had to bleed pension funds at the bottom of the market it would not be pleasant.

I think fear will override my wish for total freedom and I will stay in harness to nearer 64/65.


My FIRE decision wasn't one that I made myself. Prior to that I thought there was no way that I could afford retirement and certainly not at 49. I was planning on working into my 60s. However there wasn't anything happening in the area that appealed workwise so I got out my spreadsheet and built some models. To my surprise I could afford the same take home pay as when working (although this was reasonably modest as I was sacrificing a lot of salary) and still leave an inheritance for my sons...probably.

Anyway my point being that if you pay a lot into pensions you may actually find that you are closer than you think to retiring with the same take home pay. The silver lining of markets falling is that due to reversion to mean you could probably take a bigger percentage although this would be of a smaller sum. Alternatively if your SWR still works just carry on regardless.

Every time I see your name I remember halcyon days working in Charlotte Square, and the odd pub lunch!

DelianLeague
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Re: Retirement letter delivered yesterday.

#507301

Postby DelianLeague » June 15th, 2022, 7:35 am

Eboli wrote:Well done DelianLeague and best wishes for a very long and enjoyable retirement. It may take a few hours, days, months...but you will never regret it.

I remember that I planned to go to a favourite hotel in southern Spain for a week after handing in my retirement letter many years ago. When I arrived at the hotel they had given me an upgrade to a wonderful suite with a terrace overlooking the sea and despite being January it was sunny, blue skies and nearly 30 degrees. With a chilled glass in my hand in the sunshine I then knew I had made the right decision!

Best of luck!

Eb


Fantastic!

I have a similar plan but not in hotels. I used to work in Spain and I have always kept in touch with my Spanish X colleagues, I have a pretty good choice now of free accommodation in different locations of Spain. :D

D.L.

DelianLeague
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Re: Retirement letter delivered yesterday.

#507304

Postby DelianLeague » June 15th, 2022, 7:46 am

Update:

I have applied for phased retirement, this is a reduction in hours over the next Six months.

I.e. I will drop a working day in the week every Two months that I work over a Six month run-down period, starting in September. Combined with my normal annual holiday days, I thought that this could be a good idea as I will still be receiving a guaranteed monthly wage for a while.

I will have plenty of time to make plans.

D.L.

Femi
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Re: Retirement letter delivered yesterday.

#508937

Postby Femi » June 23rd, 2022, 5:24 am

Congratulations!

I delivered mine on 10th June … cannot wait!

Best regards
Femi

UpTheIron
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Re: Retirement letter delivered yesterday.

#511299

Postby UpTheIron » July 2nd, 2022, 9:48 am

Interesting thread and a lot of it rings true with me. I'm 46 and financially could stop working now.

I don't yet feel ready to despite the fact I hate it because of the time it consumes and prevents me doing other things as much as I would like to.

I try and tell myself that it's not a scary step and if I found myself bored after 6 months I could go back to another job. It's not as if I would be walking out on long term employment as I've rarely stayed anywhere more than a couple of years.

I've promised myself I'll give retirement a go after this role (fixed term) ends... that was supposed to be end of August however I suspect there will be a 6 or 12 month extension.

kempiejon
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Re: Retirement letter delivered yesterday.

#511306

Postby kempiejon » July 2nd, 2022, 10:32 am

UpTheIron wrote:Interesting thread and a lot of it rings true with me. I'm 46 and financially could stop working now.

I don't yet feel ready to despite the fact I hate it because of the time it consumes and prevents me doing other things as much as I would like to.

I try and tell myself that it's not a scary step and if I found myself bored after 6 months I could go back to another job. It's not as if I would be walking out on long term employment as I've rarely stayed anywhere more than a couple of years.

I've promised myself I'll give retirement a go after this role (fixed term) ends... that was supposed to be end of August however I suspect there will be a 6 or 12 month extension.


UpTheIron,

Perhaps it won't apply in your specific circumstance but if you don't feel ready to go but want more time for doing other things and you'll be renegotiating a fixed term how about tabling a shorter working week for that extended contract. For other working stiffs I know companies are obliged to look at request to changes in working patterns. At my place a few people have dropped down to 3 day weeks so suit lifestyle changes. I'm hoping flexible working, which is a promised outcome following a threatened strategic departmental review, is something I can take advantage of.
1 couple I know both work in the entertainment business where contracts are short, sometimes only weeks or months at a time. They both clear their calendars from December - February so only work about 9 months of the year and spend the other 3 together doing fun. They're in their 40s and have lived this lifestyle for a decade.

Mike88
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Re: Retirement letter delivered yesterday.

#511312

Postby Mike88 » July 2nd, 2022, 11:01 am

Very many congratulations on retiring when you are young enough to do things. I retired at 50, bought a campervan and travelled Europe with my wife as we both retired when we were very active. One thing to consider is that time travels very fast when you retire so do things now while you are young and well enough to lead an active life. Unfortunately for me that is no longer an option as my wife is not in the best of health and relies on me to basically exist. Retirement is nothing to be concerned about as long as you have the money to do the things you want.

OhNoNotimAgain
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Re: Retirement letter delivered yesterday.

#512069

Postby OhNoNotimAgain » Today, 9:06 am

Its always strikes me as odd that retired professional people seem to spend their time doing manual work, DIY, gardening, mechanicking, driving that those that do it for a living can't wait to stop doing.

If they really like manual work why did they become white collar professionals?

CliffEdge
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Re: Retirement letter delivered yesterday.

#512070

Postby CliffEdge » Today, 9:12 am

OhNoNotimAgain wrote:Its always strikes me as odd that retired professional people seem to spend their time doing manual work, DIY, gardening, mechanicking, driving that those that do it for a living can't wait to stop doing.

If they really like manual work why did they become white collar professionals?

You probably earn more money as a white collar professional which is what allows you to retire early.

SalvorHardin
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Re: Retirement letter delivered yesterday.

#512074

Postby SalvorHardin » Today, 9:24 am

OhNoNotimAgain wrote:Its always strikes me as odd that retired professional people seem to spend their time doing manual work, DIY, gardening, mechanicking, driving that those that do it for a living can't wait to stop doing.

If they really like manual work why did they become white collar professionals?

After spending most of their working life wearing a suit in the office they want to try something different. Or maybe they are spending a bit more time on what was a hobby when they were working (lots of retirees greatly increase the time spent gardening). They don't need the money, so they view the work quite differently from those who do manual work for a living. They can walk away very easily, so they don't have the same level of stress as those who have to keep working.

Also manual work generally doesn't pay as well as their professional job, so some may have wanted to do manual work but couldn't afford to do so because of ongoing financial commitments. Having retired, they can.

Some will take part-time jobs that get them out of the house and give them contact with people (from experience it's very easy in retirement to settle down at home and not go out all that often, particularly when you can get everything delivered to the house). Some like to establish a new routine; retirement can become quite stressful in the first few months if your life revolved around your work and that has been taken away from you. I'm sure that people have heard stories about people who having retired keep going back to their place of work and act as if they are still working there.

I know several retired professionals who work at racecourses on racedays (on the fences and/or as stewards) and as stewards at the county cricket. They don't need the money.

OhNoNotimAgain
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Re: Retirement letter delivered yesterday.

#512098

Postby OhNoNotimAgain » Today, 10:36 am

CliffEdge wrote:
OhNoNotimAgain wrote:Its always strikes me as odd that retired professional people seem to spend their time doing manual work, DIY, gardening, mechanicking, driving that those that do it for a living can't wait to stop doing.

If they really like manual work why did they become white collar professionals?

You probably earn more money as a white collar professional which is what allows you to retire early.


From a job they didn't like .

CliffEdge
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Re: Retirement letter delivered yesterday.

#512100

Postby CliffEdge » Today, 10:38 am

OhNoNotimAgain wrote:
CliffEdge wrote:
OhNoNotimAgain wrote:Its always strikes me as odd that retired professional people seem to spend their time doing manual work, DIY, gardening, mechanicking, driving that those that do it for a living can't wait to stop doing.

If they really like manual work why did they become white collar professionals?

You probably earn more money as a white collar professional which is what allows you to retire early.


From a job they didn't like .

We have it tough these days...

Itsallaguess
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Re: Retirement letter delivered yesterday.

#512103

Postby Itsallaguess » Today, 10:42 am

OhNoNotimAgain wrote:
CliffEdge wrote:
OhNoNotimAgain wrote:
Its always strikes me as odd that retired professional people seem to spend their time doing manual work, DIY, gardening, mechanicking, driving that those that do it for a living can't wait to stop doing.

If they really like manual work why did they become white collar professionals?


You probably earn more money as a white collar professional which is what allows you to retire early.


From a job they didn't like.


A frankly bizarre series of projections Rob...

Cheers,

Itsallaguess

tjh290633
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Re: Retirement letter delivered yesterday.

#512123

Postby tjh290633 » Today, 11:56 am

OhNoNotimAgain wrote:Its always strikes me as odd that retired professional people seem to spend their time doing manual work, DIY, gardening, mechanicking, driving that those that do it for a living can't wait to stop doing.

If they really like manual work why did they become white collar professionals?

Bear in mind that we had to do those things when we were still working. Retirement is a full time job, and trying to fit those things in is difficult. I have just mowed my lawn. Next job is trimming the jasmine encroaching on the path to the front door.

Must dash, as I am out for lunch with friends. Told you it was a full time job. At least the cricket finished yesterday.

TJH

OhNoNotimAgain
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Re: Retirement letter delivered yesterday.

#512145

Postby OhNoNotimAgain » Today, 1:10 pm

Itsallaguess wrote:
OhNoNotimAgain wrote:
CliffEdge wrote:
OhNoNotimAgain wrote:
Its always strikes me as odd that retired professional people seem to spend their time doing manual work, DIY, gardening, mechanicking, driving that those that do it for a living can't wait to stop doing.

If they really like manual work why did they become white collar professionals?


You probably earn more money as a white collar professional which is what allows you to retire early.


From a job they didn't like.


A frankly bizarre series of projections Rob...

Cheers,

Itsallaguess


I just find it strange that people retiring from well paid professional jobs eulogise about how much manual labout they are doing. They got qualified to avoid doing that.

You don't see David Attenborough, the Queen or Henry Kissinger boasting about mowing the lawn or clearing plants out of the way.

Just saying.
(btw, I hate gardening, fixing things or travelling)

CliffEdge
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Re: Retirement letter delivered yesterday.

#512149

Postby CliffEdge » Today, 1:58 pm

OhNoNotimAgain wrote:
Itsallaguess wrote:
OhNoNotimAgain wrote:
CliffEdge wrote:
OhNoNotimAgain wrote:
Its always strikes me as odd that retired professional people seem to spend their time doing manual work, DIY, gardening, mechanicking, driving that those that do it for a living can't wait to stop doing.

If they really like manual work why did they become white collar professionals?


You probably earn more money as a white collar professional which is what allows you to retire early.


From a job they didn't like.


A frankly bizarre series of projections Rob...

Cheers,

Itsallaguess


I just find it strange that people retiring from well paid professional jobs eulogise about how much manual labout they are doing. They got qualified to avoid doing that.

You don't see David Attenborough, the Queen or Henry Kissinger boasting about mowing the lawn or clearing plants out of the way.

Just saying.
(btw, I hate gardening, fixing things or travelling)

Hate gardening, like cleaning and tidying, like travelling to Tenerife or other English speaking countries.

Dod101
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Re: Retirement letter delivered yesterday.

#512151

Postby Dod101 » Today, 2:11 pm

I have always enjoyed gardening for instance, and I like home painting and decorating (although I leave the outside redecoration to the professionals. These jobs help people to keep fit. I do not much like sitting in the sun (not that that is much a of a risk where I live) I am not busier in retirement than I ever was at work. I think that is crazy. Retirement is for doing what you want, not to me for dashing around all over the place. I cam keep myself occupied without having to do that.

As for manual labour, what is wrong with that? I am not digging trenches.

Dod

Forgot to add that I enjoy travelling but usually in our winter to my old stomping ground of the Far East where it is mostly hot.

D

OhNoNotimAgain
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Re: Retirement letter delivered yesterday.

#512161

Postby OhNoNotimAgain » Today, 2:51 pm

, like travelling to Tenerife or other English speaking countries.


lol

DelianLeague
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Re: Retirement letter delivered yesterday.

#512206

Postby DelianLeague » Today, 5:20 pm

OhNoNotimAgain wrote:Its always strikes me as odd that retired professional people seem to spend their time doing manual work, DIY, gardening, mechanicking, driving that those that do it for a living can't wait to stop doing.

If they really like manual work why did they become white collar professionals?



It doesn't strike me as odd. I have spent most of my working life on the shop floor wearing overalls and whenever I leave the house, I always don a shirt and jacket (at least). Even to pop to the corner shop.

When I fully retire soon, I might even do as my Grandfather and Father did........Come down to breakfast in a full suit and tie, then read the paper and do some gardening, being careful to remove my jacket first whilst digging up the potatoes and making sure I don't ruin the knees of my trousers. :lol: :lol: :lol: .......You think I am joking!! :lol:

D.L. cant wait. ;)


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