Declaring partial victory
Posted: January 10th, 2020, 8:27 am
Moving to a 4 day week
Today is the first day of "I no longer work Fridays".
I like my job, work with a small team of very smart guys, and we do interesting and cool stuff, but the big downside is the lengthy commute, which is tough at this time of year (2 hours driving a day in the dark/rain on the motorway).
I earn enough to make tax an issue. I have been keeping below the punitive 'reclaim personal allowances' marginal tax + NI rate of 62% by making significant contributions to a SIPP. This no longer makes sense as I am going to get clobbered by the LTA.
Contributing factor is that I had a nasty health scare last spring, and I would like to make sure that I have some time to enjoy to look after myself and enjoy things.
So decision to scale back, stop paying into SIPP, and take the extra as free time (which is not taxed yet).
Executing a plan for management succession at work, if this progresses well, I shall scale back some more next year. Ideal will be to get to a position of handing over the reins for day to day management, and just working specific projects, maybe a couple of days a week. This just postpones the day I need to exercise my DB pension, and I leave the SIPP + ISA hyp snowballing. Also keeps me doing intellectually stimulating stuff while I work out what else I want to do (have toyed with idea of OU degree on software engineering, but not particularly gripped by that).
Got tennis coaching booked this morning - trying to get fit and lose weight.
Got personal language tutor turning up this afternoon, need to work on my French if I want to keep the option of retiring there.
She Who Must Be Obeyed has given me a small list of chores as well.
First stage in FIRE.
Feels good.
Today is the first day of "I no longer work Fridays".
I like my job, work with a small team of very smart guys, and we do interesting and cool stuff, but the big downside is the lengthy commute, which is tough at this time of year (2 hours driving a day in the dark/rain on the motorway).
I earn enough to make tax an issue. I have been keeping below the punitive 'reclaim personal allowances' marginal tax + NI rate of 62% by making significant contributions to a SIPP. This no longer makes sense as I am going to get clobbered by the LTA.
Contributing factor is that I had a nasty health scare last spring, and I would like to make sure that I have some time to enjoy to look after myself and enjoy things.
So decision to scale back, stop paying into SIPP, and take the extra as free time (which is not taxed yet).
Executing a plan for management succession at work, if this progresses well, I shall scale back some more next year. Ideal will be to get to a position of handing over the reins for day to day management, and just working specific projects, maybe a couple of days a week. This just postpones the day I need to exercise my DB pension, and I leave the SIPP + ISA hyp snowballing. Also keeps me doing intellectually stimulating stuff while I work out what else I want to do (have toyed with idea of OU degree on software engineering, but not particularly gripped by that).
Got tennis coaching booked this morning - trying to get fit and lose weight.
Got personal language tutor turning up this afternoon, need to work on my French if I want to keep the option of retiring there.
She Who Must Be Obeyed has given me a small list of chores as well.
First stage in FIRE.
Feels good.