FIRE - Final Year

[Itsallaguess]

Completely agree with you Dod and I did love my career originally, but years of office politics and working with some less than honest people has kind of ruined it and the stress of my working environment just isn't worth it any more.

I've seen quite a few guys at work go through the 'counting down the days' process in their final months, and often it's been the case that I've previously considered that they've enjoyed their work, so it's sometimes made me wonder what's gone on to prompt such a turnaround in their mindset..

In fact it's happened so often that I've begun to wonder if it's sometimes just a simple 'coping mechanism' that we might employ when we've got such a momentous 'switch' about to be thrown in our lives, and it makes some sense that this might be the case at times.

We're very good at inventing narratives in our minds to cope with 'dislocations', and I think there may sometimes be some sort of sub-concious 'you need to start writing the end of this chapter yourself' process going on, and what better way to do that but with a simple countdown...

Not that there's anything wrong with that, of course, and I think we all might do it to some degree or other, but I just wanted to say to Dod that just because someone might be seen to be 'counting down the days', it might not necessarily mean that they've been hating the days that came before that period - it might just be that they're gearing up mentally for the next big change in their lives, and maybe a good way of mentally coping with that is to force ourselves to count down towards it...

It's great to hear of your plans Darka, and I hope the transition this year from a corporate life into a more leisurely period of retirement goes smoothly and enjoyably - I've always said that seeing people get to this stage of their working lives gives the rest of us who are still having to clock on a huge amount of inspiration, so well done on being another great part of that story...

Oh - and by the way - don't knock those spreadsheets too much....the confidence that you've got, and that's delivered you to the position of now knowing that you maybe *don't* have to spend as much time following them in the future as you've done in the past, has perhaps only been delivered by the careful studying of them previously in the first place...

Best wishes.

Itsallaguess

[Darka]

It's great to hear of your plans Darka, and I hope the transition this year from a corporate life into a more leisurely period of retirement goes smoothly and enjoyably - I've always said that seeing people get to this stage of their working lives gives the rest of us who are still having to clock on a huge amount of inspiration, so well done on being another great part of that story...

Oh - and by the way - don't knock those spreadsheets too much....the confidence that you've got, and that's delivered you to the position of now knowing that you maybe *don't* have to spend as much time following them as you've done in the past, has perhaps only been delivered by the studying of them in the first place...

Best wishes.

Itsallaguess

Thank you, it's been a long journey but I'm close to the end and also hope this year goes well, I intend to work hard and leave my employment on good terms, I think that's always the most honest and honourable thing to do.

I've spent a lot of time with Excel over the years (my wife was getting jealous ), but yes, the confidence you get from designing and achieving your own plan are essential and I don't regret those many hours - but now is the time to step back and let the plan work.

I'm 99% confident that my plan is ok, of course I'll make the final decision just before I resign but it's looking good

regards,
Darka

[Gostevie]

I intend to work hard and leave my employment on good terms, I think that's always the most honest and honourable thing to do.

regards,
Darka

100% agree. Towards the end, when I was one of the few staff members still going into the homelessness centre where I was considered a 'key worker' when most were 'working from home' (ha ha!), because I lived quite locally and being single was considered expendable, I could have easily told them where to stick it, handed in my pass, and walked out. I nearly did on a few occasions because the extra work, hours and stress became almost unbearable at times.

But I served out my three months' notice diligently and left on good terms, and I am very glad I did. It is always better to leave on a friendly note. Do your time, count down your days on a spreadsheet, just like old lags in films used to chalk them off on their cell walls, and leave with your head held high. It will be worth it.

Gostevie

[kempiejon]

I've thought about buying this countdown clock https://www.amazon.co.uk/dp/B01MU03JBG/ ... _lig_dp_it

[Darka]

I've thought about buying this countdown clock https://www.amazon.co.uk/dp/B01MU03JBG/ ... _lig_dp_it

That's a great idea

I'm trying to keep my intentions unknown at work so will stick with a hidden spreadsheet for now though

[Urbandreamer]

With all the comments about making your intentions known at work, I thought that I'd chip in my 2p worth.

I've told work that I'm going to retire in 2 1/2 years, and yes my spreadsheet has a countdown. I've been there a long time and they would/will find it quite difficult to replace me. The solution is to train someone up. However it isn't happening. They are simply running things too close to the bone.

I WILL leave in two years time and I hope that it's on good terms.

Re FIRE, I started before I'd even heard the term. I intended to retire 10 years younger (at 50), but the finance didn't fall into place at that age. I'm glad to say that I have now achieved what I consider financial independence, it's other things that are holding up my retirement.

Spreadsheets are great, but there are also Monte Carlo Fire simulators on the internet to check your ideas. I use google sheets rather than excel and the simulator that I use is.
https://www.firecalc.com/

Congratulations Darka for managing to build your pot early.

[MaraMan]

Many congratulations Darka, it sounds perfectly timed to coincide with some Covid freedom to make the most of your free time.

I retired on my 56th birthday, I should have done earlier. The last three years have been the best of my life, despite 2020's best efforts. I had a very good job but I just grew tired of it all; the politics, the back biting, the aggression and selfishness (I worked for an American company as you may have guessed). Since leaving I have travelled a lot (well before 2020 anyway), pursued hobbies I enjoy and given some regular time as a Samaritan.

Anyway all the best

MM

[sunnyjoe]

I've seen quite a few guys at work go through the 'counting down the days' process in their final months, and often it's been the case that I've previously considered that they've enjoyed their work, so it's sometimes made me wonder what's gone on to prompt such a turnaround in their mindset..

In fact it's happened so often that I've begun to wonder if it's sometimes just a simple 'coping mechanism' that we might employ when we've got such a momentous 'switch' about to be thrown in our lives, and it makes some sense that this might be the case at times.

I haven't started a countdown clock yet because the date I have decided is still a few years away, but when it gets down to less than 18 months I will probably have a timer on my home (and not my work) computer screen. I definitely view work differently now that I have made my decision. I think there is an inescapable change in attitude when you have made a decision to retire at a particular time. Still working hard, but not as invested in it as previously and starting to think about what I will do next.

[Darka]

With all the comments about making your intentions known at work, I thought that I'd chip in my 2p worth.

I've told work that I'm going to retire in 2 1/2 years, and yes my spreadsheet has a countdown. I've been there a long time and they would/will find it quite difficult to replace me. The solution is to train someone up. However it isn't happening. They are simply running things too close to the bone.

I WILL leave in two years time and I hope that it's on good terms.

Re FIRE, I started before I'd even heard the term. I intended to retire 10 years younger (at 50), but the finance didn't fall into place at that age. I'm glad to say that I have now achieved what I consider financial independence, it's other things that are holding up my retirement.

Spreadsheets are great, but there are also Monte Carlo Fire simulators on the internet to check your ideas. I use google sheets rather than excel and the simulator that I use is.
https://www.firecalc.com/

Congratulations Darka for managing to build your pot early.

Thanks Urbandreamer,

Will run the numbers through Firecalc as that's a good idea.

My manager asked me for a succession plan 2 years ago, which I thought was a bit suspicious.... but I'm still here.
They won't rush to replace me, but I suspect me leaving will result in my team being disbanded and moved into other teams as there won't be enough people left in it to make it work when I leave.

But it's their choice to ignore the requests I've made over the years for additional resources.

[Darka]

Many congratulations Darka, it sounds perfectly timed to coincide with some Covid freedom to make the most of your free time.

I retired on my 56th birthday, I should have done earlier. The last three years have been the best of my life, despite 2020's best efforts. I had a very good job but I just grew tired of it all; the politics, the back biting, the aggression and selfishness (I worked for an American company as you may have guessed). Since leaving I have travelled a lot (well before 2020 anyway), pursued hobbies I enjoy and given some regular time as a Samaritan.

Anyway all the best

MM

Thanks MM,

I'm looking forward to it immensely, and I too have had enough of the politics, etc, it never seems to improve and I've experienced the same at other companies of course but my current employer could win awards for it....

[kempiejon]

I haven't started a countdown clock yet because the date I have decided is still a few years away, but when it gets down to less than 18 months I will probably have a timer on my home (and not my work) computer screen. I definitely view work differently now that I have made my decision. I think there is an inescapable change in attitude when you have made a decision to retire at a particular time. Still working hard, but not as invested in it as previously and starting to think about what I will do next.

I nearly started a countdown 2019. I don't hate my work - it's slow, dull and easy - there are worse problems to have but I want my time to myself. I might just be able to afford it but I'm a few bob adrift of my desired level of comfort for financial independence and setting a date is hard, particularly as this year the income and capital have found a bump in the road and my pensions are still time restricted. This time last year I'd have said within 12 months in fair weather I'd be set but today my income needs to recover a bit. Right now not so sure, lets say another 12 months and presumably in 12 months I could be saying the same. I've a cash reserve to sooth income hiccups so could probably manage it but while I've got a job and don't hate the grind I can spend another 12 months adding to the pot and gaining a year of DC service and adding to the SIPP.

[Darka]

I definitely view work differently now that I have made my decision. I think there is an inescapable change in attitude when you have made a decision to retire at a particular time. Still working hard, but not as invested in it as previously and starting to think about what I will do next.

Completely agree, I feel the same and my view of work has definitely changed.

[dealtn]

I haven't started a countdown clock yet because the date I have decided is still a few years away, but when it gets down to less than 18 months I will probably have a timer on my home (and not my work) computer screen. I definitely view work differently now that I have made my decision. I think there is an inescapable change in attitude when you have made a decision to retire at a particular time. Still working hard, but not as invested in it as previously and starting to think about what I will do next.

I nearly started a countdown 2019. I don't hate my work - it's slow, dull and easy - there are worse problems to have but I want my time to myself. I might just be able to afford it but I'm a few bob adrift of my desired level of comfort for financial independence and setting a date is hard, particularly as this year the income and capital have found a bump in the road and my pensions are still time restricted. This time last year I'd have said within 12 months in fair weather I'd be set but today my income needs to recover a bit. Right now not so sure, lets say another 12 months and presumably in 12 months I could be saying the same. I've a cash reserve to sooth income hiccups so could probably manage it but while I've got a job and don't hate the grind I can spend another 12 months adding to the pot and gaining a year of DC service and adding to the SIPP.

I'm sure you know this, but it doesn't have to be a binary decision.

You can "retire" and still return to other work at some point between then, and the meeting with your maker. That gap can be as long or short as you want, involve full-time, part-time, or temporary work. Many are able to "create" an income from a monetized hobby - doing something they enjoy and receiving a (small) income too.

Prevarication "not hating the grind" can still eat into "your" time of doing what you would choose, and prefer, to do with your time.

[kempiejon]

I haven't started a countdown clock yet because the date I have decided is still a few years away, but when it gets down to less than 18 months I will probably have a timer on my home (and not my work) computer screen. I definitely view work differently now that I have made my decision. I think there is an inescapable change in attitude when you have made a decision to retire at a particular time. Still working hard, but not as invested in it as previously and starting to think about what I will do next.

I nearly started a countdown 2019. I don't hate my work - it's slow, dull and easy - there are worse problems to have but I want my time to myself. I might just be able to afford it but I'm a few bob adrift of my desired level of comfort for financial independence and setting a date is hard, particularly as this year the income and capital have found a bump in the road and my pensions are still time restricted. This time last year I'd have said within 12 months in fair weather I'd be set but today my income needs to recover a bit. Right now not so sure, lets say another 12 months and presumably in 12 months I could be saying the same. I've a cash reserve to sooth income hiccups so could probably manage it but while I've got a job and don't hate the grind I can spend another 12 months adding to the pot and gaining a year of DC service and adding to the SIPP.

I'm sure you know this, but it doesn't have to be a binary decision.

You can "retire" and still return to other work at some point between then, and the meeting with your maker. That gap can be as long or short as you want, involve full-time, part-time, or temporary work. Many are able to "create" an income from a monetized hobby - doing something they enjoy and receiving a (small) income too.

Prevarication "not hating the grind" can still eat into "your" time of doing what you would choose, and prefer, to do with your time.

I've always resented giving up time for money - but I need the money. For now having a full time and secure job is worth sticking at for a bit. A supplement to my investment income has always been part of the plan with temporary work being an idea, I have am occasional part-time job in a local venue that I was intending to increase when I gave up the full time grind.

[Shelford]

Congratulations.

I'm now six months into FIRE, having 'retired' from my job end of July. I handed my notice in prior to Covid, so it's been a rather different experience to what I imagined.

Some thoughts for someone rapidly approaching FIRE:

-firstly, well done on getting to this stage. It's an achievement. Savour the moment.
-FIRE is not an end-goal. It is the start of a transition. Take regular time out between now and September to think about what you'd like life beyond 1st October to look like
-Part of that transition is reinventing/redefining what work means. FIRE doesn't mean you stop working. It means you write your own definition. I'm aiming for instance to keep working, but doing stuff I'm interested in, and not a single role, but several. My more interesting work at present is voluntary/3rd sector, though I do some paid-for work
-the biggest challenge for me has been recreating a sense of structure to the day. For those in previously high pressure senior roles, this can be a big adjustment viz. 200 emails a day down to 5-6; no personal assistant; no trips abroad (remember them?)...
-the second biggest challenge has been dealing with the way people view you. For many men (it seems to be our gender that struggles with this for a number of reasons) work and identity are closely aligned, if not symbiotic. This has to be carefully disentangled: in my case, to become a better, more present father etc
-the 3rd biggest challenge has been going from a 'saver' mentality to a careful 'spender'. Like many on this board, you may be better at the former, having spent a number of years building your pot of gold, it's a hurdle to learn to harvest it and to unlearn the ruthless habits of a good saver.

Good luck.

Shelford

[Darka]

Congratulations.

I'm now six months into FIRE, having 'retired' from my job end of July. I handed my notice in prior to Covid, so it's been a rather different experience to what I imagined.

Some thoughts for someone rapidly approaching FIRE:

-firstly, well done on getting to this stage. It's an achievement. Savour the moment.
-FIRE is not an end-goal. It is the start of a transition. Take regular time out between now and September to think about what you'd like life beyond 1st October to look like
-Part of that transition is reinventing/redefining what work means. FIRE doesn't mean you stop working. It means you write your own definition. I'm aiming for instance to keep working, but doing stuff I'm interested in, and not a single role, but several. My more interesting work at present is voluntary/3rd sector, though I do some paid-for work
-the biggest challenge for me has been recreating a sense of structure to the day. For those in previously high pressure senior roles, this can be a big adjustment viz. 200 emails a day down to 5-6; no personal assistant; no trips abroad (remember them?)...
-the second biggest challenge has been dealing with the way people view you. For many men (it seems to be our gender that struggles with this for a number of reasons) work and identity are closely aligned, if not symbiotic. This has to be carefully disentangled: in my case, to become a better, more present father etc
-the 3rd biggest challenge has been going from a 'saver' mentality to a careful 'spender'. Like many on this board, you may be better at the former, having spent a number of years building your pot of gold, it's a hurdle to learn to harvest it and to unlearn the ruthless habits of a good saver.

Good luck.

Shelford

Thanks Shelford,
Some very good points and I think the move from "Saver" to "Spender" will be the most difficult for me.

regards,

[swill453]

Some very good points and I think the move from "Saver" to "Spender" will be the most difficult for me.

I actually found it quite liberating, after years of only depositing money in my ISA. Watching this basket of investments generate an income that I could withdraw and spend as entirely "free money" felt fantastic!

Scott.

[Darka]

Some very good points and I think the move from "Saver" to "Spender" will be the most difficult for me.

I actually found it quite liberating, after years of only depositing money in my ISA. Watching this basket of investments generate an income that I could withdraw and spend as entirely "free money" felt fantastic!

Scott.

We spent some of our dividends last year to get used to the idea and saved the rest so that it wouldn't be too much of a shock to the system.
We will continue to invest post retirement of course to help us beat inflation over time... hopefully

[Joe45]

Congratulations Darka. I’m now 4 months into my 6 months part time transition to retirement. Working from home obviously.

What I’ve found most enjoyable is the absolute abundance of spare time, and absence of any pressure to fill it with worthwhile activity.

I’m hoping that come Spring we’ll be released from lockdown (in part at least) and I’ll be able to travel a bit and eat out! Having worked for all of my life (now 59) I’ve deliberately planned to spend a year doing nothing much.

[monabri]

Yep, 'saver to spender' I'm finding to be a difficult step.