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Help! Shove me over the line, please

Including Financial Independence and Retiring Early (FIRE)
paulnumbers
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Re: Help! Shove me over the line, please

#395509

Postby paulnumbers » March 14th, 2021, 6:04 pm

I read the whole post thinking, why are you thinking of quitting? Just bleed them dry.

Then I reached the coup de grâce

I have £1.1m in my pension.


Good god man, you've got **** you money. Do whatever you like!

Personally though, if your employers are such awful people, why not just quit more or less, but just don't tell them. Start doing 2 hours work a day.

https://www.youtube.com/watch?v=jKYivs6ZLZk&t=30s

You don't have to put the whole pension into drawdown in one go. You could split off £80k, put that into drawdown, take the £20k out and put that in the ISA each year.

moorfield
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Re: Help! Shove me over the line, please

#395554

Postby moorfield » March 14th, 2021, 8:38 pm

Snakey wrote:Here's my financial position this side of pension access age:

40 guesstimated value of EIS investments maturing in 12-18 months probably
50 Premium bonds
250 ISA balance
80 VLS100 not in a tax wrapper
40 cash (20 of which is waiting to go into my ISA on 6 April, the other 20 in regular savers or just in cash)
----
460
----



Excluding £150k to cover your building works and mortgage immediately, you have on average £51k/year you can access as income for the next 6 years were you to sell everything down. Then your pension kicks in and you are already over the LTA, so you will access to a (maximum) lump sum of £269k or alternatively an (UFPLS) income of £67k/year on which you would pay basic rate tax of £8k.

Given your personal situation (ie. single, no kids!), I think your numbers stack up comfortably, and some. What you need to figure out is (1) how to manage your cashflow and tax for the next 6 years, and (2) what you will "do" instead. Volunteering or part time study (eg. Msc) in a field that interests you, or freelancing work might provide some structure.

Please let us know here when you've done the deed - the recs will flow...

hiriskpaul
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Re: Help! Shove me over the line, please

#395609

Postby hiriskpaul » March 15th, 2021, 1:51 am

Don't let the tax tail wag the dog. Draw your ISAs if/when you have to. You can build up again with your lump sum.

If you have exceeded your LTA when you reach the age you can access your pension, crystallise 100% of the LTA. Don't faff about with partial lump sums as you can only draw 25% of the LTA as a lump sum. This means the longer you leave the pension before crystallising, the smaller the proportion you can extract tax free. Assuming your pension pot keeps growing of course. Yes that means a lot of money for a while outside tax shelters, but simply live off the lump sum and don't draw an income from your pension for a while.

Snakey
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Re: Help! Shove me over the line, please

#396153

Postby Snakey » March 16th, 2021, 1:41 pm

Thank you all so much! That's really lifted my spirits.

The problem with slacking off is the chargeable hour target plus a minimum level of recoveries (both looked at monthly). The other form of go-slow - doing a half-arsed job that nobody will notice until it's too late, while charging the time as if I'd done everything properly - I can't bring myself to do. I wouldn't want to put my name to a bad piece of work even if I won't be there to deal with the fallout.

I don't want to throw a massive sickie, it wouldn't feel right. I've never felt like I've coped that well in a professional/office environment, but it's never been bad enough that I literally can't do it for one more day.

So, best to get it over and done with, and you lot have helped me get to grips with that.

Two and a bit weeks to go...

The three-month notice period will be the killer, as they will make a massive list of all the things that will need doing for the rest of the year (or at least Q3) and try to get me to do it all before I go so that they don't have to worry about the gap before my replacement arrives.

I'm going to have to wait until I've left before I can even start to think about what to do next, I need some serious decompression time first, but it'll be a nice problem to have.

Thanks again! I'll update you when I've done the deed.

Darka
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Re: Help! Shove me over the line, please

#396158

Postby Darka » March 16th, 2021, 1:54 pm

Snakey wrote:So, best to get it over and done with, and you lot have helped me get to grips with that.

Two and a bit weeks to go...

The three-month notice period will be the killer, as they will make a massive list of all the things that will need doing for the rest of the year (or at least Q3) and try to get me to do it all before I go so that they don't have to worry about the gap before my replacement arrives.

I'm going to have to wait until I've left before I can even start to think about what to do next, I need some serious decompression time first, but it'll be a nice problem to have.

Thanks again! I'll update you when I've done the deed.


Completely agree, get it done and then decompress - it'll do you the World of good!

And congratulations on being in a position to start taking more care of yourself than your job, good luck - it'll be fine!

I have the following (not that I'm counting the days....)

8M, 14D till Resignation
11M, 0D till Last Day

:D

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Re: Help! Shove me over the line, please

#396163

Postby Steveam » March 16th, 2021, 2:15 pm

I don’t have anything to add about the financial side of things ... you’re clearly able to assess that yourself and the advice given above seems sound.

I resigned from a pretty high powered/high pressure job and took early retirement at age 52. I really hadn’t planned the future but knew the job was damaging my health - I suspect it would have led to an early heart attack or some such. Once retired I needed a year to decompress and learn to relax and during that time I traveled quite a lot (travel without the constant feeling that if you waste a day it’s from some limited holiday allowance is quite different from work holidays). I was already involved with a few charities and I started doing more, I also started doing a few courses. I was approached to become a non-executive director of a small startup and did that for a few years. I played more bridge. After about 4 years I found I was busy, busy, busy ... no regrets at all.

I was pleased to read above that you plan to leave without “cheating” - good for you. I tried to be a good leaver and felt good about myself. Good for you.

Very best wishes,

Steve

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Re: Help! Shove me over the line, please

#396179

Postby staffordian » March 16th, 2021, 3:18 pm

Snakey wrote:The three-month notice period will be the killer, as they will make a massive list of all the things that will need doing for the rest of the year (or at least Q3) and try to get me to do it all before I go so that they don't have to worry about the gap before my replacement arrives.

I'd try to put that out of my mind.

If and when it happens, I would try to do whatever needs doing at a reasonable pace, prioritising if necessary, safe in the knowledge that not only was I doing my best, but that if the company didn't think it was good enough, all they could do is try to fire me.

And based on what you've said, a good constructive dismissal / unfair sacking case could more than compensate for lost ISA interest...

TUK020
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Re: Help! Shove me over the line, please

#396197

Postby TUK020 » March 16th, 2021, 4:07 pm

Snakey wrote:Thank you all so much! That's really lifted my spirits.

The problem with slacking off is the chargeable hour target plus a minimum level of recoveries (both looked at monthly). The other form of go-slow - doing a half-arsed job that nobody will notice until it's too late, while charging the time as if I'd done everything properly - I can't bring myself to do. I wouldn't want to put my name to a bad piece of work even if I won't be there to deal with the fallout.

I don't want to throw a massive sickie, it wouldn't feel right. I've never felt like I've coped that well in a professional/office environment, but it's never been bad enough that I literally can't do it for one more day.

So, best to get it over and done with, and you lot have helped me get to grips with that.

Two and a bit weeks to go...

The three-month notice period will be the killer, as they will make a massive list of all the things that will need doing for the rest of the year (or at least Q3) and try to get me to do it all before I go so that they don't have to worry about the gap before my replacement arrives.

I'm going to have to wait until I've left before I can even start to think about what to do next, I need some serious decompression time first, but it'll be a nice problem to have.

Thanks again! I'll update you when I've done the deed.


This is well worth a read:
"Managing Oneself" by Peter Drucker.
https://academic.udayton.edu/lawrenceul ... neself.pdf

The last quarter of it deals with "The second half of your life". It may help you plan what you move onto next.

mark88man
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Re: Help! Shove me over the line, please

#396260

Postby mark88man » March 16th, 2021, 6:47 pm

good luck, and do go and give us all hope - although I am older and £12k pa wouldn't cover my fixed costs let alone variable, I am thinking 12-18 months.

I think the imbalance between pension and ISA isn't as bad as you worry - although you haven't left much headroom for growth so any tax benefits will be negated when you pay in - from where you are though my view is you could coast in until you able to start drawing your pension. maybe calls for a very cautious capital preservation approach, I mean if you have all you need, why risk more.

Gan020
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Re: Help! Shove me over the line, please

#396690

Postby Gan020 » March 18th, 2021, 11:05 am

Snakey wrote:Thank you all so much! That's really lifted my spirits.

The problem with slacking off is the chargeable hour target plus a minimum level of recoveries (both looked at monthly). The other form of go-slow - doing a half-arsed job that nobody will notice until it's too late, while charging the time as if I'd done everything properly - I can't bring myself to do. I wouldn't want to put my name to a bad piece of work even if I won't be there to deal with the fallout.

I don't want to throw a massive sickie, it wouldn't feel right. I've never felt like I've coped that well in a professional/office environment, but it's never been bad enough that I literally can't do it for one more day.

So, best to get it over and done with, and you lot have helped me get to grips with that.

Two and a bit weeks to go...

The three-month notice period will be the killer, as they will make a massive list of all the things that will need doing for the rest of the year (or at least Q3) and try to get me to do it all before I go so that they don't have to worry about the gap before my replacement arrives.

I'm going to have to wait until I've left before I can even start to think about what to do next, I need some serious decompression time first, but it'll be a nice problem to have.

Thanks again! I'll update you when I've done the deed.


I really wouldn't spend any more time concerning yourself with whether your employer is going to be unreasonable for the remaining three months, because you can't control it and also once you have left you will spend no further time dwelling on it. Your personality suggests you will do the best you can and more than they deserve so you can leave with integrity.

Congratulations on your decision to retire. An amazing achievement.

SoBo65
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Re: Help! Shove me over the line, please

#396699

Postby SoBo65 » March 18th, 2021, 11:27 am

I agree, if you hate your job so much, plan your exit. However, don't be surprised if you get more options. In my case, I had planned to retire for similar reasons last year at 55, then covid came along and I quite liked the new working set and realised I did not have an alternative plan for my time, but had been effectively doing two jobs with no pay rise for five years. I got to the end of the year, said I was planning on retiring, then was offered to get rid of one job and a £18k pay rise - unexpected to say the least.

vrdiver
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Re: Help! Shove me over the line, please

#396750

Postby vrdiver » March 18th, 2021, 2:06 pm

Snakey wrote:The three-month notice period will be the killer, as they will make a massive list of all the things that will need doing for the rest of the year (or at least Q3) and try to get me to do it all before I go so that they don't have to worry about the gap before my replacement arrives.

I think I read it on TLF, and loved the idea:

Put up a whiteboard with a horizontal line half-way down. On sticky-notes, write each task you have been assigned and put them on the board below the line. Select the top 3 (or 5, whatever is appropriate for your situation) and move them above the line. Whenever anyone demands that a new task is prioritized / worked on, simply agree, provided that they take responsibility for moving one of the top tasks back below the line.

This worked for the originator: it told everybody what his priorities were, and also very clearly pointed out that heaping new stuff onto his plate just meant that other stuff got pushed off; this was different from his previous situation where new stuff was added and nothing got removed because all the other stuff was "invisible".

I think it's good that you want to remain professional and take pride in doing a good job, but that can be a weakness to be exploited (as you've noticed!) Being professional doesn't mean not saying "no" nor does it mean killing yourself to complete unreasonable requests.

Without fear of career repercussions, you have the opportunity to manage the last three months of the job in a way that leaves you feeling proud, dignified and professional. That doesn't have to include saying yes to every request they dream up...

Keep us posted.
VRD

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Re: Help! Shove me over the line, please

#396759

Postby GrahamPlatt » March 18th, 2021, 2:36 pm

Off at a slight tangent, but somewhat similar: https://english.emmaclit.com/2017/05/20 ... dve-asked/ (scroll down).

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Re: Help! Shove me over the line, please

#396810

Postby TUK020 » March 18th, 2021, 4:14 pm

vrdiver wrote:
Snakey wrote:The three-month notice period will be the killer, as they will make a massive list of all the things that will need doing for the rest of the year (or at least Q3) and try to get me to do it all before I go so that they don't have to worry about the gap before my replacement arrives.

I think I read it on TLF, and loved the idea:

Put up a whiteboard with a horizontal line half-way down. On sticky-notes, write each task you have been assigned and put them on the board below the line. Select the top 3 (or 5, whatever is appropriate for your situation) and move them above the line. Whenever anyone demands that a new task is prioritized / worked on, simply agree, provided that they take responsibility for moving one of the top tasks back below the line.

This worked for the originator: it told everybody what his priorities were, and also very clearly pointed out that heaping new stuff onto his plate just meant that other stuff got pushed off; this was different from his previous situation where new stuff was added and nothing got removed because all the other stuff was "invisible".

I think it's good that you want to remain professional and take pride in doing a good job, but that can be a weakness to be exploited (as you've noticed!) Being professional doesn't mean not saying "no" nor does it mean killing yourself to complete unreasonable requests.

Without fear of career repercussions, you have the opportunity to manage the last three months of the job in a way that leaves you feeling proud, dignified and professional. That doesn't have to include saying yes to every request they dream up...

Keep us posted.
VRD


Yup, this works.

TUK020
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Re: Help! Shove me over the line, please

#396812

Postby TUK020 » March 18th, 2021, 4:16 pm

TUK020 wrote:
vrdiver wrote:
Snakey wrote:The three-month notice period will be the killer, as they will make a massive list of all the things that will need doing for the rest of the year (or at least Q3) and try to get me to do it all before I go so that they don't have to worry about the gap before my replacement arrives.

I think I read it on TLF, and loved the idea:

Put up a whiteboard with a horizontal line half-way down. On sticky-notes, write each task you have been assigned and put them on the board below the line. Select the top 3 (or 5, whatever is appropriate for your situation) and move them above the line. Whenever anyone demands that a new task is prioritized / worked on, simply agree, provided that they take responsibility for moving one of the top tasks back below the line.

This worked for the originator: it told everybody what his priorities were, and also very clearly pointed out that heaping new stuff onto his plate just meant that other stuff got pushed off; this was different from his previous situation where new stuff was added and nothing got removed because all the other stuff was "invisible".

I think it's good that you want to remain professional and take pride in doing a good job, but that can be a weakness to be exploited (as you've noticed!) Being professional doesn't mean not saying "no" nor does it mean killing yourself to complete unreasonable requests.

Without fear of career repercussions, you have the opportunity to manage the last three months of the job in a way that leaves you feeling proud, dignified and professional. That doesn't have to include saying yes to every request they dream up...

Keep us posted.
VRD


Yup, this works.

One other detail: only give completion dates for the tasks above the line. The rest are 'in the queue'

Snakey
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Re: Help! Shove me over the line, please

#400905

Postby Snakey » April 1st, 2021, 5:11 pm

Well, I did it!

Deliberately a few minutes before the office closed for the Easter weekend - partly because I had to get something out of the door, but also because I didn't want to have to sit there waiting for a call or whatever. They've acknowledged it, and I guess we speak next week.

60 working days to go! In the spirit of continued planning, I now need to make a Things To Do Before Then list... :lol:

Darka
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Re: Help! Shove me over the line, please

#400917

Postby Darka » April 1st, 2021, 5:44 pm

Snakey wrote:Well, I did it!

Deliberately a few minutes before the office closed for the Easter weekend - partly because I had to get something out of the door, but also because I didn't want to have to sit there waiting for a call or whatever. They've acknowledged it, and I guess we speak next week.

60 working days to go! In the spirit of continued planning, I now need to make a Things To Do Before Then list... :lol:


Brilliant!

Genuinely happy for you and definitely the right decision :D

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Re: Help! Shove me over the line, please

#400928

Postby moorfield » April 1st, 2021, 6:47 pm

Snakey wrote:Well, I did it!

Deliberately a few minutes before the office closed for the Easter weekend - partly because I had to get something out of the door, but also because I didn't want to have to sit there waiting for a call or whatever. They've acknowledged it, and I guess we speak next week.

60 working days to go! In the spirit of continued planning, I now need to make a Things To Do Before Then list... :lol:



Well done, nice timing, and good luck !!!

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Re: Help! Shove me over the line, please

#401003

Postby TUK020 » April 2nd, 2021, 8:21 am

Snakey wrote:Well, I did it!

Deliberately a few minutes before the office closed for the Easter weekend - partly because I had to get something out of the door, but also because I didn't want to have to sit there waiting for a call or whatever. They've acknowledged it, and I guess we speak next week.

60 working days to go! In the spirit of continued planning, I now need to make a Things To Do Before Then list... :lol:


Congratulations

Well guess what! I have started the wheels in motion as well.
Have a session planned for next week with my boss to discuss "my future plans".
Combination of stress at work, my medical position, a review of the family finances, and a sudden burning desire to have this summer off - I have spent a year shielding/in lockdown, and am developing a strong case of cabin fever.
tuk020

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Re: Help! Shove me over the line, please

#401660

Postby MickC » April 4th, 2021, 4:16 pm

Congratulations Snakey/Tuk.
By way of encouragement I left my career of 37 years some 7 years ago when I was 53. I decided that time was of greater value than more cash.
Looking back one of the great elements of leaving work is that no one ever again was going to tell me what to go, wear, say or do. After all those years of towing the line I could do exactly what I wanted. There is unbelievable value in this.
By the way I really quite enjoyed my job and worked in an interesting industry with some talented people.
As I look back there is not a single day that I have regretted leaving.
Good luck to you both


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