How did you get over the psychological barrier and retire?
Discussion
Three years ago you guys provided some wonderfully sage advice ... and planning for retirement continued.
But I'm no closer to feeling psychologically ready to give up a salary. I know giving up work doesn't mean you can't ever work again, but I couldn't walk back into anything like the salary I'm on now ... and just taking that leap ... it's terrifying! Any tips on how to get over that psychological barrier? Did you do this and what was your experience?
Quick update:
Work currently looking at layoffs which could present a good opportunity to leave, with a package.
48 years old.
DB pension of £55k from 55.
House owned outright (value: £1mm; no desire to move).
Including any payout I'd have approx £800k including all savings (cash, shares, ISAs, etc).
Above excludes savings ring-fenced for our child.
No debt.
Wife also a good earner and has approx £200k savings, not included here. She's going through something similar at her own job.
Once you take work-related costs out of the equation our outgoings are pretty low. We're not materialistic, love being in the outdoors, not big travellers, no crazy expensive hobbies. Biggest monthly cost would be food bill, then utility bill, council tax, then all sub £100/month costs (mobile, netflix, etc).
I'm not saying I'd never considered working again. Maybe an opportunity for a second career in something different? But the idea of long days out walking our dog sounds very appealing. It's what I do with any downtime today, so know I love it (regardless of the weather).
I know some will see this as a bragging post - not the intention. But as a high earner it's really, really hard to walk away from that when you know you couldn't get anything like the same salary again.
And moving to a phase where your outgoings need to be covered by savings, rather than an income is really frightening.
Anyone been in a similar position, and any tips for taking that leap of faith?
When do you know you're ready to pull the plug on your career and 'retire'?
But I'm no closer to feeling psychologically ready to give up a salary. I know giving up work doesn't mean you can't ever work again, but I couldn't walk back into anything like the salary I'm on now ... and just taking that leap ... it's terrifying! Any tips on how to get over that psychological barrier? Did you do this and what was your experience?
Quick update:
Work currently looking at layoffs which could present a good opportunity to leave, with a package.
48 years old.
DB pension of £55k from 55.
House owned outright (value: £1mm; no desire to move).
Including any payout I'd have approx £800k including all savings (cash, shares, ISAs, etc).
Above excludes savings ring-fenced for our child.
No debt.
Wife also a good earner and has approx £200k savings, not included here. She's going through something similar at her own job.
Once you take work-related costs out of the equation our outgoings are pretty low. We're not materialistic, love being in the outdoors, not big travellers, no crazy expensive hobbies. Biggest monthly cost would be food bill, then utility bill, council tax, then all sub £100/month costs (mobile, netflix, etc).
I'm not saying I'd never considered working again. Maybe an opportunity for a second career in something different? But the idea of long days out walking our dog sounds very appealing. It's what I do with any downtime today, so know I love it (regardless of the weather).
I know some will see this as a bragging post - not the intention. But as a high earner it's really, really hard to walk away from that when you know you couldn't get anything like the same salary again.
And moving to a phase where your outgoings need to be covered by savings, rather than an income is really frightening.
Anyone been in a similar position, and any tips for taking that leap of faith?
When do you know you're ready to pull the plug on your career and 'retire'?
Edited by Whatdoidonext on Friday 21st March 08:24
I am similar age and would love to be in your position. Well done for getting there you’ve obviously made the right decisions in your life.
You could semi retire and just do some part time business to keep pocket money coming in.
I guess you only got where you’re at by working your b
ks off and it’s hard to change gear but I have a mate who worked constantly who didn’t go to part time until he had a stroke at work. That forced him to reevaluate how important work really was. Now he does part time and has long walks with the dog on his days off.
You could semi retire and just do some part time business to keep pocket money coming in.
I guess you only got where you’re at by working your b
ks off and it’s hard to change gear but I have a mate who worked constantly who didn’t go to part time until he had a stroke at work. That forced him to reevaluate how important work really was. Now he does part time and has long walks with the dog on his days off. So you have 1mil to last you 7 years until you get a 55k/yr pension (likely to increase with inflation). That's without considering any redundancy package. You'll be okay.
Just get a 2 or 3 day a week job somewhere to keep you busy.
Question is how do you get into your position by that age, it's surely the dream.
Just get a 2 or 3 day a week job somewhere to keep you busy.
Question is how do you get into your position by that age, it's surely the dream.
I retired twice.
Covid made me hate my job. I was a key worker and during covid a lot of those at home on furlough turned into utter assholes.
At the end 2020, we sold our house and moved to a cheaper area so we could both retire.
I then panicked, realising that I didn't have a regular salary coming in, so got a part time job. After four months I realised that my tolerance for dealing with assholes and idiots had totally gone and handed in my notice.
I then took one of my pensions early and I also do voluntary work in our village including the community cafe. I really enjoy the volunteering, but I am desperately trying to resist being pulled into bring on various committees, despite being pressured.
Covid made me hate my job. I was a key worker and during covid a lot of those at home on furlough turned into utter assholes.
At the end 2020, we sold our house and moved to a cheaper area so we could both retire.
I then panicked, realising that I didn't have a regular salary coming in, so got a part time job. After four months I realised that my tolerance for dealing with assholes and idiots had totally gone and handed in my notice.
I then took one of my pensions early and I also do voluntary work in our village including the community cafe. I really enjoy the volunteering, but I am desperately trying to resist being pulled into bring on various committees, despite being pressured.
GiantEnemyCrab said:
You have a million quid to live on and no mortgage etc. What the physical fk are you doing still at work!?
My head is saying the same but it's just not that easy to take the leap of faith.k are you doing still at work!?The reason I'm in the position I'm in is I've had a crazy high work ethic, and made an effort to save money. Leaving work is counter to both those things ingrained in me for more than twenty years!
Cats_pyjamas said:
Question is how do you get into your position by that age, it's surely the dream.
Thanks. Like everything it takes compromises. Crazy high work ethic (through education and job), taking advantage of opportunities others didn't see or didn't want (long term gains sometimes require short or medium turn pain, sideways moves to gain experience, doing things you don't like for some time), working in a well paying sector that isn't easy to get into, and living modestly despite my salary increasing.dingg said:
I was similarly concerned, but 10 years older than you, walked away from a six figure salary 6 years ago, and only worked 20 weeks a year for it (offshore oil and gas) people thought I was mad.
Best thing I've ever done, you're a long time dead, jfdi
Thanks! Need to borrow your balls to make the same decision!Best thing I've ever done, you're a long time dead, jfdi
Get it done!
Simple way to look at it - :
Take your assets and pensions income. Divide it by your anticipated annual spend when retired. This will tell you how many years your pot will last.
If that's way past your anticipated life expectancy, then WHY ARE YOU STILL WORKING?
You cannot get back the years you spend working back, once they are gone, they are gone.
Me - retired at 47 - 11 years ago. Loving this retirement lark!
Simple way to look at it - :
Take your assets and pensions income. Divide it by your anticipated annual spend when retired. This will tell you how many years your pot will last.
If that's way past your anticipated life expectancy, then WHY ARE YOU STILL WORKING?
You cannot get back the years you spend working back, once they are gone, they are gone.
Me - retired at 47 - 11 years ago. Loving this retirement lark!
Slow.Patrol said:
I retired twice.
Covid made me hate my job. I was a key worker and during covid a lot of those at home on furlough turned into utter assholes.
At the end 2020, we sold our house and moved to a cheaper area so we could both retire.
I then panicked, realising that I didn't have a regular salary coming in, so got a part time job. After four months I realised that my tolerance for dealing with assholes and idiots had totally gone and handed in my notice.
I then took one of my pensions early and I also do voluntary work in our village including the community cafe. I really enjoy the volunteering, but I am desperately trying to resist being pulled into bring on various committees, despite being pressured.
I can see this as my future, which is why I'm hesitant! I don't think 'retiring' will mean sitting on my ass, but equally don't want to leave a job I enjoy, surrounded by decent people, in a decent company ... to get a part time job dealing with assholes!!!Covid made me hate my job. I was a key worker and during covid a lot of those at home on furlough turned into utter assholes.
At the end 2020, we sold our house and moved to a cheaper area so we could both retire.
I then panicked, realising that I didn't have a regular salary coming in, so got a part time job. After four months I realised that my tolerance for dealing with assholes and idiots had totally gone and handed in my notice.
I then took one of my pensions early and I also do voluntary work in our village including the community cafe. I really enjoy the volunteering, but I am desperately trying to resist being pulled into bring on various committees, despite being pressured.
Suppose it depends how you view work. If you enjoy it or even if you're fairly neutral towards it then why retire if it wouldn't change your life too drastically.
On the other hand you could retire very comfortably from today.
Think if I was in a similar position then it wouldn't take very much work related aggro to walk away.
On the other hand you could retire very comfortably from today.
Think if I was in a similar position then it wouldn't take very much work related aggro to walk away.
Well done, surely you must have had some time to mull this since you posted similar.
Just do it, what a great position to be in
https://www.pistonheads.com/gassing/topic.asp?h=0&...
Just do it, what a great position to be in
https://www.pistonheads.com/gassing/topic.asp?h=0&...
The fact you’re thinking about it suggests to me you want to change things but you don’t have to give up work completely and could probably find the balance you’re looking for, it may take time and adjustment but you sound smart enough to manage it.
The big step is the first one, I did it aged 47 and found it liberating, a real rush. but my circumstances were different to yours. After a couple of years I started doing a bit here and there which grew into a small consulting business that I could pick up and put down. You may not have that option, but there are plenty of other ways to achieve the same thing, but you have to jump first.
The big step is the first one, I did it aged 47 and found it liberating, a real rush. but my circumstances were different to yours. After a couple of years I started doing a bit here and there which grew into a small consulting business that I could pick up and put down. You may not have that option, but there are plenty of other ways to achieve the same thing, but you have to jump first.
I think there are two things here.
One is money. The OP has enough money to let his salary go and draw from his investments if he needs it.
Second is what to do with that active task-oriented brain. The answer is interests and hobbies. There will be a whole world of 'stuff' he can get involved in locally - eg working with charities, building theatre sets, getting involved with clubs and societies. Gardening, decorating, making stuff... a good mind will never be bored. Think of it not as retirement but a second life.
One is money. The OP has enough money to let his salary go and draw from his investments if he needs it.
Second is what to do with that active task-oriented brain. The answer is interests and hobbies. There will be a whole world of 'stuff' he can get involved in locally - eg working with charities, building theatre sets, getting involved with clubs and societies. Gardening, decorating, making stuff... a good mind will never be bored. Think of it not as retirement but a second life.
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