Retirement, would you if you could?

[mikeIow]

I’ve dropped to 20 hours a week and frankly can fit 90% of my workload into that ... I have the occasional night on business / day on track in amongst it all but enjoy being on track so i don’t count it as work ....
Not quite semi retired but damm close ...

I'm pretty certain I could fit 100% of my workload into about 50-60% of my time (look at me, browsing here in the middle of the morning!)
....but if I wanted to do that, I'd want to keep 100% of the salary too!

I've been asked a few times whether I would consider 'consulting'. It is, of course, possible (never say never).....but again, I'm not enthused with things now, so it feels like a total break is the best thing for me.

 

[Landsurfer]

I'm pretty certain I could fit 100% of my workload into about 50-60% of my time (look at me, browsing here in the middle of the morning!)
....but if I wanted to do that, I'd want to keep 100% of the salary too!

I've been asked a few times whether I would consider 'consulting'. It is, of course, possible (never say never).....but again, I'm not enthused with things now, so it feels like a total break is the best thing for me.

I’ve kept a 100% of my salary ,,,,

 

[DCLane]

We've had over 250 staff apply for Voluntary Severance at work. We're supporting most of it as it generally pays back in 12 months and were going to save £5m year on year. There was no 'pressure' - it was offered to staff a few months ago due to covid and people wanting to change their lives. We've also opened up flexible working as well - that's taking some working out as we need replacements.

It's been very attractive to the over 55's and those with 10 years service or more - they walk out with over a years salary in their pockets, ans some can access their pensions.

@fossyant my university's done the same, although with not quite as generous terms. Quite a large number of the older staff took it, plus a few others as well. I'm probably about 5 years off being able to take advantage, so wasn't interested. Offer me it in 5 years' time though ...

What it's meant is the older academics/non-academics at the top of the pay scale have gone. Most of them have a permanent position, like myself, leaving very few of us who are classed as a permanent Principal Lecturer. What that'll mean in the longer-term I'm not sure. When there were 100 of us it's probably too many to consider a downgrade ... with only about 30 left I'm guessing a shift is in the offing.

 

[cougie uk]

I recall my Dad going on a 'retirement course' back in the 70s (was 'invalided' out of the Army) - he learned all sorts of DIY skills that he then made me help with!
A shame they are not more widely done. What where the best things you learned, if you don't mind sharing?

There's a few things.
Take control of your finances and work out each month where the money is going. I was happy for years just rolling along and content that there was money left at the end of the month - so I was wasting it on standing orders and DDS for stuff I probably didn't need. I'd built up a huge wadge of charity donations that I have pruned down over time.

Realise what you will be paying for after retirement and what you won't. Ok you can't be definitive but err on the side of caution and budget more than you think and plan for that.

Check your state pension and what you will get and when. Chase up any pensions from any previous employers.

Pay more into your pension if you can. It's a very tax efficient way of doing things.

If you know what you're spending on then you have a better appreciation of your money.
New cars are nice but is it worth an extra year or two in work to pay for it ?

Conversely - why retire early ? If you have no plans for your time then you may be better off in work.

We know some people live for their job and without that...

I suspect this isn't an issue for most of us with our cycling - but what will you do in winter to keep busy.

The earlier you start planning the better it is really. My job went a few years before I planned it to but it's been fantastic. I have the time for my ageing parents - god knows how many hospital waiting rooms I've taken them to lately - so it's good to be able to be there for them.

And if you are bored get a rescue dog. Mine loves long walks and he had a lot of issues when we got him. I couldn't have done what we needed to with him if I was still in work.

Good luck with your plans. We all need luck !

 

[mikeIow]

Thanks for that. I think I am relatively good with the fiscal side of things....but I do like the idea of a doggo at some point in our future.
Some pals 'inherited' an overweight American Eskimo 6 months back....he has revolutionised their lives, and they have his - great to see - the little fella can now RUN instead of huff, puff & waddle
Son was quite allergic (& wife a little), so we need to be a bit careful there, mind....
As to dark winter nights, my hope is we pick the good days to head to the Peak District (or other local spots) for a day on the hills...& we have Prime & Netflix for the grimmer ones

 

[Lee_M]

Thanks for that. I think I am relatively good with the fiscal side of things....but I do like the idea of a doggo at some point in our future.
Some pals 'inherited' an overweight American Eskimo 6 months back....he has revolutionised their lives, and they have his - great to see - the little fella can now RUN instead of huff, puff & waddle
Son was quite allergic (& wife a little), so we need to be a bit careful there, mind....
As to dark winter nights, my hope is we pick the good days to head to the Peak District (or other local spots) for a day on the hills...& we have Prime & Netflix for the grimmer ones

Aren't you supposed to call them Inuit not Eskimo these days?

 

[byegad]

There's a few things.
Take control of your finances and work out each month where the money is going. I was happy for years just rolling along and content that there was money left at the end of the month - so I was wasting it on standing orders and DDS for stuff I probably didn't need. I'd built up a huge wadge of charity donations that I have pruned down over time.

Realise what you will be paying for after retirement and what you won't. Ok you can't be definitive but err on the side of caution and budget more than you think and plan for that.

Check your state pension and what you will get and when. Chase up any pensions from any previous employers.

Pay more into your pension if you can. It's a very tax efficient way of doing things.

If you know what you're spending on then you have a better appreciation of your money.
New cars are nice but is it worth an extra year or two in work to pay for it ?

Conversely - why retire early ? If you have no plans for your time then you may be better off in work.

We know some people live for their job and without that...

I suspect this isn't an issue for most of us with our cycling - but what will you do in winter to keep busy.

The earlier you start planning the better it is really. My job went a few years before I planned it to but it's been fantastic. I have the time for my ageing parents - god knows how many hospital waiting rooms I've taken them to lately - so it's good to be able to be there for them.

And if you are bored get a rescue dog. Mine loves long walks and he had a lot of issues when we got him. I couldn't have done what we needed to with him if I was still in work.

Good luck with your plans. We all need luck !

I worked with a guy with that attitude, they were going to carry him out of the place in a box! Then, with a new boss cracking his whip and sweeping out old practice, he hated his job and reluctantly retired. He was despondent as he left.
I ran into him in town 6 months later and he was having a great time and couldn't understand why he hadn't retired 8 years earlier! A lack of imagination is no excuse to work yourself to an early grave.

 

[Bromptonaut]

I left the Civil Service in 2013 a fortnight short of my 54th birthday and with 35years service. As it was redundancy the offer was an immediate pension for which my qualifying years were slightly less than actually served due selecting a Premium scheme in an early noughties reform of CS pensions. Did well out of the salary calculation, best three years in last seven(?) indexed gave 60% of final salary and shedding a long distance commute, all the other costs associated with working in London plus no NI and no superannuation meant I was little worse off.

After a year of bumming about being 'retired' I started to volunteer at Citizens Advice and volunteering rapidly morphed into paid work. I now do 24hours a week giving Universal Credit advice. All the bits of work I enjoyed like public contact and solving technical conundrums without having also to manage people. As long as I do the job properly I've next to no supervision either.

It'll be a bummer money wise when I eventually have to retire again though......

 

[Slick]

I left the Civil Service in 2013 a fortnight short of my 54th birthday and with 35years service. As it was redundancy the offer was an immediate pension for which my qualifying years were slightly less than actually served due selecting a Premium scheme in an early noughties reform of CS pensions. Did well out of the salary calculation, best three years in last seven(?) indexed gave 60% of final salary and shedding a long distance commute, all the other costs associated with working in London plus no NI and no superannuation meant I was little worse off.

After a year of bumming about being 'retired' I started to volunteer at Citizens Advice and volunteering rapidly morphed into paid work. I now do 24hours a week giving Universal Credit advice. All the bits of work I enjoyed like public contact and solving technical conundrums without having also to manage people. As long as I do the job properly I've next to no supervision either.

It'll be a bummer money wise when I eventually have to retire again though......

Best of both worlds 🌎

 

[neil_merseyside]

You can always just 'retire' from the current job and do something different. I took voluntary redundancy (swapping with an otherwise compulsory redundant colleague) and was expecting 18x my monthly salary, in the end I got just 12x the guvmint funded statutory amount, and so I ended up ~£40K down, BUT I have never regretted leaving. I then became a ski-bum of sorts, though hosting chalets is a rather harder job than you might expect, so think swan it looks serene on the surface but is paddling like buggery below, but hey nice blue sky days about 5 days a week, and as much outside activity as anyone needs. Summer work too in Alpine chalets for MTB/walking (or in yachts/ on campsites) was plentiful too for more mature (reliable) staff, sadly our recent departure from EU and C19 might make these a hard gig to get in future. We left that world about 3 years ago and are 'retired' now, though only just 60 and so still 6-7 or is 40 years until the state pension kicks in. Getting stuck in a well remunerated rut is still a rut, if you don't need the money you probably don't need the hassle.