A huge leap of faith.

[Alan Harper's Tash]

It's probably 50/50 that the fuckers will take it off you while your alive and in a deluded state..

Yep, cost of care is crazy. Might as well go to Machu Pichu and run out of money by the time you need your arse wiping.

 

[hilts]

im guessing about £280k

There you go

He has 50k savings
250k pension
A house he could downsize
And take up some stress free part time job if needed.

There really isn't a gamble here fella.

I would do the exact same thing tbh.

 

[blue whippet]

That the thing now. A minimum wage job brings in £400 a week pre tax. If he wants to earn some money for doing next to nothing, he could get a job as a steward at City.

I bet he wouldn't be able to leave early though!

 

[Bill Walker]

I spoke with a close friend of mine today, he is 55 years old and I know he has been stressed with work for a good while.

He told me a few weeks ago that had made the decision that his mental health is more important than anything else, and he wanted to pack in working. He is in a well paid job, mortgage free, no debt and his kids have left home. He told me that he has around £50k in savings and over £250k in his pension pot, he just thought that he isn't prepared to deal with the daily grind anymore. At the time I thought he was just sounding off, jump back to today and he has only gone and done it, given his notice and not looking back.

He is taking 12 months out to chill out and "find himself", going to take a few holidays and go to the gym each day to get himself fit. He is going to see where things take him and enjoy life for a while. I should mention that his wife is doing the same, it seems she is fully on board with it and was just waiting for him to pull the trigger.

But it got me thinking, would I be prepared to do the same? It just seems like a huge risk to take at a time when he is doing so well financially, then again his mental health is more important. I'm not sure that I could.
There would be the worry about getting back into work in 12 months time, would I even want to go back to work? I doubt it. And the fear of eating into the savings each month and the dread of any major unexpected expense.

On the other hand I think he has just become my new hero, he hasn't ever been the impulsive type but seems to have gone all in this time. He got me thinking when he said, at 70 years old is he ever going to regret having a year out to do the things we wanted to do while still healthy enough to do so.

Anyone else have made a leap of faith like this and how did it work out?

Doesn't sound enough to me they could live another 30 years. Inflation can eat away at your money over a period of time like that.
I'd have to have more than that retiring at 55.

 

[hilts]

Doesn't sound enough to me they could live another 30 years. Inflation can eat away at your money over a period of time like that.
I'd have to have more than that retiring at 55.

Wouldn't be 30 years both due a 10k plus each bump in pay at 67. They could bring in another 10k to 20k per year doing a day or two. That's another 100k in 5 years.

 

[abu13]

Doesn't sound enough to me they could live another 30 years. Inflation can eat away at your money over a period of time like that.
I'd have to have more than that retiring at 55.

He isnt talking about retiring, but he is burnt out at work, he is taking a year out to look after his and his wifes wellbeing and assessing what he wants for the future, he is planning on returning to work after a year although he has no idea what that work would be or look like, he just knows he wants a change.

 

[Bill Walker]

He isnt talking about retiring, but he is burnt out at work, he is taking a year out to look after his and his wifes wellbeing and assessing what he wants for the future, he is planning on returning to work after a year although he has no idea what that work would be or look like, he just knows he wants a change.

Ahh ok mate. That's different.

 

[Onholiday(somemightsay)]

So many people I know are dying before they even get to retire, I wouldn’t discourage anyone from going for it.

Feels like they’ve been cheated. Paying into a pension pot all those years and never getting to spend a penny of it.

I’ll be off as soon as I think I’ve got enough to live comfortably for 10 years.

And if I hang on any longer than that, it’s a bonus and I’ll worry about the money situation then.

Exactly - any assets I have accumulated will have been handed down to my kiddies well before it becomes any kind of taxable issue.

I'll spend what I've got and if I outlive that I'll live off the state pittance once I've run out pennies and going senile etc.............

 

[Corky]

£10 a year before the state pension kicks in. I wouldn't.

 

[Bigg Bigg Blue]

I retired when I was 61. My plan was to finish when I was 63 but I was made redundant at the end of 2020 so that brought the plan forward by a couple of years.
I have been putting a large amount of money into my pension since I was in my 20's and now I am reaping the rewards.
No way was I working until I was 66.