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Stopping work (early)

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User

Posted 02 Sep 2019 at 20:14

Hi all

Since been told my PCa is now incureable (not in any treatment yet) I have seriously thought about retiring. I would like to have got some kind of deal from my employer but it’s a no go. There may be something on offer next year but not guaranteed. So I’m thinking of going now. Money will be a stretch but I reckon we will get By

I am struggling with the thought of a loss of my esteem etc so do have some conflicting thoughts about it all. There are parts of my job that I love but also other parts I loathe. I guess I’m wanting to go now as I’m not going to see old bones and at some point will be on treatment that is probably going to impact negatively on my remaining years

I think I’m just after other people’s experiences and if you had similar feelings/doubts before taking the plunge and also if you now feel it was a good decision

cheers

Bri

User

Posted 03 Sep 2019 at 05:17

May be some part time work if you could find some for a time for interest and to supplement your finances? I did this long before I got PCa but the concern I was working for were reducing involvement in the UK and I asked to be one of those being offered early retirement under a redundancy scheme. I was lucky to get some part time work where my former work experience was helpful. Never regretted the decision!!

Barry

User

Posted 03 Sep 2019 at 05:45

Sorry to hear your news Bri, what is your PSA now? Do you have a doubling time?

Re work you don't say how old you are? Do you have a plan for your retirement? If you are still young and don't have a plan you may have a lot of years left, too much time on your hands and too little cash!

Remember the other mental benefits work brings, these help when dealing with PC too.

Is part time an option? all employers have a duty to consider flexible working requests, this could be a good half way house. Also check your pension scheme rules if it's a final salary scheme drawdown might be an option or maybe early retirement on medical grounds?

User

Posted 03 Sep 2019 at 07:36

Bri,

It's not obvious that you have a plan for what you would do if you retired. I think that if you retired and didn't have something to do, you could end up depressed at home - I have seen this happen to people. What sort of time off have you taken over last 5-10 years, and what have you done with that time? On the other hand, some people have no problem finding things to do when not working, and a sudden retirement would be welcomed. Do you have a hobby you could turn to, possibly even earning some money from it?

Some companies have a winding down period leading up to retirement, e.g. where during your last year, you drop one extra day per week every quarter, slowly winding down to 1 day/week, which gives you time to get used to not working and to find activities to spend your new free time on. Maybe you could negotiate something like that, or just negotiate going part time for a year?

If you have private pensions, book a free appointment with Pensionwise to go through them and tell you where you stand on early retirement. You might also consider paying for further advice from an independent financial advisor. Also, bear in mind you could live for well over 10 years, and during that time, new treatments will appear which could extend that or even offer a cure. You probably won't be being treated with today's treatments with today's life expectancies. This could make an annuity more attractive than it might otherwise appear - something to discuss with an advisor.

User

Posted 03 Sep 2019 at 07:59

We have found that retirement is fine if you have plenty to occupy you. My oh and I do some voluntary work and seem to be busy most of the time. It also gives time to pursue things like family tree searches or study and time to get to know neighbours better. I understand the fear of losing ones self-esteem but you do get used to a different way of life. You also learn to live on a lower income because there is not the same need to buy "work clothes" etc. Good luck and have fun. My oh has had pc for 10 of his 11 years of retirement but we have done a lot in that time.

User

Posted 03 Sep 2019 at 10:51

Retiring is a personal thing. If you fill your weekends then maybe filling 5 more days won't be too hard. If you like to have plenty of cash you need to plan and work it out well. Although it's amazing that you don't seem to spend as much. Where I worked very senior people never wanted to leave probably due to esteem.

Are you also asking what assistance others got? Where I worked they gave us financial and life advice. There are places like AgeUK that also offer such advice.

I planned to retire at 50 since I was 25 but when I got there I chickened out. I went at 55 with a redundancy, which was fortunate but not unusual in my consolidating industry. I was nervous as I'm an active person but come the actual handing in of my pass I couldn't stop laughing. I have developed loads of hobbies which largely circulate round the internet doing websites for charities which gets me involved with them and taking photos etc and they try to drag you in. I did an autistic local charity website and it changed my view of life. As did the disability charity website. It's a slower life but I'm slower too.

I know people who went back to work and others who go in to do voluntary heritage work, which also has a social aspect, as the company has a huge archive. So it depends on your own lifestyle.

Edited by member 03 Sep 2019 at 12:35 | Reason: Not specified

User

Posted 03 Sep 2019 at 15:03

Hi Bri, I took early retirement on medical grounds last September from a demanding middle management job in teaching. I do miss the pupils but I don’t miss being exhausted, stressed, overworked.

I didn’t get a deal or any enhancement but I have no regrets. I worried about loss of status etc. But that hasn’t been an issue.

My wife and I joined a community choir, I joined a walking group, a pickleball group and still play golf. I don’t find the time dragging at all.

As others have said it is a very personal choice.

I took financial advice through my professional association which helped me plan the time between retiring and state pension. (If I am lucky enough to reach that!)

Hope this is helpful.

Ido4

User

Posted 03 Sep 2019 at 15:52

I took early retirement on 1st August (my 57th birthday) and it's the best thing I've ever done. My days are so full that I can't imagine how I ever had any time for work 😀.

I guess it depends if you're a "my work is my life" or an "I only work to be able to pay for my hobbies" person. I was very much the latter. I've seen people who fall into the former category, though, and they're a bit lost when they retire.

It's a big decision to make. Don't rush into it.

All the best,

Chris

User

Posted 03 Sep 2019 at 16:34

Bri, as you have probably deduced from FB, John hasn't looked back! There was no enhancement for going early but our financial adviser shared our view that cashing in the pension pot and taking the 25% lump sum was a no brainer as he is unlikely to live long enough for the pot to run out of money. When they worked it out for us, he will be 77 at the point where he would have been better off delaying until he was 65 and in all honesty, it seemed a no brainer to us that we should live and do now .... if he is still here when he is 77 we will be financially worse off but blessed. Like me, you have the security of the local Government pension which is generous in comparison to many commercial companies and is financially robust which makes planning easier, I think.

Loss of status and filling time? My sister in law was like the voice of doom on this - kept saying "you have to plan retirement really carefully so that you don't drift" but on the basis that her husband retired at 48 and she was in her early 50s I guess that was true for them. John has taken up new hobbies, spends time that he didn't have before on things he already liked (like the bird watching :-/ ), he has become an ambassador for a local charity that we were already involved with and is doing other voluntary stuff. With your skills, there are charitable organisations that would benefit greatly from your expertise and if it all went pear shaped you could always do a bit of bank work!

"Life can only be understood backwards; but it must be lived forwards." Soren Kierkegaard

User

Posted 03 Sep 2019 at 18:01

I’ve been retired since 46 Bri. I do so much stuff now that as others have said , I don’t know how I found time to work. I do shopping , love cooking , have become a semi-pro at adult paint by numbers , and as you know spent a year as a healthcare assistant and am now just completing a year as infants caretaker which is ab fab. You’ll find stuff to do believe me.

User

Posted 03 Sep 2019 at 19:34

Chrisj not really retired then!

User

Posted 03 Sep 2019 at 20:20

Lol it’s just a new phase in life. I did NOTHING for two years and then decided I needed a new normality. It’s been a happy and rewarding journey thusfar

User

Posted 04 Sep 2019 at 00:42

Hi Bri,

Depends how much joy the paid work is giving you ? If you can 'get by' then go for it, you can become more self sufficient and gain new skills. As Chris and other posts, new experiences, hobbies etc , a new chapter in your life. Go for it whilst having the mental and physical energy. We all have 168 hours a week. I'm 'in between' working 18 hrs per week, not much more than basic wage, however loving it, so not exactly fully retired yet.

All the very best. Gordon

User

Posted 04 Sep 2019 at 17:30

A wonderful way to keep yourself occupied at very low cost, if there's a branch of it near you, is the "University of the Third Age", U3A. They have branches in most large towns and cities across Britain. It costs £30 to join for a year, and then you can participate in any of their interest groups (my local branch offers more than 60) at no additional cost, except for materials if you're doing something like art. Highly recommended!

Chris

Edited by member 04 Sep 2019 at 17:31 | Reason: Not specified

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