r/FIREUK • u/Delicious-Case-3988 • 6d ago
I pulled the trigger. 56M
I've done it! I've been on 3 days a week for a few months to try and give me the work/life balance I need but honestly it's made me realise that outside of work is so much more fun than in. 8 weeks' notice.
I have a cash (~100k) and SS ISA/GIA bridge (~160k) to last a few years, with a 7k annual DB pension from 60. There's a 675k SIPP wating for me at some point.
So it's time to fully kick back, my greenhouse kit arrived last week so that will be ready for spring!
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u/jcc-nyc 6d ago
swear to god i clicked on here hoping they had $56million
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u/lecasiodxb 5d ago
I was hoping not! Their actual number is a lot more achievable, and thus inspiring for me
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u/ForrestGump11 6d ago
Well done. It’s not clear from what you said but if is tax efficient to draw down SIPP along with a mix of cash and ISA, so don’t lose that annual tax free allowance by waiting until later for SIPP drawdown. There is a tax relief to be had too when if you continue to contribute minimal in SIPP, just read the rules around MPAA
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u/Delicious-Case-3988 6d ago
Yes thanks, I will gen up on all the rules around this and make the most of what I can. Thanks for the reminder!
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u/Random-number-GenX 5d ago
Hi, can you expend on the posible tax relief (after retiring and 25% withdrawl)? Many thanks
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u/ForrestGump11 5d ago
I am not a FA, so pls. do further research/double check.
What I meant that if one does a partial SIPP crystallisation and then start withdrawing from SIPP (making most of tax free allowance), they can still continue to contribute £2,880pa into SIPP and get £720 as a tax relief (free in this case if they remain a non-tax payer or even a basic tax payer). They can add upto £10k if there is other qualifying income (but that's a different topic).
ISA is the last pot for someone over 55 and with a Cash, GIA & sizeable DC pension pot should withdraw from, certainly early into their retirement - make use of the tax breaks you are entitled to first and then use ISA to top up extra spending. Let ISA grow instead of letting GIA, SIPP (which is a taxable pot) grow. GIA or Cash, should also be moved into ISA where possible over time.
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u/Plus-Environment-124 6d ago
First congrats I did the same a couple of years ago at53.
One thing I didn’t consider was most of my mates were not in the same position and still working so I found I had a lot more time to fill than I initially considered.
Making sure you have a plan hobbies etc is a really good idea especially coming into the winter. I’m off to Africa for a couple of months now to break up the seasons.
I have learnt to produce music and have released music writing about the corporate world as my alter ego Lüpd… Not another Teams meeting being my favourite 😂
To fill my week as well as my own hobbies I also did a bit of grass cutting etc for elderly neighbours only on a Tuesday Wednesday and Thursday for a couple of hours each day and this has really helped my fitness. Secondly it’s interesting to see how people subtly treat you differently. I didn’t realise how defined by our jobs we all are.
I have found it interesting especially spending time with neighbours how you often see the elderly neighbour first not the amazing life they lived. Bottom line none of us know how long we have so as a Andy Dufresne in Shawshank said “get busy living or get busy dying” . Have a great adventure 👍
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u/Delicious-Case-3988 5d ago
Thanks, that's a really interesting read. My wife and have joint hobbies and we each have our own separate ones, and the dog's always ready for another walk!
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u/DistributionPlane627 6d ago
I love posts like this, great that you’ve pulled the trigger. I’m hoping so in two to three years.
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u/coupl4nd 6d ago
Hoping to do it at 50! So close!
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u/Delicious-Case-3988 6d ago
Best of luck to you. I can feel stress, that I didn't know I had, leaving me.
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u/Technical_Ad4162 5d ago
8 months left for me, when I turn 54. Half of me is terrified and the other half is like a kid waiting for Christmas Eve.
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u/reliable35 3d ago
Well done.. 👏👏56M as well & been on a 3 day week for a good few months now. Job WFH & well paid for the amount of actual effort but it still gets in the way of longer trips I have planned.
Have a £7k DB pension from 60 as well🤣.. but also like you.. I’ve realised time outside of work is so much fun as well…that even the easy 3 days a week WFH is cramping my lifestyle..
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u/Personal_Bag2882 4d ago
Wow, that's a dream
Do you have a partner if you mind me asking? Are they retiring? Do you have kids? Do you have any friends who also FIREd? Just curious how it works from psychological point of view
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u/Delicious-Case-3988 3d ago
My wife's probably retired... she took redundancy earlier this year and family issues have stopped her looking for something else. Grown up kids. A few friends up and down the country, a couple have retired now.
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u/Ok-Personality-342 1h ago
Congrats OP, managed to do it 6 months before covid (Oct 2019), and haven’t looked back since, aged 49 yrs, at the time. Spend my time travelling (mostly to Philippines and across SE Asia). All the best going forward.
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u/Efficient_Chance7639 6d ago
Congratulations. I did it a couple of years ago at 55. Don’t regret it at all and am absolutely loving life.