The Retirement Newsletter: 10 reasons to retire next year
Issue Number: -111 — Can I think of 10 reasons why I should retire next year?
Welcome
Welcome to issue number -111. (Yes, I am still counting down the weeks until I retire.)
This week, I will look at ten reasons why I should retire next year.
Also, I would like to welcome the new subscribers. I'm not sure what caused it, but I had quite a little flurry of new subscribers to the newsletter last week.
Thanks for joining us.
Ten reasons to retire next year
OK, so what are the ten reasons that would cause me to abandon my current plans to retire in 111 weeks?
1. My pension pot is looking pretty healthy
Over the last couple of years, my pension pot has performed very well. In fact, better than I dared hope (famous last words). It looked good; its performance meant that I could consider retiring a year or two earlier than planned. And then last week happened.
Last week we had the emergence of a new COVID-19 variant, omicron, and it made a sizeable dent in my retirement funds. The variant knocked around 10% off the value. Not disastrous, but significant. No doubt the pot will recover, but it may take some time.
Looking at my pension pot, I could still retire next year, but things would be a little tighter than I would like.
Should I retire next year and live off a smaller pot?
2. Can I continue to do my job?
Can I continue to do my job is an interesting question. I am lucky in that I am not in a physically demanding job. But, as I get older, I find it challenging to do the six-hour-long labs with undergraduates.
I find the labs more tiring as I get older, and my body aches from standing and walking. Don't get me wrong. I'm not unfit; I can go out and walk 12 miles (ca. 19 km) or more cross-country. But there is something about six-hour labs that I find exhausting.
Should I retire next year and hang up my lab coat?
3. The twenty-plus rule
Back in newsletter -128 — When should I retire? — I told you about a friend who asked his parents, and other relatives, at what age they thought their general health had an impact on their retirement. He took those ages and subtracted 20 years because he wanted to have 20 years of good retirement and decided that would be his retirement age.
Should I do the same? I've looked at my parents, aunts and uncles, and there is a range of ages at which health became an issue. Looking at my closest relatives suggests that if I want to have 20 years of good retirement, I should've retired three years ago!
Should I retire next year so I have a good chance of getting my 20 years in?
4. COVID-19 — the commute is killing me
Over the past two years (is it really coming up to 2 years?), thanks to COVID-19, I've worked mainly from home. On the few days I've had to go to campus, I have found the commute tedious, dull and a complete waste of time. How did I put up with it for all those years? The commute is killing me.
Should I retire next year to avoid the commute?
5. COVID-19 (again) — there is more to life
They say every cloud has a silver lining, and the silver lining to the COVID-19 cloud is working from home. Working from home has meant I've spent more time with my family and enjoyed the countryside around where I live. For the first time in years, I've seen the seasons. From my home office window, I’ve seen the leaves change on the trees. I have a better view at home than at work — no concrete monstrosities in the way. Working from home has made me realise there is more to life.
Should I retire next year so I can get more out of life?
6. COVID-19 (and again) — the risk
Another aspect of COVID-19 is the risk of catching the virus. There is the risk of dying from the disease, and there is also the risk of developing long Covid (see The Retirement Newsletter: The bucket list in the post-pandemic era). Going to work and the dreaded commute increases my chance of getting COVID-19.
Should I retire next year to reduce my risk of getting COVID-19?
7. I want to do other things
I started at university at 18, and 40 plus years later, I'm still at university. Time for a change?
I have a big long list of other things that I wish to do. I have my bucket list (see newsletters -113: Do you have a bucket list? and -112: The bucket list in the post-pandemic era) and I have a list of "side hustles" that I want to try before I die. A sort of second career but without the money worries.
Should I retire next year so I can have a second career?
8. Get back control
Now, don't get me wrong, I love my tech and the modern way of working with email, messages and video calls. However, it means that I’m bombarded with work emails, work calendar appointments and work video calls. It's non-stop. And I need to get back some control over my life. I need control over my calendar appointment and a smaller in-box on my email.
Should I retire next year so I can get back some control?
9. Time
Number nine falls in with number eight, but I decided to make it an item in the list.
Time — where does all the time go? I never seem to have time to do anything. I never have time to sit and think, ponder and reflect. I always seem to be dashing from one task to the next.
Should I retire next year to get some "time" back?
10. My friends keep retiring
Several of my friends have retired in the last 12 months, and they seem to be having a great time with their new freedom. I am envious. I want to join in their fun.
Should I retire next year so I can join in their fun?
Summary
So, there it is, a list of ten reasons to retire next year. And the big question is — should I retire next year?
Money
OK, first off, I want to say that I am not a financial advisor. I am writing about what I have read about money and preparing to retire. The following is not financial advice.
The new COVID-19 variant has had a surprising negative on my pension pot. However, it is still performing better than I had expected, so I have decided to hang in there.
I hope I don't regret that choice.
Please note I am not a financial advisor. I am writing about what I have read about money and preparing to retire. The above was not financial advice.
Useful links
Useful COVD-19 links:
UK NHS COVID-19 website — lots of links to information on COVID-19
CDC COVID-19 website — lots of links to information on COVID-19
Reflections
Last week was the birthday of a school friend who died six years ago. His birthday always makes me stop and think and reflect on our friendship. He never got to enjoy a retirement. Maybe this should be number 1 on my list? I'm not getting any younger.
Next week
Next week, and there is no getting away from it — I’ll look at ramping up for Christmas.
Thanks
Thanks for taking the time to read this newsletter, and please don't hesitate to share it with your friends or on social media using the buttons below.
If you would like to say 'thanks for the newsletter, why not buy me a cup of tea?
Until next time,
Nick
PS, If you have something you would like to contribute to the newsletter — a story, advice, anything — please get in touch.
Please note: I am not a financial advisor. When I am writing about money and financial matters, it is based on things I have read about money and about preparing to retire. IT IS NOT FINANCIAL ADVICE.