My only regret is that I couldn't afford to do it earlier, the freedom to be able to live life at my own pace is the biggest plus for me it's also nice to learn new things (Spanish among other things)
No early option? Always assumed civil servants could go early….
The penalties are huge, both on my original pension from 2003 and the reduced one that replaced it in 2015. Those cushy civil service pensions had gone before I joined in 2003, and a lot who were on those have retired already.
Countdown is progressing. I'm 60 in 8 months and plan to be job free from 1 January 2023.
I have a work target of getting the customer database complete before I go and my replacement(s) trained also. I plan to visit my father in his French place by bike at some point next summer, possibly with minimal luggage. There's a huge cycling tick-list ready to go and a wife to cook and bake for. (Thank you Lord Rank for your forward thinking pension arrangements for your staff. Best 20 year instalment plan I ever joined, plus a pay-rise due at 67!)
None at all. I thought I might, and I was a bit concerned, as I guess you are, but I never ever think about work now.
They must have been absolutely **** minting it up to that point, which suggests a high-powered/fast paced work life. I can imagine the transition to gardening and Werthers Originals would be quite the contrast in that
My bestman took a sabbatical in his late 30's turns 53 this year & still hasn't gone back to work, I never appreciated how wealthy he was, all self earned, he manages to fill his time extremely well 👍 me I'm gonna go down to 4 days at 60 but expect to work until 70 🙁
I'm aiming for retirement when I'm 64 (6 1/2 years time)
I'll see how I am financially but maybe do a few days work if they're short staffed if I fancy it.
Surely you are better to regret taking early retirement and possibly having to get another job again than staying in work for years more and then wishing you'd retired early.
If you can afford it just do it.
He is alive, functioning and seemingly happy; just leading a very small life.
We visited some friends who retired to France last year, we asked them one day what they were up to (we were off for a ride). Thet replied 'going to the chemist'.
Was a fascinating insight into their life as 'going to the chemist' is the sort of thing I fit in on the ride back from work to the gym. Whereas it had now been promoted to the day's major activity.
Absolutley nothing wrong with that, just thought it was very illuminating.
Thet replied ‘going to the chemist
My MIL is the same. The days are booked up with largely unnecessary doctors appointments, insisting on going to shops to collect minor items that could be part of a weekly trip. So many trivial things that barely make my todo list for them are the focus of a whole day.
Today's activity has been buying a 70p artisan baguette. This involved walking 6 miles and listening to two podcasts. It's really nice not to have to worry about being efficient with your time. I'll tinker with one of the motorbikes this afternoon, so maybe today will have two activities.
I took redundancy in 2018 at 53 and decided I didn’t want the hassle and stress of going back to a ‘corporate’ job. Took financial advise and the conclusion was pensions were OK and to leave them be, just needed an income to support us until then so decision to sell our house in Hampshire, build a cheaper house in Scotland and live off the house sale proceeds. COVID messed up our plans to self-build, but we found a suitable plot and builder who built us a house to our design on the Isle of Mull - now been here 9 months. Also have a small, online business that I run from home and sell some stuff to local businesses and at local markets. Money’s going to be tight but absolutely no regrets - more important is our health and keeping active. Living on the islands is more expensive, but we’re planning on growing a lot more food, keeping chickens and there’s always some wild venison outside…
Daily routine involves a lengthy dog walk, make/post any online sales and try and squeeze in a run or bike ride. OK, won’t be going on any fancy holidays, but given that folks are paying up to £1000/week to stay in the house next door, it’s not a bad place to be.
Surely you are better to regret taking early retirement and possibly having to get another job again than staying in work for years more and then wishing you’d retired early.
If you can afford it just do it.
add into that ill health. struggle to keep working through your 50's with ill health and miss all the good stuff with grandkids. then retire at 67 and be ****ed and unable to do anything at all.
I'm 58 in a few weeks, I was lucky enough to retire at 52. I've never regretted it for a second. I did work for a charity part time for a few months and have done some voluntary work. My wife has a part time business which I help with a little. Other than that, I look after our (very) small holding, our dog and indulge myself in lots of hobbies.
I'm very outdoorsy but have had a few health niggles recently which have impacted on that, which has taken the edge off things as I've been going a bit stir crazy indoors - but that's not due to retirement per se, and thankfully things seem on the up a little in that regard.
IME, as long as you have lots of interests and things you don't currently have time for due to work - you will love retirement. People who are a bit one dimensional, live for their job and think it defines who they are, with few hobbies or outside interests are the ones that struggle with it.
Regrets after early retirement?
All my friends who retired early are enjoying life to the maximum. They get bored sometimes but other than that all are enjoying life! If I can afford an early retirement I would do it in an instant.
One friend after his retirement signed up for an OU UG degree as a hobby! He is bored.
Retire if you can afford to because you work to live and not live to work.
Life is too short.
Surely you are better to regret taking early retirement and possibly having to get another job again than staying in work for years more and then wishing you’d retired early.
Don't be like one workmate who joined Ranks at 14 and was determined to get his 50 years watch and certificate. Likely to be the last one in the company. Booked a fortnight off at 62, first day of his holiday and he dropped dead in the corner shop before he went away.
My MIL is the same. The days are booked up with largely unnecessary doctors appointments, insisting on going to shops to collect minor items that could be part of a weekly trip. So many trivial things that barely make my todo list for them are the focus of a whole day.
There's no need to rush when retired and more than one thing at a time may cause mental overload if your marbles are going.
Those cushy civil service pensions had gone before I joined in 2003, and a lot who were on those have retired already.
@MoreCashThanDash I take issue with that - I joined the Civil Service in 2013 (just after the [url= https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1004636/McCloud_Update_-_July_2021.pdf ]McCloud[/url] judgement for pension schemes applies - gutted) and the terms of my pension are very generous compared to any private ones (and various quasi public-sector ones - it's certainly better than USS). You'll have a fair few years in 'Premium' which you can claim from age 60 for a start!
I'm 50 at Christmas and would retire tomorrow if i could.
However, my youngest daughter is only 11, our mortgage has about 16 years to run (although we are over-paying a little)
Its unlikely we'll inherit anything life changing, so can't see any way out before our mid-60s really.
Only things in our favour are we both earn decent money, are both paying a decent amount into workplace pensions, and could always downsize our house to kill off the mortgage/release funds.
Lots of people in my industry (Defence - Engineering) do a bit of contract work post-retirement so thati s always an option.
I would do BBQ everyday if I retire ... 🙂
There’s no need to rush when retired and more than one thing at a time may cause mental overload if your marbles are going.
Its not the same thing in this case (and the latter is not the case either in this instance) Your right though there is no need to rush which is a wonderful thing but I know even younger retirees who have few interests outside work and seem to struggle to "fill" that ex-work time. Thats not to say that people should always be motivated to be hyper active and embracing the idleness is no bad thing to an extent but at what point does being enjoyably idle become going to seed...
I do think for me there needs to be "intention" and that can be spending the morning walking the dog and the afternoon reading a book. There doesn't have to be urgency unless you want it.
There is of course a broader societal question about in a sustainable society what proportion of a life should be spent growing/learning/preparing, what proportion serving/contributing, and what proportion being supported or 'treading water'. Of course just because you are not working for money doesn't mean you are not being productive, you could be looking after grandkids, supporting others or doing voluntary work, but a lot of most retirees time is spent indulgently. I do wonder if in time society will have to concern itself with how much of a life can be spent as a passenger. 50 odd years ago with the invention of more labour saving devices and great ter automation, I think most would have thought we were moving towards increased retirement leisure. And we did, but now we appear to be going the other way again.
You’ll have a fair few years in ‘Premium’ which you can claim from age 60 for a start!
So 60 is the absolute earliest I could retire or partially retire - in the context of examples on here, and my faltering health and mental health, that's not early enough
I do wonder if in time society will have to concern itself how much of a life can be spent as a passenger
The state pension was designed when men were expected to only claim it for 3-4 years, iirc - it's a very valid point about how we can afford to support ever larger numbers of retired people with ever growing lists of medical conditions and care needs.
Certainly, health permitting (and bearing in mind if I could somehow retire at 60, I may well have caring responsibilities for my parents in their 90s and a wife who's disability will impact her more as she gets older) I'd intend putting in 2-3 days a week in some sort of voluntary capacity as long as I can, for the mental and physical benefits as much as anything else
So I’ve got 3 weeks left before retiring at the age of 63. I enjoy the work but I don’t think I’ll miss the social side so much because the last two years has been WTF because of Covid. I went down to 4 day weeks about 3 years ago and am looking forward to spending all my time on travelling, riding,learning to play the bass competently and DIY/Gardening/pottering around the house. I also have in mind that one of my predecessors retired from the job and was dead within a year - it certainly makes you think.
One friend after his retirement signed up for an OU UG degree
I can imagine doing this, not because I’d be bored but because there are so many things I find interesting it would be good to pursue one in more of a focused way.
Hadn't really given it much thought, I don't think we'll be in a position to retire early (already had and long since spent my small inheritence, earning ok now but not mega money, and I've spent a long time earning not very much at all!) but I would if I could. My dad didn't retire early but he pretty much stopped living when he DID retire, and he didn't last very long, so I hope to keep myself busy (although I'm fabulously lazy by nature) - did some seasons as a campsite courier and would love to go back to something like that, if they'd take old gits (and I can get a fricking visa).
Alot depends on health and how you are planning on going into retirement. Health good here, and I think early 60's is best for me to maximise the current pension schemes - we shall see. In laws, especially MIL wasn't in good heath as it was when they retired, and after a heart attack then stroke in her late 60's has been a bit knackered since, she's 85 now.
My folks retired around 65, and so far, so good, have had a good 10 years enjoying themselves and are in reasonable condition. Dad can't walk as far as he'd like due to dodgy knees, but he won't get them replaced. He can walk to the pub for a couple of pints, so he's happy.
I'm not going to inherit anything, but I've been in a pension since I was 18. Whilst my pension will be OK, MrsF's won't - all low return private stuff.
So 60 is the absolute earliest I could retire or partially retire – in the context of examples on here, and my faltering health and mental health, that’s not early enough
Remember that STW posters (at least the ones who'll publicly discuss their finances) tend to be unusually wealthy! In the UK, average retirement age for men is 64.7, according to the latest stats I can find. So 60 is considerably better than most. My folks recently retired at 67.
Totally sympathise with the health concerns tho. It's a worry for me too.
The state pension was designed when men were expected to only claim it for 3-4 years, iirc – it’s a very valid point about how we can afford to support ever larger numbers of retired people with ever growing lists of medical conditions and care needs.
Also a function of improving medicine / health care. Each time you cure one age realted issue, you just allow the patient to live longer and thus increase the likely hood of more issues down the line. Eg Statins / stents etc, rather than drop dead in their 50s from sudden heart attacks they now spend decades deteriorating with dementia, arthtitis, diabetes, etc.
Remember that STW posters (at least the ones who’ll publicly discuss their finances) tend to be unusually wealthy!
Hardly surprising though on a forum where push bikes costing £10k+ get reviewed!
Retired a year early at 52 due to osteoarthritis. Even with a new hip they wouldn’t have me back. I worked for a couple of years after I had it replaced but once the twins graduated we worked out we were financially secure so my wife retired as well.
There is a risk of slipping into a sort of drifting mediocrity, but I devote my time to my hobbies, one of which can be made to pay, and music. I’d had to give up singing while I worked due to shifts and now sing in two choirs, and am back to playing bass and guitar. Mrs Scape volunteers for Victim Support, a food bank and as a school governor.
We can drop everything and travel (pandemic permitting).
It ain’t boring, I don’t think I’ve ever been busier.
I plan on a possible change in direction, and a pension would help with loss of income. Surprisingly, so many people have asked if I could help them, I’d probably be able to do whatever work that I fancy. Then it feels more like play than work.
Getting the kids off the payroll and making a dent in the mortgage would be a good start. The pension pot will help with the latter.
I'm finding this thread very interesting, my wife and I have been thinking about our future a lot recently. We're only 42, but we've lost 3 out of 4 parents in the last 5 years (2 within just the last year) and now the 4th is in hospital.
It's a cliche, but this sort of thing just gets you thinking. Time is invaluable.
We've done no serious financial planning yet. My wife has just taken another job with less hours meaning she can pick the little one up from school every day. At some point in the near future I'd like to drop a day.
I'm lucky I'm in a good job, I'm good at it and I enjoy it, my colleagues are sound and i don't have a commute. But I know I could walk away tomorrow without a second thought.
I don't want to stick it out for another 20 years and then something happens and I'm physically ****ed or worse.
My dad 50 retired at 50, I'm 51 and feel like I'm only just starting to get good at what I do and I think the most interesting bit of my career is yet to come. I've never given any thought to retirement in the sense that I don't plan for it (I don't think I really ever plan more than a fortnight into the future) I don't imagine it and I don't feel like theres an aspect of my life that is on hold or deferred til I retire.
My girlfriend's mum waited til she'd put her own children through their educations before going to uni herself at 55 and is still working with fierce enthusiasm at 85.
Also finding this interesting. 50, with 2yrs left on the mortgage but probably 10 years of funding children and hoping to stop work at 60. I’m currently shoving money in places to have a decent retirement fund and then hoping to ease off work a bit when the mortgage is gone.
Mrs K at 44 is one of these people that takes every day as it comes… but only up until today. She utterly refuses to thing about the next few years which makes planning a vision of our retired future a bit one sided.
Retire when you are financially able with a healthy body.
Work until retire and with all the stress, you might get the money but you might also drop dead within a short time.
Just remembered a colleague of mine who was nearing his retirement at that time (we could see his health deteriorating) but continued to work until his actual retirement, within two years his health deteriorated badly and died.
Look at you family members' age when they died and their health, perhaps that is a good indication of your life as well. i.e. you have their genes.
Does anyone else find it a little sad that retiring at 60 odd counts as early retirement?
Does anyone else find it a little sad that retiring at 60 odd counts as early retirement?
Yes, to me that is sad. We should retire at any age we wish so long as we can afford it and is happy. Forget about what others think as they are not you (unless s/he is your dearest). It is your life and if you waste it you only have yourself to blame.
I decided to retire 18 months ago after being made redundant and fill my time with some voluntary conservation work, household chores to relieve the pressure on my still-working wife, cycling and walking in the local woods. However, aged 58 I still miss that 'something' about work and am now looking to work part-time at a local school. I still think I made the right decision though.
Does anyone else find it a little sad that retiring at 60 odd counts as early retirement?
Not really. It is early compared previous generations. Younger generations are also likely to live longer and probably started work later so its a much better deal.
Although I get the sentiment, I watched my grandparents and then parents sit indoors and stare at each other for 20 years after retirement. I’m determined not to do that, but be relatively active and have a enough of a bank balance to give us choices to have an annual holiday, go on trips etc.
The next 10 years for me is about helping the kids through education whilst living a (sorry to sound pompous) slightly above average life yet saving money for the above. If I can set them towards a decent standard of life before putting my feet up, that makes me happy.
I think the notion of ‘retirement’ with a nice cosy pension will become increasingly rare in the future, plus the idea of 35 years of continuous employment with a big fat payout at the end. Younger folks are becoming increasingly indebted at an early stage with university, career loans etc and 40 year mortgages are now a thing. Not having children also means no pressure regarding house deposits or leaving ‘legacies’. I’d much rather have the opportunity to remain active and healthy than waiting another 15 years to then find declining health meant I maybe have the means but not the ability to do what I’d like to do. However, Mrs DB having just seen my estimated dentist’s bill is thinking of sending me out to work again…
Not really. It is early compared previous generations.
These "previous generations", when exactly?
I'm 57, and both my Father and Grandfathers retired at 60. One of my two Uncles retired at 50, and so did my FIL (Thatcher privatisations of State industries generated lots of 'early' retirements). The ladies all were done by 60 too, except my Grandma, who retired at 60 then promptly went back and worked p/t through to 75 (Landlady).
I expect to be retired by 60 too, but I can't see many of the next generation going 'early' - unless they're Public Sector with the associated Final Salary Pensions.
I retired on the last day of 2020. Spent most of 2021 enjoying my time off. I then started working again 4 days a week in the gig economy last December. I’m still working but will stop at the end of May and have the summer off then get a part time job again for the winter.
I think it’s very important to keep sharp when you retire. I’ve noticed some older retired couples at the supermarket moving very slowly and taking ages to pay for their shopping. You don’t want to slow down too much and deteriorate mentally and physically.
Working part time has definitely sharpened me up and stopped my laziness.
My father did the maths at 57, worked out he couldn't really afford to, but went anyway. Just had to fund the gap until pension age. He has absolutely no regrets.
Very nearly died in a sailing accident at 69 (like three months in an induced coma in ITU nearly) but is fine again now.
Anyway, point is, you never know what's about to happen, have fun while you can, if you live long enough to run out of money see that as a bonus. There is no point being the richest bloke in the cemetery.
Work until retire and with all the stress, you might get the money but you might also drop dead within a short time.
You might, but 50% chance I'll live to 84, 3% chance I'll make 97!
I retired on the last day of 2020. Spent most of 2021 enjoying my time off. I then started working again 4 days a week in the gig economy last December. I’m still working but will stop at the end of May and have the summer off then get a part time job again for the winter.
That's not retiring, it's a change of 'career'.
