O/T Retiring

[Ernest]

Remember when you're retired you don't care when they change kick off times

 

[severnside gull]

Took early retirement 7 years ago as my wife was ill. Financially a bad move but in terms of quality of life the best thing I've done. It's about what you want from life.

 

[APACHE]

Retired at 58, house payed off & decent pension, not worked a day since & after 5yrs have no regrets about going early. You must have a plan of what you want to do with the time you have, make the most of it. I've worked with too many people who worked to 65 then retired and were gone in a short time. Also you'll notice the stress levels will drop and you enjoy life more.

 

[cheshunt seagull]

I am 57 and my wife and many of my friends have retired this year and all seem happy. I am not sure it would work for me; I have a very low boredom threshold and enjoy the mental stimulation of my work as well as the structure it gives me and I can imagine getting really restless, maybe living for the wine in the evening a bit too much. On a sunny morning and faced with the train and tube into Kings Cross I can see the attraction but not sure about a wet Tuesday in November. Having said that things may change; a ******* boss would make retirement much more appealing and with my work's finances about to be hammered by the consequences of a recent exercise in democracy I may not have a choice.

 

[Garage_Doors]

I'm in that comfortable place where i have mortgage paid off and debt free.
Im only mid 50's but i don't ever see me retiring, I semi tried it having a few week off etc but ended up bored shitless so started work again.
You actually need a plan of what you are going to do rather that just say you want to retire, or not work.
My biggest problem was not having a reason to get up in the morning.

 

[dazzer6666]

I'm in that comfortable place where i have mortgage paid off and debt free.
Im only mid 50's but i don't ever see me retiring, I semi tried it having a few week off etc but ended up bored shitless so started work again.
You actually need a plan of what you are going to do rather that just say you want to retire, or not work.
My biggest problem was not having a reason to get up in the morning.

Similar. Turned 50 last month, youngest about to go to Uni and eldest about to start final year. No mortgage/debt. Been in my current job 18 months after managing to negotiate an exit from my previous employer in 2014. For the first time in 30 years I took an extended break - about 5 months. Was worried about whether I would be able to go back to work but after a couple of months I started to miss it. Confirmed to me I wasn't ready to stop (even if financially it was viable which it probably wasn't). Very happy in my current job, so plan on doing maybe another 3-5 years before thinking about reducing hours. If I had to commute 5 days a week I think I'd feel differently but I work from home a couple of days and also travel a fair bit.

When I was off work, I was going to the gym early, and a lot of the time genuinely struggling to fill the rest of the day. I run, play golf and fish (would do a lot more of that if I retired) but even that wasn't enough.

Biggest difference when I went back to work was philosophical. I spent 30 years worried about promotion, office politics and stuff. Now have no upward ambitions and am massively happier as a result - no sucking up, no office politics and a much better work/life balance.

 

[Deleted member 2719]

Just wanting to consult NSC guru's about retiring early.
I have an idea that I WOULD LIKE to retire early.
I guess it's all about building up a secure amount of cash, for one to have for support later on in life.
I have fairly decent pensions.

My question is who has taken early retirement, have you loved or regretted doing so?
Do you find that money is tighter now?
What interests have you taken on?

Awaiting in awe for your answers.

I sold our business last year (which my wife worked in as well) as we had an opportunity to invest in some very invest-able land, although that didn't go to plan, i have no regrets, i am 52. We had 6 months or so out doing our house up and thoroughly enjoyed it (not sure i would of enjoyed it if i was still working!!). Probably had about 3 weeks of doing nothing much just pottering, i was never going to retire but pottering isn't me i have always worked hard and when pottering i found it meaningless.
I did have an idea and approached a reasonable size company about a part of the market place that they hadn't conquered yet. I got the position.
This has given me the challenge that i need as a person and i am loving it.

So i would say take 6 months out with a B and C plan in case you find your not ready.

Good luck in what you do.

 

[Napier's Knee]

I worked at a fairly high level as a university academic. Just over a year ago I was 'offered the opportunity' to apply for 'voluntary severance' - didn't take much to work out what that meant in the medium/long term. I applied and left. This was just before my 55 birthday. My decision to leave was made easier because:
1. I was able to claim my pension pretty much immediately - and I'd been paying in extra for a long time. My pension is about 30% of my final salary.
2. The mortgage was paid off and we had got all our 'stuff' - no debts.

Only you can really know your financial situation, but some lessons I've learnt:
1. You'll be surprised how little you need to live comfortably now you don't need to travel to work (i rarely use Southern!), don't have to buy clothes for work etc
2. You'll be shocked at which of your workmates keep in touch - and which cut you dead the minute you leave. Some people you thought were your best friends will turn out not to be, some people you thought were just background noise turn out to be absolute stars.
3. You'll need to have structure in your life. I volunteer at my local hospital wheeling patients around and - although my wife finds it hilarious - I get a lot of structure from the Albion. The structure of the football season etc. And as Ernest says, you need never worry about kick-off times being changed.
4. You'll need somewhere to hide from your wife - not because she is horrid or anything but just because you're a man and sometimes need your own space.

it took me at least eight months to totally de-stress from work but leaving early was the best thing I've ever done. Ok, my tummy has expanded pretty badly, but I've got the time and ability to do something about that - if I can be arsed.

 

[East Staffs Gull]

I dropped down to working four days a week and became home-based last year after our son left home. I can now work from anywhere in the world, so we've spent lengthy periods in the UK, Austria (ski season) and France (Euros). The four days fly by, my weekends are now 50% longer and we've learned to cope with the cut in pay. I didn't fancy the thought of going from full-time employment to being completely retired.

 

[dejavuatbtn]

Ideally you need to be mortgage free and in a position to take your pension early and still have enough to take tax free cash to hove you a nest egg. Living on a significantly reduced income is achievable with no mortgage. You can supplement income with a low pressure part time job.
The best thing is that you are young enough to do the things you have had no time to do in the past and get out the rat race of whatever job you are in. I did 37 years with the same company and left 7 years ago and never looked back. The older you get, the less adaptable to change you may become, and it can get harder to retain the motivation for what, perhaps, used to be an enjoyable job. Retiring can be a relief from that but you will miss the camaraderie of workmates and the daily banter. Make a serious effort to keep in touch with as many as you can.
Then comes the tie - if you still have your parents, you may find yourself restricted by their needs as they get older and less independant.

 

[Boroseagull]

Financial planning is the key, and what your plans are for the future will decide what you want to do. In my case it was retire by 60, sell up a large house in Hertfordshire, sell a house in Woodingdean jointly owned with my brother and retire to Spain to follow my hobby, birdwatching. Even in spite of last months referendum I don't regret it for a minute, the pace of life is easier, far, far less expensive and more rewarding. I'm deeply involved committee wise with the Andalucia Bird Society, edit our quarterly magazine, visit some wonderful places and really enjoy my birding. Wife and I have a large house with our own pool and 30+ fruit trees to keep us occupied when not out and about. We still have a toe hold in the UK as we could pass money down to our son & daughter for house buying. I have just about the maximum possible state pension, my wife's not quite so good. I have a reasonable pension from a previous employer and we have both smaller amounts in pensions and annuities. I hit the big 70 last month and in all honesty feel no different than when I was 50.

I think it boils down to having a future plan that is agreed upon, worked for and implemented, if that's the case retire as early as you financially can.

 

[boik]

One thing we did that gave us confidence, was that for a year before we retired, every payday we moved all money to a new account EXCEPT for the predicted pension income. The figures looked scary, but we never had to dip in the "other" money, so knew that we could do it. We had no mortgage, and got rid of luxury stuff like Sky, switch to cheaper options like Green Flag instead of AA, brewed our own beer (lovely). The challenge of not spending excess money is quite fun.

 

[Fungus]

I retired three years ago, aged 55, with a final salary pension, reduced for taking it early.

I am sooooo grateful for that pension - I don't see how anyone can do it without that, or huge savings, or an inheritance. A wife with a decent pension helps, too, especially if her redundancy pays off the mortgage! It still feels odd getting "money for nothing".

Definitely something to aim and plan for. Start now!

Anyone that's bored should Google their local U3A groups.

 

[Ernest]

One thing we did that gave us confidence, was that for a year before we retired, every payday we moved all money to a new account EXCEPT for the predicted pension income. The figures looked scary, but we never had to dip in the "other" money, so knew that we could do it. We had no mortgage, and got rid of luxury stuff like Sky, switch to cheaper options like Green Flag instead of AA, brewed our own beer (lovely). The challenge of not spending excess money is quite fun.

You shouldn't retire early if you need to cut back and not enjoy the luxuries of life, might as well carry on working than scrimping and scraping to get by each month

 

[AmexRuislip]

A BIG thank you to all your posts, a great insight to all who have taken that big plunge.
Will take all comments on board.

 

[boik]

You shouldn't retire early if you need to cut back and not enjoy the luxuries of life, might as well carry on working than scrimping and scraping to get by each month

Disagree completely. It's the life that is important, not the luxuries. We can't believe now how much we used to waste on pointless crap when we had money. The good things in life don't cost money.

As an example, while you were stuck at work I was out in the sunshine, swimming in the sea with my dog. You can't believe how good that feels.

 

[Cheshire Cat]

Make sure you afford to live on whatever pension you might get. Early retirement usually means a smaller income because the pension has to last longer. My final salary scheme has a 40% reduction if I went at 55 and 25% reduction if I went at 60 - and the AVC which was supposed to act as the top up is currently forecasting a derisory amount if I bought an annuity.

Also you need to build in the contingency for when/if you need a new car, new boiler, new shoes, season ticket or other expensive one-off cost.

Having said that, everyone I know who has retired with an adequate income would never go back to their original job.

My nearest B&Q is closing down, so that is plan A (meeter and greeter) ruined....

 

[Garry Nelson's teacher]

Make sure you afford to live on whatever pension you might get. Early retirement usually means a smaller income because the pension has to last longer. My final salary scheme has a 40% reduction if I went at 55 and 25% reduction if I went at 60 - and the AVC which was supposed to act as the top up is currently forecasting a derisory amount if I bought an annuity.

Also you need to build in the contingency for when/if you need a new car, new boiler, new shoes, season ticket or other expensive one-off cost.

Having said that, everyone I know who has retired with an adequate income would never go back to their original job.

My nearest B&Q is closing down, so that is plan A (meeter and greeter) ruined....

I've spent a considerable amount the extra free time generated by my semi-retirement trying to triangulate you location: Ellesmere Port(ish)??
Seriously I seem to spend a lot of time on NSC..................

 

[Ernest]

Disagree completely. It's the life that is important, not the luxuries. We can't believe now how much we used to waste on pointless crap when we had money. The good things in life don't cost money.

As an example, while you were stuck at work I was out in the sunshine, swimming in the sea with my dog. You can't believe how good that feels.

I doubt it as I'm retired and enjoy my luxuries

 

[Cheshire Cat]

I've spent a considerable amount the extra free time generated by my semi-retirement trying to triangulate you location: Ellesmere Port(ish)??
Seriously I seem to spend a lot of time on NSC..................

Close... but not quite...