Early Retirement.

[Gunslinger]

A friend of mine retired about 18 months ago. He couldn’t wait to go and his motivation at work dipped quite a lot on the run up to him leaving. He could not wait to go. He has a very good pension and could do what he liked really. He came back after 15 months and does a couple of days a week and he said he feels much happier now. I dont think its sad that he has returned. Some people have a greater sense of self-worth whilst working, no matter what age. Its all about balance of physical health, mental health and their sense of wellbeing. I can retire now but the Mrs is a bit younger and she enjoys what she does. Things may change for me but at present but I plan to go within the next couple of years. I will be 58 and may come back for a couple of days a week. I am currently buying all sorts of stuff for hobbies when I do finally go.

If you actually enjoy going in to do part time stuff thats different

My point is doing it to alleviate bordem, i think that comes around from being in a perpetual working environment for a very long time and forgetting why you actually exist

There is such a thing as getting too old to retire, as in working until your so old your physically unable to do certain things

 

[Fattyfoggon]

Retired at 59 nearly a year ago, I was going to try and hang on for a year or two longer so to be more financially comfortable in retirement, but then thought stuff it. I would much prefer having a more modest life style than keep on working in a job I dislike, I have not ruled out a part job in the future but it would have to be on my terms and something I would actually enjoy, but not just yet I have a few adventures planned whilst the joints are still working reasonable well !

 

[kader63]

There was an offer of redundancy for 1 out 4 of us in the same job, one of the lads beat me too it, but they have listened to my request after moaning on a bit and they gave in . So I thought I will take it.
Been there a good few years and the package is good, so I will finish on Friday. Full time on the hobby horse

UTB UTLP.

Good luck to you,I've still got 2.5 year's till retirement.
having worked in the shipyard and the haulage industry for nearly 50 years in ready to enjoy life to the full.

 

[sambaDTR]

You guys must have really good private pensions to retire before 60. Im almost mortgage free but will have to keep on working for a few years after to build up a nice nest egg.

One example of the benefits of retirement. I fill my car up once every 6 weeks.

 

[Merlin]

Good luck to you - I’ll be working till doomsday

 

[the_holgate_roof]

I’m just timing my run, the project I am on has about 3 years left, with a very likely voluntary redundancy, 1 year wage, that will do me.

 

[hobblewobble]

Don't leave it to late heart problems, joints, back,knees all start appearing later in life and the nhs are slowly making treatment for the older less lmportant(too many of us)

 

[Richyboro]

Planning on retiring when I'm 60, a few years left, plus I've got a younger wife who has promised not to divorce me. She better not I'll be fuming!

 

[Linny]

Aiming for 60, hoping for younger, likelihood older. You can but dream.

Almost 44. If I stay where I am now 60 is achievable but for a job to last 16 years is probably unlikely but you never know.

 

[gramercy]

You guys must have really good private pensions to retire before 60. Im almost mortgage free but will have to keep on working for a few years after to build up a nice nest egg.

If you can do it, starting early will give you a massive boost and you’ll basically get more out for less in.
I appreciate that’s a big if for younger people these days.

I’ve nicked this example from unbiased.co.uk. I’ve not scrutinized the working and the pot amounts aren’t going to amount to much of a pension, but it’s a decent example of compound interest.

The effect of compound interest on your pension pot​

Consider two pension savers, Eloise and Harry. Eloise starts her pension at the age of 20, investing just £50 a month. Harry waits until he is 40, but invests £100 a month.

Supposing an average interest rate of 4%, when Harry is 60 he will have a pension pot of just over £36,500.

Eloise, however, at the same age will have a pension pot of nearly £60,000.

Notice that the two savers have invested exactly the same amount of money over time – but because of compound interest, Eloise has ended up with nearly twice as much.

However, both pots will actually be even bigger than that – thanks to tax relief.

 

[zzzzz]

With the cost of living how do people afford not to work?

 

[TheLodger]

I've no inclination to retire, I like my job, my employer and going to work. It keeps me on my toes, it allows me to be financially secure and most of all it means I can still make choices.
I'm 59 mortgage free, enjoy life and enjoy challenges.

I guess if I hated my job then I'd be looking for a way out.

 

[Merlin]

If you can do it, starting early will give you a massive boost and you’ll basically get more out for less in.
I appreciate that’s a big if for younger people these days.

I’ve nicked this example from unbiased.co.uk. I’ve not scrutinized the working and the pot amounts aren’t going to amount to much of a pension, but it’s a decent example of compound interest.

The effect of compound interest on your pension pot​

Consider two pension savers, Eloise and Harry. Eloise starts her pension at the age of 20, investing just £50 a month. Harry waits until he is 40, but invests £100 a month.

Supposing an average interest rate of 4%, when Harry is 60 he will have a pension pot of just over £36,500.

Eloise, however, at the same age will have a pension pot of nearly £60,000.

Notice that the two savers have invested exactly the same amount of money over time – but because of compound interest, Eloise has ended up with nearly twice as much.

However, both pots will actually be even bigger than that – thanks to tax relief.

But pensions aren’t guaranteed and you can In theory end up with less money than you put in - they even tell you that

 

[gramercy]

But pensions aren’t guaranteed and you can In theory end up with less money than you put in - they even tell you that

True, but over a long period unlikely. Even less likely if you’ve got an employer contributing.

I know you’re probably being a little tongue in cheek with it, but what you’ve said does reflect the attitude that some people have around pensions.
There’s a small risk of losing therefore do nothing and have nothing.

 

[Yearbyred]

I’m 59 this year and always thought I’d not work past 60. My dad retired at 65 and only lived 3 months after that and my brother died at 53.

I’m lucky that I have no mortgage or debt, have savings and a decent job with a final salary pension but I’m still nervous of stopping “too soon”. Had my kids when I was older, have one at university and one likely to go next year, so spending a bit supporting them financially over the next few years.

Difficult to judge what you will actually need to live on but lots of my contemporaries have either retired or at about to, so it’s definitely on my mind.

 

[Merlin]

True, but over a long period unlikely. Even less likely if you’ve got an employer contributing.

I know you’re probably being a little tongue in cheek with it, but what you’ve said does reflect the attitude that some people have around pensions.
There’s a small risk of losing therefore do nothing and have nothing.

I’ve told my kids to invest in property and my eldest is doing just that - at least you’re money is working for you that way rather than helping some pension company shareholders get rich

 

[Nano]

I’ve told my kids to invest in property and my eldest is doing just that - at least you’re money is working for you that way rather than helping some pension company shareholders get rich

That advice is a bit daft. Not the investing in property bit but the not having a pension bit. You should always take the maximum your employer will offer as pension first. It's free money that you are giving up by not accepting it.

If an employer will give you your salary plus 5% if you contribute 5% for example then you are instantly getting 100% return on that investment and that's before you take into account the tax benefits.

Invest in property or whatever else but do it with after your pension, not instead.

 

[BeanBeany]

Interesting thread was going to post the other day asking how people who retired early found it. I’m 58 this year and can down size enough to keep me comfortable until the pension kicks in, biggest blocker is my wife who seems to want a bigger pot before packing up

 

[Blf]

If you can afford it I would say go for it.
I retired at 55 , never looked back. I've had 11 yrs of golfing, holidaying and getting out and about with the Mrs a couple of times a week. More importantly we can get off to see my Son his partner and my Granddaughter and not have to worry about anything. Loving life.

 

[Robborevolution]

I retired 12 months ago approaching 57 and have enjoyed it after having a really busy management role. Play golf and like doing a bit of running and cycling. I also do a bit of work on a committee I am involved with. I think it’s different for every person so do what works for you. Some people enjoy just doing nothing and if you have worked all your life, why not. Others like to maintain some sort of work to keep their mind busy for part of week and that also makes sense. You will find what works for you eventually and the main thing is to just enjoy the fact you have a choice