Am I unreasonable to wish I could ‘retire’ at 60?

I am glad you are really considering this carefully. I was lucky enough to draw down 1/5 my work pension (with penalty for early withdrawal). I now work 4 days a week still contributing to the pension and supplement the reduced income with the pension income. Have taken a cut but working from home has helped save costs. I am seriously thinking of retiring at 62 but worried I might get bored. I have a spreadsheet which I continually update which takes into account my savings, outgoings, pension predictions etc. Worked out what I reckoned I could afford to live on adding some of my savings and it took me to 80 years with a reasonable lifestyle. It also made me think about my outgoings and what I might be wasting money on! Running a spreadsheet and getting a head around finances is eye-opening but very helpful. In the end go with your heart but make sure your head is well aware of the implications :0)

Do your sums then go for it. I went to 3 days a week before I retired from teaching at 58. I took my teacher’s pension but it was reduced and I had to wait for my state pension. However, the positives far outweighed the negatives. I am now 70, just been swimming and it is hook group tonight.
Think about what you need as opposed to want. Reduce your outgoings by shopping around for insurance etc. It means you will have choices which are not available when at work. I wish you luck !

I retired at 62 to help look after our two youngest grandchildren . At the time one has just started at school nursery age 4 and his 6 month old brother due to illness preventing childminder from working. Oh how much fun we had and at the time I was 1years younger!!
I didn’t miss work as I was busy with the boys , it was quite a novelty having a baby to look after 25 years and I made lots of new friends at the nursery door at drop off and pick up .
I think you need to work out your finances and whether you have things planned that you want to do in the future, good luck with whatever you decide to do and enjoy your ne freedom if you retire x

Eazybee - I don’t think women who have worked and paid into a pension and NI contributions are expecting the state to look after them if they retire at 60.
I for one retired at 60, having worked full time for 44 years and won’t get my state pension like many other women until I’m 66. Fortunately I’m one of the lucky ones though as I paid into the superannuation scheme with local government and the NHS, so have a decent pension.

I would love to escape from work, but as a financial compromise, have reduced my hours. This means I can do the things I really love on my days off, or just rest. Since having a life threatening illness, I know each day is a gift and I don't want to spend every day feeling miserable at work. If you can retire at 60 with enough to live on, why ever not!

I had to give up work aged 53 to look after my mum who had Alzheimer's. I'd coped as long as I could while still working for 2 years prior to giving up. As an only child and my dad already gone I really had no other choice. Mum passed away 2 years ago and thanks to me inheriting her property I don't have to work anymore but I do wish she were still here instead.

Message withdrawn at poster's request.

In case it's useful to anyone on this thread, I feel the need to bang the drum (again!) for Specified Adult Childcare Credits, which not enough people know about or claim. Anyone leaving work early and looking after grandchildren under 12 (even for just a few hours a week) while their parent works can claim Class 3 national insurance credits, which help build up a better state pension when the time comes. The claim form's easy to fill in.

www.gov.uk/government/publications/national-insurance-credits-for-adults-who-care-for-a-child-under-12-fact-sheet/specified-adult-childcare-credits-fact-sheet

My first post ( so be kind), I retired at 63 my elder brother died suddenly and I thought why am I getting up at 5:30 to rush to work, when I didn’t need to . Very good decision as my youngest brother has just died suddenly, heartbroken .....You never know what is around the corner. EnJoy ever day.

I'm so sorry to hear of the loss of your brothers, Arsenal24. You are so right, life is precious and we should enjoy it while we can. I hope you like Gransnet and stay with us.

Thank you, Maggiemaybe, I have been reading Gransnet everyday for ages and find it comical at times.

I packed in work 3 years ago to look after my husband, we saved up so I had 3 years wages to last me till I retired. I claimed carers allowance for looking after him. I will reach my retirement age in October when I will have to stop claiming carers allowance. It was the best thing I have ever done. I feel sorry for people in the future as the retirement age is going to go up and up

I retired shortly before my 60th. I had lost my lovely husband very suddenly earlier that year. He was so dedicated to his job and I am sure this contributed to his death aged only 54. I had lost my only sibling aged 59 in an accident the year before and the two horrific experiences really made me decide I didn't want to spend any longer in a stressful job. I took the maximum lump sum I could, reducing my pension, bought both my sons a house each (combining savings and lump sum). I now have a part time job, for the companionshio not the money, which I love. I am managing on far less than my old income (my husband was the main breadwinner) but don't regret retiring from my old full time job. I have pets, run a car which I use daily as I live in a rural area, buy all my clothes on ebay (so much cheaper) and live well. Of course if I could turn the clock back I wish my circumstances were different and I still had my husband and brother here but I would say go for it.

Another vote for retiring if finances permit. I retired three years ago at 65, DH retired eight years earlier. Life is so much easier and I also have time to look after DGD a couple of days a week, although she is at school now.

Id say if you can do it the stats are against us. I retired at 58 expecting to receive my pension at 60 well that didn’t happen. Do I ever regret the decisión heck no!! So much more to life than an 8 hour day - go for it.

If you work part time 16hrs can’t you get working tax credit ?

I didn't retire until I was 74. Personal choice. I loved what I did in the city but the daily commute was getting me down. Such a waste of time and money. I found a position locally at 60 and reduced my hours a little. All good and had a lovely life until a new member of staff ruffled my feathers 14 years in. I'm now well into the happily retired club and looking forward to my active social life returning now that lockdown is being inched into relaxation. Consider myself very fortunate indeed. Hard work certainly paid off for me but I do recognise I've been very blessed with my reasonable health so far. Makes such a difference I think.

Before you make such an important decision, I think you need to take some financial advice and do an affordability life style check on the true cost of living in early and then full retirement to your own desired standard of living and associated necessary outgoings.

It is easy to think you can cut costs as an active early retiree, but living say 25- 30 plus years on a reduced income may be much harder in later life if you need to employ people to help you and your capital is depleted as a result of retiring earlier, unless you have other options such as down sizing to release more funds should you need them..
You have a nest egg now with your inheritance which provides you with some capital, but you may need investment advice on how to maximise your income to cover a realistic projected life time especially as people are generally living longer now.

Seajaye, what you say makes such sense.

I retired at 58 just as the pandemic hit ! Great timing DH had just taken VR from a long career so we decided I would ER to go travelling. Well in spite of all tge restrictions we have enjoyed it after about 2 months of adjustment I could never go back to all that office politics and stress .Don't know where the time goes tbh good luck if you can afford it go .If DH didn't get redundancy we were both going to go part time for next 3 years worth considering

I retired five years ago and now have to look after my DH who has chronic ill health, I have spent the last five years also looking after elderly parents and other relatives, no help from other family members. I am not complaining about this and I am glad I have been able to do it......BUT....... I wish I had been able to retire earlier so that I had some ‘me’ time to do the things I wanted to, I still seem to be doing things for everyone else first. Maybe I need to change my mindset, the pandemic hasn’t helped!!!!

Cossy

I’m FURIOUS about having to continue to work onto 66 years, I’m 62 and still working full time AND still paying full NI contributions ! I would have loved to have retired at 60, 6 years leap in one go seems such a lot and in the great scheme of things we were not given a huge amount of notice !!!!

Of course you will still be paying NI if you work full time, I paid it for the best part of 51 years until I reached pension age this year I don't understand why you are angry about that. I understand some people were not informed in 1995 that the pension age was going up to 65, I did know as I took out a private pension around that time and it clearly stated my pension age, I admit I was a bit miffed that it went up to 66, but for me it was an extra year not an extra 6 years

YANBU I should have 3years to retirement instead I have 11

The pension age had to go up - most of us are living much longer.

I'm one of thos 1950's women who have had 6 years of pension (around £45,000-£56,000) stolen from them. Pension is now referred to as 'a benefit' even though I spent over 40 years paying in. It will also affect those born in the 60's. George Osbourne is on a YT video bragging to a U.S. news show that changing the womens retirement age to 66 has been 'one of the best money saving things the govt has done"! Don't think you're safe if you have a decent company pension either. I think they've already discussed about upping the tax paid on those. The Govt have spent A LOT of money this last year. They have to recoup as much as possible. We will all suffer.