When is the right time to retire

Thing of it is Cheelu , what is early ?

Depends entirely on you and your job, and of course, your finances.

Teaching in an inner city state school- I loved my job, but at 52, having to look after my very elderly parents abroad - I was done for and just had to retire (without a penny btw), got my pension last year.

Assuming money is not an issue, as soon as you feel ready. It is important to retire 'to' something not 'from'.

We have been having a great time for the last 3 years since we retired and moved away from the rush and bustle of the SE. Life is much better than when we were working and we don't miss it a bit. I think we would have done it earlier if we had know how good it was going to be!

We have a friend who was reluctant to retire because she felt she was needed at work but circumstances/illness made her do so and they didn't miss her at all which upset her but now she is so busy and involved in so much she wonders why she was so relucatnt.

Having worked in the care sector for nearly 25 years, though for the latter 10 years or so in training/assessing, I was more than ready to retire at 60 - nearly 3 years ago. I did worry that I wouldn't manage financially, but it's worked out ok and although there have been times when unexpected expenses have raised their ugly heads, we still manage to float along quite well. DH retired nearly 8 years ago.

It is amazing how little it is possibloe to manage on - we tick along OK on not a lot - but have a bit of savings put by for rainy days/leaky roofs etc.

Retirement is good as far as I am concerned; I am heavily involved in the local community and life is very fulfilling - and I do so enjoy a lie-in!!

I took voluntary redundancy from the local authority as it coincided with my 60th birthday so was eligible for my work pension (38 yrs in education). So had a bit of a financial cushion plus an income. We have moved out of London, are near DDs and DGCs and can access the metropolis by car or train in under an hour so all good on that front. I do a bit of part time work but have got involved in community stuff locally to meet new neighbours etc. with that and helping out DDs so they can work I have more than enough to keep me busy.

My DH is also supposed to be retired but he defines himself much more by his work than I did so he does a lot more short contract work, school inspections, educational advisory stuff so he almost works f/t still.

We regularly see friends , go to theatre/film/gigs etc and are less tired so enjoy it all more! I love being able to garden when the weather is right rather than getting to a weekend and it being too wet to get outside, or go for a walk because it looks nice outside and not be stuck in an office!

I loved my job & got great satisfaction from it but I knew that there were plenty of other people able to do it if I was not there.

Life is OK!

I have just finished the household accounts for 2012 , the first full year of retirement and it's interesting to compare with previous years - we spent a lot less on food (much more cooking from scratch), a lot less on the cars and fuel (despite still having a car each), a lot less on the cleaner (only comes once a fortnight instead of once a week).... and a lot more on going out and holidays

I felt for a long time I would not want to retire, but now it's happened I don't have any regrets. Having no work responsibilities is a great weight off my shoulders - I feel healthier and happier and I love being able to go and see friends when I feel like it, and help out with the DGCs whenever we're needed.

Love him being retired , we are able to take so many more holidays without the restriction of "annual leave"

Life is beautiful , long may it continue !

Whenever you feel ready/ can afford to/ want to. There are so many factors to take into account that there can never be one answer for everyone. I suspect I will be doing some kind of work until I am physically unable to carry on, but that's only because I still have a mortgage and just can't afford to give up. I'm sure I would enjoy it if I could!

I thought we were looking for a change of career, cheelu?

It's amazing how much money it costs to go to work.

You would, nightowl. In the meantime, you're still enjoying what you do, though, especially now? And that's the most important thing.

I agree, merlot! I was amazed how much petrol was left in my tank after nearly a fortnight off work, just shopping locally!

Yes Marelli I do enjoy it (easy to say, I've been between jobs for the last three months and I could easily get used to it. Ask me again when I'm having to get up in the mornings!) I suspect that I would still be doing something even if I could afford to retire, just not quite so much! Ah well, be thankful for good health to carry on and the fact that someone is still willing to employ someone of my advanced years!

I waited 2 years beyond "retiring" age and then decided that between DH's health, expected DGC 1 and the fact that I had fallen out of love with the system - it was time to go. Juggling the family and the job came to a head one half term when on Monday DD2 was knocked off her bike at Elephant and Castle, on Tuesday Grace diagnosed with an eye disease, Wed DH admitted to Royal Free in London ,Thursday DD1 (28 weeks pregnant) had suspected DVT and was being seen at Selly Oak hospital and on Friday I was due to take an exchange party to Germany for the week and there was no one else who could go in my place. It all turned out OK, DD2 not injured, kennels happy to administer eye drops to Grace, DH not in danger and "safe" in hospital for a week and not DVT. However it was a wake-up call.
I think it is one of those things that you know for yourself.

IMHO As soon as you financially can, as I have heard so many sad stories about one partner dying soon after a couple have retired. We went early, and OH worried dreadfully about how we could afford it, but we have been fine and so fat have had a good few years of retirement together. If something happens to one of us now I won't have regrets about not having had time together.

Sorry, nanpug but I'm giggling at your typo. it IS a typo isn't it

Thats brilliant nanapug its so nice to hear good news --- I feel that you made the right decidion it is really important to value life and you have done that well done and very good luck to you.

They said on the radio the other day that it is good to be a bit fat when you get older.

I cannot see that I will ever be able to retire! I have a large mortgage, and it's interest only as well, plus there are no savings to be able to pay it off when it ends in 11 years, so unless we win the lottery, we're stuck!

I seem to be spending more and more time working and then sleeping to recover from it. I used to have some energy with which to do other things [one of those things being another job] but each year the energy gets less and less. And the Government thinks that people of my age should work for another 7 or 8 years .

phoenix you and me both. Hope this is the year when you will find the job of your dreams. It helps if you can at least do something you enjoy.

As far as mortgages are concerned there are usually options to get you out of traps, a website called The Money Service is quite brilliant at finding solutions, your Mortgage advisers can also help you find out what your options are and CAB are also quite good and finding solutions....Please dont think that you have no options because you do......

That's true Cheelu.
I moved recently (downsized again) in order to be mortgage-free. It meant moving away from a place I love to another town 10 miles along the coast. I miss 'home' almost every day, but owning my small flat outright takes away a lot of pressure, and makes living on a small income much easier to do.
We always have choices, even if the options available are less than ideal. We just have to decide which aspects of life are most important to us.
(I'm still debating the retirement question. I become eligible for my meagre state pension in September 2013, and currently have a job I do not enjoy. I think I'd rather be free to do my own thing, whatever that might be )