Retire or get a new job?

Well, I seem to have got out of the wrong side of the bed. Sorry to be an old grouch BUT - on reading the initial post I actually had to check the date and be sure this was still May 2020, not a few years back.
We are in a pandemic where millions will be losing their jobs, thousands furloughed for a few months and taxes will rise considerably. House prices and investments will probably plummet, travel and hospitality will collapse and the triple lock on state pensions will disappear. With this background, we are discussing ‘a little part time job’ and ‘volunteering’ . I think we all need to get real and don the hard hats ! Sorry ......

I retired at53 mainly due to stress re the job. It took me a year to get used to not working outside of the home but now don’t know how I ever had time to work. Lots of opportunities to peruse hobbies, travel etc.
Give yourself time to make a decision and no decision is final you can always change your mind.

I’m 59 and would have been able to retire in November under the old scheme. I’m working one p t job from home and furloughed from the other which is in hospitality, and suspect this job may have actually gone. If so I’d have to get another job (unlikely in the current situation) or claim benefits. I’m curious how it would work financially if the government allowed any woman who WANTED to to retire at 60. Would paying her pension be more expensive than paying benefits for the next six years?

Part time seems like a good compromise. And prepare you for retirement sometime in the future.

I had to take ill health retirement, at 51 following a stroke at 49, as I returned to teaching, but found it too difficult and tiring to cope properly. I took a part-time job for a while, but was made redundant from that, then took a part-time job with a disability charity, which finished when funding ran out.
I had enough NI for a full old age pension, and I decided that I could manage financially and filly retired.
Joining U3A I have filled a lot of my time, I learn all sorts of things, I do crafts, I paint, and I am now writing a book - don't worry about not having enough to do - you will wonder how you ever found time to work !

I am looking forward to retiring in a couple of months at the age if 58 but we have bought a house in Spain and are looking forward to spending more time there.I did retire at 50 then circumstance changed and I went back to work for another few years.
I love travelling and maybe when life returns to normal and you are both retired you could travel and do voluntary work in another country.I have lots of young friends doing this and wish I had the opportunity when younger.For now with all that is going on maybe take time to reflect try out some hobbies or voluntary work somewhere safe to give you a purpose whilst reviewing your finances and pension, and definitely get that state pension forecast which you can now get online instantly through you.gov website. I have done mine and I am happy with my results.

My oldest son convinced me l had worked long enough (his intentions were good, single mum and working 3 jobs at one point. No maintenance).
I gave up work and lasted 3 months at home. I got a part time job 22.5 hours per week and have recently decreased my hours to 18 per week. I've now struck a good balance for me

53 is far too young to retire. If you can afford to why not try to get a part-time job, which is what I have had for the past 20 years or so (I’m 75). This keeps you up to date with everyday life and also gives you the freedom to pursue your own interests.

I retired at 55 and never looked back. Under normal circumstances I don't know how I had the time to go to work. I do Pilates Zumba and a dance class spend more time on hobbies I enjoy and am there for grandchildren if needed. We get to enjoy more travel when we were working holidays were used to recover from stresses of work life now they are more active. We both paid extra into work pensions when we could as I don't get state pension until I'm 66.

I retired from part time work at 52 and my husband at 55.He worked 13 years at BT and got voluntary redundancy with a 20 year pension. He also got his army pension greatly increased.It was the best thing we ever did.We bought a touring caravan and toured the country,one year we had 17 weeks away from home.We took equity release on our home only paying the interest. We had 24 years together exploring the world and never regretted a minute.
He died last November having had 5 cruises the previous year. I have so many happy memories of our time together.We had been married for 37 yearrs
2 for him and 3 times for me.).Have to stop now as its making me tearful.

If you feel confident you will manage financially then retiring could be good. Have you looked at just how long you could be retired and how you will sustain your funds. Values do seem to diminish as years go by. Perhaps part time work for you both once you get over the euphoria of freedom retirement gives you.

I was made redundant just four months short of my 53rd birthday. I live alone and was paying off my mortgage so early retirement wasn't an option. I found a great job where I met lots of lovely people (some still friends now) and thoroughly enjoyed my work there until I retired at 60 (I was one of the lucky ones). The pension I got from those extra seven years has stood me in good stead and by then I was mortgage free so finances were OK.
I have to say that I took to retirement like a duck to water. I think we are all different so you need to figure out what's good for you ... as your OH is taking retirement in September why not try having some time off together and seeing how that suits you before, maybe, both looking for part-time work in the future?
Whatever you decide try not to rush it and I wish you lots of luck!

We both enjoyed gardening and were lucky to get a gardening job for a few hours a week. It just snowballed from there by word of mouth. We could have worked full time or more had we wished or had the energy. We had to turn people down. There is a huge demand from people who can’t tend their gardens any more Either through ill health or simply “old age”. We made lots of friends in the process too!

Being retired with not much money is very tedious indeed!

Well I’m 60 and bored rigid since lockdown. Wouldn’t even contemplate retirement at the moment lost all my sense of purpose but I couldn’t afford to retire anyway so no option for me.

Reading your original post and other posts after that,I’m getting that the thing your most confused about is the shock of redundancy. Because of that, I think you should just let that sink in first as it was obviously unexpected. Once you’ve got your head round it and accepted things will change, I feel only then can you have a clear head to look to your future. My thoughts would be as already suggested to get a part time job so you have best of both worlds. 53 is young to retire ( lucky you) so you can start to enjoy your retirement. There is a big wide world out there.

I’m 50 and retraining into a job I love (have wanted to do it for 15 years - now have the opportunity). Can’t imagine retiring now, am assuming will be working in some form until my 70’s (my new role is something I can do until old - it is not a physical job).

Is there anything you really want to do? If not I would still look for something part time I think just for the social interaction.

I would get another job, even part time so NI stamps are being paid. Plus it gives you a reason to get up get out of the house and see other people. you are far to young to give up work yet. If you had a private income then that would throw a different light on the matter.

I would suggest not rushing into anything. Maybe take a part-time job whilst you are considering your next move. 53 seems awfully young to retire. I went from a lifetime of full-time work to part time at aged 60 and then carried on with that until 72. We are all different and I have enjoyed looking after both grandchildren one day a week. Now I am fully retired at 76 and enjoying it, and the extra years boosted my pension. My husband has died and I live alone a new experience, but adaption is everything I feel.

If you don’t want to be tied down to a full time job you could go part time or even better I would really recommend volunteering best thing I ever did. You can choose an area that you have a big interest in. Your local library should have a list of companies that are looking for volunteers

The best bit is you can do as little or a much as you want it weekly two weekly or monthly and normally you get to choose when you work. No worries about fighting for popular holiday time you get to meet some amazing people and like me you get to lear an awful lot of new things.

You have to look at your finances and national insurance contributions. Also your state pension age. If you have not got the qualifying years you won’t get a full state pension. You savings would have dwindled down. Will they last 14/15 years with no other income coming in. Remember you now need 35 full years NI to get a full pension.

I would advise you to take financial advice too re the lump sum/redundancy pay /downsizing. It's no fun being retired if you haven't the funds to do the things you want to do. Remember that if you don't work you won't be paying NI so this will affect your eventual state pensions too.

Dear Nanny2859 I retired last year and have yet to enjoy myself and start all the things I planned for. I cared for 3 grandchildren who had chickenpox, one grandson of 6 years who had a stroke due to chickenpox. Then we had workmen in 6 days a week to update every room in house. Then hubby off sick for months. Then pandemic. Please I just want to tick some thing off my list. If you are retiring look at the University of the Third Age, I've looked at 3 courses with them, but not started yet. Coffee with friends has happened once. Becareful too as family think that once you retire you are available full time to grandchildren sit and yes it does happen. I too took early retirement. Good luck.

I'm terrified that redundancies might happen at my work . I'm 63 , newly back to work after 2 knee replacements , not quite able to do the things I used to . Who would employ me now ?( I'm a cleaner ) Lost my brains somewhere but found bigger hips , instead . Oh dear, oh dear ........off to drink the weedkiller !

First thing I'd think is to get a state pension forecast, check you have paid enough stamps to get your full pension, if you need it. If you are in a work 'contracted out' pension scheme you might find you don't get as much as you might think. You probably need to see a proper pension advisor before you decide what to do and these days it's important imho to know you have enough to live on in your own right without having to rely on your partners pension.