Retire or get a new job?

If you don’t have to work how about volunteering for something - you will have more flexibility and be occupied

Its a difficult time to make this decision, all the usual things you could have done to give you structure, travel, take lessons etc are off the cards

I would probably work part time until the other options are on the cards again. But jobs that arent high risk/front line will be thin on the ground.

Maybe something self employed or cash in hand (e.g. if you like gardening doing day work ocassionally labouring for a landscaper etc)

The best advice seems for both of you to get a part time job to wind down till retirement at perhaps 60.

Thanks everyone. Lots to think about.

We were typing similar things at the same time Jaycee

I was made redundant when I was 46 and never went back to work. Instead I went on to do studying, which I love, got my degree, then went on to do a Masters. I’ve also done bits of part time jobs here and there, and voluntary work etc.

There is life after work, if you can afford it, regardless of what age you are.

My colleague and myself found our jobs redundant at the same time. I was 10 years older so I retired.
She spent the next year doing extended travelling and generally taking a break, and then acquired another job the following year.
With even part time work you can carry on saving into a pension so you won’t have to be ‘careful’ so much when you do retire.

It's probably not a good time to find a new job so I would take a break and have a period of reflection. It takes time to get used to being retired and you have a long stretch ahead of you, probably a minimum of 30 years but people are living longer now so possibly 40 or 50 years.
How much do you enjoy work? I would probably take a few months off but just idly keep an eye out for jobs available that may suit me. It sounds as if you can be flexible so don't have to take any job that you can get.
Retirement might be fun if you have enough money and someone to do things with who enjoys the same things as you. If you want to do things like travel, you might not be able to if you retire later.
It's a very personal question.

Each to their own but I can’t imagine retiring in 2 years time and don’t know anyone who has retired at such a young age who hasn’t then gone on to find other work - consultancy, p/t role, career change, etc.

I suppose it depends on whether you have goals and interests that would keep you mentally and physically fit and active for another 30-odd years? And do you really want to spend those 30 years being careful? You could be paying into a pension for another 10 years to build up your finances so you don’t have to operate in that way at such an early age.

I retired at 52 when both DH and I were offered voluntary retirement from our individual companies. It's been wonderful. We planned our company pensions well and luckily I didn't have to wait too far past 60 for State Pension. If you can afford it, go for it. You'll both wonder how you managed to find time to work!

Another factor is both OH parents passed away in their 60s so it makes you think about whether you want to keep working.

I suspect there will be a lot more being made redundant over the next months.

My DH took early retirement with full pension at 55 and has never looked back.

I retired at 60 and am the same.

I love being retired. But appreciate everyone is different. Imo if you can afford it go for it.

It will be great to be mortgage free with the help of the lump sum, but you say you would ‘have to be careful’.

That’s why 53 sounds quite young to pack up altogether. A long time to go to state pension age, whereas if you worked part time for a few more years, maybe aiming to finish at say 60?

OH will have completed his 30 years service. He’d always planned to take a few months off then get a part time job. The thing that’s causing confusion is the sudden change in my work situation. I just didn’t see it coming.

No we’re both 53. OH retirement has been planned for a longtime. My redundancy was completely unexpected so it’s thrown/shocked me. Paid on furlough up to end of July then finished.

How are you able to retire so young? I'm curious and hopeful you can point me in the right direction for my own future early retirement.

We’re fortunate that we can pay off the mortgage with OH lump sum when he retires so will be mortgage free so could cope money wise but would have to be careful. In normal times it would be a great opportunity to have an extended holiday but obviously that’s not an option now.

A big decision, no need to rush it I would just enjoy your time for now and see how it goes. You are young to be retiring completely. Lots of talking with your partner I’m guessing.

I wonder if 53 is a miss type ?

I suppose a lot depends on your financial situation. 53 sounds quite young to pack up altogether.

What about a part time job doing something you would enjoy, but leaving you some free time, and giving you the chance to wind down gradually?