Early Retirement - have you, would you ?

Chardy

I went on a workplace pre-retirement course in my early fifties. In those olden days, retirement was 60. I was told that if we retired 5yrs early, we'd lose 25% of their workplace pension as we were taking money from the pot 5yrs early and not putting anything in for 5yrs
I'd never thought of it like that.

I did a pre-retirement course too. An NHS nurse aged 70 was on the course because she could not afford to retire. By the time she was given info about benefits and pensions and NHS pension, she was in tears as she could have retired 5 -10 years earlier

After much agonising DH took early retirement at the age of 58. Best decision ever. Thus began two decades of travel. A very special time for us both as the demands of the job had meant that we had spent a lot of time apart

I did, best thing I ever did, especially as my husband became ill just after the date I originally planned on retiring.

I retired early 13 years ago at the age of 56 and despite being a WASPI woman. It had been so galling to see slightly older (female) colleagues retire on full State Pension plus Civil Service pension when they reached 60. I had to wait until I was 66 a couple of years ago before I got mine. The only reason I could retire early was due to paying off our mortgage (16% interest at times!) early and saving up our own nest egg which has been under attack since Rachel Thiesves got in.

I would urge anybody who can afford to retire early to do so as you never know what’s round the corner.

My husband was self employed and was always very busy with returning and new customers. He worked hard and paid into a private pension but it wasn't really worth the paper it was written on and he cashed it in ages ago. I asked him many times to retire but he actually enjoyed talking to customers and sorting out their problems.

He eventually did listen to me and was just looking after old customers and not taking on any new ones but was still working at 71 when he had a massive stroke completely out of the blue. Our lives changed and all our plans for a healthy, happy retirement have fallen by the wayside. He is in a wheelchair mostly with a paralysed right side of his body, memory problems, speech problems and depression. It’s horrible for both of us as I am now his full time, unpaid carer and he is dependent on me which he hates.
Just do it!

Retired from 36 years secondary teaching at 58. Waited till mortgage was cleared and had 5 years working mortgage free. Have not regretted 1 day and I loved my job but it is exactly that....a JOB...I do not get bored,never have in my life... I got 6 years with dad and took him back to Germany where him and mum holidayed a lot, we went to Lewis and Harris,Kintyre and back to Northumberland where we holidayed a lot when I was little. Gave me 9 years with my dog,enjoy gardening,travelled all over the world,spend time with family and friends. Love being retired.

I was a secondary teacher. I decided to retire from teaching at 56. I have never regretted it. I am also a foster carer to 3 late teens which I have continued with. I had enough savings to live from from 56-60. At 60 I drew my Teachers Pension and drew my second pension into an annuity I draw each month. In 2 years and 3 months time I can draw my full state pension. I think I shall carry on with fostering late teens until I am 67 at which time they will be early twenties and hopefully all 3 could rent a house together somewhere close by.

I retired on ill health at 57 my proper finishing age was 60 although I didn’t get my state pension until I was 66, I had my NHS pension.
My husband retired at 55 although he is 6 years younger than me, he also had an NHS pension but won’t get his state pension for another 5 years, we manage ok and go on cruises a couple of times a year, I enjoy cruising now as my mobility is limited, we did all our long haul holidays when we were younger and fitter so now enjoy relaxing holidays.
The problem is the government wants us to carry on working until we have one foot in the grave and that’s mentally and physically impossible in some professions.
I go to a choir once a week and husband has his various hobbies, I am looking for other activities during the day but find there’s not much in my area for over 60s but not yet 80 if you know what I mean, there are plenty of walking groups but as my mobility is limited they wouldn’t be for me.
Just a last thought I was much more organised when I was working than what I am now as I tend to put things off until tomorrow, and I’m finding fault with the house all the time as I’m in it more often.

My DH retired at 60 and loved having time to pursue his passions hobbies from rescuing buildings, opening a shop, giving talks and lectures. He did some lecturing after retirement which took him around the world.
Having had cancer in his 50s he probably knew it could return which it did but 14 years later.

I am a self employed potter and teacher of ceramics and have not retired - just slowed down. I like it this way.

My DB, a teacher, managed a year's sabbatical in which he got a further qualification and began to write a book which was published several years later.

A friend took several months out of teaching aged 50 and cycled around Europe by herself. She returned refreshed to school and family.

So I'm not sure stopping work is a good idea but doing something different is.

I had to retire on health grounds at 59. I had an excellent salary and had planned to work until 65. I loved my job.
It took me a long time to come to terms with it. I eventually ran out of sick pay, but it is amazing how you adapt financially. You have to!

My granddaughter was born during that time, born after 15 years of trying. She literally saved my sanity. 💕

Had to take Medical Retirement in 40’s. The nastiest part of my life as my marriage broke up & I had my young son to bring up on my own! Bad time financially as I was not told how I could get help as the people in what we then called ‘the dole hole’ were only interested in getting the unemployed back to work. Was not until I reached 60 years old & got my pension I realised how I had been left out in the cold for years when I was sat down to listen to a young man who explained what I had missed out on but could not claim for the loss then! So now at 81 a bit better off getting my pension that has to be topped up by the dreaded Pension Credit that only makes my meagre pension up to almost the level of other peoples. Dont ask me why, takes to long to go in to! So now can enjoy the bit of life I hope I have left by at least eating & staying warm now. Living in Council property which to me is more secure than private renting that I had to do for too many years. So early retirement was horrible for me but glad that so many Gransnetters have/are enjoying theirs. Enjoy because none of us know what is down the road do we?

Retired at 58 did my sums , no debts, did 36 years teaching enough was enough! Never looked back , now 75 and making the most of every opportunity .

Sorry a couple of mistypes

I retired at 53 as I had a job I didn't enjoy, worked ridiculous hours and had simply had enough. We decided to downsize and leave London so that we could set our children up in their own homes and, though it took a while to sell, we achieved our goal.
We bought a large listed house and spent 14 years there, thoroughly renovating it before selling 5 years ago and downsizing again. This gave us enough capital to come back to London to be nearer to our family and help our them move to their next homes.
I'm now 74 and don't regret giving up work early, though we were lucky that we could afford to do it. My husband is five years older than me and retired at 60.
We're in a flat now, which for us is more practical as our previous large houses had a lot of stairs and needed constant maintenance.

I was retired on health grounds at 50 and for a while mourned the career I had worked so hard for. I couldn't afford to pay the mortgage and had children in higher education. However, I moved to a cheaper but beautiful country area and made my new home work for me by taking in paying holidaymakers. Enough money to pay the bills - if not for expensive holidays, clothes and cars!Good neighbours and visitors who became friends. Not what I would chosen when the chips were down - but no regrets. Time for myself and other people turned out to be worth more than anything else.

I was 70 years and 5 months old when I retired. I had some ill health in my last 22 months of work otherwise I probably would have still been there. I’ve no regrets tho and I am getting used to and enjoying retirement but it took me a while

I retired almost 9 years ago , when I was 61
I was a GP all my life and loved it .. until my practice decided to become a " super practice" . That was awful. I could no longer be the family GP I always had been... It was all business and I hated it.
I got depressed and threw it in
My husband followed suit and, in August 2019 we moved back " home to the NE.
I enjoyed retirement, in a new place.
However, then along came COVID with Boris asking for medical help from retired nhs staff
...so I returned to work in August 2020...for 6 months.
It's now 6 years later and I am still there , working 2 days a week .
I have loved it. A lovely family orientated practice. A wonderful end to my career.
However I am 70 soon and wondering if I actually should fully retire.. but, despite many hobbies, I fear boredom and loss of identity.

I was made redundant at 52 from a job I loved. I then worked for 2 years in a job I loathed. The demands of 3 elderly relatives and wanting to spend more time with my children and grandchildren, choosing early retirement was an easy choice.

I have a greatly reduced state pension, but the redundancy money and final salary pension has meant I am comfortable. I don’t regret it. The elderly relatives were all dreadful and I could not of coped with them if I was in work.

I am approaching 80, very fit and enjoying retirement.

I did 'retire' in my mid fifties but it was to take care of my Mum and help with childcare for my daughter. Financially it was a bit difficult but the time spent with my Mum and GC was priceless.
I think you need a plan in place as to what you want to do with your retirement. A couple of friends have really struggled with the loss of routine and company.

Old age doesn't come alone so do everything you want to do now and quickly, while you can. I imagined I would but it all went to pot because of my health.

I don't understand boredom. I always have something to do to keep my interest, and have never needed a routine or externally imposed activities to make me happy. There are some things about working that I sometimes miss, but not for a minute because I am bored or don't have enough to do. I'm happy to try new things, and there are plenty of 'older' interests to keep me busy. There aren't enough hours in the day😀

I retired at 62 and 3 months when I could access my SP. I also have 2 private pensions. My DH retired at 64 and also could claim a couple of private pensions so financially fine. He will be able to claim his SP in 3 months time. We visit galleries, go for good walks to keep ourselves reasonably fit, visit National Trust places and still go on holiday. We also have an allotment which keeps us busy and produce fruit and veg from this which is very satisfying. Wouldn't change a thing as early retirement was the best thing we ever did. We are lucky and are thankful we can now suit ourselves but it's because we worked hard and paid into private pensions to give us a good life now.

At 50 I changed career and started my own company which I ran until I was 73. Only ill health stopped me working professionally as a historian, ( I was losing the ability to concentrate all day) but I still do small commissions because I love what I do. I never contemplated retiring until I had to.

I retired at 58 after various things including cancer treatment meant that I no longer wanted to work full time. Strange that this is now considered very "early", as pension age for women was 60 through most of my working life. I'm fortunate that I can afford to be retired in spite of living alone and not yet getting any state pension. I am MUCH happier and healthier out of the rat race.

I retired at 63 , 3 years before I got my SP. My DH is 4 years older and we decided to retire at the same time whilst we still had good health . We’d met couples whom sadly one of them had serious health problems soon after retiring . And didn’t get to enjoy retirement.
We’re both self employed but have good private pensions and sold our rental property to bolster the pensions .
I love being retired . I care for my mum who’s 90 and in poor health . I have a lively 4 year old Labrador, so we go for long walks with him. I joined a yoga class which I love . I Volunteer in a charity shop one day a week and now that most of my friends are also retired , we meet regularly for coffee and lunch .
My DH clay pigeon shoots as a hobby and cycles .
We’ve also traveled a lot and have 3 holidays a year plus city breaks in either Britain or Europe.
We’re very lucky that we can do this and having lost a quite a few friends over the past 4 years . We’re aware of making the most of life .