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To retire or not to retire?

(60 Posts)
tanith Sun 29-Jan-12 19:29:07

I'm already retired through ill-health at 58 I'm now 63 , OH is still working he's 62 , we have a very small mortgage that will finish when he retires at 65 . Now we have some savings , enough to pay the mortgage off so that OH could retire now and if he took his small private pension we could probably manage fine but would of spent more than half our savings paying off the mortgage.
He works long hours and is finding it harder every week to drag himself out of bed in the mornings although he does enjoy his job and I find I'm feeling guilty being at home while he still works.

I would like others opinions on whether I should be encouraging him to take his pension early, and enjoy some extra years of retirement while he can , there is a history of early death in his family although he is fit and healthy at the moment.. it would mean we would be struggling a bit till his State Pension kicks in and would leave us with less than half of our meagre savings...

Any thoughts would be good..

Annika Mon 30-Jan-12 16:41:16

gracesmum I couldn't have put it better time together is so important and indeed you cannot put a price on it. grin

crimson Mon 30-Jan-12 16:59:50

I feel so sorry for young people now that are being told they will have to work till they're 69 because 'we're all living longer'. Just because we're 'living longer' doesn't mean that we will have the health to do the things that we want to do at 70. Especially as some people don't retire, because they never bother to work in the first place! I've seen too many people plan their retirement, only for their health to fail them when they get there.

Anne58 Mon 30-Jan-12 18:17:21

Ripped off by ex husband over sale of the house, £139k interest only mortgage, no savings, on a sort of debt management plan, Mr Phoenix currently job hunting.

Somehow I do not think that I'll be retiring anytime soon...............

gracesmum Mon 30-Jan-12 18:39:20

{{Hug}} phoenix - hang on in there thanks

NannaAnna Mon 30-Jan-12 18:53:58

I know how you feel phoenix. Don't know how the exes get away with it, but mine did too!! (With mine, him being expat means it's difficult to do much about it)
I guess if we have to work until we drop, so be it. I dream of that big lottery win though! smile

bookdreamer Mon 30-Jan-12 19:31:44

Ditto phoenix and NannaAnna!

kittylester Mon 30-Jan-12 19:54:49

bookdreamer, phoenix NannaAnna that's awful but the upside is that people who keep working, even if only part-time, live longer and suffer from less illnesses than people who don't! smile

moores Mon 30-Jan-12 21:18:17

I'm 67 and still work three and a half days a week. DH has been home for some years and has his own life and interests during the day. Its the adjustment I worry about and also the finances. He has a pension plus state pension. I dont think we have ever had a full and frank discussion re our finances and thats what worries me about retiring. I think I have the full picture but he holds his cards very close to his chest and I just dont think I could cope with any "unwanted" surprises. We dont have a mortgage which makes life easier. I may be unfair but would be happier regarding making the decision if all the cards were on the table. On the other hand, I really enjoy my job - just I hate these dark dank January mornings.

tanith Mon 30-Jan-12 21:24:32

I agree moores its not a decision I'd want to make not knowing all the facts about DH's finances.. luckily DH and I don't have any secret stashes or debts, we each know where the other stands financially so thats not an issue we have to consider.. I do know how lucky I am but I'd rather not of had to retire early due to ill-health but we are in a position to pay off the mortgage and still have some savings which is not the position for everyone.