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Have you retired or left the workforce early or are you considering it? We’d like to hear about your experience

(62 Posts)
Teebles64 Fri 09-Sept-22 21:46:01

I retired from nursing ( senior position in private sector) this year aged 57. Stressful job, 24/7 commitment.DH 12 years older and already retired. Wanted opportunity to travel together whilst young and fit.
Will consider part time short contract work over the gloomy winter months but so far no regrets. Funding retirement from pension drawdown and will access NHS pension at 60 and state pension at 66.

kjmpde Fri 09-Sept-22 21:06:52

I forgot to add that I've bought some years NI contributions to try and cover the shortfall so my state pension will be improved.

Jaylou Fri 09-Sept-22 20:33:19

I retired from full time work aged 60, (very bullish/bullying management). I relocated and it felt like a breath of fresh air. I have taken a little part-time job for some pin money and to meet people. I am holding off taking my full personal pensions for a few years, or until the savings get too low.

nabob Fri 09-Sept-22 20:20:55

I "retired" from work when I was 55. My husband was aged 63. We decided to leave a job that we had both tolerated together and live off our savings until my husband got his OAP pension. We are comfortable on his OAP and private pension. I will not receive my OAP pension for another 5.6 years!

kjmpde Fri 09-Sept-22 18:54:59

there is nearly 10 years difference in age between my husband and me. He retired at 60 . I would have continued to 60 but my husband wanted me to retire early and then we both decided that we would like to move house. I retired at 54 (albeit it took another 4 years to sell the house). My private pension is small ( below the income tax level) and it is another 16 months till I get the state pension. No pressure or unpaid overtime. No boring work meetings .
I thought about another part time job but that never materialised. I can't see me working again , despite the rise in the cost of living .

Harris27 Fri 09-Sept-22 18:51:11

No but I wish I could. Still working full time in childcare and very tired. Need my state pension as I only contributed into a private pension late. Wish I could work three days would be bliss and I might live longer.

womblekelly Fri 09-Sept-22 18:47:00

Stopped working for money when I was 64 now workng for free in a couple of voluntary roles but taki g small private pension

Hellsbelles Fri 09-Sept-22 18:42:29

We moved about 10 years ago. It would be too far for me to continue my job so technically I retired then.
Once settled in the new area , I then volunteered for my local hospice for at least once a week for a further 4 years.
My husband continued to work but a disability made him also give up work and I am now his carer.

Hetty58 Fri 09-Sept-22 18:37:15

I gradually reduced the hours I worked (term time only anyway) and stopped completely in my mid fifties. Teaching is a younger person's job, really, and I didn't want to get completely worn down by it. I'd seen others get so stressed and ill - and old before their time.

SuzieT Fri 09-Sept-22 18:35:49

Took the opportunity of redundancy at age 54 (and also being paid a very reduced occupational pension).
I was well into the menopause at that point and exhausted trying to cope with a demanding job (with a lot of travel) and the side effects of lack of sleep and brain fog.
After a year, I realised it was too soon to not work at all and volunteered at a children's charity, where I am now chair of the local area.
I hate not 'earning' my monthly pension and constantly worry about money, even though I manage well financially.
I miss working but am now relied on to carry out childcare for my Grandchildren, which I love.

mrsbirdy Fri 09-Sept-22 18:31:09

I have taken flexible retirement twice now instead of giving up work fully. I did not feel ready or able to stop. I currently work two days and another day will be commuting to childcare my granddaughter. It has been a difficult decision with many worries. There is virtually no support only advice on finances which is very important but there is so much more.

JustineBGransnet (GNHQ) Fri 09-Sept-22 17:01:53

Data shows that more people are leaving the workforce before state retirement age and economic inactivity has risen by over 500k - mostly in the over 50s - since the start of the pandemic (ONS). This will be for various reasons, including early retirement and we’d like to hear more about the experiences of those who have left or are considering leaving the workforce.

What are your reasons for leaving or considering leaving the workforce? How are you or would you plan to fund your lifestyle before reaching state pension age? If you’ve left, is there anything that would encourage you to return to work? Do you have any concerns about not working?

If you have experiences to share, please post on the thread below. We’ll be using responses to guide additional research on the topic.

GNHQ EDIT: Thanks to all who have contributed to this thread. If you'd like to take part in our survey on this topic, you can find it here. thanks

Thanks,
GNHQ