Early Retirement

I took retirement a year early with a 10% pension reduction. The pension was quite small anyway so the monthly difference was negligible. I could not stand my very stressful job any longer. I relocated to be near my children, had 6 months off and now work part time and have also now got state pension and another small private pension from a previous job. I haven't loads of money but enough if I budget well. I volunteer , have joined a book club and a knitting morning and really enjoy my life it has so little stress in it compared to before and the bonus is I am super near my children and grandchildren. I'd say go for it it, I've never regretted my decision 2.5 years on.

Thank you. I feel like that about my job and think a period of time off is a really good idea.I want to be around more for my baby grandson and my daughters baby due in December classes and groups are a good idea.I think for me making the decision may be the hardest bit as work has been part of my life for so long.

I took redundancy earlier this year at the age of 59. My DH is 9 years older than me and has been retired for about 6 years. Luckily he has a good pension that we can both survive on.
Like you, I have always worked, (I actually loved my job), and was rather worried about how I would feel if I gave it up.
I can happily report that, so far, I haven't looked back! It's been great to visit the grandkids for 2 weeks at a time instead of the odd snatched weekend. Of course, it's early days and the fantastic weather through the summer has helped. I've joined cycling and walking groups and plan to join the U3a in the winter.
Like you, I feel that I could always go back to something part time if I get bored. If you can then I would say go for it!

Do it as soon as you can if it’s what you want, you never know what’s round the corner.

When I was thinking about taking early retirement I went to talk it over with my son who is very level headed.

I laid all the pros and cons before him and after he had listened carefully and given it some thought while we ate lunch, he said ‘ Taking all things into consideration, I think the best thing is to go on working for a year or two.”

My immediate reaction was ‘WRONG ANSWER!”

I knew then what I wanted to do and more than ten years down the line I have never regretted it. ?

Do it Wildrose, I retired as soon as I could, rely on state pension and very small works pension. I hated every job I ever had, and there were plenty. I love my own company, walking out in the countryside alone and not having to make boring conversations with colleagues. Get out as soon as you can, do your own thing, you never know what is round the corner. Good luck.

I think a time just comes when you know it's time to retire. If you've thought about it, considered plans for it then it really is time. I'd say I didn't retire, I mutated. It's a much more relaxing time despite being quite busy it's a good busy and, bottom line, I don't have to do anything if I don't want to! Take the plunge - I bet you won't regret it. See you at a GN lunch soon?!

Thank you all for replying I am a bit worried about changes I know I would be happier and new avenues would open up to me I think its just taking the plunge and thinking that I should still be working full time though for health reasons its not do able.

I took voluntary redundancy a year ago when I was 59. I had become very disillusioned in my job and hated going every day also, I was working with a very depressed, pessimistic woman who dragged everyone down every day. So she tipped the balance when the notice went round for volunteers to go. The relief was profound when I made that final decision and I haven't regretted it.

I felt a bit guilty at first, as I thought I still had six years to go before I can receive my state pension and I should probably still be working but my DH is happy I'm retired with him now, he's 9 years older. We manage on his pension and a pension I got from a previous job, we are careful but not frugal and we're doing ok.

Life is good, we can go off with the caravan any time, I can visit DD and DGC whenever I like (or am needed). DH goes fishing so I still have time to myself for my pursuits and we're not in each other's pockets. I think you do need interests both together and separate if you're not going to end up watching 'Homes Under the Hammer' etc all day. Certainly re-train if you want to, that in itself will help make you feel rejuvenated.
I would say if your finances permit it, go for it, you will be glad you did it, especially on cold, wet, dark mornings when you wake up at 7am, smile and turn over for that extra hour in bed

Good luck!

I retired last year but I was 64. My wife had been retired for four years and felt it was time for me to join her. We do not have any financial worries but I really enjoyed my work in IT and do miss the challenge. However I am getting used to the slower pace of life and enjoying time with my wife. It is difficult to find work or training at age 60 so if you need the money be careful. We do not find it is any cheaper to live being retired than it was when we were working. In fact we spend more on heating, travelling, eating out etc than we did before.

If you can afford it, and you find work is causing you stress then I would go. No point in having a full pension but being too unwell to enjoy it. But being retired can be miserable and stressful if you have to watch every penny.

Taken big step and retiring age 62 next year …. won't get state pension til I'm 66 but we've worked out we can afford it and give that OH is 8 years older than me want to spend quality time together and most importantly travel …. can't wait!

I wonder, does your pension remain at its original unreduced rate if you have to retire early in ill health grounds?

I think I'm heading towards a very similar situation and I know my pension would have been reduced quite dramatically if I can't work past 57. I gave them a ring and they explained that, in my circumstances, it is quite likely that I would receive the full amount.

I'm assuming they work on the basis I'm likely to "pop off" sooner!

I took a voluntary redundancy at age 60 when I was eligible for my work pension. I only had to wait another 18 months for my state pension. So financially it was not too big a question mark. I have since moved, with my DH, to be near my DDs, worked as an independent consultant, made a group of new local friends. DH has a work pension, state pension and also does p/t consultancy and inspection work. We have not exactly retired but the change of pace has been put to good use in the garden, traveling , theatre trips and catching up with friends and family. As long as you are self motivated you will have a blast!

I am quite self motivated which will help. DH will still be working full time for the next three years then plans to work part time.He is supportive I think the big thing stopping me is guilt as I was brought up with a strong work ethic from my mum.Mum worked every hour she could till she was 60.I think it wore her out, she then suffered ill health and passed away at 68.My dad had a more relaxed attitude and is still alive and fairly active at 90.A few years ago I had cancer and although it has stayed in remission it may come back at some point.I am pretty sure we will be able to manage financially but if I carried on we would have more treats.My husband made the point that it is no good having treats if you are too tired and stressed to enjoy them.

TwiceAsNice i did more or less the same as you, took retirement from a managerial position in social care that was so stressful. I had a couple of years living on state pension, small private one and my savings. I now do a couple of shifts of 5hrs each one a week doing actual care and i love it.I leave the job behind when i finish and dont have it hanging over my head like i use to. I too go to a knitting group and a card group and play bowls during the summer. The thing is, having a choice now rather than having too. So my advise to OP is if you can afford to do it.

I think I have made the decision I cant see any downside except less money .I think I need a good rest then start on my new life.Not sure when to tell work.Think Christmas would be a good time to go only have to give 4 weeks notice but they will need time to sort my pension out.