I retired at 50 do most folks want never want to retire ?

project500

Does anyone have any lead in ideas on how much money one does need to retire on at 50 ?
I know it depends on lifestyle etc but it might be helpful if some ideas where banded about on what people do manage on or think they could manage on !

Bogof_Babe

It depends if you intend to live on your retirement income, i.e. pension when available to draw, plus investment income, savings interest etc. (which is now an unknown quantity due to unforseen interest rate collapse), or if you mean to build up a large enough amount of capital to last you for what would reasonably be expected to be the rest of your life, independent of what income it might generate.

If you retire at 50 and live to 90 you are looking at needing a minimum of £1M in terms of working through the capital (£25K a year at current RPI), but obviously you would hope to get some sort of return on that capital which would boost the amount on an annually reducing basis. Once your pension/s kick in, the rate of capital erosion would slow down.

In other words, that's a hard one .

seven-day-weekend

We took early retirement five years ago when we were 54 and 55 due to my husband being unable to continue teaching a moment longer. We went to live in southern Spain on his reduced Teachers' Pension and a bit of IB and have managed to live modestly on this income ever since, although times are harder now than they were.

We have also kept our house in the UK, which pays for itself by the rent (our son lives there with a lodger).

We have no mortgage on either house.

However, we've realised recently that I in particular wasn't ready to retire (I used to work three days a week doing a job I enjoyed) and actually would LOVE a job in B&Q. I'd like to be the greeter or the person on Customer Services. My husband would like to work in the power tools section. No stress, and you can have Benidorm leave for up to four months. Ideal for someone who also has a home in Spain and would like to spend several months there.

Might do this in the next couple of years.

Athome1

I retire in 5yrs time (at 60) and I'd retire like a shot tomorrow if I could. I love my own company but don't get much time by myself, have lots of hobbies, lots of friends and family in the area and even love gardening and housework.

My OH on the other hand will never be a full time retiree unless forced to healthwise. He hates being by himself, doesn't have any hobbies except gardening and walking the dog, isn't a big reader and would end up with the tv on all day moaning that I was making a noise with the vacumn cleaner and asking 'did I really need to be cleaning windows/washing up' etc:p

seven-day-weekend

The Pastor of our church retired from church leadership recently at age 70.

Since then, he has become the Chaplain to a couple of hostels for homeless men, runs a couple of prayer groups, counsels people with problems and does guest 'preaches' at the church he now worships at. All voluntary.

As my son says, you can only retire from a job, not from who you are.

So some people will never fully retire.

Pee

After repaying the mortage it would be more than possible to live on £10,000 a year although whether everyone could do what they imagine they will once retired on that remains to be seen.

Pee

Farmers for instance very rarely retire until forced to through ill health. It is completely normal to have dad aged 80 still directing two adult sons in a farming business. Often the paperwork will be done by one of the sons or their wives, but I have met men in their 80's who still deal with all the paperwork and any cheques lol.

James123_2

One could always get a job in the banking industry. I believe that their pension pot has recently been inflated by HM Government. Failing this, I understand that the work of an MP would allow you to retire for considerably longer than you would be obliged to work. Of course, you could just sell your house and blow your savings in your middle years and look forward to old age on benefits. After all, many consider that there's little difference in income between those who have saved modestly and others who throw themselves at the mercy of the State. I'm not advocating the latter, but the UK does penalise those on low incomes who have generally been cautious in their spending habits.
(Gripe for the day over)

mark5

I'm 29 now and want to retire at 55 but probably wont know if its going to be possible for another 20 years.

jangor_2

I am nearly 62 and would love to at least semi retire but although I have worked hard all my life and like many folk have brought up my children on my own, this has made it virtually impossible to afford a private pension until a few years ago and as I am in a self employed post I do not have a company pension. I will work for as long as my health allows rather than face the daily struggle of trying to manage on a very limited budget. I visit many elderly people during my voluntary work and it is heart rending how difficult many of them find it making ends meet.