Anyone taken early retirement and regretted it?

ericonabike

On one of the other threads here I posted that I have the opportunity to take my works pension early, although at a reduced rate - at 75% of what I would get if taken at the 'normal retirement age' in five years time. Several helpful comments came back, giving useful advice but also saying how they had done this and not regretted it. I'm just curious if anyone out there has had the opposite experience - perhaps because their money didn't stretch as far as they thought, or that they even missed work more than they thought they would. Anyone with an experience to share that I can learn from?

McKneff

I'm not regretting it, I'm 61, and Ive been retired 1 hour and 11 minutes.:D

Eliza_2

Absolutely not regretted it - if the money isn't enough or you miss work, you just go out and get another job, or a few small ones as I did, or start a business -which I've done too. Never regretted stepping off the career bandwagon and taking my retirement money early, - I'd have missed far too much life that's still out there.

Sorry, just realised you want to hear from people who did regret it, I'll get me coat then!

damperman

I'm retiring soon at 60, just found out my annuity is guarenteed at 9.3%, Ill enjoy spending it.

whitesatin

I don't regret retiring early (from teaching) and kept myself going by doing supply teaching for a few years. That has now dried up, unfortunately and I know I am going to miss the routine of school life. Financially things are ok because my husband also took early retirement (aged 51) and we have a good lifestyle without going over the top.

I think I will have to find something, maybe voluntary work at the local hospital, to give me the routine I miss.

My husband misses nothing at all and has no regrets whatsoever about giving up his office job, commuting and all.

Chorlie

I'm 40 and retired due to ill health (got my full ill health pension) and haven't missed work once in the 18 months I've been retired.

I should of done it's years ago when I first had the chance.

If you can afford it do it, like others have said if you're bored or need some extra pocket money get a small part time job doing something you have a true passion for.

But IMHO, if you love your job or if money will be a big issue, then think twice about it...

Highview

I took voluntary redundancy from my career job at 45 - three and a half years later I've never regretted that decision for a second. I do casual work to pay my bills and, so far, have not touched the redundancy sum! I'm the sort of person who likes to keep busy and so far have found plenty to occupy myself - indeed the list of things I said I'd do when I left my job in 2008 remains untouched!

Of course, particular worries that I had when working remain: likely future ill heath, inflation and now, of course, civil unrest!

The main benefit, I think, is that I can now enjoy the present rather than having a possible false expectation that I could postpone the life I wanted and give all to my career until usual retirement age.

middlepuss

Will your pension give you enough money to pay for the things you want/need?

If so - why work?

In the unlikely event you miss going to work you can always get another job - paid or unpaid.

ericonabike

So - no regrets it seems! Food for thought - just have to work out for myself how much is 'enough' when it comes to 'enough to live on'. Fascinated by responses - please keep ;em coming. Might be something for an MSE special article?

tanith

No regrets here to my ill-health early retirement, thankfully although my arthritis meant I could no longer do my job it doesn't stop me doing all the things I want to..I've spent so much more time enjoying my grandchildren and family, had a few holidays and trips I otherwise would not of and I rather enjoy doing things around the house and garden in my own time rather than cramming it into the weekend as before... I can get up when I like and stay up late if I choose , play on the computer all day long or got to the cinema or eat out on a whim... in fact its rather wonderful never having to go to work again.. the only regret is that OH has another 4 years to go till he can join me in retirement, then we intend on travelling a bit..

Squire_Fulwood

No regrets whatsoever. In fact I agitated for early retirement since I had spent a couple of years finding out how little I could live on by close budgeting. I realised that I would have no problem in retirement.

Not having to commute, live in suits and eat out all the time meant a great saving and in addition to this the expensive social life was no longer a necessity. I have now been retired over 20 years and lived quite well. At 65 the state pension augmented my occupational pension and made life quite comfortable.

If you plan for it and make sure that you are in a position to retire without starving then I for one recommend it.