Planning to fully retire or semi retire?

Lois_and_CK

I'm interested in whether people on this forum are saving for retirement in order to fully retire or semi retire.

Is semi retiring a stepping stone towards full retirement, so that you can achieve 'retirement' sooner? Do you plan to work part time to an older age than you would if you'd stayed in full-time work and fully retired in order to fund semi retiring early? Will you change careers?

Or do you plan on working full time to earn as much as possible to fully retire at once?

atush

I would say, both. Retirement is the goal, but semi can help you on the way, esp if you either watn to retire very early (ie say 50-55) or you don't have a FS pension.

Also, if you are, like many in very good health, retiring very early completely can actually cause a life crisis (have seen this cause divorce for instance) or things like depression. Having part time work can take this out of the equation in some cases, and ameliorate it in others.

I have known those who chose to work part time until late in life do so by choice rather than necessity but I don't plan this myself.

Mozette

A lot of people I know are doing partial retirement, but will work to an older age. Quite often when their partner is still working as they're younger.

I plan on continuing full time work then going straight to full time retirement!

bigadaj

I like the idea of being able to retire early, whether fully or partially, as to whether to go through with that then I would have to review this every few years to determine what I wanted to do.

In some ways people targeting early retirement can seem a little depressing, almost as if they are suffering their work currently to be able to give up as soon as possible.in such a situations id like to think I'd change jobs to be happier as a first option.

Goldiegirl

It was always my aim to retire early.

My husband is nearly nine years older than me and the original plan was for us both to work to his retirement age, then he would retire, and I would take early retirement.

However, just over three years ago, I was made redundant. I was just 50' and was able to take an enhanced pension as part of my retirement settlement.

I've found a two day a week part time job. It's a busy job and I work hard when I'm there, but I relish the free time that I have. I now class myself as semi retired. My husband has now gone down to a four day week, and we still both intend to stop work on his retirement.

I think working full time and then suddenly stopping would be quite a shock to the system. I'm glad that I've had the opportunity to ease gradually into full retirement.

luvchocolate

I'm a female on my own and 61 I get my state pension next year but plan to defer it and continue working full time as long as I can!!.Well thats the plan anyway...

uk1

A different answer to your question is that imho very few people who are starting now at any age from scratch will be retiring supported fully by a pension. Everyone will need to find other income sources.

brewerdave

I would have loved to have moved from full time work to part time work before "retirement" -but unfortunately after a third redundancy (in 9 years!!) I found it impossible to get work at 59 at a reasonable salary level (other than heavy physical jobs which I couldn't manage anymore) so had to claim my main works pension early.
Fortunately my wife is managing her pre retirement better,having just reduced her hours at 60 with a view to deferring full retirement until she is 65 .

Spirit_2

I will be 53 in the summer and plan to reduce from fulltime to part time working. I hope to continue in my present job and reduce to working three days a week as I am in a well paid role that I enjoy and has a final salary pension that I want to continue to accrue. My health is ropey which informs my decision to go part time, and I think I will retire at 57 when my OH will be 60.

Going at 57 would mean a failrly sizeable actuarial reduction but that is fine. I bought added years in the scheme I belong to many years ago which has been part of our planning as pensions have been the vehicle for funding retirement.

My husband was planning to fully retire at 60 however his pension is relatively small and he has a fabulous job having downshifted 9 years ago so it is possible he may work full time for a year or two longer or move to part time for a couple of years.


Our state pensions kick in when we are 66 although (I want to be wrong on this ) my health will deteriorate and I do not expect to be around by then.

If I worked full time for longer and/or until 60 my pension alone would be enough to fund our expected lifestyle but I need more free time now to stay well and enjoy life now.

JoeCrystal

To he honest, I have not really thought about retiring or semi-retiring as I still got a few decades of work ahead of me. However, I did recognise the importance of making retirement provision and in order to increase slightly better chance of good retirement provision, I made considerable amount of effort toward the provision.

Cheers,
Joe

seven-day-weekend

My husband took early retirement at the age of 55 in 2004 and we went to live in Spain. I was 54 and gave up my job. We lived solely on his Teachers' Pension whilst there.

We came back to the UK at the end of 2011 and I now have my State Pension. However, I am also a registered house/petsitter, living in peoples' homes to look after their pets whilst they are away. I am the registered sitter but my husband accompanies me on the jobs. I am registered with an agency and I can decide which jobs I want to do. It's an easy and enjoyable supplement to my Pension.

I am 63 and my husband is 64.