Regret retiring too early with not enough money?

k6chris

I have been reading this forum for a few months now and finding it really useful. My personal circumstance is that I find myself increasingly wanting more time, with enough of a pension to comfortably survive, but not to go on the world boasting tours that many of my slightly older aquaintances appear to indulging in on a frequent basis. If I worked a little longer, I would have a few hundreds of pounds a month more, but still nothing that would get me into the premier league of droning on about what a great time I am having. I have plenty of dull and unintersting things I want to do, like walking, cycling, running and yellow sticker hunting at ASDA, but very few of these activities would allow me to post exotic photos on Facebook..... The received wisdom is I will be bored if I retire early (with not enough to boast about) and there is a part of me that thinks that there may be an element of truth in this! So (serious question) before I pull the plug and accept a retirement full of discount meals and knitting my own Tofu, does anyone regret not working those few extra years so they can afford M&S meal deals twice a week??

AnotherJoe

I think you mostly likely need to find a different group of people to interact with if you are so bothered by them posting pictures of themselves in Bali or wherever. Become more confident about your own choices, join a ramblers or cyclers group and have more social interaction with people who enjoy the same things as you.

Fwiw you could actually travel abroad very cheaply to very exotic places as long as you skipped the megabucks exclusive 5 star resorts.

A road trip on Route 66 staying in motels for example, would lead to a whole lot more interesting pictures than the rattan sun loungers at some generic pool side, or island skipping in Greece on the ferries in May before the tourist hordes arrive, or airbnb in Hong Kong amd Singapore, etc. Amd there's a whole lot of stuff here in the U.K. You've likely never explored, how about the Scottish Isles, ora themed set of trips,say visiting different cathedrals or ancient monuments or a walk along Hadrians wall end to end, or the cost to coast walk or cycle across England, or the south west coast path, or lands end to john o groats cycle, etc etc. whatever floats your boat,

But if you actually do have a hankering for the Umpa Loompa gold plated Bali resorts, then you'll need to work longer, and you can always get creative with very last minute holidays as well, often great deals if you can go on Wednesday rather than planning 6 months in advance, take pot luck what's out there.

Ps and as posted below if you really want these type of holidays a part time job solely to fund those is a great idea if it's a job you like (otyerwise working 48 weeks even if only for a couple,of days a week) to finance 2 week so in Bali doesn't say seem worthwhile to me. )

meer53

You made me laugh ! My thoughts are identical. I'm not far off retiring but after retiring, i'm planning on a part time job that still allows me to do those things i like but will also give me a little bit extra to plan trips to exotic places like Whitby. I love Whitby.

People who boast on social media probably don't have many friends in the real world.

NeilCr

I retired early and I'm really happy and so glad I did it

I am very busy but much of what I do doesn't cost much. I volunteer and use the gym regularly (£20 per month). I do have a partner but we live very separate lives - we meet up a couple of times a week for a meal or to sit in front of the TVs with a bottle of wine (or two!)

I learnt pretty early on not to look at other people and concentrate on what works for me. Most of my friends who retired early share the same view.

jennyjj

k6chris wrote: »

My personal circumstance is that I find myself increasingly wanting more time, with enough of a pension to comfortably survive, but not to go on the world boasting tours

Phew! For a moment there, I thought this was going to be a thread from someone who had retired early and IS regretting it. That would have cast doubt on my recent retirement decision.
Thankfully it was not such a post. I don't recall seeing such a post and don't expect to anytime soon.
There are some retirees who boast of world cruises etc, but I suspect they are the exception. I've not yet been escaped a month, but already I'm seeing that I can still go yellow sticker hunting, cooking my own cheap casseroles and walking around the shops, occasionally getting a cheap coffee from the indoor market.
Unlike when I was working, I'm no longer constrained to mixing with 100 or so very pleasant colleagues. I've started meeting and getting to know the 7 billion or so folks who don't work where I used to.
Bored? Regretting it? Not for a second. Living the highlife? Not really.
Just chillin'


JFDI.

p00hsticks

k6chris wrote: »

If I worked a little longer, I would have a few hundreds of pounds a month more

If you are not exaggerating here, you must be on one heck of a salary!

Working longer does give you the 'double whammy' of getting more into the pension pot and less time that it needs to stretch over, but I'd have needed to work a very long time to provide that sort of increase.

I've just retired unexpectedly early (at 56) after work got too stressful, and am currently living off savings before my first DB pension kicks in at 60. We've got enough savings/expected pension to carry on comfortably it the sort of lifestyle we've already been living, but that doesn't include exotic foreign holidays or shopping at M&S. We've never done it whilst we we working and see no reason to start now.

I think if you can retire with enough to maintain your existing lifestyle then you'll be alright, unless you're one of these people with expensive post-retirement dreams such as world cruises they want to fulfil, which you don't sound like.

Personally I'm just loving chilling, home cooking, catching up on reading books and listening to radio dramas

k6chris

p00hsticks wrote: »

If you are not exaggerating here, you must be on one heck of a salary!

This is a really important factor, that actually your retirement income levels are pretty much hard baked once you get into your fifties, and the main levers you have left to affect your retirement are spreading that pension over a smaller time period (retire later) or downsize your spending. I have just rechecked my spreadsheet (as I am on an OK, but not huge salary) and actually the 'increase' nets out to be about £50 a month for each year I delay. Well that helps make the decision making easier!! :beer:

Thrugelmir

k6chris wrote: »

This is a really important factor, that actually your retirement income levels are pretty much hard baked once you get into your fifties,

We didn't clear our mortgage until our fifties. Having that outgoing to spend/save as we wish has made such a difference. Also to the choice of career. As had made it possible to find a niche where there's no longer undue stress or requirement to work long hours. Work now pays for an extremely comfortable lifestyle. While watching future income streams grow.

Triumph13

+1 on AnotherJoe's points about travel on the cheap. There are many interesting places in the world where the flight to get there might be expensive, but once you are there the living is very cheap, especially if you are renting a property and self catering. If you stay for a couple of months to spread the cost of the flight you could end up spending no more than you would have at home. If you go for 6 months and rent out your house whilst you're gone you could make a profit on the deal.
Think of the fun you would have facebooking your 'friends' from your hammock in Indonesia about your luxurious free lifestyle in the sun whilst they are busily trying to save the money for their next 'luxury' holiday!

zagfles

Triumph13 wrote: »

+If you go for 6 months and rent out your house whilst you're gone you could make a profit on the deal.
Think of the fun you would have facebooking your 'friends' from your hammock in Indonesia about your luxurious free lifestyle in the sun whilst they are busily trying to save the money for their next 'luxury' holiday!

Yup I know someone who's done this - the amount she makes from renting her house, even after agents fees and maintenance etc, pays for her travels. Though she does have someone to stay with when she's back in the UK.

Don't make the mistake of thinking exotic=expensive, most exotic locations are actually very cheap, even hotels and eating out are cheap if you shop around and book it yourself. You don't need to go on an overpriced package, most long haul packages are a rip-off. A 3 week holiday in Indonesia could well be cheaper than a 3 week holiday in Skegness!

AnotherJoe

zagfles wrote: »

Yup I know someone who's done this - the amount she makes from renting her house, even after agents fees and maintenance etc, pays for her travels. Though she does have someone to stay with when she's back in the UK.

... and there's also the less extreme version of that, house-swaps.