Regret retiring too early with not enough money?

chucknorris

aldershot wrote: »

This is another interesting thread. I will retire sometime in the first half of next year age 53. There, I've said it. No more OMY. I know our assets will comfortably cover our retirement (pensions and savings >£2m) so why am I so stressed about it that I've had to seek help? I think the move from certainty (well paid City job) to uncertainty ("what are you going to do?") is really unsettling me. Has anyone else had similar thoughts/doubts/difficulty and did they go away once you finally made the leap? This is less about cash and more about change.....

We are very comfortable too, in fact, it is very doubtful that we will be able to spend it all. My wife didn't like her job that much most of the time, and she has just retired (she's 47). I'm almost 59, my issue was that I didn't particularly like my job when I worked as a quantity surveyor, but now that I lecture at a university I do enjoy it. So my problem was that from a financial aspect I knew that I should retire, but it seemed such a shame to walk away from the best job that I have ever had.

The problem is solved now, I've recently dropped down to one day a week, and I will probably just carry on working, I'm not sure what happens to the (teachers) pension when you reach state retirement age, if you no longer earn any, I may retire then. On top of the 4 days off every week, I also get plenty of holidays too. Last September I did hand my notice in to retire this coming September, but they asked me to work one days a week, which suits me even better.

EDIT: Just found out that in the TPS you continue to accrue pension benefits until you are 75 (if you wanted to work that long).

Thrugelmir

michaels wrote: »

However despite chucking the kitchen sink at my pension I don't think I can retire before 55 on 36k pa joint income for life for self and DW although this is using some conservative assumptions in cfiresim rather than the 'modern' variable income approaches.

9 more years of work feels like a life sentence though

Then learn to enjoy life while you are able. As no amount of money can buy you time. Every day you wake up. Smile and be happy. Little point in worrying and getting stressed.

enthusiasticsaver

I plan on retiring in February 2018 after my 58th birthday. That will be 8 years early. My OH retired in October this year when he was 58. We have sufficient savings/investments to see us through to spa and beyond for a few luxury holidays but have already ruled out having a big spend up initially. We will continue with our current lifestyle but with maybe an extra holiday or two in there. Our pensions will cover two thirds of our salaries but we have been living on less than that for last 5 years since our mortgage finished.

atush

Not to pick on you, your thread was just a hook, but I sometimes wonder what people spend their money on.

Not to pick on you, but having re read that- you are picking on them. Or anyone else who doesnt live where you are (so dont have the same cost base) or have your interests or requirements.

Sanctimonious. If I was being picky, but of course I am not- as i/you said.

Triumph13

atush wrote: »

Not to pick on you, but having re read that- you are picking on them. Or anyone else who doesnt live where you are (so dont have the same cost base) or have your interests or requirements.

Sanctimonious. If I was being picky, but of course I am not- as i/you said.

Ouch! Sounds like Silverwhistle touched a raw nerve in someone! Not the person they are 'picking on' though as they thanked them.

OldBeanz

Bottom line with this thread is that anyone retiring early must have been a saver rather than a spender so is unlikely to want to overspend in retirement and will cut their cloth accordingly. There are always part-time jobs available, certainly in the average town/city, and most people of early pension age will be in a sizeable property asset. They are also unlikely to come on a forum and tell of their mistake.

[Deleted User]

OldBeanz wrote: »

Bottom line with this thread is that anyone retiring early must have been a saver rather than a spender so is unlikely to want to overspend in retirement and will cut their cloth accordingly. There are always part-time jobs available, certainly in the average town/city, and most people of early pension age will be in a sizeable property asset. They are also unlikely to come on a forum and tell of their mistake.

Spot on. :T

chucknorris

OldBeanz wrote: »

They are also unlikely to come on a forum and tell of their mistake.

I don't think that is necessarily true, we all make mistakes and to recognise and acknowledge them means that both you and others are in a position to learn from them. I'm no exception to having made significant errors in my life:

- I didn't work very hard at school, and I ended up waiting until my mid 20's before I went to university as a mature student.

- I should have invested more in property in the 90's, when it was a 'no brainer' to do so.

- I may also have made a mistake with my retirement planning too, I'm hoping that I don't regret not retiring earlier, after 15 to 20 years have passed, but I am monitoring this decision.

Wenlock

In purely financial terms I retired "too early with not enough money", although in no way do I regret retiring. I had a modest job paying about £1,800 a month net, of which I routinely spent about £1,000 - having paid off the mortgage early.

I retired 2 years ago at 50, on a pension of £633 a month. I spend all that, however I have some savings which are increasing roughly in line with inflation.

I never wanted to start work & I disliked it intensely from age 17 to age 50. Work was just something you had to do to live (I have never claimed any benefits and wouldn't consider doing so other than State Pension).

In the unlikely event that I live for many more decades I suppose I may regret not working a little longer and increasing both the savings and the final pension. I very much doubt it though. Nothing can compete with the peace of mind and contentment of the total freedom to do what you want with your time. No more "oh no it's Monday tomorrow" feelings.

Of course for anyone who doesn't dislike working I can understand that the decision to retire early is a little more nuanced.

I am also fortunate in that I get as much pleasure from free activities such as walking as I do from going abroad or buying a car. I do struggle to understand what on earth some people on this board could possibly spend such vast sums of money on.

chucknorris

Wenlock wrote: »

In purely financial terms I retired "too early with not enough money", although in no way do I regret retiring. I had a modest job paying about £1,800 a month net, of which I routinely spent about £1,000 - having paid off the mortgage early.

I retired 2 years ago at 50, on a pension of £633 a month. I spend all that, however I have some savings which are increasing roughly in line with inflation.

I never wanted to start work & I disliked it intensely from age 17 to age 50. Work was just something you had to do to live (I have never claimed any benefits and wouldn't consider doing so other than State Pension).

In the unlikely event that I live for many more decades I suppose I may regret not working a little longer and increasing both the savings and the final pension. I very much doubt it though. Nothing can compete with the peace of mind and contentment of the total freedom to do what you want with your time. No more "oh no it's Monday tomorrow" feelings.

Of course for anyone who doesn't dislike working I can understand that the decision to retire early is a little more nuanced.

I am also fortunate in that I get as much pleasure from free activities such as walking as I do from going abroad or buying a car. I do struggle to understand what on earth some people on this board could possibly spend such vast sums of money on.

Is there not something that you could find that you like doing and get paid a little for doing it? For example you mentioned walking, if you also liked dogs, you could occasionally take local dogs for a walk, or maybe just look after them when their owners are at work. When I worked more hours than I do now, I used to pay a dog walker and also a dog minder to take my dog for the day, they didn't particularly do anything, just kept him company.