Regret retiring too early with not enough money?

esmy

I retired earlier this year at the age of 55 from an extremely stressful job I had done for over 30 years.

Although my income is very limited (under half of my previous take home) it's enough. I am not planning exotic holidays - we could never afford those when we both worked. What I've 'bought' is time, better health, the ability to help family and to follow interests and hobbies that are more rewarding than my job could ever be.

Yorkshirebornandbred

I have achieved my "number" in 2016. Whilst this feels very satisfying I feel too insecure to actually retire. I think I would regret retiring now (aged 54) if investment returns were poor over the next 5 years. I have no defined benefit pensions just dc pension, isa's and and a small amount of buy to let. So my future income more or less totally depends on investment returns and this feels high risk even though I have a well diversified passive portfolio. It feels as though I need to achieve my number plus 20% to be sure.

Instead I have plumped for part time working (3 days a week). We have been living on our intended retirement budget for the past 2 years and will just continue to do so. I have to say that the past 3 months have been very enjoyable with so much more free time. I will review the situation on an annual basis and glide into full retirement over the next 5 years if I want to.

I have to say I thought it would be easier to make the leap than it has proved to be. Thankfully I still enjoy my work.

marlot

I've been following this with interest.

I downsized/moved to a cheaper area of the country a couple of years ago. I've been tracking my day to day spending (online banking is brilliant!), and also big purchases (car, house repairs etc), and I'm confident that I can go now (age 53). The fact that I can give my three months notice any time I like has made me much more liberated at work. I focus on the aspects of my job which I most enjoy and do a 'just good enough' job of the rest - after all, the worst they can do to me is sack me!

The end of May feels a good time to go - I might as well have a couple of months in the new tax year (so I can reclaim the tax). I also get the advantage of the Easter and May bank holidays!

marlot

I'm lucky enough to have some DB pensions in my mix. Everyone says not to take them early, but if you have no other income from 55 to whenever they are due to start then you're wasting the £11k per year zero income tax band. My calculations show that I'm better taking some of them early even with the actuarial reduction.

atush

mgdavid wrote: »

FL is very diverse if you go looking for it;
Sebring
Daytona
Dali at St Pete
Everglades
the Keys - nearly forgot the Keys! one of the finest sunsets I've ever seen was on a campsite on a beach on Key Largo.
would love to go back to key West one day,we thought it had a really good vibe about it.
etc

Although personally i'd leave Daytona off my list. Tacky and the beach is dirty and full of cars. Cant stand beaches where cars can drive on the sand.

atush

zagfles wrote: »

Sure does - Key West is just a big party where everyone is really friendly and wants to share a drink and have a laugh with you. Reminds me of Ireland in a way- but with better weather

I did a list of things we did in Florida on the travel board a few years ago... http://forums.moneysavingexpert.com/showpost.php?p=54098043&postcount=16 Definitely going back one day...

Gonna go read your list to see what there is I havent done on it. I go twice a year and will be spending 6 months a year there in retirement.

This last time I hit the mid keys for 3/4 days, but hit only my local beaches the rest of the time as Iw as painting my house.

Far too cheap to pay someone lol

DigForVictory

I won't get to retire for quite a while. but once the lads have left home, I'm starting a "spree fund".
Renew the passport & set off (with a full prescription) & see how many places I've daydreamed of I can see on the fund. Then I can come home & settle down to being a pensioner, but I'm having a gap year or for however long I can spin out the spree money first.

Given my husband's cordial loathing of everywhere south of the Watford Gap, I suspect I'll be away solo, or possibly with a son (which might be quite amusing, or a fiendish bore).

Meantime, I have a vivid fantasy life to sustain me, fuelled by reading your plans & suggestions. Absolutely agree - have a financial plan & don't bother with a new car!

silverwhistle

k6chris wrote: »

resetting (unrealistic) expectations about the number of yachts I would be able to sail around the world (humour attempt again based on pension marketing).

I used to sail OPBs* but haven't for a few years. My last trip was round Italy/Greece/Croatia with the final leg sailing into Venice and staying there a few days. Beware dodgy skippers but I believe the Crewseekers website is still going...


*OtherPeople'sBoats

moneyistooshorttomention

It is obviously dependant to some extent on peoples personal circumstances. Personally - I had long since made a policy decision that having a job shouldnt actually cost me any money if I could possibly help it. So I used to take packed lunches anyway/take my own drinks to work with me anyway/never bought any clothes specially for work. The way I saw it was that spending money on holding down a job meant one got paid lower salary than had been agreed in effect.

If someone has a career - rather than a job - then things will be a bit different. As I had a "job" - then it simply wasnt worth spending any money on it I could possibly help.

silverwhistle

My small FS pension kicked in when I was 50 due to a previous redundancy. I then pootled off to live in Italy for some years where I taught English. Now back in the UK where I manage, have a season ticket to a premiership side, play football too, go off back skiing for a couple of weeks (old contacts make it cheaper). With my own house I'm ok, and I've taken steps to keep bills down by some capital investment - solar panels and a wood burner and prepping my own scrounged wood.

A couple of Skype language lessons a week and the odd translation gives me at current tax and exchange rates another £30/40+ a week which is out of budget and can be used for treats.

What worries me is people without that flexibility and who still have to rent. Can many of us imagine still slogging away working at 67? I can raise my game for training and playing with the girls, or for my holiday, but the day-in day-out grind? I just haven't the energy for that any more.