Retiring early

northern_star

I'm finding this a useful and interesting thread and wish the OP every happiness in retirement.

DH and I are in the process of implementing a 'semi-retirement' based on our own criteria. He will continue to work 2 days and I'm dropping to 9 hours per fortnight.

DH is 57, I'm 59. We live a frugal lifestyle but may need to use some of our savings until pensions kick in. However, this is something we are choosing to do to have more time together and to do some of the simple things we enjoy. Like other posters, we have witnessed those who sadly haven't lived long enough or been well enough to do this and we're both grateful for the opportunity.

dreaming

I also heartily endorse the idea of retiring early is possible. I did exactly that 3 years ago aged 58 following redundancy. Luckily we had 18 months notice leading up to it (department was relocating and we were offered relocation, redeployment or redundancy. I took that time to have some work done on the house to make it more energy efficient, and also "practised" living on projected pension income to make sure it was do-able.
I was living alone at the time, but since I stopped work eldest has had to move back in with me. Unfortunately due to circumstances they are unable to work so cannot contribute very much to the finances but I still feel comfortably off. I still run a car and do my hobbies and enjoy my life although I have never been very extravagant. Although the expected rises in council tax and food prices cause a bit of a pause for thought I feel we can still manage, and the benefits far outweigh the negatives.

LameWolf

Farway wrote: »

LW, not sure but would you be eligible for NHS hearing aids? Personal choice of course, maybe you prefer private, but I and others have NHS and they are same digital ones these days, not just amplify all sounds but individually tuned to boost specific problem with hearing frequencies

I find birds now chirp & keys jangle again :T

I did have an NHS one originally, but it was atrocious, never really worked properly, and it was impossible to get them to acknowledge that it wasn't working right. Also they were so unpleasant to me at the hospital when I had to go for my appointments; I have MH issues, and have a real problem being touched by anyone I don't know (I got told not to be a baby for flinching), and you never knew who you were going to get dealing with you; appointments were at their say-so rather than the patient's convenience, which, while I was just about able to manage it then, I couldn't now as my mobility has gotten worse so I need the services of a Carer now; so Mr LW and I discussed it when I moved in with him (long story - and one for another thread) and we decided I'd go private.

I can now insist on seeing the audiologist I know and get along with; and even when she was on extended sick leave (poor lady hurt her back badly ) I could insist on seeing a female audiologist. I can have appointments at a time to suit me (this was important when Mr LW was still working, as I am now not independently mobile, I need his assistance with my wheelchair) and the lady I see now knows not to lock me in the little room for hearing tests, as I'm claustrophobic. And I can go back for "aftercare" as they like to call it, as many times as I wish, if I think the settings need a tweak.:o

Plus, of course, it frees up a small amount of NHS resources for someone in a less fortunate financial position than myself.

donny-gal

Litchielou - Go for it. We were made redundant in 2007 from the same place, me 55 DH 57. Fortunately both worked and it was a good pension scheme. I was a total workaholic, everyone said I would be searching for a job within 6 months, well it hasn't started yet. As the old saying goes, "Heaven knows how we had time to work!" We were fortunate we had bought a holiday home in Spain 8 years previously, so keep going out here for a couple of months at a time, and also have a touring caravan which we use when we are in the UK. Someone once asked why we had the UK home, simple, somewhere to park the caravan when in Spain!
Budget well, yes it does cost less when not working, for us it is simple, I look after the pennies. Just remember, they don't put pockets in shrouds, don't be foolish, but you don't need to leave the kids anything.
DG

savingpennies

I endorse what everyone else has said here. We always said we would like to retire early as several family members have died in their fifties, but had no definite plans. Then OH was made redundant when he was 56 and decided he didn't want to work full time again. His company employed him temporarily on and off for about 2 years and then he packed it in altogether. I carried on working as we still had one DD at university. But in 2015 after 32 years teaching in a 6th form, I went off work with stress and never went back, finally finishing last June, aged 58. We are living off a couple of small private pensions we took out in our early 30's, until our company/teachers' pensions kick in, September for OH next year for me. I worried about not working and not having enough money but it is the best thing to have happened to us. I have a few health problems (arthritis/damaged knee) but don't intend to let it hold me back.
We go to the gym several times a week. We've joined the U3A (a fantastic organisation by the way): OH is researching his family tree, I go to poetry appreciation. He goes off with his old school friend bird-watching, I'm studying for an MA in English with the OU. We went on our first cruise last year and also visited an old friend in France, something we never seemed to have time for before. This year we've booked another cruise and are off to China later in the year with DD1 and my mum (83).
I have to say we are having a great time. We watch what we spend but I find, as the others have said, you don't need or want the same things. My only fear is that I won't be able to tick everything off on my bucket list but it won't be for want of trying.
My only worry is for my girls. I keep telling them to put money aside and to be fair both have taken out work pensions but I fear it will not be enough.

Spendless

My parents continued to work past their state pension age.

My Mum who could have retired at 60, sold her hairdressing salon and went mobile.

My Dad semi-retired at 50, after redundancy, as he was able to claim his occupational pension. He also found a part-time job as bus driver at a special needs school.

And so they both continued, working, having nice holidays. Sometimes having rooms refurbished so it will suit their needs in their old age. They talked about retiring when Dad reached 70 (2 years away)

Then on the first day of the school Christmas hols Dad went into hospital with chest pains. He remained there for almost a week, finally being discharged on Christmas Eve, after being diagnosed with unstable angina and having had a stent fitted to a blocked artery.

And so their plans changed. Dad was going to retire because the thought of him having a heart attack whilst driving a bus of children filled him with fear. Mum was going to continue working for a year to 'get used to it'

Less than 3 weeks after Dad had had his attack. Mum fell and broke her hip. She had a hip replacement the following day and spent her 72nd birthday in hospital. She was diagnosed with osteoarthritis.

So there we have it. One day they were going to retire. Now Dad who should be recuperating is in a 'carers' role for Mum who needs help getting about. Mum is struggling to come to terms with what has happened. One day they were working, the next retirement has been forced onto them. They were lucky not to have died within 3 weeks of each other and if they had, they would have done so, without ever giving up work.

You go for your retirement and enjoy.

Litchielou

All these posts have confirmed that we are doing the right thing. We finish at the end of February so 5 more weeks. Having a weekend away at the moment not including spending money, hotel and train for the 2 of us is approx £150 this is what we never normally have time for. xx

Jessiebelle

Would anyone mind telling me a ballpark total annual net household income that you're living off in early retirement? I imagine the 50s to be an expensive time as I'll be too old to rough it and too young to want to stay near home doing cheap activitities.

Pollycat

Jessiebelle wrote: »

Would anyone mind telling me a ballpark total annual net household income that you're living off in early retirement? I imagine the 50s to be an expensive time as I'll be too old to rough it and too young to want to stay near home doing cheap activitities.

Surely expenditure will have a massive impact on that?
No point saying 'I have £x coming in per annum' if your expenditure is £x - £2.50.

Siebrie

Jessiebelle wrote: »

Would anyone mind telling me a ballpark total annual net household income that you're living off in early retirement? I imagine the 50s to be an expensive time as I'll be too old to rough it and too young to want to stay near home doing cheap activitities.

What do you mean by 'rough it'? I think quite a few of the people here have by now the furniture and fixings that they want, including a good bed. And you don't need much food or to spend much on food if you eat healthily. As seen above, even vacations and trips are possible on a pension.

I am only 45, but would love to retire! Plenty interesting things to do at home and around.