Should I retire early?

irret

Hi folks not been on here for a while. Last year we moved from Scotland to Cornwall where i had always worked. Since living down here i have not been able to find work and have some health issues that may require treatment. So as i am not receiving any benefits i have been thinking of retiring early, i realise that i will not receive my state pension until May 2020 but feel that due to these reasons i may as well retire and at least get my free bus pass! I am age 63
Can anyone help me with this or has decided the same as me?
Thanks:question::question::question:;)

bostonerimus

If you can afford it and you are psychologically ready to fill your time then IO say do it. I retired early 4 years ago and I'm glad I did it.

greenglide

and at least get my free bus pass!

Anyone over female state pension age can get the bus pass - nothing to do with being "retired".

Devolved administrations and London get the bus pass at 60.

Mnd

I don't think you will get your bus pass, it's tied to state pension age, coincidentally I'm 63 and retiring on July 20th, good luck to you

redmalc

Irret go for it but the bus pass is some time away,I think

Stubod

..go for retirement if you are happy you can afford to. For me it would be a no brainer.

AnotherJoe

irret, "retiring" isn't an official thing.
Whether you receive a pension and still work are two different things.
As said your bus pass eligibility is a function of age, not retirement status, you dont get a bus pass by saying "I have retired".
Presumably you are living off savings and have enough to mean you dont get benefits?

ianthy

A couple of years ago, I returned from a career break and found that the market in my specific skill area had collapsed. Work was more difficult to secure and the rates/pay were terrible. I reviewed my options and decided to bring forward my retirement by 2 years to age 53. A few years on, I am now in the process of transferring my DB pension and will create an income based on a number of investments. I think the big decision for me was not financial as I knew I could afford to stop, it was really about if I was ready mentally to stop work and create a new and different lifestyle... called retirement – I hate that word! It has taken more than 2 years to become comfortable with not working and being able to respond when strangers ask me what do I do. My days are filled but it has taken planning and making some tough decision about the areas that interest me and the areas that don’t. I have no regrets and feel incredibly lucky to have quit before age 55 and enjoying a new more relaxed lifestyle.

chucknorris

greenglide wrote: »

Anyone over female state pension age can get the bus pass - nothing to do with being "retired".

Devolved administrations and London get the bus pass at 60.

You can't get a 'freedom pass' in London until you reach state pension age, have you got a link to these 'bus passes'.

[Deleted User]

greenglide wrote: »

Anyone over female state pension age can get the bus pass - nothing to do with being "retired".

Devolved administrations and London get the bus pass at 60.

chucknorris wrote: »

You can't get a 'freedom pass' in London until you reach state pension age, have you got a link to these 'bus passes'.

I believe that subject to eligibility you can get a 60+ Oystercard at age 60, but can only get the 'freedom pass' when you reach state pension age. What the practical difference between the two is, I don't know ....
https://tfl.gov.uk/fares-and-payments/adult-discounts-and-concessions/60-london-oyster

greenglide

The 60+ oyster only works within London and is available, generally, up to state pension age. The freedom pass is generally the same but can also qualify for free bus transport outside London - the same as the bus pass for the rest of England. The free tube and rail is only in London.

As always England, outside London, is very much the poor relation.