How do you define "Early Retirement"

crv1963

Hello all,


Just a post out of curiosity really!


How do different people define their early retirement?


I have read through and posted on threads and there appears two unspoken definitions that cry out as follows:-


1) Stop work completely before state pension age.
2) Leave main career that built savings/ pension pots etc and do something different as a minor source of income to supplement these savings.


Are we each working towards our own unspoken/ written definitions? For example in my career path until the rules were changed 55 was the norm and some of us too close to that age never had it changed so early retirement would have been pre 55.


For others early retirement is taking pensions/ stopping work before SRA.


For myself I'm defining stopping paid work completely age 60/62- 5 years before SRA as my goal of early retirement, my wife however sees things differently and sees it as being able to change direction and career to one that she sees as less stressful and in line with her hobbies/ interests that enables her to earn a little to supplement her pension/ our pensions in her late 50s.


I know as we are all individuals with our own goals - my goal is too late in age terms to be true early retirement to some and to others it may be a similar goal.


What is your definition? It might be that it actually inspires others, I know some of the threads have educated and inspired me to work (and invest/ save) hard to be sure of reaching my personal goal!


CRV

Linton

Early retirement to me is the point when if you work it is purely for personal satisfaction and any income is irrelevent to meeting your desired standard of living. Anything less is "semi-retirement".

bertiewhite

"Reaching the point at which you no longer have to work".

You may wish to carry on working part time for sanity/health reasons but you don't need the money.

That's how I look at it.

Having said that though, my wife is no longer able to work due to health reasons and we joke that she has taken early retirement.

Triumph13

I think it makes much more sense to separately define 'Early Retirement' and 'Financial Independence'. Early retirement is a pretty amorphous concept and by definition can only exist as a comparison to what others habitually do. FI on the other hand is the point when your savings support you sufficiently that work becomes optional.

chiefie

I agree with your missus

enthusiasticsaver

I think I would define it as the point you stop doing your main job and any income earning streams are done as part of a hobby. Working part time in my book does not count as retirement as I have worked part time for years and am not retired yet though now less than 3 months away thankfully.

coyrls

When you state your occupation as "retired" on an insurance form.

dunstonh

Retirement is a choice not to work where you can afford not to do so and have no plans to ever return to work.

Torry_Quine

To me it's stopping work before state retirement age other than of course for health reasons or caring responsibilities

Silvertabby

Mr S and I always planned to retire at 60, even though we won't get our State pensions until 65 (him) 66 (me).

Having achieved our aim, we just consider that we are 'retired' rather than 'early retired'.

bostonerimus

coyrls wrote: »

When you state your occupation as "retired" on an insurance form.

I don't write "retired" on any forms I always put my profession even if I'm not actively doing it.
I believe retirement occurs when you leave regular employment and can support yourself without working.