How do you define "Early Retirement"

stoozie1

I'm mostly a stay at home parent at present and most likely to do 2 days a week voluntary work when I do go back.

For my OH (because he has asked me to be in charge of our finances) my vision is that he retires from the clinical element of his job 10 years before his DB (NHS) pension scheme NRA.

This is because I am concerned for both he and his patients that continuing to perform micro surgery tasks at 69/70 will be a bad move for both.

He wants to soldier on (at the moment) but I think if I squirrel away enough and the option is there, then that can't be a bad thing.

coyrls

bostonerimus wrote: »

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.

I would think that if you said you were employed on say a car insurance form, when you were not in fact employed, it could cause problems if you made a claim. Generally you can't state a profession unless you also state that you are employed (full-time or part time) or self-employed.

Snakey

These definitions can only ever be personal. For me, I will be retired when I no longer need to work another day in order to do the things I want. Anything less than that, such as part time or consultancy, does not count.

I don't plan to use the word to describe myself because of the associated stereotypes. I'll tell the world (should it ask) that I'm a freelancer.

"Early"... the original plan was 50, but for various reasons (NI contribution years, Brexit, and the massive marginal benefit of OMY at what will I hope be the peak of my earnings power) I may keep going until 52 or 53. Anything below 60 is "early", so I have some wriggle room.

Those two numbers were the ages for a) private pension and b) State pension, back when I started work and decided my ambition was to pack it in again just as soon as I could!

I don't think I have had to put my profession down on a form for a long time.

Terron

I think it is a rather fuzzy term.

My Dad, a GP took "24 hour retirement" at 60 shortly before it was abolished, then went back to work part time. Then had to stop work for health reasons after 6 months.

The elder of my sisters has just officially retired as a teacher. She stopped working as one when her children where young, but went back to working part time when they got older. She is planning to cover a paternity leave though.

I lost my job when I was 54. I could have lived on my non-pension savings until I was 60 but only frugally. Instead I put them to work by buying some properties and I now live on the income from them. For tax purposes my last 2 purchases where made using a company. So I am a company director as well as a self-employed landlord, but I use letting agents to manage my properties so I normally only do a hour or two's work each week. So I say I am semi-retired. In a couple of years I will be taking some of my pensions, but I will still have most of the properties.
Will I still just be semi-retired then?

If I had to put my profession down on a form I suppose I could put company director

darkidoe

I prefer the concept of Financial Independence and as Linton suggested it is the point where your choices in life you make is purely on your on terms and for your own satisfaction without affecting your living standards. If retirement is what you desire so be it. Interestingly I can imagine in myself and noted from stories I read of people who are financially independent is that work they do can only to true to themselves and in pursuit of their own happiness (passion projects, hobbies etc). You may even find work you currently do more rewarding and satisfactory because of you not depending on it at all. Fundamentally, you have earned the power to say 'No' and it can be liberating knowing that.

bostonerimus

After 3 years of full retirement I was asked by an old colleague to consult for his startup company. I'm a contractor and started out doing 10 hrs a week, that is now closer to 30. I could stop at anytime, but I'm needed for certain functions so I'd have to give plenty of notice. So even though I don't need the money I'm still a little constrained by a sense of responsibility. Luckily the work is fun and relatively stress free and the earnings go into a self employed pension, ROTH IRA and after tax investments. So even though I work I consider myself retired.

chucknorris

Linton wrote: »

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".

I don't actually know if I am 'semi' (80%) or 'early', I mostly think that I work one day per week because I like it, but there are times that I think about just leaving. The reasons that I work one day a week are:

- It keeps my brain active
- It adds diversity to my week
- It gives my week some structure
- Part of me doesn't want to let go
- For what I do the money is good, although that does influence me a little, it shouldn't really, because I am very unlikely to actually end up spending the money that I earn. But I am guilty of being a bit slow to accept the fact that I am into my last 25 to 30 years (and of course it could be less, and some of it in ill health).

Snakey

Part-timers: Do you feel constrained by the need to be back in town every Monday (or whatever it may be)?

It's that which would annoy me, more than the literal "I have to spend seven hours per week doing this thing" which, when expressed purely in those terms, isn't that much of an imposition.

One of the things I will enjoy about not having to work is the ability to open my eyes and say "what a lovely day, I think I'll head to the coast" (or indeed "urgh, look at it out there, I think I'll go back to sleep").

OldMusicGuy

I will count myself as "retired early" on March 1st next year when I give up work completely aged 60 but still have to wait until 66 for my SP. You could say I was financially independent but as I don't plan on working at all and I am a bit of an oldie I would be happy to call myself "retired". We will be downsizing to a smaller house in a cheaper part of the country which is a classic "retirement" move.

Terron

Snakey wrote: »

Part-timers: Do you feel constrained by the need to be back in town every Monday (or whatever it may be)?

Well I rarely do seven hours in a day and almost all of my "work" I do from home, so no.