Early retirement - is when or how much more important?

ermine

k6chris wrote: »

This is the big one for me....I am just swapping time for money at the moment, absolutely no enjoyment at all. However, the job is not stressful so I am caught between the two thoughts of going now or one more year.... I really thought pulling the plug would be easier than this!!

Erm, I hate to point this out to you, but you are not honouring your finite time on earth, then.

As a more general observation, I grew up in a working-class part of London. Everyone had hobbies, there wasn't really a problem with knowing what they wanted to do after they stopped work. True, people were often in poorer health when they got to retirement than people are now, so sometimes they weren't able to do it.

Somewhere along the 40 years we seem to have lost some of that. This may be controversial and I am only stating my own opinion, each to their own, of course. But it would trouble me if I had come to a point where I didn't need the money from work, but working was the best thing I could think of to do with my time. The world is full of fascinating wrinkles and the class of activities that I can look into that don't make money (or cost money) is far larger than the class of activities that do.

That's not to say I haven't made the odd little bit, and I am grateful that you can now make up to £1000 p.a. trading allowance without needing to go through SA, because for a couple of years I declined that sort of opportunity. But the absolute worst aspect of work was that it made a standing claim on my time, and I am glad to be shot of that. That's the funny thing about time; they're not making any more of it for me. Just because you can't stick a number on it, r at best a probability, doesn't mean to say the balance isn't dropping. At a rate of about 168 hours a week...

Spreadsheetman

ex-pat_scot wrote: »

....My plans adapt and adopt, and are regularly challenged and revisited. I'm comfortable with that.

Precisely. My thoughts & plans in 2012 when I realised that I was drifting into pension territory with no clue bear no resemblance to today. A lot of things have changed over the last 7 years.

Stubod

I consider myself "retired" even though I still work (very part time). Retirement for me is about having "enough" to be able to choose whether I work or not, (or how much work I can choose to do).

Nothing wrong with continuing to work if you enjoy your job. (I did not enjoy my original "full time" employment and I would never go back to 5 days a week, but I find I need something to focus on, so doing an easy part time job suits me).

ams25

My simple formula...

1. Enough + love my job = Keep working for now OR go part time

2. Enough + job is ok = One More Year

3. Enough + Health issues = Quit ASAP

4. Enough + dislike my job = Give notice now.

If not Enough then GOTO 1 or 2 UNTIL Enough

I found once I had enough, I disliked the job more!

k6chris

ermine wrote: »

Erm, I hate to point this out to you, but you are not honouring your finite time on earth, then.

This may be controversial and I am only stating my own opinion, each to their own, of course. But it would trouble me if I had come to a point where I didn't need the money from work, but working was the best thing I could think of to do with my time. The world is full of fascinating wrinkles and the class of activities that I can look into that don't make money (or cost money) is far larger than the class of activities that do.

Ermine, I completely agree with you, hence my comment about finding it harder than expected to jump! There are lots more things I would rather do - I think part my problem is that having always had a plan to retire at 55, I now find myself 1 month away from that date, with the ability to do just that, I am now asking the very real question of what would I actually do with my time? There is also the wider 'pressure' of being told I am 'way too young to retire'. I have relished the "FI" journey but now find myself questioning the "RE" destination. I have had a couple of sabbaticals and never had any problems finding things to do, but some how they were temporary breaks, where as "Retirement" seems very final! I think I am a matter of weeks away from pulling the trigger, but still finding it a hard thing to do. Curious!

Bravepants

k6chris wrote: »

Ermine, I completely agree with you, hence my comment about finding it harder than expected to jump! There are lots more things I would rather do - I think part my problem is that having always had a plan to retire at 55, I now find myself 1 month away from that date, with the ability to do just that, I am now asking the very real question of what would I actually do with my time? There is also the wider 'pressure' of being told I am 'way too young to retire'. I have relished the "FI" journey but now find myself questioning the "RE" destination. I have had a couple of sabbaticals and never had any problems finding things to do, but some how they were temporary breaks, where as "Retirement" seems very final! I think I am a matter of weeks away from pulling the trigger, but still finding it a hard thing to do. Curious!

Regarding "pressure" of being told you're too young to retire...who is pressurising you?

They are probably jealous! Live your life for you, not other narrow minded people!

Also you must have some interests outside work right? Perhaps you can spend more time doing them! I would rather spend my 8 hours a day in front of my piano rather than behind my desk!

Triumph13

For me it was very much a case of 'retire when you have enough saved', but still very much complicated by age issues in terms of needing to bridge gaps until various DBs and SPs kick in and hving enough outside of pensions to live on before 55.

Bravepants

Triumph13 wrote: »

For me it was very much a case of 'retire when you have enough saved', but still very much complicated by age issues in terms of needing to bridge gaps until various DBs and SPs kick in and hving enough outside of pensions to live on before 55.

Yes, I think "bridging gaps" is a common theme among ER wannabes.

ermine

k6chris wrote: »

I am now asking the very real question of what would I actually do with my time?

You will never know that in advance. This is because the working you is not the same person as the retired you. Not just because you can't step in the same river twice, but because if you do it right, you are changed by the experience.


There will be a period of decompression, it's length varies, but six months is a good first guess. Above all else make no irrevocable changes to lifestyle there - else you may be stuck with the dreams of your working self in an actuality of your non-working self.


Work takes up so much of our time, many things gets easier if you own your own time. Travel is cheaper per day if slower or you spend more time at your destination. But even the day to day gets easier, you choose when and how to do things. Run your washing when the sun is out, avoid weekends for most things. You will form your dreams and activities. For the quotidian, watch the sun go down from hills, walk to the shops rather than drive. Think back to the things you liked as a child. and so on.



But beware one more year, it stretches into two, then five. I have seen people run into the bathtub reliability curve of human health, and it doesn't half cramp their style. I fear the corner is somewhere in the late 40s, not 67. I have been fortunate so far, and I wonder if some of getting out into nature and walking more helps with that. And perhaps living less unhealthily, because I am not trying to make the rotten experience of work go away.


I do hear y'all when you say you don't have a problem with work, you get something out of it. But it's still an opportunity cost. If you really have enough money, then working is time you aren't soing something else. It being the best option suggests a lack of hinterland or imagination to me. One very cogent point is, particularly for men IMO, work is often a large part of social life. Expand your circle while still working, because getting to know new people as an older adult is much slower than when you were at school or university. You don't want that to be a sudden stop, and I am grateful to the people who warmed me up to that before I retired.

k6chris

ermine wrote: »

You will never know that in advance. This is because the working you is not the same person as the retired you. Not just because you can't step in the same river twice, but because if you do it right, you are changed by the experience.


There will be a period of decompression, it's length varies, but six months is a good first guess. Above all else make no irrevocable changes to lifestyle there - else you may be stuck with the dreams of your working self in an actuality of your non-working self.


Work takes up so much of our time, many things gets easier if you own your own time. Travel is cheaper per day if slower or you spend more time at your destination. But even the day to day gets easier, you choose when and how to do things. Run your washing when the sun is out, avoid weekends for most things. You will form your dreams and activities. For the quotidian, watch the sun go down from hills, walk to the shops rather than drive. Think back to the things you liked as a child. and so on.



But beware one more year, it stretches into two, then five. I have seen people run into the bathtub reliability curve of human health, and it doesn't half cramp their style. I fear the corner is somewhere in the late 40s, not 67. I have been fortunate so far, and I wonder if some of getting out into nature and walking more helps with that. And perhaps living less unhealthily, because I am not trying to make the rotten experience of work go away.


I do hear y'all when you say you don't have a problem with work, you get something out of it. But it's still an opportunity cost. If you really have enough money, then working is time you aren't soing something else. It being the best option suggests a lack of hinterland or imagination to me. One very cogent point is, particularly for men IMO, work is often a large part of social life. Expand your circle while still working, because getting to know new people as an older adult is much slower than when you were at school or university. You don't want that to be a sudden stop, and I am grateful to the people who warmed me up to that before I retired.

Amazing post, thank you.