Early Retirement - what does it mean

sheslookinhot

I’m think of early retirement in Mar 22, but realised I am 62 next birthday, August. My works normal retirement age is 65 (was 60 until about 12 years ago. My State Pension age is 66, 4 years in August.  Interesting to hear people’s definition of early retirement. Would I be classed as an early retiree ?

barnstar2077

I think that most people would consider retiring before state pension age the only qualification needed. 

Anonymous101

I’d agree. Most people would class pre-state pension age as early.

I think there’s various degrees however. Folk with DB pensions paying out from 55 wouldn’t necessarily think themselves as retiring early. Neither would those with services pensions that pay out after 30 years of service, even if that was age 48 or so.

I tend to view it as anytime before access to pensions. There’s no right or wrong answer really.

Stubod

...what's in a name?.....not sure it really matters that much.

Regardless of age and pension status once you stop work you are retired?...IMHO

Alexland

sheslookinhot said:

Would I be classed as an early retiree ?

Only if your colleagues react with surprise and a little bit of envy

Flugelhorn

have a DB pension at 60 as do my colleagues - anything earlier than 60 is "early retirement" - anything after 60 is madness.

enthusiasticsaver

I think you would be classed as retiring early if you retire before NRD (normal retirement date) as specified by an occupational pension or before SRD (state pension retirement date). So yes you would be an early retiree. 

[Deleted User]

I retired early last week at 55. The pubs in tier 3 better start to open soon as life in early retirement is quite boring.

Black_Cat2

Anything below state pension age is early retirement imo.  Retiring at 55 is "extra early" retirement and should be made illegal.  There's been many government investigations into this and the outcome was a distressing amount of people inflicted with "green eyed monster syndrome" which ultimately caused great resentment in the country (or something like that) 😜

Sea_Shell

I'll claim early retirement at 47!!

As it's been reported on here, most people worry or get confused about the "technicalities" of declaring yourself "retired" especially around things like Motor Insurance, if you are not yet able to draw from a "pension".   

If you are living off savings, rather than being able to access any pensions yet, then banks etc may classify you as not actually having ANY income, for application purposes, which you don't technically!!!

It can put you in a financial limbo, when it comes to "official" stuff.      Personally, I'm a "Homemaker" at present, even if by DH is too (he's not 55 yet either).    What I am NOT, is Unemployed!!!!!

Sea_Shell

Alexland said:

sheslookinhot said:

Would I be classed as an early retiree ?

Only if your colleagues react with surprise and a little bit of envy

Ha, definitely this!!!!