Early Retirement - what does it mean

marlot

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

Or tell you that 'you're lucky to be retiring early'.  No - I was the one driving a 10-year old car when they were upgrading each year!

fred246

Deleted_User said:

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.

My job was very sociable. During these lockdowns I have kept thinking maybe I should go back to work. Then I imagine setting the alarm clock and going in to a load of stress and I think better of it. I remember watching a programme called 'the fairy jobmother'. There was a woman who hadn't worked for a couple of years. The fairy jobmother declared her unemployable which I thought was a bit harsh at the time. Now I understand it. Once you have had a few years of freedom it is hard to imagine working again. At least full time anyway.

Alexland

marlot said:

Or tell you that 'you're lucky to be retiring early'.

I told one of my oldest school friends we were hoping to retire early and he told me not to be stupid as that costs millions. I assured him I have a plan and had been making substantial provisions but he rubbished the idea that it would be possible and that was the end of the conversation.

Terron

My sisters say I retired when I was 53. HMRC disagrees.

What happened was I lost my job in IT. I had a choice between living of my savings until my pensions kicked in or putting my savings to work. I did the latter by becoming a landlord - self-employed. I pay an agent for full management. Later I started a company for tax reasons and as a director I count as an employee, though I have not taken a salary. I have earned a few hundred through consultancy.

So according to HMRC I am both self-employed and an employee, but I work maybe 50 hours per year, mostly on my accounts. So most people would say I was retired.

blisteringblue

Sea_Shell said:

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!!!!!

Wow, never really thought of this.  I've just given notice at work and will finish in March next year.   I will be 53 so you beat me 
I haven't decided if I am retired yet though, I am taking 6 months to see how quickly I burn through cash before deciding if I need freelance for 12 months leading up to proper retirement at 55.  I will probably still use my current job title for now  :-)

pensionpawn

Anonymous101 said:

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.

I agree.
< 55 = early, >67 = late
In between is the retirement zone where you're trying to convince yourself that you now have enough to quit the rat race and enjoy your standard of living!

Albermarle

pensionpawn said:

Anonymous101 said:

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.

I agree.
< 55 = early, >67 = late
In between is the retirement zone where you're trying to convince yourself that you now have enough to quit the rat race and enjoy your standard of living!

There are a few anti work /FIRE types who seem to plan on retiring as early as 40 or even 30, and some people ( particularly family business/entrepreneurs in my experience ) who never retire ( and US President elects) .
Otherwise I would agree for the mainstream < 55 = early, >67 = late

Alexland

Albermarle said:

There are a few anti work /FIRE types who seem to plan on retiring as early as 40 or even 30

I wonder what proportion of them have children....?

Sea_Shell

Alexland said:

Albermarle said:

There are a few anti work /FIRE types who seem to plan on retiring as early as 40 or even 30

I wonder what proportion of them have children....?

As a sample of 1, retired age 47, 0 children!

Albermarle

Alexland said:

Albermarle said:

There are a few anti work /FIRE types who seem to plan on retiring as early as 40 or even 30

I wonder what proportion of them have children....?

Is that because you have to work longer to pay for them, or that you prefer to go to work for some peace and quiet ?