To those who retired early, what made you take the plunge (and any regrets?)

Toucan13

Just that really - I'm a wannabe early retirer who spends way too much time on this board these days (but have learned SO much - thank you). I'm on countdown (not quite there yet - some financial reasons and some family ones). 

I'm 53 and wondering what makes some people take that big step, what did you worry about when you did so, and have you had any regrets?

OldMusicGuy

Stress at work and the impact it was having on my health. Retired at 60 when I was originally planning to retire closer to 64-65. I worried that I would not have enough in my DC pension pot to support our required lifestyle, working for another 4 years would have made a huge difference (I would have been able to save a lot more).

It's working out fine so far, my only regret is that I didn't do proper pension planning in my 30s/40s so that I could have retired even earlier (I think around 55 would have been ideal for me). Life slips past very quickly and as you get older you realise you only have limited time left. 

Toucan13

Thank you OldMusicGuy - so pleased it's working out well for you.  I seem to know so many people in their 50's and early 60's who are weighing this all up including myself.  This last year has really brought home the importance of health and enjoying the here and now because we don't know what's around the corner. I have the same concerns re my DC pot and if there's enough (and what if I'm unlucky with sequence of returns)

Now I read my original question back I realise it's a pretty nosy question to ask people. But in many ways the finances are only part of the dilemma I suppose.

comeandgo

My husband is a lot older than me and retired so to get more “us time” and I grew to hate my job.  Had no worries as financially knew we would be fine, not rich but comfortable.  Have no regrets.

stephenadarglas

This isn't a dress rehearsal - only one go at life you get.

Stubod

..simples...retired early as I did not like the work I was doing and had accumulated sufficient funds to allow us to do so.

It does take some time to adjust to seeing your hard earned savings / investments going down rather than up, but you have to get used to the idea it's what you got them for in the first place!

No regrets, although at times it can get quite boring unless you have some good hobbies / activities planned. (Worse during covid as unable to travel as planned).

..and as above, your are a long time dead!!

smutput

Definitely the stress of the job and the relentless pace of changes in the work made me want to go as soon as I could. Having the finances in place was a prerequisite though.  More money would always have been nice but I am loving the freedom.
A lovely sunny walk today instead of staring out the window feeling another day of my life had been wasted.

saver_ali

I had a one off consultation with a Financial Planner in my early 50s and told him that our goals were to retire at 60. He looked at our financial situation at that time, and ran it through some modelling software. It seemed feasible, and he suggested ways to maximise our pension savings. We put as much as we could into my husband’s SIPP for a few years, as he got extra tax relief being a HRT payer. 

I was made redundant at 58. I applied for a few jobs but never heard back from any of them, so I effectively retired earlier than expected, and started drawing a small DB pension at 60. Retirement has been brilliant for me and I’m so glad I stopped working when I did.

It was a bit different for my husband. He found work very stressful, but was scared of having no earned income after so many years of working, He's very risk averse. I kept going over the figures with him to convince him we would be ok. When he reached 60 he gave 3 months notice, although was still a bit nervous about it. His company are a large corporation and they offer employees a free 2 day retirement workshop. It covered not just the financial side but all the other aspects of retirement and how to cope with it. It really helped my husband. He has now been retired for two years, and we’re very happy with the way things have worked out. 

We’re savers rather than spenders, and initially it felt wrong to be using our savings to live off, but getting regular income from a DC pension and a drawdown arrangement makes it feel a bit like getting a monthly salary.

MalMonroe

I retired at 60 which was my correct retirement age at the time before it began creeping up so as of this year you could say I retired 6 years early as the age is now 66. I could have stayed at work and one of my colleagues the same age did just that. But I hated my job and was glad to go.

That was 11 years ago, time has flown and I have never ever regretted it for a single minute. I didn't lose any income as I also have two small private pensions but even if I had, I wouldn't want to have worked on and would have made some financial adjustments.

In my experience, there is always something to do. And if not, what's wrong with just sitting and thinking and having a quiet five minutes to yourself?  Doing what makes you happy rather than working your socks off to earn a crust.

There definitely IS more to life than money and I heartily recommend retirement. If you really do get bored or need other people or more stimulation, you can join University of the third age (U3A) in your area. You may have heard of it - it isn't a university at all but an organisation that helps older people mix and meet and share interests. I haven't needed to do that yet but would consider it for the future. Having an optimistic outlook helps, too. But as I say I have not regretted retiring for one minute, took to it like a duck, etc. and no worries about it either.  Good luck, for when you do decide to take the leap. 

Albermarle

I think hating your job or if it gives a lot of stress, makes it easier to take the plunge .
If you do not hate it ( although you might not love every aspect of it ) , your boss is OK, the money is OK and the work/life balance is OK, then it is much more tempting to do One more Year ( or a few more years). This is what I have done and the big advantage, is that it has improved my finances beyond what would normally be considered enough for our lifestyle, so at least when I do retire ( soon) the worries about spending rather earning will be much less.
I am glad I did not retire this time last year as working form home a few hours a day has given me something to do, and meant I did not have to do the part of the job I was getting fed up with , which was travelling every other week. 

cfw1994

saver_ali said:

His company are a large corporation and they offer employees a free 2 day retirement workshop. It covered not just the financial side but all the other aspects of retirement and how to cope with it. It really helped my husband. He has now been retired for two years, and we’re very happy with the way things have worked out. 

Sounds like things are working out well for you: well done!
I do wish more companies offered some such workshops.   Any good bullet points he took away from it you could share (I've *not* been on one - no options where I am!).   
Always keen to learn!     We went to an afternoon seminar offered by a local IFA company: it was dreadful!   They focussed on how you had 21 slots to fill - morning, afternoon & evening, for 7 days a week.  No sh*t, Sherlock!   Very, very basic information given.   I guess they were trying to draw people into using them for their finances, but of the 15 or so there, I doubt many/any gleaned anything really useful.   Did have a lovely afternoon tea, mind!