Dithering over early retirement

Sunsh1ne54

Hi, has anyone else here dithered over early retirement?
I’m 58 and have a DB pension due at age 60. I also have a small pot saved in a DC pension over the past 7 years which I can use some of to pay myself. 

I’d love to retire this summer, but I’m worried I’m being silly not waiting until my DB pension is in payment. 

I don’t enjoy the workplace anymore and my stress levels are sky high. 

I’d love to hear what others think, so I can consider my options. 

Thanks in advance

comeandgo

I took early retirement at 60, that was 3 years ago.  Love it, I have private pension and husband is also retired.  I do some walking, volunteering and sometimes just do nothing.  I have many book to read but it did take quite a while before I could relax and allow myself to do nothing, always had been so busy with full time work.

xylophone

I don’t enjoy the workplace anymore and my stress levels are sky high. 

I also have a small pot saved in a DC pension over the past 7 years which I can use some of to pay myself. 

You are 58 and will have a DB pension which will be paid without actuarial reduction within 24 months.

You are unhappy and under emotional /psychological pressure at work.

You have the means to support yourself before your pension comes into payment.

Considering these circumstances, put your mental health (which probably has an impact on your physical health) first?

Don't forget to check your state pension forecast.

https://www.gov.uk/check-state-pension

Keep_pedalling

Sunsh1ne54 said:

 

I don’t enjoy the workplace anymore and my stress levels are sky high. 

I’d love to hear what others think, so I can consider my options. 

Thanks in advance

Those were the reasons I got out early. Stress can be a life shorter so I would go ASAP. Find something part time and less stressful if you need a bit more cash or don’t have enough interests to fill up your day.

Peterrr

If the sums work, then go now. We rarely (ever?) see retirees regretting such decisions

atw_uss

I will be retiring this summer at 56 and dithered for about a year. My husband has already retired and is loving it. I spent a long time doing the maths, but we can afford it, and I feel 100% happy that I've made the right decision - health and enjoyment of life are the most important things for me. I still enjoy many aspects of my job, but the stress and workload simply aren't worth the impact on my health any more.

If you can afford to go and aren't enjoying work, it sounds like it would be a good time for you too.

Anonymous101

Sunsh1ne54 said:

Hi, has anyone else here dithered over early retirement?
I’m 58 and have a DB pension due at age 60. I also have a small pot saved in a DC pension over the past 7 years which I can use some of to pay myself. 

I’d love to retire this summer, but I’m worried I’m being silly not waiting until my DB pension is in payment. 

I don’t enjoy the workplace anymore and my stress levels are sky high. 

I’d love to hear what others think, so I can consider my options. 

Thanks in advance

Silly is staying in a job that isn't enjoyable and is causing lots of stress especially if you have the means to support yourself financially without it. You don't go into details on the financials, whether your DB pension is sufficient once it begins etc but in any case you should be looking at leaving that workplace immediately.

RoysV

Sunsh1ne54 said:

I don’t enjoy the workplace anymore and my stress levels are sky high. 

This is exactly the reason why I'm packing in this Friday, Yay go me. 
I'm probably going 2 years earlier than I planned but I'm 100% certain I've done the right thing. Stress is a killer and anything you can do to reduce that can only be a good thing, although don't pack in then spend all your time worrying about if you've done the right thing.

Silvertabby

We had always intended to retire when I was 60 and have never regretted that decision.  Even though we could have easily worked on for a few more years, our numbers stacked up and, to us, being able to do what we wanted when we wanted to to do it was more valuable than our salaries.

In your case, stress can be a killer, both physically and emotionally.  Go now if you can.  If your numbers are still a little short, there are other options, other less stressful jobs. 

Sunsh1ne54

Thanks everyone for your replies. It seems I’m not daft to be planning to retire early after all!  My DB pension will cover expenses when it starts at age 60, with some spare so that’s good. I won’t use all my DC pension covering 16 months of not working either. My partner has a reasonable DB pension and his State Pension - he’s 68 - another reason to retire so we can enjoy life together while we’re still young enough! I had a brush with cancer last year and have been declared cancer free - so I know first hand that time is precious. 

cloud_dog

Sunsh1ne54 said:

Hi, has anyone else here dithered over early retirement?
I’m 58 and have a DB pension due at age 60. I also have a small pot saved in a DC pension over the past 7 years which I can use some of to pay myself. 

I’d love to retire this summer, but I’m worried I’m being silly not waiting until my DB pension is in payment. 

I don’t enjoy the workplace anymore and my stress levels are sky high. 

I’d love to hear what others think, so I can consider my options. 

Thanks in advance

I don't know if this helps you or not but....

Do you know how much you want / need to live on in retirement before DB, and then until SP?

Does the DC pension have sufficient money to cover this?

I think I took a leaf out of @Linton book by breaking our retirement in to three phases; early retirement (up to DB/SP age), SP age to 80, and then anything else.

We have a different guestimate annual living amounts during the three phases (well the first two actually).  Once our DC pots of money reach the required total amount, that is it we are going.  Only another 3.83% to go  which puts us a year ahead of the targeted early retirement date.

Being completely honest I am also likely to procrastinate when we reach our target, but I am hoping that having done the basic work (our numbers) and knowing all of that financially hangs together will allow us to simply walk away as soon as we reach the target (the target is a little flexible because obviously the earlier we go the more we need to support a slightly longer early retirement phase).