Dithering over early retirement

Sunsh1ne54

Sarahspangles said:

If you’re really stressed maybe you need a bit of time off to relax, so you can be more objective about it.

Yes, I’ve taken holidays and found I’m more keen to retire 😄

Albermarle

Sunsh1ne54 said:

atw_uss said:

My income from the summer onwards will be less than 1/3 of what I was earning before I went part-time. However, we don't owe anyone anything, there will be no more expensive commutes  and a very good 'cushion' in the bank. For my husband and me, that works out as more than enough

Yes, our mortgage is paid, we will have savings, so I guess I’m just making sure I’m not missing anything 

Usually you end up paying less tax as a % of your income, and paying less in pension contributions and not paying NI, so your net income is less affected by retiring than your gross income.

atw_uss

Definitely wise to be thinking it all through, and I think it's completely understandable to be unsure ... it's a decision most of us only make once. I spent a long time looking at spreadsheets, analysing spending from statements (wondering where it all actually went - this was a good exercise on its own).

From September onwards, we've been living on what the pension will be (I put the rest straight into savings) to 'practise' and see if it's enough. It was only when I had this reassurance that I had the confidence to push the button.

Sunsh1ne54

atw_uss said:

Definitely wise to be thinking it all through, and I think it's completely understandable to be unsure ... it's a decision most of us only make once. I spent a long time looking at spreadsheets, analysing spending from statements (wondering where it all actually went - this was a good exercise on its own).

From September onwards, we've been living on what the pension will be (I put the rest straight into savings) to 'practise' and see if it's enough. It was only when I had this reassurance that I had the confidence to push the button.

That sounds like a very good idea! I’m also trying to factor in larger expenses ie updating cars 

xylophone

My late father (sadly died very suddenly well before retirement age) was  fond of saying that there's not much point in being the richest man in the graveyard...

Sunsh1ne54

xylophone said:

My late father (sadly died very suddenly well before retirement age) was  fond of saying that there's not much point in being the richest man in the graveyard...

I’m so sorry to read about your father. My Dad died at 57 and sadly had no retirement either. 

xylophone

My Dad died at 57 and sadly had no retirement either. 

Mine was 59 and it was a terrible shock - my mother was inconsolable and it was a very distressing time - I can still remember having to telephone his employer, hearing the silence and then a voice saying "There'll be a lot of sad faces here today"...

Sunsh1ne54

xylophone said:

My Dad died at 57 and sadly had no retirement either. 

Mine was 59 and it was a terrible shock - my mother was inconsolable and it was a very distressing time - I can still remember having to telephone his employer, hearing the silence and then a voice saying "There'll be a lot of sad faces here today"...

So very sad

Kim1965

Why not get the figures for your db pension if taken now?
 I am 58 and had a npa of 60, the reduction for paying out two years early was only6%. For me it was a no brainer, still only semi retired though. I am still dithering! 

Bimbly

When my Dad was 62, he asked me if I thought he should keep working or retire. His pension would be so much more, he said, if he waited until he was 65.

"Can you afford to retire on your pension now?" I said.

"Well... yes," he said.

"Then retire!"

"I thought you would say keep working."

"No - why?"

He had had to change jobs, wasn't happy in the new one and could afford it. There was no question in my mind what he should do. As it turns out, he has a lot of money left over every month after bills - probably helped by the fact that my Mum absolutely refuses to go on holiday.

Quitting at 62 was the right decision. The only thing that was holding him back, I think, was the sense that he should keep working. It just required a change of mindset.