Dithering over early retirement

arthurdick

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"...

Very sad to hear, it must have been absolutely terrible for your mum, yourself and the rest of the family.  Very sad for anybody to go before they retire, I have known a few that did and it is horrible.. 
My dad passed way in 2011 aged 79, what gave me great comfort  was the fact that he was medical retired at 45 but still able to live and enjoy life to the full,  he was out and about and having more holidays abroad than me and my missus.  my mum passed away last year at 83, she loved  her work and and carried on part-time until 77, she had a brilliant retirement with her husband of 20 years,  weekend trips to Paris quite often, eating out at the  best restaurants around London and down at the Fat Duck.  ?They both had a very good time until they passed.  
On that note, all those who are dithering, don't,  you only have one life, enjoy it while you can, sod work and the O.M.Y., go now.

newatc

I saw few of my elder colleagues retire at 65 and just last a short time in retirement which made plan to retire at 55.

However, a  good redundancy/retirement package convinced me to retire earlier at 53 That was 20 years ago and I have never regretted that move for a second. There are some aspects of work that I miss (it wasn't all bad) and occasionally (especially winter) get bored but the pluses of freedom to do what I want (in reason) outweigh the negatives.

AlwaysLearnin

Sunsh1ne54 said:

I just worry I’ve missed something…

Sounds like you've just missed the 'hand your notice in' bit 😊

Go on, enjoy life on your terms.😁

bigfer

I haven't read all the replies so I don't know your financial position, but if you think you can go, go. 
I've been retired for 5 years and am spending less than my game plan . I spend a large chunk of my pension and savings on cheap off peak holidays to various European destinations where a drink copious volumes of cheap wine, the rest of my pension I just waste.
Ok, somewhat flippant, but my mantra has become running out of money is optional, running out of time is mandatory. I too posted a similar question on this board when I was deliberating retirement and received significant useful advice.
Be lucky.

pensionpawn

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

My wife retired last August just before turning 57. She needed to as her stress had been steadily rising and all the family have noticed that she's now less tense, which is good for all of us! She reduced her hours gradually over the course of 18 months. I'm doing a similar process having reduced my hours last year and further again from this April. Not only does it gradually reduce your finances (testing your plan), if prevents a cliff edge, reduces stress and, I believe, avoids dithering. That said, although I could pull the trigger because now, as I now work only half of the year I'm happier in my role and am willing to continue longer than I would have done full time. When management make their next mistake, if it's one I just can't deal with, I'll pull the rip cord. I have a saying at work: when the fun stops, stop (if you can). Life's too short and the wheels start to fall off. Retire young enough to enjoy it. My father used to say "tomorrow's never promised". 

theoretica

If you retire from the job you have, but would like some more income you could find a part time job doing something less stressful.  Another option that may exist is partial retirement - staying part time in your job and taking part of your pension.  Of course a half time job may have more or less than half the stress of a full time job.

Pipthecat

Try a change of job.  You can move companies, change role in your current company, maybe go contracting or try something entirely different. Worst case scenario it does not work and you can retire early.

Albermarle

Bimbly said:

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.

Although on this forum there are a lot of early retirees/ wannabe early retirees, I think in the wider world there is still some suspicion ( not sure if this is the right word ) about it. In that it is not quite right somehow to be sloping off early from work. Almost that it has some stigma attached to it. Probably your Dad was thinking on similar lines.
Even when I retired at 62, quite a few people at work and outside, said things like you don't look like the retiring type and other similar comments.
I had a friend who got a massive payoff and retired at < 50. For years people would say to him surely you must get bored, be looking for a job, it is too early to retire etc 
Clearly also the government is not happy with people retiring early either !

Sunsh1ne54

Albermarle said:

Bimbly said:

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.

Although on this forum there are a lot of early retirees/ wannabe early retirees, I think in the wider world there is still some suspicion ( not sure if this is the right word ) about it. In that it is not quite right somehow to be sloping off early from work. Almost that it has some stigma attached to it. Probably your Dad was thinking on similar lines.
Even when I retired at 62, quite a few people at work and outside, said things like you don't look like the retiring type and other similar comments.
I had a friend who got a massive payoff and retired at < 50. For years people would say to him surely you must get bored, be looking for a job, it is too early to retire etc 
Clearly also the government is not happy with people retiring early either !

That’s very true! 

warrenb

Am from this month I am saving all but what I would receive from my pension until hopefully retire, just to get used to the balance and idea of having a certain amount of money going forward. I think this is a great idea as someone pointed out earlier in the thread, as you can look at how it goes, see if adjustments are needed, and also the difference in the meantime can of course be saved.