Dithering over early retirement

Saver73

I'm an early retiree wannabe!

5 years and counting though realistically and financially it will be more like 7 years, if I want to fully stop working, which I'd prefer, though I could reduce hours and or work part-time between 55-57.

I'm tired of working after 34 years full time with various companies.  I don't dislike it but I don't enjoy it that much anymore.  I want freedom from the daily committment.

Sarahspangles

I'm tired of working after 34 years full time with various companies.  I don't dislike it but I don't enjoy it that much anymore.  I want freedom from the daily commitment.

My version of freedom was leaving a permanent job, and after that only committing to fixed term contracts. There are lots of pros and cons to this, but I always know there’s a break point coming if I want one. I also take breaks between most roles.  A recruiter told me this cunning plan wouldn’t work but it has so far.

Doglegger

Come Monday that's it for me. Done and dusted. Couldn't even wait until 55 which is not until August. Have felt for years now that this day would never come. Have grown to resent my job (one I honestly used to love) so I just feel relief and excitement about what's next.
Have a works appointed IFA meeting next Thursday so hopefully everything will go smoothly and the pension will kick in without any dramas.

Moonwolf

I’m 57, my partner of 33 years is already retired. I the past 5 years I’ve had bowel cancer and skin cancer. I’m not happy at work which has changed a lot in the last few years. I can definitely go by 60, I can juggle my pensions to have more after tax than I do now. This thread has made me think again about going at the end of this year. 

atw_uss

warrenb said:

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.

I've found this really useful - been doing it since last September, and it's made everything seem very real (and reassuring in my case). The spreadsheets are very useful too, and I have these, but actually 'living it'ntoo has made me think more carefully about expenses. I still spend reasonably freely, but perhaps with less frittering

Sarahspangles

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.

@Albermarle I’ve noticed this, people who are retired always seem to say they’re ‘even busier’, as if not being busy is somehow a problem.  In my first break between contracts I designated a few months as a sabbatical and got a chance to find out what ‘being a bit bored’ was like, without an undertow of stress, and discovered I didn’t actually want to achieve much, I just enjoyed really simple stuff like gardening.

Sunsh1ne54

Moonwolf said:

I’m 57, my partner of 33 years is already retired. I the past 5 years I’ve had bowel cancer and skin cancer. I’m not happy at work which has changed a lot in the last few years. I can definitely go by 60, I can juggle my pensions to have more after tax than I do now. This thread has made me think again about going at the end of this year. 

Best of luck with your plans. I’m glad I posted as I’ve had so many replies and they’ve all helped me to weigh things up. I too had cancer 2021/2022 and have been declared cancer free.  None of us know what’s around the corner and only we know what’s best for us. 

Pat38493

Sarahspangles said:

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.

@Albermarle I’ve noticed this, people who are retired always seem to say they’re ‘even busier’, as if not being busy is somehow a problem.  In my first break between contracts I designated a few months as a sabbatical and got a chance to find out what ‘being a bit bored’ was like, without an undertow of stress, and discovered I didn’t actually want to achieve much, I just enjoyed really simple stuff like gardening.

My wife took early retirement a year ago.  She is not regretting it one bit, partly because her employer had made some poor choices and installed a poor service manager in recent years who managed to undo a lot of good work that was done prior to that (against her advice as she knew the person from a previous role and was the dissenting voice on the interview panel to not hire that person!).

She is keeping extremely busy but ten times happier because she is only doing what she wants to do.  She has taken up a voluntary role as a trustee and helper with a local dementia charity and is really enjoying it.

On Friday we are off on a 3.5 week very late retirement holiday for her about a year after she stopped - a long holiday of a lifetime type Caribbean, transatlantic and med cruise.

The main thing though is that it is just so obvious how much happier she is these days - all the stress has gone (except in very short bursts when the kids have a crisis one has moved back in for a couple of months due to a relationship breakup but even that she is taking in her stride).

I am in the last few years of working and I am still just toying with various options including scaling back to part time work, or just stopping completely, some time in the next 1-3 years.

Saver73

I like the idea of fixed term contract work and a sabbatical inbetween but I think I'm too used to the security of a regular income, in retirement I'll still have that just a lower amount.  Or at least that's the plan!  Work and travelling to work takes up so much time, I really want that time to spend doing other things and not be restricted with timings. Though there is benefit in working in a hybrid role and not having to travel every day, that frees up some time. Roll on 2028.

Sunsh1ne54

Pat38493 said:

Sarahspangles said:

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.

@Albermarle I’ve noticed this, people who are retired always seem to say they’re ‘even busier’, as if not being busy is somehow a problem.  In my first break between contracts I designated a few months as a sabbatical and got a chance to find out what ‘being a bit bored’ was like, without an undertow of stress, and discovered I didn’t actually want to achieve much, I just enjoyed really simple stuff like gardening.

My wife took early retirement a year ago.  She is not regretting it one bit, partly because her employer had made some poor choices and installed a poor service manager in recent years who managed to undo a lot of good work that was done prior to that (against her advice as she knew the person from a previous role and was the dissenting voice on the interview panel to not hire that person!).

She is keeping extremely busy but ten times happier because she is only doing what she wants to do.  She has taken up a voluntary role as a trustee and helper with a local dementia charity and is really enjoying it.

On Friday we are off on a 3.5 week very late retirement holiday for her about a year after she stopped - a long holiday of a lifetime type Caribbean, transatlantic and med cruise.

The main thing though is that it is just so obvious how much happier she is these days - all the stress has gone (except in very short bursts when the kids have a crisis one has moved back in for a couple of months due to a relationship breakup but even that she is taking in her stride).

I am in the last few years of working and I am still just toying with various options including scaling back to part time work, or just stopping completely, some time in the next 1-3 years.

Enjoy the cruise!!