Dithering over early retirement

Gummomarx

Ride, ride like the wind - stop wasting your time prevaricating.  I retired at 58 too - nearly 8 years ago.  the sums were right and I've never regretted my decision or have been bored for a millisecond.

I'm like a wee-boy again but, it's better - I have money and I don't need to ask permission to gallivant.

Daffodil1234

Hello @Sunsh1ne54 and wishing you all the best with making your decision,

You've mentioned that the finances would be OK (even if a bit less than salary).  So when you are considering the "what ifs" and "is this the right choice" - have you considered or done the below:

1) Walk around all the house, garden, car -  are there any items which you know need fixing / replacing?  Have you planned how to pay for them ?  (maybe during next 5 - 10 years)

2) have a look at your own health and partner / family members.   Are there any health problems that need attention ?

3) is there anything else which is likely to happen in the next 5 - 10 years which is significant for you ?

For each of the above, what would happen if you stayed employed for the next few years ? And what would happen if you retired now ?

Then hopefully considering the answers will give you some more reassurance that you've thought about not just the money, but also health / personal items too,

Roger175

My wife retired at 59 last August, her job in a local school was just becoming too stressful for the measly salary. I have just turned 59 and have been dithering. I had been toying with winding down over the next two years or so - I am a self employed consultant with various commitments, so I can't just stop overnight, but I actually stopped taking on any new work at Christmas and will now just finish off what I'm committed to and then go. This will mean a few days a week for the next few months and then just a few hours per week until everything is signed off. I should be fully retired in about a year.

I am already so much more relaxed and I just love the great feeling I get when I turn down work! Perversely, it's even better than the feeling of satisfaction I used to get when I won a job!

We know we can manage on the provision we've set aside as we've always lived very frugally and have managed in recent years, on far less than what we've been earning. My wife's two small DB pensions will automatically get triggered later this year when she turns 60, but I don't reckon we'll need to look at drawing down from my DC pensions for a number of years, probably not until we reach SPA. Fortunately were just about to complete on the sale of our rental property which puts a coupe of hundred thousand in the bank and this will keep us going for a good while. Again, this sale has already reduced stress levels, happy days!

OldScientist

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 !

I know what you mean, but when I retired I found there were two broad camps

1) a few older colleagues who wondered what on earth I was doing retiring early.

2) while, younger colleagues and friends outside of science (i.e., in the normal world) tended express the wish that they were in a position to do the same.

Aside from the government, no-one, yet, has accused me of singlehandedly undermining the UK economy...

atw_uss

I know what you mean, but when I retired I found there were two broad camps

1) a few older colleagues who wondered what on earth I was doing retiring early.

2) while, younger colleagues and friends outside of science (i.e., in the normal world) tended express the wish that they were in a position to do the same.

Aside from the government, no-one, yet, has accused me of singlehandedly undermining the UK economy...

Made me smile, @oldsci@OldScientist ... exactly what I have found (I work in academia)! I have some older colleagues 60+ who seem to think I'm a bit deranged

I will be interested to see if the government can tempt me back to work in the future.

Sunsh1ne54

Daffodil1234 said:

Hello @Sunsh1ne54 and wishing you all the best with making your decision,

You've mentioned that the finances would be OK (even if a bit less than salary).  So when you are considering the "what ifs" and "is this the right choice" - have you considered or done the below:

1) Walk around all the house, garden, car -  are there any items which you know need fixing / replacing?  Have you planned how to pay for them ?  (maybe during next 5 - 10 years)

2) have a look at your own health and partner / family members.   Are there any health problems that need attention ?

3) is there anything else which is likely to happen in the next 5 - 10 years which is significant for you ?

For each of the above, what would happen if you stayed employed for the next few years ? And what would happen if you retired now ?

Then hopefully considering the answers will give you some more reassurance that you've thought about not just the money, but also health / personal items too,

Thanks for this suggestion, definitely something we’ll look into! 

Sunsh1ne54

Silvertabby said:

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. 

Happy Retirement 😊🎉

Sunsh1ne54

Doglegger said:

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.

Congratulations! Enjoy your early retirement 😊

RoysV

Doglegger said:

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.

Great stuff. It was strange for me yesterday. As I drove out the gates for the last time I didn't feel anything, not happy. sad, relief just nothing it was like the Alan Partridge shrug gif, which isn't what I thought I'd feel at all. Don't get me wrong I'm really looking forward to my retirement but at that moment....... nothing

[Deleted User]

Simply stop dithering and get on with it!