Bold leap into retirement

michaels

A lot of my peers almost certainly couldn't retire as they spend a much higher proportion of a similar income, so less ability to save and a larger post retirement income needed.

I guess the world would be very boring if we all had the same priorities.

Roger175

Yep, finding exactly the same. I find I need to tailor my comments depending on who I'm talking to. It can be somewhat embarrassing discussing things to say a friend who has been through a costly divorce, on modest income and has always been hopeless with money, whereas I wasn't quite so considerate when a builder/developer who I know, started mouthing-off that I must have earnt 'a shedload of money' to be able to afford to retire early'. This from a man who has earnt a shedload of money and also knows how to spend it - a flash Harry type driving a £150k Range Rover, and no private pension (his house is his pension apparently… good luck with that one!)

cloud_dog

I am neither (negatively) conscious or guarded that we retired early. We made sacrifices over the years to support our retirement plans, as this was something we knew we wanted to do. When it has come up in discussions (Oooh, I wish we could retire early, etc) with friends, I simply highlight that they have had the enjoyment of having disposable income and chose to use it. Swings and roundabouts, use it now or have/use it later. Simples.

Just to note, I am not colour blind to some people not having the ability to go without some money today to have some money tomorrow, but context re the above conversations is relevant.

infj

Just tell them you are eating your marshmallows at last and then tell them to google the Stanford Marshmallow Test 🤣

katejo

https://forums.moneysavingexpert.com/discussion/comment/81950251#Comment_81950251

I had 1 colleague until a few years ago who really didn't want to give up work at all. She was already 65 when she came to us (compulsory retirement from her previous job) and she stayed with us until she was well into her 80s. Partly financial but also social. She loves being with others. I have invited her to my work farewell do later this month. She has accepted the invitation but replied with something like "Yes I'd like to come but I am sad for you. I wish you were going to stay in the job much longer" 😂. I don't know her exact age because she refuses to tell us but she must be around 90 now.

I have come across quite a few women on age related forum discussions who say that they can't possibly afford to retire before 66/67 and really resent the raising of the state pension age. I am so glad that I paid off my mortgage fairly early and added AVC's to my DB pension.

CruisingSaver

I joined the ranks of the early retired on 1st April. I worked for the NHS and an opportunity to apply for MARS came up as a result of my Trust being merged with another so I went for it. It’s early days but it was definitely the right decision, just waiting for my husband to find out if his VR application has been accepted.

BridgetTheCat

I had lunch with a bunch of friends yesterday, all of us women early 50s to early 60s. We were talking about our retirement plans and J suddenly said, “How come I’m the oldest one here and the only one still working full time?”

It was a joke but it does reflect our different circumstances and priorities:

• one lifelong singleton, no kids
• one married with no kids
• one married with kids
• 2 divorced with kids

MallyGirl

https://forums.moneysavingexpert.com/discussion/comment/81951390#Comment_81951390

kids are definitely expensive (and I only had 1)

MayDogsandCoffee

I am single, no kids and will be retiring shortly at 60 (state pension at 67), after working p/t for short sessions before going back to college at 23, I have worked f/t for 35 years but to afford my mortgage in the early days I worked f/t and then another 4 nights per week. I paid my mortgage off early (thanks MSE) and have saved.

Time and time again I read that women are struggling with debt and pension payments, usually because they are spending more on children than the fathers chip in as well as working p/t to fit around school and activities. We need more financial education in schools, less consumerism and more planning. Less dependency on spouse or partners to provide / share in old age (they might not be there).

My job never was what I dreamed of doing when I left school, but it allowed me to become financial secure and have my dream as a hobby instead.

Sarahspangles

https://forums.moneysavingexpert.com/discussion/comment/81951162#Comment_81951162

I always thought I would work to 65 as a minimum, but in a less stressful role. I actually found that role in 2019 but then the pandemic started and I ended up working in the NHS instead. It did allow me to accelerate my saving for retirement. I still 'kind of' miss working, but there are other ways to use my brain and socialise.

I do know one woman who is not planning to retire earlier than she has to, because she knows that when she does she will be landed with caring for the grandkids….. So she's being vague about her pension provision!