Should I retire - help me debate

indiasign

OP, I can recommend reducing hours, as I first dropped one day a week 2 years ago, then another day this year, and it’s allowed me to get used to having “non-work” time rather than hitting a cliff edge. 

My garden has never looked as good, and now that my other half has also dropped a day, we’ve joined a local hotel spa/gym to enjoy some swimming and pampering in our down time 😀

lisyloo

Brie said:

Other than your mom what else will you do with your time?  That was/is a big issue for me.  I was happily made redundant but didn't want to actually stop working so ended up with a very p/t job with a charity.  Nice people, brain stretching, good fun.  I've now chucked that to spend more time painting but am looking at going back to the charity as a volunteer maybe 1 day a week - just to have some more structure.

It’s a good question.

More Dancing (my group is quite active and does things I can’t attend ATM).
More gym 
walking the dog more
more caravanning without work deadlines to return
more friends and family (my mum need help 24/7 although I’m not planning that)
volunteeering with rescue dogs in some capacity - maybe as a trainer or canine behaviourist
another dog
decorating the house
searching for lost dogs (drone flying, setting trail cameras, using baited cages)
helping veterans claim benefits

I think I have enough

Smudgeismydog

I retired early (age 50) a year ago, and have zero regrets. 

There are so many groups, activities, hobbies and volunteering opportunities out there that I can be involved in now that I have the time. My partner and I feel so fortunate we can be so ‘present’ with the kids, and we also have much more quality time with our respective mums. 

I am in receipt of a Dependents pension, which provides me with a huge sense of security, like other posters have said, purchasing an annuity with some of your pot can provide you with peace of mind.

I remain open minded about the option of returning to paid employment in the future, if I feel I need this for social purposes or routine, but to be honest, one year in I think it’s unlikely.

dreaming

I had planned to retire at 60 but went 2 years earlier due to my department relocating. I was offered either a relocation or a redundancy package and as I didn't want to move from where I had family and friends it was a no-brainer for me. Best thing I ever did and I had a couple of years picking up old hobbies and trying new ones until that was curtailed by some major family problems that took over for a longish time. Once those were sorted I was keen to get back to my life being my own again but then we had the pandemic, and then I developed an illness which has stopped me being able to do certain things (driving being one). However, I am grateful that I at least had had those first years of enjoyment (although I still enjoy life - just in a different way). Life really is too short so if you feel it's the right thing for you then I would say go for it. If you find you are bored after a while you can always look for another job

ali_bear

Pick a date and go for it. Or request a gradual retirement by reducing days worked each week over a set period. Sounds like you have plenty to keep you occupied. 

But is there a chance you would change your mind and go back into work? 

molerat

I retired at 54y11m 16 years ago with one month's actual decision time - had been thinking about it but events happened - and have never regretted it.  Took on the way senior management told us about the implementation of some of their stupid decisions - no debate, JFDI 

MyRealNameToo

sgx2000 said:

Very, Very few 80 year olds would say they wished they had worked longer.....

If you can do it comfortably....Just do it.

I'd agree it's the minority but is probably more sizeable than you imply. That or I know a bunch of people that are very much the exception.

My gran was forced to retire at 75 and she always resented it, it was only a little part time job but she enjoyed the interaction with people. 

I know several people that have been forced to retire due to failing health (people who couldn't pass the medical for their career etc) and most wish they could have continued either because of enjoying the job/having something to do or because their financial planning (or lack of) didnt support an early retirement but in their 60s they felt it was too late to learn a new trade. 


To me it's a question of having something to fill your time, people with hobbies or sufficient funds to travel extensively etc tend to look forward to retirement. A lot of guys I know are bored with life now they dont have jobs and in particular if they need to be more frugal than they used to be. 

Phossy

lisyloo said:

Would appreciate some thoughts on my thinking.

I’m 57 in good health, married, no kids.
DH is financially independent.
my job is ok but there are things I’d rather be doing (and some like spending time with my 80 year old mum who won’t be around forever).
I’m disincentivised to pay 40% tax in retirement so feel I’m getting close to “too much” money. Some might say there is no much thing, but we’re not here for long.

I Don’t care about IHT which is only an issue on second death (and I think IHt changes may get repealed anyway).
I have more than I need in my SIPP (by about 26% compared to my “extravagant” budget) plus some other savings/investments.

We’ve had historical 7% returns after fees, so I plan 4% drawdown (no need for anything left).
A 5.1 annuity rate was suggested by my IFA in January (I’m checking what the current figure is).
I’m tempted to go 50% annuity as it seems very attractive especially when equities are “toppy” and annuity rates are high. That would still leave me with flexibility on the drawdown.

I’m expecting a bonus in December from my employer and we are currently using the company health insurance.

I pay basic rate tax as I salary sacrifice to my SIPP so I don’t think the tax year makes any difference.
winter may not be an ideal time to retire ???

Is there anything I’ve forgotten about?

I read this and I see someone who wants to retire. No numbers given, but the strong sense is very comfortable.

MetaPhysical

Just do it is my counsel to you.

Brenster

Just do it, why not.
The only issue i see is going from quite a regimented structure to no structure, so you may wish to pre plan your newly found free time, or alternatively reduce to part time hours for an interim period.
But the main thing is to Enjoy it ! None of are guaranteed our health or tomorrow !