Retirement Thoughts

[Ian28]

Has anyone been lucky enough to be in the position to take an early retirement (mid 50s) and if so what we’re the pros & cons for you?
My biggest worry is having no structure to the day after a lifetime of regularity. Having said that this last few weeks at home under lockdown I’ve actually quite enjoyed - hence the retirement consideration.

 

[dubber36]

A mate of mine retired at 52. He had done very well, then sold his window factory when it was on a high for a considerable amount of money.

He spent a couple of years doing the traveling, having even nicer cars, built a new house and all that, but soon became bored. Whilst money was never going to be an issue, he felt that he was just having to buy things/experiences to fill his time. He has since trained as an energy assessor and does EPC reports on local authority properties. That also opened a door at the council for him to turn around their own joinery shop and to set up a window factory, so that the council could replace their own windows.

It depends what sort of person you are, but I think at your age, you still need to feel like you have a purpose. I know that I couldn't just switch off from work. If you've been in work for 30 odd years, the chances are, you'll have that amount of time again to fill.

 

[DaveD]

Has anyone been lucky enough to be in the position to take an early retirement (mid 50s) and if so what we’re the pros & cons for you?
My biggest worry is having no structure to the day after a lifetime of regularity. Having said that this last few weeks at home under lockdown I’ve actually quite enjoyed - hence the retirement consideration.

Retired at 52 two years ago, I've been too busy since then to give it much thought!
We're all different, but I'd do it as soon as possible, unless you love your job or you know that you won't be able to fill your time. If you are a practical person with some DIY skills you will be able to fill your time, most people under 30 can't put up a shelf so they need us oldies!
I apologise now to those that find the next part of this post a little "insensitive".
I think of retirement as a period split into two parts;
The first part is the "golden period" in which you now have all the time and energy you need to enjoy a life free from the daily drudge of work, you have reasonable or good health, you are physically able to do the things you want to do. We want this part to be as long as possible.
The second period is the part where old age, poor health, a failing mind or some other age related disability restricts you or stops you from fully enjoying retirement. None of us know when we will enter the second part and it is outside our control. Generally once in this period there will be a decline and an end. Nuff said.
If we want the "golden" part of our retirement to be as long as possible, yet we cannot control when it will end, surely the key is to start it as soon as we can!
My wife and I saw friends having the latest, best and most expensive holidays, clothes and brand new cars, over the last 25 years. We used the money to pay off our mortgage instead, but never felt we were going without. We only bought what we could afford and still do. My wife went in to business, which has been successful. (Until now )
Last year one of our daughters bought a very run down house, I renovated it top to bottom for her, from new concrete floors up. Just fitting the kitchen myself saved her 5K and took me two weeks. You get enormous satisfaction from helping family. I help our elderly parents, wider family and friends and maintain the cars of our three daughters, I also do the maintenance for the company my wife part owns. Retirement makes this all possible.
In the last two years I've laid patios, built fences, machine polished cars and fitted kitchens, never a dull moment! While replacing my Mother in law's garden fence, 3 passing strangers asked me to quote to do their fences! (I politely declined!)
In normal times we go away for weekends (or weeks!) whenever we like and generally do what we want, what's not to like?!

 

[Higgidav]

Absolutely agree with the above. I retired at 48 and moved from London to the Peak District. My wife retired last year on turning 50 and our days are very full doing everything we have always promised ourselves.
Our plan is to travel as much as possible over the next 10 plus years. We know far too many people that retired much later and now have money but not health so cannot enjoy what they have worked for all their lives. It’s difficult to know when you have enough capital etc but we have found we spend much less than we did before.
We have however downsized considerably and invested the capital to give us a reasonable income. Yes we are fortunate but after 25 years slogging into London every day we much prefer life in the Peak District. We could not have done this without moving but we don’t regret it for one minute.

 

[Paynewright]

I got made redundant at 48 in 2016 after 31 years at the same company and haven’t worked since. I’ve been lucky that I’ve been able to take my pension early at 50 (a quirk in the redundancy rules).

We have two young kids (12&14) so we stopped any paid before / after school care.

I lost my father December 2018, but not working allowed me to spend a lot more time with him doing gardening, diy, paperwork etc as well as doing his shopping and cooking meals. Again I feel lucky to have had the opportunity.


My wife still works so me doing most of the house chores means our weekends are free to do whatever we want rather than playing catchup. Dinner usually on the table when she gets in from work Her annual leave is all used for us going on holiday rather than looking after the kids.

I’ve done a fair few DIY projects around the house, re-done both kids rooms with fitted wardrobes and currently re-modelling the garden. Converted sisters garage to a hobby room, fencing job for other sister. Recently fitted a hand rail on some steps for elderly relatives.

I’ve also helped a retired friend re-build two caterham sevens.

I find having a list of stuff to do helps keep me task focussed and things moving. I’m pretty industrious and happy to take on any tasks.

There are slow / lazy days but few and far between.

Now the kids are more self sufficient and university is approaching I’m actually looking to go back into employment, in something 9 till 5 and local. Not sure what at this point, other than something that I can forget when I walk out of the door.

If you can afford it financially, do it - you can always go back to employment on your terms if it doesn’t suit. Having choice is the best thing.

 

[True Romance]

My plan is to retire in 6 years time when I'm 56. As mentioned above hopefully we will both still have our health so can travel to warmer climates during the winter months and do all the things we want before it's too late. No plans on finding any part time or odd jobs once I finish that's me done (other than our own home jobs). Never thought I'd say it but honestly can't wait to finish.

 

[widu13]

I was hoping to retire at 49, but circs have changed and I won't now retire until I'm 60 in 9 years. However, as DaveD has said retirement is about enjoying life. I work to live, not live to work. As soon as I can I will retire.

 

[Farnorthsurfer]

Am a bit annoyed as I was supposed to be retiring at 55 in May but the virus has me staying on as the business can't recruit a replacement until its over....
I am not oblivious to the irony of me not being able to stop work when so many people are unfortunate enough to be out of work because of the damn virus.
My job has legal responsibilites for the airworthiness of the helicopters we operate and they are engaged on utility work to keep the power and gas services going as well as things like the lighthouses on around the UK.
I don't think I will be bored at all and am building the van specifically for my plans to travel with my surfing and cycling. Totally agree with @DaveD on retiring when young enough to do all the things that work gets in the way of.

 

[DaveD]

When I see on here almost every day, the skills that you lot have, doing stuff that would be a million miles beyond my capabilities, it is clear that retirement doesn't have to be permanent if you don't want it to be, so if you try it and don't like it you'd be unemployed for about a day!

 

[VanDamMan]

Retired at 58 ...years of doing shift work....Got the van as a leisure vehicle up until now enjoyed “Meets” with you guys...but I’ve got a dog that puts some eliminate of daily structure in your day...wife still works even better
Love building garden structures with wood..then you run out of garden

 

[Ian28]

Thanks everyone - fantastic advice. I feel that work has defined who I am for the last 30+ years so I suppose I wonder what I’ll be like without it. Plenty of potential plans involving the camper, a bicycle, crampons/ice axe, dogs and my wife (not in that order!).

 

[superflyguy]

I took voluntary redundancy in January and consider myself a fit 52 and was fortunately in a position to clear Mortgage and I also owe nothing on the van or anything else. I was always planning if I could to retire at 55 anyway.
I've never wanted lavish holidays abroad, flash cars etc, just enjoy the great outdoors, cycling , hiking and paddleboarding keep me active, and don't really cost a penny. Im a single parent and my teenage daughter lives with me, so I don't have another income. I guess I don't really want for anything now, apart from wanting to move to one of the UKs national parks to be nearer to what I enjoy in life.

So I've not got bored yet, and apart from voluntary work cant see myself going back to a full time job after 30 years of Shift work, I'm a bit of a secret salvage hunter but that's more of a little hobby.

One thing money cant buy is time, and like this last couple of weeks has shown us, we never know what's around the corner that we have no control of. I think this will change us all in a way and hopefully make people realise we cant take things for granted.

Deprivation builds appreciation.

 

[Stay Frosty]

I won't say I'm retired ie. in receipt of a pension and my wife is still working 5 afternoons a week but at age 61 I've jacked in work as a sparky and currently bashing our new 1930s semi into shape instead.

At the risk of having to don a tin hat here unless you've worked for the state though the company pension or in my case private pension is worth bugger all, in my case putting the monthly payments under the mattress would have accrued similar fund growth.

I think anyone should think seriously about how long they're going to be physically active and then backtrack a few years for a bit of quality time in front of the later years spent watching daytime TV in a nursing home.

Was that too dark, I'm just grumping as my plans have gone all cock eyed with even my leisure battery catching Convict 99.

 

[VanDamMan]

Ps
Most financial consultants will advice if you can live on 2/3rd of you end salary as pension and you can clear the big millstones that weigh you down in life...go for it...but check your income has some form of inflation increase
For some that take a risk and retire early it can be along wait till you get your state pension......having good health to enjoy life is one thing ...big but make sure you can afford it all

 

[Paynewright]

Just to add SWMBO’s parents are well into their 70’s and still go all over the world - Thailand and Mauritius (or was it Seychelles) last long haul flights before they were grounded! But you just don’t know.

They make Judith Chalmers look housebound (before the current lockdown!!)

 

[Murdoch]

There must be quite a few of you with generous or final salary pensions, that enable you to retire much earlier ................................. being self employed 67 seems to be the big date for me!

 

[sparkywig]

Retirement?
I don't think so, I've been self-employed all my working life and the private pension plans I've paid into since I was 20 are worth f*ck all.
I'm 55 and was planning to retire this year, but will probably have to work another 10 years at least. Most of our savings went a year or so ago when I had a stroke, and the rest seem to be disappearing very quickly. The only blessing is that the house is almost paid for.
Although with the current situation and lack of work I can't see any light at the end of the tunnel.

 

[Davenjo]

Similar scenario to @Paynewright above - after around 32 years with the same company, I had the chance of voluntary redundancy at age 48 with the quirk of my final salary pension kicking in from 50 without reduction. That was nearly 6 years ago - I have not worked since and have no intention of doing so. I did have a stint as a parent governor at my son's school and also volunteered at a museum connected with my former employer for a while, other than that my days are (normally) filled with dog walks, getting my son off to school, shopping, cooking the family meals, etc.. A big bonus for me is that I have been able to visit my aged father a lot more than ever I managed before.

Jo, worked for the same employer for a similar length of time and got the same deal circa 20 months ago - she also has no intention of going back to paid work but is now doing some voluntary work chairing a review panel for the professional body she is chartered with.

My finishing work was also the trigger for us to get more into our old hobbies of camping (culminating in the T6) and sailing. This was to be the first year our son was a bit more self sufficient at home and could be left, for a few days at a time, allowing us to use the van and boat a lot more but, obviously, current events have stopped that.

We both know, and friends/family continually remind us, we have been very lucky to end up in the employment situation we are now in but the flip side of this is that we recognised the worth of our pension schemes fairly early on in our careers and this played a big part in us staying with the same employer rather than, say, moving to better paid positions elsewhere or going it alone as consultants.

I think us having spent the last 20 months at home together has put us in a very good position to get through the current chaos - we have already worked through the dynamics of both being at home for extended periods, demarcation of roles, etc..

@Ian28 , my advice would be that, given the opportunity you have, go for it - if you get bored at home you can always look to get another job, possibly in an area that you've not even considered before, free of the office politics, safe in the knowledge that you are financially secure, etc., and, if it doesn't work out, you can simply quit and look for something else without the worry of having to a earn a crust.

 

[topcat203]

I gave up full time work at age 53 (having had a mild Heart Attack at 46) then worked for 4 years contracting /consulting then the recession hit so that dried up so I took my work pension early, my wife was still working mostly part time and we managed perfectly well. We are now both retired so get the state pension as well so no regrets about finishing early there's always stuff to do ! The only thing I missed about full time work was the people I worked with the stress not so much!!

 

[Markymark]

Got made redundant at 55 after 25 years at the same company and lucky enough to have access to full final salary pension. That was over 5 years ago now and never been bored once. Go walking to pubs with other local retirees, 180 days away in the van last year, built a sprinter campervan for my daughter, veg in the garden etc etc. etc. What’s nice is if you fancy a day say in an armchair reading you can. Also take your time doing diy and so forth as you’re not rushing to pack away stuff away. If anyone needs help with something you can easily travel half way across the country to help out. All in all it is to be recommended.