Early Retirement

angel

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I have been to see an IFA today and made my mind up to retire in a few months time when I will be 62.

If you have been in a similar position what age did you finish and has it worked out as you were hoping it would?
 

daniel121

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Do it mate, just keep yourself active 😀

I think the reason men die before women is we sit around and do nothing when we retire, I gave up and have done various voluntary work since, it's great 😀
 

richc

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I retired at 56, best thing I ever did. I'm fortunate in having far too many hobbies ( and a couple of grandchildren ) including fishing so I'm kept very busy.

Do it, you won't regret it !
 

dave the fish

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At 55 I had the choice of moving to an office 45 miles away or taking redundancy with early retirement. Seeing as I had Type1 diabetes and rheumatoid arthritis it wasn’t a difficult decision to retire. Glad I did as I have done a lot of things I wouldn’t have been able to if I had waited to retire.

Provided you have enough funds to maintain your standard of living plus do the things you have always wanted to then I highly recommend it.
 

angel

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Thanks for the positive replies, I have been told you know when the time is right.
I have no shortage of stuff to do, other interests plus of course, fishing when I want to !
Looking forward to a new phase of my life.
 

Sportsman

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Finance is key, but if you can do it, then go for it.
I'm 70 and I have no intention of retiring, but I work for myself and the work isn't exactly arduous.
 

daniel121

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Sportsmans right, I say I retired but that's not true I just now do the work I want to do, instead of the laborious one that paid the bills.

Only thing is add is, you don't need much money when you retire, your no longer saving for retirement, no longer paying mortgage, kids have gone and are self sufficient, etc.

Never regretted retirement, I thank my family for kicking my bum to do it
 

Wise Owl

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I think like whats been said ya gotta keep active, ive seen too many work their nuts off til its too late only to enjoy some less than a years retirement. And even if ya get a bit bored ya can get a part time or Voluntary job, Good luck and Enjoy :)
 

sagalout

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I retired at 49, sold the big house and bought two, one for us and one to rent (actually end up with two rented, it has been fantastic. Best decision I ever made.
 

Phoenixicus

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The only problem with retirement these days is the financial aspect.
IMO it's got to a stage where you think you have enough, but in truth what actually is enough?
My partner has a significant position in the private care home industry and some of the horror stories she talks about with people who have limited or no collateral would shock you.
People seem to think that care for the elderly is free in this country but that's not true now and if you have collateral or assets then costs are drawn from that first.
At £600/£800 per week for mid range care home and more for palliative care the money only goes so far (my partners is £1160 per week)

The problem arises when there is still two of you and the one needs to go into a home - then the money doesn't last very long.
 

Dave

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Years ago the families used to look after their elderly, however that is seldom the case now within the English culture, and I'm sure everyone knows someone who's parent(s) are in a 'home' because they can no longer look after themselves.
 

muskrat

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I could have taken retirement at age 60 in October last year. But I simply couldn't afford to live on my pension alone. So I arranged to
retire and return on 3 days a week. This is working well so far, and I think it is quite possibly a better way to do it, rather than suddenly
stop cold after working all your life.
 

Phoenixicus

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That is true Dave and the things that both you and Owly do for your elderly neighbours should be applauded and never underestimated.
Little things can soon grow into bigger things and the basic standards of living that we take for granted become a struggle for those that cannot manage them.
That's when the need for care starts to come into it.
 

RedhillPhil

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Early retirement is based upon two rather important things.
1. Will you have enough money to live in a close approximation of how you're living thus far?
2. Have you got enough to do/find to occupy yourself during the day?
Providing that the answer to these is a confident "yes" then go for it. I went at 62. I often say that I retired early but because early retirement wasn't being offered I actually resigned. I had 40+ years in the pension scheme and my travel privileges were protected so I went for it.
 

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