If you’ve any outstanding jobs that need attention round the house (boiler replacing, older kitchen etc) then get those done whilst you have the money.
And the knees
While you still have the opportunity, check that all of your National Insurance payments are up to date. You can still currently go back to 2006. The deadline was extended, by when it stops you can only do 6 years. Wanting to retire early is no good if you have no money in the pot
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As long as I've enough to pay the bills and have some left over I think it'd do me. I don't want to work up to 67 then have health issues or pop my clogs. Lol
Tbh, do everything you can now while you have your health.
Money doesn't really matter if you aren't well enough to get about and enjoy it.
Good advice except nobody knows when it’s time to go and people are living longer nowadays compared to the ‘last generation’ living within your means is critical but then again if you like a drink and a smoke even and a holiday once or even twice a year any pension is going to have to cover it unless your prepared to go without just to retire early.
Sit down and do your maths! Incomings and outgoings - how much money would you need to live on ? Utility bills and then your food & drink ? Drive a car ? Fuel etc etc. if you’ve not got enough money in a pension or pensions to cover this then it’s time to get your thinking hat on now.
Finish as soon as you can afford to. I was just under 54 when I got made redundant and also was able to draw my private pension. The redundancy money paid off the mortgage so even though the pension was just less than half my earnings it covered what we needed to live and a bit for holidays. I wouldn't have entertained early retirement if my hand hadn't been forced , it's the best thing that ever happened to me. You never know when your health will give out so make the most of the years when you are well. Personally covid robbed me of full health for a couple of years but now I'm back at 90% of what I was before and off on a cruise on Saturday.
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I guess none of us know how long we have left. Imagine croaking it before you retire?
As soon as you are able.
Definitely this! Unfortunately I've seen way too many colleagues/friends not even make retirement
I was on track for a reasonably comfortable retirement at 55 but a divorce screwed that up . Should still be on for 55 (and a bit) as long as nothing unexpected happens in the next 3 years. I might have to find some part-time/occasional work, until I hit state retirement age, if I want to splurge on anything but that's fine with me if it means not having to suffer the drudgery of full-time work.
I retired at 57. Mortgage is paid off which makes a huge difference. I was in a job where I could go after 30 years and made sure that all the debts etc were geared for then. I have a very casual job as a driver for the NHS. I loved working but I also love not working. My wife got ill health retired many years ago so she is at home which helps. The thing is to be totally honest with yourself about your financial needs and wants. I would imagine having to worry about cash every single day would be miserable as well as bad for your health.
60 is a good age. I know there are exceptions, but generally people don't do much after 75 (health issues, travel insurance premiums) and therefore need a much smaller income. A guy I worked with recently retired at 55, he told his financial advisor he wanted zero in the bank at 75. The reply was, you can retire now, so he did! It really made me think, so I'm now piling money into my pension so I can afford to retire asap.
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There is no point being old and having lots of money as carers take anything above £23,500.00 from you. It happened to a lot of my elderly relatives which has made me think about it.
As early as possible. I retired at 40 but I'm pretty frugal / tight
Only got 22 years ni contributions which will mean I'll get £161 per week pension.... (edited)
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No regrets?
It depends. I would say as soon as you can afford to do so but some people enjoy their job so they are quite happy to continue working for as long as they can.
60 would be the age I would aim for but I would want to retire comfortably and not retire penniless. That is quite a young age these days for retirement and most people can't afford to retire at that age any more. Most now retire at State Pension Age, so it is becoming a luxury to be able to retire at 60 and certainly before that age, you tend to get affluent people only.
A good age to retire is as soon as you possibly can
OP out of interest how old are you currently and what is your job?
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Sorry, why do you need this info?
So tired this morning that my feeling is right time to retire is yesterday
40 Comments
sorted byWanting to retire early is no good if you have no money in the pot
Money doesn't really matter if you aren't well enough to get about and enjoy it.
I was on track for a reasonably comfortable retirement at 55 but a divorce screwed that up . Should still be on for 55 (and a bit) as long as nothing unexpected happens in the next 3 years. I might have to find some part-time/occasional work, until I hit state retirement age, if I want to splurge on anything but that's fine with me if it means not having to suffer the drudgery of full-time work.
Mortgage is paid off which makes a huge difference.
I was in a job where I could go after 30 years and made sure that all the debts etc were geared for then.
I have a very casual job as a driver for the NHS.
I loved working but I also love not working.
My wife got ill health retired many years ago so she is at home which helps.
The thing is to be totally honest with yourself about your financial needs and wants.
I would imagine having to worry about cash every single day would be miserable as well as bad for your health.
A guy I worked with recently retired at 55, he told his financial advisor he wanted zero in the bank at 75. The reply was, you can retire now, so he did! It really made me think, so I'm now piling money into my pension so I can afford to retire asap.
Only got 22 years ni contributions which will mean I'll get £161 per week pension.... (edited)
60 would be the age I would aim for but I would want to retire comfortably and not retire penniless. That is quite a young age these days for retirement and most people can't afford to retire at that age any more. Most now retire at State Pension Age, so it is becoming a luxury to be able to retire at 60 and certainly before that age, you tend to get affluent people only.