Should I take early retirement?

36
Found 5th Aug
Had to have some serious surgery a few months ago which made me think a lot about life.
Now in the position where I could take early retirement, wouldn't be easy and my income would be halved, but I could do it at a stretch.
My job involves working in a highly volatile environment, it's ok, but don't really enjoy it any more, been there too long and the it's a lot more pressured than it was and I don't really want to work every day any more.
I keep saying to myself yes that's it I've made my mind up but when it comes to it just can't 'pull the trigger', think I've always been over cautious by nature, but really struggling with this one?
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Your health comes first mate. If you can afford to do it, do it. It's practically everyone's dream to retire early . You can always pick up a little part time job to help?
36 Comments
Your health comes first mate. If you can afford to do it, do it. It's practically everyone's dream to retire early . You can always pick up a little part time job to help?
A lot of companies might allow you to reduce your hours. Would that be an option? Move into retirement a bit more gently!
Yes. Neighbour took early retirement at 60. 74 now and still going. Said yesterday it was the best thing he did.
Could you ‘partially’ retire? A colleague of mine retired and continued working, he does half the hours he used to to top up his pension so he is taking home similar money to before retiring
Maybe also depends on your age , early retirement can be anything from mid forties onwards , depending on your pension provisions although my company used to pay from 50 and i think they have increased it slightly now.

You make it sound like you would survive on the reduced funds , but in reality wouldn't you want extra money to enjoy your retirement more? My neighbours have been retired for 10 years and constantly travel as they want to fit in everything they can while they are healthy enough to enjoy it. But that is costly.

Personally I'd find a part-time job that you think you would enjoy , brings in extra money, reduces the work pressure and gives you more time to relax. Maybe in view of your health issues your current employer might even have something you could move over to . If you know you have a leaving plan it should make you feel better. Don't have to have an exact timeframe, just find the right job to move to.

Most large companies now run a reduction in hours to get people used to retirement , my dad did six months of reduced hours prior to leaving , so that might also be possible?
How long until you get a pension? If you are over 54,you can take a 25% lump sum tax free from private pensions
STRICKIBHOY1 h, 45 m ago

Your health comes first mate. If you can afford to do it, do it. It's …Your health comes first mate. If you can afford to do it, do it. It's practically everyone's dream to retire early . You can always pick up a little part time job to help?



Was thinking that, thought I might take a few months out, then a part time job, wouldn't mind anything within reason.
rugbymike1 h, 20 m ago

A lot of companies might allow you to reduce your hours. Would that be an …A lot of companies might allow you to reduce your hours. Would that be an option? Move into retirement a bit more gently!



That was my first thought, but I have to leave to claim my pension (I'm nearly 56), I can't cut my hours and claim the pension.
chocci17 m ago

How long until you get a pension? If you are over 54,you can take a 25% …How long until you get a pension? If you are over 54,you can take a 25% lump sum tax free from private pensions



Standard age is 60, I'm nearly 56 so can take it with a slight reduction.
tinkerbellian42 m ago

Maybe also depends on your age , early retirement can be anything from mid …Maybe also depends on your age , early retirement can be anything from mid forties onwards , depending on your pension provisions although my company used to pay from 50 and i think they have increased it slightly now.You make it sound like you would survive on the reduced funds , but in reality wouldn't you want extra money to enjoy your retirement more? My neighbours have been retired for 10 years and constantly travel as they want to fit in everything they can while they are healthy enough to enjoy it. But that is costly.Personally I'd find a part-time job that you think you would enjoy , brings in extra money, reduces the work pressure and gives you more time to relax. Maybe in view of your health issues your current employer might even have something you could move over to . If you know you have a leaving plan it should make you feel better. Don't have to have an exact timeframe, just find the right job to move to.Most large companies now run a reduction in hours to get people used to retirement , my dad did six months of reduced hours prior to leaving , so that might also be possible?



That was my plan, but the politics where I work is very complicated, basically if I retire that would be it, no turning back, but of course I could get a part time job somewhere else, just not sure at my age what options would be available.
cycleman16 m ago

That was my plan, but the politics where I work is very complicated, …That was my plan, but the politics where I work is very complicated, basically if I retire that would be it, no turning back, but of course I could get a part time job somewhere else, just not sure at my age what options would be available.


I think something like delivering cars would be an option as I know a lot semi retired individuals who do just that. Just tops their income up and can do the hours that suit u.
I would say it is all about if you can budget in the reduced income, only you will know what your spending habits are like and if you don't mind going without sometimes, several plus years ago I never seemed to ever quite have enough money for the things I wanted in life, now I don't spend a lot on the latest gadgets etc so manage quite well on my small income.
Edited by: "SOUTHWALES" 5th Aug
It’s a difficult one, if you took out the heath issues and could retire early would you, it would become how much you liked your job and if it’s financially possible. I would love to retire at 55 still a few years off but our pension reduces significantly if you go before 60, and that becomes a major issue waiting the extra 5 years is financially worth while.

However for me, my father died at 62, his sister at 58, both sets of grandparents didn’t make it to 70 though life style is different for me it’s a concern and something I will consider when the time comes in a few years.

I work for an international company been there for nearly 20 years, I am the oldest in our department and on site we only have a handful of people left in their 50s, many get paid off or take retirement just hoping that when I get to that age there is a nice package waiting.

lots to consider, and really no one on here will be able to make your mind up for you, just take your time and don’t make a rash decision but make sure you get all of the facts regarding your pension first.

Good luck.
cycleman1 h, 18 m ago

Standard age is 60, I'm nearly 56 so can take it with a slight reduction.



so you're a woman (state pension age 60)? Or are you referring to a private pension. its also worth considering if you will qualify for guaranteed pension credit when you hit your state retirement age as you get a whole host of benefits along with the pension (free dentistry and no council tax). factor that in when you consider withdrawing 25% of your pension tax free.

You'll probably be a lot better off than you think but all depends on housing benefit vs mortgage etc etc

I retired at 40 and live off £9000 per year which includes 3 villa holidays a year (OH pays half the bills which come to about £5000 all in)

this is a good site where you can work things out and adjust figures etc

entitledto.co.uk/
Edited by: "chocci" 5th Aug
My suggestion is that if you can afford it go for it that is what I have done. Hold off claiming your pension as long as you can and use any other funds you may have first. Reason being is that if the worse happens then you can pass on your pension proceeds tax free to your children.
Find a good financial adviser (I read somewhere you can get free advice after 55) to make sure your pension etc is invested correctly so you can have a steady income .
My husband was pensioned up to the hilt and we had every eventuality covered by insurance. He died at 51. Retired and enjoy it because you just don't know what's round the corner
I retired through ill health at 55 and it’s been the best four years of my life. Stress free. You cut your cloth regarding outgoings. Good luck!!
Money is worth nothing if you are ill or unhappy at work.
chocci45 m ago

so you're a woman (state pension age 60)? Or are you referring to a …so you're a woman (state pension age 60)? Or are you referring to a private pension. its also worth considering if you will qualify for guaranteed pension credit when you hit your state retirement age as you get a whole host of benefits along with the pension (free dentistry and no council tax). factor that in when you consider withdrawing 25% of your pension tax free.You'll probably be a lot better off than you think but all depends on housing benefit vs mortgage etc etcI retired at 40 and live off £9000 per year which includes 3 villa holidays a year (OH pays half the bills which come to about £5000 all in)this is a good site where you can work things out and adjust figures etchttps://www.entitledto.co.uk/



Thank you for the info, I'm a man though!!!
13norfolk17 m ago

I retired through ill health at 55 and it’s been the best four years of my …I retired through ill health at 55 and it’s been the best four years of my life. Stress free. You cut your cloth regarding outgoings. Good luck!!



Thank you, this seems to be the majority verdict!, I'm fortunate that I don't have a lot of outgoings now, my wife has a part time job which pays well she's well qualified and loves it, as previously said my income would be about 1/2 but quality of life would be greatly improved.
My slight worry is the work that would be available to me part time, I did say I'd do pretty much anything and am not for one second belittling anyone in a minimum wage job, but wonder if I would be ok doing that permenantly on a part time basis.
Quality of life is so much better for me. I play tennis and badminton, walk a lot , volunteer in a charity shop, look after my elderly mum and neighbour, garden, meet friends for coffee. Life is good. When you’ve had a health issue you need to take stock. You only have one life, enjoy every minute of it
Just my take on this. If you were planning to retire at 60 (in 4 years) and you haven't got enough cash funds to clear the 4 year gap you probably don't have enough money to retire comfortably.

While you can save money in some ways (less petrol costs) move to one car, others will likely go up. In the summer you can potter about and go places when the wife is not working. In winter there is less to do so holiday costs are likely to increase.

I think you have to decide if you need structure in retirement. Some are fine pottering about other need to fill their time attending clubs and groups.

Also many people retire early through ill health only to let their life slide and head for an early grave. Spend the time you have to get better (or the best you can be) so you can enjoy life and your full retirement when your wife retires.
i have come to learn that time is the most valuable commodity in life and not money. you don't need a lot of money to enjoy life as lots of the best things in life are free.

if i were you, i would not hesitate to retire if the resulting income is sufficient for you to live on.
Everyone has an opinion right or wrong. But only you can decide. If you have an other half best of talking to them, than people on here. If you don’t how are you going to spend your time with less money?

Life’s about taking risks, you need to get out of your comfort zone to start living
If you think you can cope in that job for another 4 years, it'd be worth it for the increased pension.

If you can't, just leave it. All the stress caused by the job will be gone, and that would be worth the reduced income.

Good luck in whatever you decide!
I took voluntary redundancy at 54, immediate pension (including a lump sum draw-down) and, had a 2-year 'retirement' gap. The first year I was very busy, but in the second year, 'every day became a Sunday', I got bored and started a part-time degree. This wasn't enough, most of my friends and family were working so daytime socialising was limited. I have started a new job where I am possibly one of the oldest employees there however, I have the requisite skills, knowledge and experience - and I quite like an assumed coaching role.

One thing you must obtain is financial advice, from an accredited independent. Unfortunately there are a lot of financial scamsters - especially where pensions are concerned. I was lucky, Final Salary pension and good advice from the Company pension scheme management.

I wish you well in whatever decision you make!
Go part time somewhere and use the lump sum from pension to make your money up
Take early retirement and enjoy your life , I took early retirement thinking I would be able to do lots of things but unfortunately discovered I have throat cancer 6 months ago so I say to everybody enjoy life while you can
palmerspepsi47 m ago

Take early retirement and enjoy your life , I took early retirement …Take early retirement and enjoy your life , I took early retirement thinking I would be able to do lots of things but unfortunately discovered I have throat cancer 6 months ago so I say to everybody enjoy life while you can



Yes, sorry to hear that, these things really stop you in your tracks, think it was a sign today, was cycling past a cute little camper van and it had this sticker on the back, 'enjoy life and do it while you can...….'
mrty52 m ago

Go part time somewhere and use the lump sum from pension to make your …Go part time somewhere and use the lump sum from pension to make your money up



Think that's best, there's a big supermarket chain just up the road from me, they aleways seem to advertise coming up to Christmas, so a few shifts a week could work well.
Edited by: "cycleman" 5th Aug
13norfolk3 h, 36 m ago

Quality of life is so much better for me. I play tennis and badminton, …Quality of life is so much better for me. I play tennis and badminton, walk a lot , volunteer in a charity shop, look after my elderly mum and neighbour, garden, meet friends for coffee. Life is good. When you’ve had a health issue you need to take stock. You only have one life, enjoy every minute of it



So well put, my thoughts exactly.
cycleman38 m ago

Think that's best, there's a big supermarket chain just up the road from …Think that's best, there's a big supermarket chain just up the road from me, they aleways seem to advertise coming up to Christmas, so a few shifts a week could work well.


I am a coach driver. You could try bus driving. Just doing school runs, morning and afternoon. Most places now pay 52 weeks a year for school drivers, so you get paid during school holidays. Also most places put you through your test too.
It's not stressful as long as you just relax with the kids (don't shout , argue or generally be a dick with them and they tend to be OK).

Companies are crying out for bus drivers so it shouldn't be difficult to find something local.
chocci5th Aug

so you're a woman (state pension age 60)? Or are you referring to a …so you're a woman (state pension age 60)? Or are you referring to a private pension. its also worth considering if you will qualify for guaranteed pension credit when you hit your state retirement age as you get a whole host of benefits along with the pension (free dentistry and no council tax). factor that in when you consider withdrawing 25% of your pension tax free.You'll probably be a lot better off than you think but all depends on housing benefit vs mortgage etc etcI retired at 40 and live off £9000 per year which includes 3 villa holidays a year (OH pays half the bills which come to about £5000 all in)this is a good site where you can work things out and adjust figures etchttps://www.entitledto.co.uk/


Dental treatment is not free for pensioners living in England neither is council tax I used to go with my mum to pay hers.
Also state pension age for women is now 66 rising to 67 soon
Retiring was the best thing I ever did. My brother took early retirement and has been having a totally excellent time, with holidays and creative hobbies. Life's too short for stress to dominate everything. I'm never bored and love the release from responsibility and stress. If you feel you'd miss routine, then volunteering can be a very good way of sructuring your time, while being useful, and it would give you time to scope about for part time work, if you fancy it. Your decision, of course, but I wouldn't hesitate. Life is good.
lizzie846th Aug

Dental treatment is not free for pensioners living in England neither is …Dental treatment is not free for pensioners living in England neither is council tax I used to go with my mum to pay hers.Also state pension age for women is now 66 rising to 67 soon


if you will qualify for guaranteed pension credit , all free
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