I retired at 57, AMA

[PuzzledObserver]

Six months in, no regrets.

What is your typical day like now?

What did you do before?

Rather you than me! What happens when the honeymoon period wears off.

Good for you, I'm 57 in June, I'll be retired before I'm 58. Very excited !

What investments did you make to afford it 😫

How have you managed that financially, as you are too young for a state pension. ?

@Toddlerteaplease

Rather you than me! What happens when the honeymoon period wears off.

Why would not having to go to work everyday wear off? Freedom to do whatever you want when you want sounds great.

OP-how did you afford it. Have you taken pensions early or did you have other savings?

What advice would you give to someone else who wants to retire early? Are there any specific investments you would recommend in order to build up a sizeable pot?

Did you always plan to retire early?

Do you rent or own your own home?

what is your planned annual income?

@ontana

What is your typical day like now?

I wake up whenever (usually between 7.30-8.00), come down in my dressing gown and get my breakfast. Sit around doing internet stuff till about 9, then take DH a coffee (he likes to stay in bed), shower and dress.

Then…. we do whatever we want! We have a fair few days out - moved to a new area, so still exploring. We’ve joined a few groups with the U3A. We read a lot, I do jigsaws. And then we do the normal things everyone has to do, shopping, housework etc.

Two evenings a week we do a hobby together. Other evenings - we sometimes go to concerts, but otherwise stay in and watch telly/read.

@ontana

What did you do before?

I’m not going to answer that, too outing. It was quite responsible/demanding, but not well paid. Think vocational.

Aren't U3A groups a bit old for you? My ILs are always going on about U3A but they're 20 odd years older than you.

Do the weekends still feel like weekends?

I finished my career at around that age, 40 yrs of doing the same thing was enough, good pension, did several short term jobs, them settled on 3/4 days supermarket check out. Nice job, no stress, flexible with plenty of time to do other things, suits me fine.

I'd be bored stiff. Wouldnt retire even if I could afford to

Would you have gone earlier if you could have?

@Toddlerteaplease I doubt it will, but I could always get a job, I suppose.

@kitkatsky and @pollygartertidywife essentially the same question.

DH and I are both the sort of people who thought saving was important, and we have therefore always lived within our means and put a bit away. Sometimes not very much, and sometimes we needed to use some of it. But you do it for long enough, and it adds up.

We’ve both always contributed to pensions and saved in ISA’s. No kids, that makes a massive difference. DH inherited from his parents 11 years ago, that boosted our pot by about 50% and apart from new cars (previous ones were a bit knackered) we didn’t touch it. We used an IFA, who put us in touch with a discretionary portfolio manager who has invested the inheritance.

We each have a hotch potch of pensions from different parts of our careers. We are not touching them yet, they,will come on stream at various points over the next 5-10 years. We are living from the ISA’s until then.

Is that all you are planning to do for the rest of your life?

I'm 40 and would love to join the U3A

@dementedma

I'd be bored stiff. Wouldnt retire even if I could afford to

Same here. I love my job and I love the purpose in life that it gives me. It's a huge part of my identity and something I'm proud to do.

@Sweetchocolatecandy

If you want to retire early, you need to start early. When I started work, I was enrolled in the occupational pension scheme, there was no choice. Now that there is choice, you need to start saving ASAP, even if it’s only £10 a month.

When you get a pay rise, increase the amount you save. If you get bonuses, put a bit of it away.

Take financial advice - both reading up places like MoneyExpert, and specific advice for your circumstances. You need to keep an eye on your investments, not just leave it and forget about it.

It should go without saying - don’t build up debts on credit cards etc - they are fine to use to manage cash flow, but try to pay off every month.

Two other things. You need balance - life would be pretty miserable if you never had a treat or did things you enjoyed. I would say we have been sensible, but not frugal.

The other thing is that many people will not be able to do what we’ve done because their circumstances make it all but impossible. We had no student loans - our education was paid for. As a new graduate, I could buy a house on 100% mortgage for twice my salary. And no kids.

retired at 57, 8 years into it and certainly not bored.
well done.
myself and dh both retired at 57 and moved to a new area.
living off our work place pensions.

Why oh why are people coming on to go on about how they'd never retire early?!

This is a thread to ask questions to an early retiree. You really don't need to make it about you ...

Fantastic! I won’t be able to do it, but if I could I would retire now, at 53.
I have so many things I enjoy doing- life is too short to work