Thinking of semi retiring

[Kez200]

Has anyone done this?

Im mid 50s. Succesful and paid well but Ive been doing this for 30 years. Its very very responsible and the buck stops with me. Thats also quite draining (given my personality).

I have the chance to do something else. It will be equally well paid but for 1/4 of the time. It will enable me to have holidays (which I rarely get now and, if I do, Im always interrupted by staff with technical questions). Also my husband gets lots of long weekends and we could buy an old camper and explore a bit.

Also, should my parents need us Id be around, or our children have children, same really. But these are all "added extras" not exactly why Im doing it.

Financially we can do it, although my pension long term will suffer as I cant put away as much as I do now.

Does anyone have any experience to share? Any regrets? Mistakes to learn from?

Following as similar position. Can you max your pension using current year allowances and prior years?

Yes, i have maxed pension as much as I could afford to for two years now. I might also time this change for later this year, which will give me another year. But, of course, that will be that going forward.

Well I’d do it in a heartbeat. Without sounding too morbid, many people don’t see their retirement years so I’d be grabbing the opportunity now to redress the work life balance. I work part time (mainly due to health problems) but it is lovely to have time for myself during the week.

If it's what you want to do and you can afford it, then don't hesitate. Just do it!

My problem is not knowing what I want to do, so I am still working when I have been thinking about retiring for at least the past couple of years! If I had 'a plan' like you, OP, I would quit working tomorrow!

Thanks. Like all things, nothing is simple. In my case I cant go immediately but, like you say, Im lucky to have another option.

I think I know its the right thing but, after so long maximising a role whilst bringing up a family, it seems strange to let it go not long after they move on!

I have lost friends in recent years and known others go though treatments for serious illnesses. Its definitely what makes me feel this way. Like water is going under the bridge, and Im spending too much of it at work.

Do it. You only have one life and provided your pensions are adequate, take as much time off as you can. My DF retired fully from work in his 50s. He has a great pension, travels the world, cycles, swims and runs. Now 70 and he's still going strong. He is a baby boomer so all gold plated but whatever I would semi retire if I could as soon as I could

Sounds great.

I wont have his pension, sadly most of us won't, but the free time would be amazing. Well done him.

I took a 20% hit on my pension to enable me to retire at 57 with a bit of consultancy work in the first year. I was "lucky" in that I had a widow's pension too and had overpaid on my mortgage to pay it off.

I do not regret it for one day. I have enough to be relatively comfortable but I still have to save up for big purchases/holidays etc so not awash with dosh.

You only live once and as far as I am concerned this is not a dress rehearsal. My late DH and I wanted to retire to Portugal with a campervan to explore. He didn't make it passed 57. In your shoes I'd think it was a no brainer. Good luck!

Oh, how cruel life can be x

Thanks for your input. It all helps me at a time when I know its the right thing to do but its hard taking the plunge.

If you put aside the financial aspect, is it the idea of suddenly not having your life filled to capacity with work that is putting you off? Like a lot of pp's have said - I would grab it with both hands, but then I have the experience of grandparents not making it to their retirement plans together and my dad dying at 61.

I think it might be. The "shock" of change after so long. Despite that, when I try and imagine myself on the other side, I feel relief at being free to do stuff I want. I have decided to go for it. I shall start processes in motion.

God yes, do it! I pretty much retired from a successful career at 46 and don't miss it for a second. I'm incredibly lucky to be able to do so but life is short and if you don't have to spend it flogging yourself into the ground then grasp the opportunity with both hands! I have a very part time job, just to keep me ticking over but there's no pressure and it's only a few hours.

OP, I semi retired at 59. I have worked full time all my life, had 2 children and minimum mat leave each time, and was exhausted! I worked out that I could afford to retire fully as I would be able to pay off my mortgage with some of my lump sum, and have enough left to live well until my state pension kicks in in 6 years time.
So I applied for my pension on 1st January, and 'retired' on 31st March. I still work 3 days a week and absolutely love it! In fact, I love it so. I have that I'm finishing completely at Christmas.
I didn't want to enter my 60 s dragging myself to work when I didn't have to. We have a lovely house that has been newly renovated so won't need to spend anything on it for years, enough in savings to have decent holidays every year, and best of all time to spend with my wonderful grandchildren!

This is really interesting as I'm contemplating the same thing. I'm early 50s and hope to "retire/take a year or 2 off" starting at Christmas.

My dd is a young teenager and I find that she needs me more than ever. I think I will want to go back to doing something, either work or volunteering after a year or so, but I can't even begin to contemplate what that might be, while my head is so overwhelmed by my current job (even though I've just dropped from 4 to 3 days a week).

I'll follow this thread with interest!

I did at 58, I work 2 days a week, I take one of my pensions and am still paying into my other workplace pension, you can put up to £4k a year into one if you are already taking a pension.

I'm so glad I did it, earlier my life like many I though I would retire at 60 and I think it was the change in retirement age to 66 that made me take the plunge of semi retirement.

Feels so good to not be alone.

I wont be able to draw a pension realistically but I can work in about 7 full time blocks a year which will give me overall about 3 months work. That will give me an income to live off. Along with hubbies.

Luckily both of our children are in full time work and self supporting too.

Oh gosh, definitely do it. I'm 50 and can't wait to retire. I've been in my job 21 years and have 17 to go! Problem is I'm a single parent, 3 kids, youngest is 7 and her dad pays no maintenance so I'm going to have to keep going a while yet. I'd semi retire in a heartbeat!

You say it will be equally well paid so why wouldn't you? I'm early 50s and only work part time but would like to cut down even more as I trudge along towards retirement. Why would anybody work a day, hour, minute more than they had to financially?

Equally well paid per hour, but less hours. So 1/4 of the income, so to speak.

I agree with you and think I am at that stage now. My DH is all for it as he spends his long weekends in the garden which, while he enjoys that to some extent, he would prefer us to be off camping or exploring places as well.

Yep I also agree you should do it, im trying to clear our mortgage by the time im 58 and then im hoping i can go part time, not that im wishing my life away, im 42! 😁

I retired mid-fifties as I was struggling with the stress of work and home - DH was being treated for cancer and the prognosis was not favourable.
Although I took a pension hit, I've not regretted a minute.
DH is still here though frequently very tired.
Do it - you never know what's round the corner.

Do it!

I'm probably about to do it too, although I will most likely give up completely.
Life is too short to work F/T unless you absolutely have to.

I retired at 50 and have been at college then university since then. DH retired at 48 and then took a job that has eventually settled into him working 7 nights then he has 14 days off. It works perfectly for us. It will be probably another 5 7 years before he can give up completely as his state pension doesn't kick in until he's 67.

Flowersmakemyday why do you class that as ‘retirement’ when you’re both still studying/working?

Well Ive started the ball rolling. Watch this space!