In theory I could retire now, but the prospect of doing it is scary

[Grumpyold]

I've recently moved to a lovely job, senior position, 3 days a week as a kind of wind down to retirement . I'm 53.

I have a very good DB pension from a previous career that I can take without reduction at 60. That accompanied by my current workplace pension and the state pension means that by official pension age, my income will be more than currently and I live very nicely on my current salary.

I also have some savings, enough to "pay" myself a salary similar to what I'm earning until my pensions are due. This was part of FIRE retirement planning, so I'm in a very fortunate position.

I knew there were risks when I took this job, but see above, it's not the end of the world. It does now however, look like the role will be short lived because the charity's funding has been pulled.

It's devastating, even though financially I'll be Ok. It's scary to think I'll have to start spending my reserves and work is so much more than just the money to me. My age will go against me if I'm job seeking.

So you need to look for another job/ do consultancy work. I'm always puzzled by the age thing because in the industry I work in I don't think it's the case at all. But maybe you work in something younger and funkier.

Sympathise with you @Grumpyold

Could you take a 2 or 3 month break - when your role comes to an end - to consider what you are willing to do as regards work, drawdown of income, etc ? To give yourself a chance to see how it feels to you when you are living off savings ?

I see that you are using FIRE principles so you probably know about Mr Money Mustache already, I find his articles to be very helpful in clarifying priorities.

Why is it scary for you?
Financials are fine - you know that. Or are you worried you need to top up the pot some more?
Do you have stuff you would like to do with the time? Or are you worried you will have too much time and not enough to do?

There's no hurry to make any decisions as your finances are ok so it might be good to work out what specifically you're worried about and address that.

(I retired early, no regrets whatsoever so far! I do worry a little I need to top the pot up some more but then get my spreadsheet out and realise it is ok).

You don’t have to retire just because you can, but great that you have the choice and the means to!

It sounds like you get a lot out of work, and if your position is going to disappear it just means you can afford to be really picky and only go for roles you’re really keen on.

Also forgot to mention there are some very helpful / interesting threads on Money Saving Expert forum, people talking about retirement, and what it's been like for them.

I left my job at 57 last May as it was stressing me out a lot ( worked in a secondary school). Took the summer off and started job hunting again in September. I’ve been offered another job now in the civil service.

I couldn’t have retired at 53 personally. I enjoy the social side of work too much and it can be a bit boring being at home all day every day when you’re only in your 50s. It may be different for other people of course especially if they have lots of hobbies or interests.

If you don’t actively want to retire, don’t. 53 is no age.

Retirement is a huge life change, be cautious!

I have found the Retirement Answers Man podcast helpful - look for the episodes where he discusses the psychological aspects rather than finance. And there's a book called Not Fade Away by Celia Dodd which is very good too.

And don't worry about finding other work - if you have a good CV and market yourself on LinkedIn, there's plenty out there. I was offered two tasty part time jobs at the age of 57.

You have achieved financial independence, so now you can dictate what you do. Don’t retire as such, take a sabbatical and pivot.

I was made redundant at 58. In theory I could have retired but on nowhere near the same income.

Instead I just hunted for a new job while living off reserves.

It took me 7 months but I found a new full time job. It isn't impossible at any age.

I spent years temping and got my highest paid job EVER aged 63.

Second the caution about retirement. I've had three years semi-retired and wasn't really prepared for it, so going back to temping, even part time, while I figure out the next few years.

53 isn't old. I have no idea why you think you'd be unemployable when you have 14 years to go before the official retirement age.

I got made redundant at 54 and am now in the job of my dreams. Didn't even occur to me that my age could go against me.

You don't need to retire yet! And it sounds like you don't want to. Has this upset your plans because you don't want to go full time? 53 is young to be winding down... but if you want part time work and you think age is an issue, try this job board https://restless.co.uk/jobs/?utmsource=google&utmmmedium=cpc&utmcampaign=GS%20-%20Jobs%20-%20Retire%20-%20GK%20-%20BMM&utmmterm=Pensioners%20Jobs&creative=379028981445&device=m&matchtype=b&adpos=&gadsource=1&gclid=CjwKCAiApuCrBhAuEiwA8VJ6Jn2ey3ZxS73zc6TPPfq40NFaid07iawvX3tpH4HHPKtECgpUHVoLMBoCphgQAvDBwE

Interesting comments. For those who got part time roles, could you say what sector or what type of role? As some sectors seem resistant to the idea of part time

Eh?

What sector do you work in where 53 is seen as too old for a senior role?

I have friends and colelagues who are 60+ and who have recently moved into other senior roles - in some cases, having had their pick out for 3 or 4 offers.

I'm.56 and retired but do consultancy type work for about 10.hours a week.

I do some voluntary work thats flexible as I also look after my Dad and he's been able to stay in his own home as a result.

We are thinking of moving as its nice to be free of ties.

I can do more exercise (although I don't!)

Please don't be scared because it's being able to afford to live that matters. There are so many voluntary roles out there you will keep yourself busy although if you look for work, I'm sure you'll get some.

Another friend of mine has done the same and works in a small.gift shop! She's now travelling over the winter. Being retired and secure financially buys you choices. We aren't on this earth for long - do things you love!

Mine is the civil service.

I didn’t state it was part time in my post but it is ( 3 days a week). They offered me full time, I asked if it could be part time as the job advert said they were flexible. They agreed to 21 hours which is what I requested.

I applied for a part time job at my local uni previously which unfortunately I didn’t get but could be an idea for others looking for part time work. Also, local government have part time jobs.

I suggest you look around for another job if you can work and are willing to do so, AND can find something you want to do. I am ultra cautious when it comes to financial matters and the extra money can only help in the future.

If you can't find something you want to do for a while then you know that you are OK financially for the moment, which should take the stress off any job search.

I was part time in accountancy before I retired.

I think many firms are reluctant because full timers are often overworked and push boundaries which makes it very difficult to be part time and not join in with that pressure. In fact, I did, and ended up working nearly full time on part time money (full timers were at the same time doing more than full time too). One of the reasons I left.

If I went back to work, I would do a job that cannot be taken home! My husband is an engineer and works on "stuff" so if he is home he cannot work and that makes for a better work life balance!

I bumped into the past Headteacher of my DD school the other day, working in a gift shop. She was joyous about her decision!