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Original poster

Retiring at 55- would you?

119 replies

DonaNobisPacem · 27/09/2023 10:39

DH’s parents both retired early at 55. They’re quite well off- nice house and a high income (£100k? Enough for nice holidays and cars anyway)

I’ve never really thought about retiring early- my own parents worked all their lives and I’m definitely not on track for it. But I wondered what other people thought. Have you? Would you? I think I’d worry about feeling a bit aimless but maybe you start other projects.

I think DH is maybe hoping to retire quite early because to him this just seems like what you do but we definitely won’t have anything like as much money as his parents and that makes a big difference.

OP posts:
BIWI · 27/09/2023 10:42

If you can afford to, then why not? However, lots of people enjoy their jobs/careers, so want to carry on anyway.

Your DH needs to be very clear about how much money you, as a household, need for the kind of lifestyle you want, before he gives up work. Or, worse, relies on you to pick up the financial slack until you retire.

itsmyp4rty · 27/09/2023 10:44

I guess your DH might have a very substantial inheritance coming his way that would make retiring at 55 a possibility?

quickqpls · 27/09/2023 10:44

I've got some way to go to get to 55, but I don't think I'd like to retire then. Think it depends on your circle / partner. If friends are retired and you have the money to see them/go out all the time - great.
I'd probably be the only one in my circle retired, so would be quite a lonely life. I also enjoy what I do, and would prefer to do this over other projects.

Going part-time - that would be nice! :)

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Retirement & pensions
Colourfulponderings · 27/09/2023 10:45

That’s my plan. But I would definitely try to have a routine and structure to avoid getting old and bored.

cptartapp · 27/09/2023 10:46

That's our plan. Mortgage paid off several years ago. DH is a high earner and ploughing money into a pension. I can get the majority of my NHS pension plus lump sum at 55 without penalty. Both got full NI contributions already. I invested a sizeable inheritance for the sole purpose of going at 55 and we absolutely will.
Neither of my parents made it to 70 and a health scare last year reinforced we are doing the right thing.
Three years to go.

howmanyflutes · 27/09/2023 10:47

It depends

Would you have enough money to do what's important to you

Would you have enough activities to keep your brain and body fit and healthy

Some people retire early and really start to live - learning new things , travel, volunteering

Others retire early to watch telly and they seem to deteriorate

SlipSlidinAway · 27/09/2023 10:51

There's no right or wrong answer to this. It's based on a number of personal factors:

  • what your retirement income will be
  • how much you enjoy your job
  • how much your job affects your self-worth
  • your health
  • what interests you have outside of work
  • how much you will enjoy spending more time with each other

DH retired very early - and always said that was what he wanted to do. He has loads of interests and hobbies and never regrets it. 10 years on I'm still working, albeit in a less demanding, part-time role because I enjoy it and I would probably become a hermit otherwise. We're financially comfortable though not in the £100k bracket!

2chocolateoranges · 27/09/2023 10:57

If I could afford to I would but I’d need to have plenty savings and an amazing pension to be able to do that.

RaininSummer · 27/09/2023 10:57

Definitely would if I could afford it. Doesn't have to be aimless if you are an interesting person.

Twospaniels · 27/09/2023 10:57

We’ve just retired at 57 and 56. Husband sold his business. I left my part-time admin job.
We have hobbies based in the UK and plan to take time to travel abroad.
Family in the UK and abroad so hope to make time to spend with all of them.

cardibach · 27/09/2023 10:58

I have (sort of). Took my teacher pension at 55 - that means with a reduction so you have to look carefully at finances but I had paid my mortgage off. I do the odd day of supply.
I really enjoyed teaching, but being a teacher became untenable really. I don’t worry about aimlessness - being a teacher didn’t ever give me my only purpose in life anyway. I’ve taken on more creative and intellectual pursuits/hobbies (a wind band and a university course on top of the choir and book club I already had) and enjoy pottering about, reading, meeting friends (not retired - part time or self employed) and being able to go and visit friends/book time away to suit myself. I went on my first ever term time holiday this month.
I like it so much I’m looking at ways to drop the supply teaching altogether, but I do like the spare extra cash for theatre tickets, trips, meals out etc.

EquallyDetermined · 27/09/2023 11:11

My dad retired at 55 but with a very generous final salary pension and redundancy package and then my mum did at 60 with a teacher's pension. Dad did other jobs for several years, a bit of consultancy, delivery driving etc, mum did a lot of voluntary work, they are still very active in their 80s as is DFIL (DMIL lived into her 80s too). We have no intention of it, both mid 50s now but our DCs are younger than we were, we'd want to get them both through uni and more independent first, plus we both enjoy our jobs. I have got a list of things I want to do more of when I retire though, no intention of putting my feet up, so paying more into our pensions by keeping working now seems like the best way.

frozendaisy · 27/09/2023 11:18

Once the pension is adequate then retiring from full time employment yes.
Maybe some high paid consultancy work here and there as a stepping stone but once kids are sorted, education and a house deposit saved. Yeah as soon as.

Princessfluffy · 27/09/2023 11:29

It's a chance to spend your time in ways of your own choosing. Most people welcome that.

Greedybilly · 27/09/2023 11:38

God yes! The culture of work until you drop in this country is crazy! Go and live your life if you can afford to sack off work.Good luck.

garlictwist · 27/09/2023 11:38

I don't know how you can? I thought the retirement age was 68 or whatever it is now?

Hbh17 · 27/09/2023 11:44

Lots of my friends have retired at 55, and good for them! They are young enough to still enjoy active lives, so why not? The issue is that future generations may not be able to afford to do this, but if you can afford it then it's a no-brainer.

Hbh17 · 27/09/2023 11:48

garlictwist · 27/09/2023 11:38

I don't know how you can? I thought the retirement age was 68 or whatever it is now?

You have a private pension - you don't rely on a state pension (which does kick in st 67 or 68). Many current 55+ workers in the public sector are in generous final salary pension schemes, but as the years pass there will be fewer people in this position.
You probably also need to have paid off your mortgage before you reach age 55.

Dontcallmescarface · 27/09/2023 11:51

If I could have afforded to then I would have in a heartbeat, why would anyone carry on working longer than they need to?

Dontcallmescarface · 27/09/2023 11:53

garlictwist · 27/09/2023 11:38

I don't know how you can? I thought the retirement age was 68 or whatever it is now?

As long as they have the means to support themselves anyone can retire at any age before 67. They just don't qualify for state pension before then

Foxymoxy68 · 27/09/2023 11:54

I've just retired from teaching aged 55 and am currently on my first ever term time holiday! It's bliss!

We've been able to pay our mortgage off and plan to keep busy with all the things we've wanted to do for years but haven't had the time.

We have shared interests but also like to do our own things. I do worry (a little) about not having a purpose but it's very early days and I'm excited to see how things pan out.

I feel so liberated and feel like I've got my life back after 31 years of not having one!

PosterBoy · 27/09/2023 11:58

Sounds great

He will probably inherit a good amount as well

Hummingbird233 · 27/09/2023 12:02

@Foxymoxy68 tell me to mind my own business, but how can you afford potentially 30-40 years without working? I can't imagine your income was crazy high as a teacher.

Sorry to be nosey, I just sometimes wonder how people do it! Mortgage aside, bills and costs of enjoying yourself must come to at least £1k per month?

Hummingbird233 · 27/09/2023 12:03

I would if I was in the financial position to but I suspect we'll be more like 65. Our mortgage is due to be paid off at 58 but we'd need more money to cover bills etc.

AlltheFs · 27/09/2023 12:04

I am hoping to retire from my “career” job at around 55-60 but will still aim to work part time in something local and less demanding. So not full retirement.

But it may not be affordable. I am likely to inherit far more than enough to clear the mortgage but obviously that might be further away than that (and I hope it is as no wish to lose my family).

But I sure as hell can’t do this job until 67/8.