Retiring at 55- would you?

[DonaNobisPacem]

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.

I retired at 56. I had a Teacher's Pension but did not draw that until I was 60. I had a second small private pension I got on divorce of first husband and I kept adding to it so by the time I was 55 I had about 70k in there. I got 25 percent of it tax free at 56. Then each year I drew down 12.5k or whatever tax threshold was for the year so did not have to pay tax on it. My DH still works and earns a good wage and we're mortgage free. In addition I have some passive income from btl portfolio. I've managed just fine. I have plenty to do. My youngest son works shifts so I sometimes meet him for a breakfast or we go to a carvery for a late lunch. The dogs get walked more, I do baking and spend a lot of time decorating the cupcakes. I watch Netflix. I do a video call with my sister once a week. I have lunch with DH on Fridays as he has a 2 hour lunch Fridays. I've been to spa several times with sister or friend. All through the summer I did my garden but now there's less to do outside. I run btl houses myself without an agent so occasionally I'm dealing with a repair/maintenance.

Sounds ideal! Agree there is no benefit in working "just because". There needs to be a sense of purpose,whether employed or retired.

@caringcarer the fact your husband earns “a good wage” and the fact you’ve got a property portfolio and a teacher’s pension doesn’t exactly put you in the normal income bracket of retirees of any age does it?!

My father planned to retire at 60 and ended up having to stop work before then as he had cancer, so he never had a 'retirement ' as he was too unwell.

I would have loved to retire at 60 but I don't get my state pension until 2027 so could not afford to do so. Now I have cancer so it looks as if I won't get a 'retirement' either.

If you can afford to retire early then do so! You may not get the chance to enjoy your retirement if you wait.

Well it all comes down to money doesn’t it.

Retiring early if you have money for hobbies, travel, coffee with friends would be lovely. There’s plenty to fill days with if you have the funds. And as PP said, if you have others not working (DP or friends) for company.

Retiring early and sitting at home worrying about whether you can afford heating, not so much fun.

And unfortunately inflation, stock market dives, divorce/death etc can mean that things can change from “comfortable early retirement” to “shit, need to go back to work to cover bills” quite easily.

So I guess the answer is yes I would but only if I was very very secure of my financial position, with a fair bit of a cushion built in.

My DH is in his early 50s and we have a 3 year old. So no.

But I also agree with others that it's the money that makes it worthwhile. And we don't have enough. Still have big mortgage etc.

@Hummingbird233, teachers don’t usually earn loads but they pay a % of their salary into their Teachers Pension and the employer pays in a good % too.

I retired in my late 50s . So did my DH, mortgage paid, final salary pension schemes for both of us. DH died at the age of 67 , I was glad that we retired when we did as he had the time to do some things that he enjoyed. I'm also glad I did as ,sadly both of my adult children have become disabled , I now care for them.
I will say that you do need hobbies/plans/ things to do/routines. Don't just sit around and be lazy. I think that is the road to ruin.

I'll be working til the day I drop dead but if I had the option to retire at 55 comfortably I absolutely would without a second thought.

Too young, people are living much longer. I've seen people lose their cognitive abilities as they aren't getting stretched enough. With my mom who retired early, I saw how she lost her ability to keep up to date with technology .

I took early retirement at age 57, with a public service pension. I was very fortunate to be offered a compensation package, as they were looking for volunteers to take early retirement. I didn't like my job and I was going to be 66 before our Mortgage was paid off. When I did the sums, I realised that NOT to take the package would be foolish, as with the compensation payment, I could pay most of the Mortgage off, whereas if I didn't take it I would be basically working until I was 66, to pay it off ( also had one or 2 other debts to pay too) - so it was no-brainer!

After about 6 months I discovered that I was very bored and wasn't ready to fully retired, also, found it difficult for cash until my SP kicked in, so I got a part-time job in a local supermarket ( 4 afternoons a week) and did that until my State Pension was payable. I now volunteer one day a week as a guide at a Stately Home. Thinking about doing some more volunteer work in another sector ( I am now 70).

So my advice - if you can afford it, then by all means go for it. But think about what you want to do once you retire.

Or maybe no inheritance at all as the selfish parents retired at 55 and spent it all on themselves😂

If you have the funds to do it, then yes, I would without a doubt. Me and Dh plan to retire as early as we can.

@flutterby1 , that is why I was saying keep active. There are lots of activities available to keep the mind sharp,and others to keep fit and able in the physical sense. It's also an opportunity to try new things but clearly one has to have the mindset for that, and some don't.

Retired at 57 (59 now) and it's been amazing.

Our garden has never looked so lovely and we enjoy a much slower pace of life.

We go out shopping or to lovely places at quieter times and no longer feel that we have to get everything done at the weekend.

We are very fortunate and we do appreciate that.

I would! I love my job and I'm happy but there's more to life. I want to travel, learn things like crochet, even just go out for lunch when I feel like it.

I'm looking at 60-62 currently.

Yes, without a doubt. I’m planning to retire at 57. Mortgage will be paid off & we have good public sector pensions & other savings/investments. I can’t wait. We have so many plans-long distance walking, skiing, cycling, lazy holidays. I know I won’t be bored.

I had no choice - I had a massive breakdown and couldn't work any longer. It was unplanned. I spent several years in bed after that, only venturing out when desperate. If you're in a position to plan and save in advance, definitely go for it. Life is for living, not for working.

You can retire whenever you want, as long as you have the money to fund it.

People retiring early tend to have no mortgage and plenty of savings/investments. Some people will take their work pension early with a reduction for early payment.

@yes I've worked in a school, it's a good pension (20% with employer and employee contributions when I worked there). But its still not good enough to accumulate enough to live on for 30 years unless they're on a final salary pension.

I semi retired and moved 250 miles to start a holiday business. I left my self employment as the writing was on the wall that I was getting 'too old' and they needed 'young blood' doing what I did. Perfectly legal as self employed...

Our pension is wrapped up in the property so in fact it's a bit dicey at the moment. We still have a big mortgage, the idea being we could pay it off by selling one of the properites. Obviously easier said than done in the current climate.

Sometimes I worry but my partner says we would be stuck now, watching our income from employment dwindle. I talked to a colleague yesterday who is my age and getting less and less work, so I think he's right.

Yes, I have. No regrets whatsoever so far... Our household income has reduced but we still have enough for bills and plenty of (term time!) holidays and a big slush fund, working was just topping that up. I didn't get fulfillment from my job any more and it was a young person's environment.

I'm 57. I had the option to retire at 55, but I can't afford it. I paid off my mortgage 2 years ago, but building up my savings and having necessary things done to my old house is taking its toll. I suspect I'll be working until 67, but if I can manage, I will retire earlier. In the NHS we can 'retire and return' in 24 hours, but I think that once retired, I'd rather do a job with less stress and fewer hours, than my current role.

I'm 55 and I guess semi retired. Not wealthy (school TA). I just do a couple of days a week on supply, and look after my grandchild so I'm busy most of the week. Just paid off the mortgage, and dh is still working , not high paying but enough to get by.

But we like simple pleasures; he kayaks, we paddleboard, I am learning the piano and Italian all cheaply, and the biggest expense is him doing up a van into a camper. I am under no illusion that we will be travelling the world but we live quite simply, with old cars and don't feel the need to 'do the house up' every few years, or anything like that.

When he decides to retire we will have to cut back more I guess, although I suspect he will keep working part time for as long as he can as he likes to be busy. I may do extra at work if/when I'm not needed for child care, although I'd like not to be at school in my 60s!

As pp have said it's great if you can afford it. But I also think you need something to keep your mind active. My FIL retired at 49 (he's now in his 80s) and it did him no good. He was an old man at 60 whereas others I know are still young at that age.