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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:
RidingMyBike · 27/09/2023 14:45

The generation above mine seemed to think 55 was 'normal' age, even though 60 was meant to be their retirement age. Final salary pensions and mortgage free meant they could retire then. Both declared they couldn't imagine working any longer, let alone into their late 60s.

What they seem to spend the time doing is very selective volunteering (which involves as much drinking tea with like-minded people as possible!) so they still feel like they make a contribution.

Parker231 · 27/09/2023 14:48

DH and I, both early 50’s are now semiretired. No mortgage, DT’s finished Uni and working in their graduate jobs . Investments and private pensions mean that our income won’t change from when we were both working full time.

Tarmaced · 27/09/2023 14:51

The problem is, to get a decent pension pay out, you need to save a lot in it to start with.

Quite a lot of people in hospitality jobs or care jobs only earn minimum wage and have no spare money to chuck in a pension, so they're going to get hardly anything out.

Also, lots of people can't get on the housing ladder, so rent and will have no property to sell to downsize.

It's going to be interesting...

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Retirement & pensions
Holidaylover68 · 27/09/2023 14:55

I did. Best decision I ever made. DH and I sold our house, downsized so no mortgage. Kids grown up and have own homes. We both have private pensions. Pension would have been worth more per annum had I waited til 60 or 65 of course, but only by about £2.5k per year, and this way I get it for 5/10 years longer. Also was able to treat the kids with the lump sums I got. And treat us too! It was a no brainier. My jobs were just ordinary, didn’t earn a big salary, I just paid into the pension scheme. I now do lots of voluntary work and a bit of bank work when I feel like it, in a care home which I love, this pays for extra treats and holidays.

Alphabet1spaghetti2 · 27/09/2023 14:57

If finances allowed, I would say yes we would have done. (Part time it is for now).
Family genetics means I am unlikely to see state pension age. Dh is rightly fearful that his genetics means he wont have an enjoyable retirement, in any sense of the word.

FLOrenze · 27/09/2023 15:11

I did as I was under pressure from aging parents on both sides. I wanted to spend more time with my GCs which was not possible with the parental demands on my time. I was very fortunate to have been made redundant with a huge (for me) payout.

I have always been able to amuse myself so that was not an issue. We also live close to rail and tube links. We are very close to the a country park. I joined a couple of clubs, got a dog and do voluntary work.

We had our children in our early 20s and were very poor throughout their childhood. Returning to work when they reached their teens meant paying off the mortgage early.

It is really important to do a full financial plan and make an assumption that you will live 30 years into retirement. Plan for major spending and put money aside for this. I would imagine that early retirement would not be enjoyable if you were struggling financially.

Frenchfancy · 27/09/2023 15:14

No I wouldn't. In fact at 52 I'm looking to start a new career. DH is 56, changed career to be a teacher at 51 and has no plans to retire until 65.

Retirement is bad for your health. I've seen to many people retire then suddenly get old and ill. Humans need purpose in life. If your job is so bad you want to retire then find a new job.

Parker231 · 27/09/2023 15:15

Frenchfancy · 27/09/2023 15:14

No I wouldn't. In fact at 52 I'm looking to start a new career. DH is 56, changed career to be a teacher at 51 and has no plans to retire until 65.

Retirement is bad for your health. I've seen to many people retire then suddenly get old and ill. Humans need purpose in life. If your job is so bad you want to retire then find a new job.

You can have a purpose in life which doesn’t involve working. Work to live not live to work.

TrashedSofa · 27/09/2023 15:20

It's not something I particularly aspire to, which is just as well! Trying to save towards a decent retirement but the idea of slowing down in early 60s feels more realistic.

ShanghaiDiva · 27/09/2023 15:24

Parker231 · 27/09/2023 15:15

You can have a purpose in life which doesn’t involve working. Work to live not live to work.

Show quote history

Absolutely!

Strokethefurrywall · 27/09/2023 15:24

I'm planning to retire at 55 (currently 43), and DH at 50 - we're both high earners and DH has his own business.

That being said, I use the term "retire" loosely. I'm in corporate so when I retire from corporate I'll be doing something else that interests me, or setting up my own business.

I don't plan to do nothing, we'll probably take a year to travel and then do something else. Appreciate circumstances change so I'm not wedded to 55, but if that comes to fruition I've already set plans in motion for what I'll be doing after.

Cyclistmumgrandma · 27/09/2023 15:30

I retired at 59 five years ago. Absolutely no regrets, but yes, you do need to work out the finances and decide whether they work for you.

SirChenjins · 27/09/2023 15:38

That’s next year for me and no way! I enjoy my job, it stretches me and brings me into contact with lots of interesting people - I don’t feel ready to retire. I’d like to go p/t in the next few years but as all of my friends and DH are still working I would be kicking about on my own if I were to retire now.

Cottagecheeseisnotcheese · 27/09/2023 16:04

took my NHS pension at 55 some reduction as my pension age was 60, DH and I both has enough NI for full state pension, we both still do a bit of part time work from home we are reasonable frugal no extravagant hobbies I am enjoying it,

Johnisafckface · 27/09/2023 16:35

I'd probably get bored. But I think I would prefer to work part time instead, from 9 til 2. That way I don't have to get up super early, and can do a workout. Enough time in the afternoon to run errands, go to appointments, etc and enjoy some leisure time.

ProfYaffle · 27/09/2023 16:42

It depends what you do with time I think. I live in a part of the country that a lot of people retire to. You can't move without bumping into an early retiree who has thrown themselves into community projects.

I'm 52, dh and I won't be retiring early but are hoping to both be working part time by the time our youngest leaves Uni and have a long semi retirement until we can access our full pensions.

Damnbrsatz · 27/09/2023 17:02

I was an "ordinary" teacher who retired this year at 55. I had paid into the teacher's pension scheme for 33 years. I'd had enough, was burnt out and my health was suffering. We had paid off the mortgage and the difference between what I was getting and my monthly pension is the same as the mortgage payment so we basically have the same disposable income as husband is still working. Pension is 80% final salary/20% career average. My parents (divorced) are both late 80s and I wanted to be able to look after them, take them out etc. Sometime in the future, I will probably inherit from my parents (usual caveat about care home fees) but although becoming frailer, both seem to be coping well and long may it last.

septemberoctobernovember · 27/09/2023 17:04

Absolutely not, I am nearly 50 and can’t think of much I would like less than retiring, if my health is good I’ll happily go to 65, I can afford to retire now, no mortgage, passive income, etc but it’s so far off the scale of things I want to do it’s not even something o think about. I don’t know anyone who has retired before 60 and most have their hands into something until well into their 70’s.

omega4ever · 27/09/2023 17:11

I retired 2 years ago at 55...was an NHS nurse. DH went a year before me at 60.

Being retired is the best job ever! No regrets. No debts. No mortgage. No kids. Adequate savings and investments..

We have cared and seen to all our old relatives who are sadly departed and now it's our turn to enjoy some freedom and travel and explore the world while we have the time and our health together.

Plenty of hobbies and interests. We don't waste money... but we have enough not to struggle thankfully. Days are as busy as we like. Staying healthy is a priority . Time is the most precious resource we have.

MollsDolls · 27/09/2023 17:18

Hell yes. If we could afford I'd be gone in a shout but seeing as I'll be 55 in 4.2 yrs and still have 2 to put thru college that will be a no.

Paperbagsaremine · 27/09/2023 17:22

We did - mid 50s - nothing against my job but it was still sitting at a desk for 8 hours a day.

Obvs the finances were right - and yes, we are lucky.

Agree that you do have to make an effort to get out and not become one with the couch. But we did (mostly! Haha). I miss working with younger people.

JadeSeahorse · 27/09/2023 17:32

We both retired at 59 but DH 5 years before me as he is 5 years older.

DH has 3 private pensions - 1 being Teachers pension as he lectured full time for the last 12 years of his working life - plus his state pension but none are huge. I have my state pension plus 2 private pensions one of which I just leave invested as I don’t need it at the moment. None of my pensions are huge either although one is a relatively small final salary pension. For the years until we could access any pension at all we lived off savings/my earnings until retirement.

We have a fantastic life! Mortgage was paid off the year prior to DH retiring. We did have around £150k in savings prior to him retiring and these have now grown despite spending over £40k on the house over the past 4 years. We still save a huge amount every month.

We just find we need so little money compared to when we were working. We travel long haul twice per year, usually fly PE, and always stay in 5* hotels, can afford to buy pretty much what we want and have no money worries at all. Our disabled dd is also very well taken care of and still costs me a small fortune. 😂

I think if you can comfortably afford it and feel confident you won’t be bored then definitely go for it. Neither of us have ever looked back several years later.

JellyfishandShells · 27/09/2023 17:57

A male friend did after a very stressful but financially rewarding career, mainly because he wanted to actually be in the same country as his long term partner for a reasonable length of time and it was a good opportunity for several reasons.

There were several drawbacks, however. His partner is younger, was still enjoying his career and did not want to leave at the same point ( and could not have taken his pension that early anyway) Other friends of the same age were mostly still working and/or had family responsibilities up or down a generation, which he didn’t so were not as free for leisure companionship. The non executive board positions he thought would be falling into his lap are actually quite competitive and he didn’t have quick the pick that he thought he would.

It did all sort out in the end - he did other volunteering, then set up a mentoring scheme for younger entrants to his old industry which has been successful, then his partner accepted voluntary redundancy with a good payout so could join him in various travels.

He said he wish he’d thought and prepared more, treated it less like the prospect of an extended holiday and more like a reshaping of the rest of his life.

TribeD · 27/09/2023 18:22

Absolutely. I would retire at 55 in a heartbeat.

I enjoy my job, and love what I do, but I'm not sure I want to be doing it full time for another 17 years.

If DD decides she wants to go to University I will work until she graduates (I'll be 63) in order for her not to accrue student debt; then I'll go part time until retirement age.

DH would retire tomorrow. I've said no...

MintyCedric · 27/09/2023 18:24

In a heartbeat. I’m 48 and recently started a new job which I enjoy but if money was no object I’d retire tomorrow!