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.

We’re likely to have two children at uni until DH is 61/ I’m 58, so not us.

I'd love to but it's impossible as I don't have a pension! I know 2 people who died a month after retiring at 65. I don't want to wait to start my bucket list.

I would if I could, but I couldn't afford it.

I am planning with the aim of having choices from mid-50s so we could cut down/stop if we wanted to. Whether we'll want to do that (or the plans will work!) is too early to say as it's still a fair way off.

If I could, I would retire tomorrow. But financially it would make no sense. DH and I are both academics, we earn relatively decent salaries but we aren't wealthy by any means. I love many aspects of my job, especially teaching and research, but the academic politics and administrative requirements do my head in. Our mortgage isn't paid off and I don't expect it ever will be. However, we will probably use the equity we have accrued to downsize in a few years so we can be mortgage free.

I have always been a saver and I panic at the thought of not having enough money to live on comfortably. I also have a sibling who I will probably have to support financially for many years. So I think I will end up working well into my 60s, if not longer.

If I ever can retire, I definitely don't want to spend my days watching TV and pottering around the house and garden. I would like to continue my research and writing as long as I am able to, as well as doing more volunteer work and travelling.

Yes! We invest a lot into private pensions in the hope we can retire earlier than state pension time. We also plan to downsize, will have rental income etc.

I'd love to retire early if it's financially viable

That's the plan for us!!

Yes but financially won't be possible for us. Hoping for it to be an option at 62. DH and I are both 45 and know that we'll need to work until at least both DC through education which will be when we're 60 if youngest goes to Uni. In 5 years time the age you can access private pensions goes from 55 to 57 so gradually we'll all work longer.

If I could afford to retire at 55, yes. Without a second thought. That is the main reason I buy a lottery ticket every Friday.

BUT I would only do it if I could afford to travel & enjoy life, not if I could only afford to scrimp, save & exist.

shopping?! No wonder she was bored. Didn't she volunteer? Many hospitals are crying out for volunteers. She could have got the odd temp job here and there.

I took voluntary redundancy earlier this year - good payout - I’m 60 - it worked as DS was through university and mortgage paid off. DP younger so still working. I’ve been doing some freelancing in the industry I worked in for more than 25 years - but haven’t been busting a gut. Keen to have some work but not all the time - if I’m honest, still finding my feet and haven’t got the ideal balance. But guess it takes time. Do a lot of exercise (always did) - it’s nice going at a slower pace than the high octane life I led up to now but definitely not ready to stop work yet even though financially I could.

My dad took an very early retirement at 48 and my mom worked part time (to get out of the house) for another 5 years after. That was almost 20 years ago. They travel 4 months of the year, are in great health, have a wide circle of friends, meet new people all the time, and have many active, sporty hobbies. Dad took up things like playing guitar (never had time for it when he was younger).

They are very happy. They invested regularly and aggressively in the stock markets for many years and owned multiple properties/land. They live off their investment interest (not touching the principle )and now their pensions. They don’t live in the U.K.

No, in fact. I'm 54 and at the moment am not ready to retire - I thought I was a year ago, but in fact I needed to change jobs and it's given me a new lease of life. I'm hoping to move to 4 days a week, possibly 3, at 60 though.

I know I would struggle without the structure of work and if I'm brutally honest I have always found volunteering incredibly stressful, whereas I've done my skilled job for long enough that it doesn't take absolutely everything I have any more.

I could probably afford to retire now but 50 seems far too early. DH would still be working so a) I'd feel guilty at him being the main breadwinner while I took lie-ins and had a stress-free day and b) what if he dropped dead or left me?! I'm not sure I'd manage without his salary and would worry about getting back into work in the future if I left now.

However. My benchmark is 56, because that is the age when a colleague died at his desk a few years back. It was totally shocking and all the more tragic because he had plans to retire with his wife soon and all his savings had been for nothing. It did make me think that if I COULD retire well before 67 then I would as you never know what's round the corner.

I've heard that the years between 50 and 60 are nicknamed "sniper's alley" by some healthcare workers, because this is the period when sudden illness and death can arise without warning. eg stroke, heart attack etc. If you reach 60 in pretty much decent health then statistically you're doing ok healthwise and will likely live quite a lot longer. I don't know if that's true.

My job is low paid and very stressful because of the workload but it's not really doable part time so I guess I'm stuck doing it for a few more years. I like my colleagues but there have been other organisational changes recently which have given me even more pressure. Blood pressure is high, I'm having nightmares etc. It's just knackered me out. It's really not worth it so I plan to get my kids through uni the next 4 years then throw in the towel.

I intend to retire from my current teaching job at 55, but not to stop working.

I retired at 50.
It’s lovely.

I'm 55, and am not ready to hang up my laptop yet. I really enjoy what I do and the people I work with too. If I stopped working I probably wouldn't be that productive either, and we still need the money, so 'No' - I wouldn't retire now. Maybe in ten years?

I'm am not planning on working a day after 55. I can't wait to retire.

I planned to retire at 55, when I was in my early 20s. I eventually retired at 57 as big changes to pension scheme reduced my eventual.oension massively.