Would you retire in my shoes?

[Wanttobutdithery]

I've been here on and off since DC were tiny, a long long time ago, but have name changed for obvious reasons. I'll try and be brief.

I'm about to turn 55.
I have always worked, for 20+ years had a very well paid job with an excellent pension scheme, which I can take without reduction at 60.
Since then I've worked in Local Authority jobs, started more or less at the bottom and worked myself back up. Now working 3 days pw on a salary of £45k.
I live a simple life and could manage comfortably, if I had to, on about £24k.
Because of my previous career, if I don't take any retirement income until until I'm 60, my total pensions will be roughly equivalent to my current salary (I know v v lucky).
House is mortgage free, but downsizing wouldn't release much cash.
I have a widows pension of £8k and investment income of about £7k.
So, to live comfortably I need an additional income of about £10k, a bit more to live really well, for 5 years until I take my main pension. I have that saved and could spend it and still have a reasonable pot for emergencies.

I've always loved working, the social aspect, sense of purpose and status etc etc, but that's gone now. I'm finding it really hard to motivate myself and find much of it pointless. I tried changing my job and going PT and if anything it's worse.

I'm on HRT which has helped my focus in other aspects of life, but not at work. I'm a shadow of what I was and know I'm not doing a good job, but can't find in in myself to care.

I have one very active hobby that I'd love to work harder at, but other than that and getting on top of my house and garden, I can't say I have any really burning desires for ways in which to spend the time.

So, mad to give up a well paid part time job with no other goals and what about inflation?
Or
Why would you keep doing it when you're not loving it and don't need to?

Fwiw I'm single, adult DC still living at home and paying keep,which currently I save to give back when they're ready to move out, but they don't know that, so technically that's also additional income, but I don't want to be reliant on it.

There was some life insurance when DCs' dad died, which I have invested for them, enough for decent house deposits, so I don't feel I "need" to do anything more to help them financially.

Go for it. Just make sure you have enough put away for emergencies such as new roof/boiler etc. and all insurances plus budget an additional 10% to cover the next 5 years' inflation.
I did it a year ago and have never been busier or happier - no regrets.

Perhaps work until the end of this year and if you feel
the same way retire then.

Can you put your finger on what has happened or changed at work to stop you enjoying it, and consider whether that might be readjusted in your favour. I'm in a similar life situation but get enormous enjoyment from my job which I would currently miss a lot.

If that ever changes for good, I will have to stop. I haven't found any volunteering roles to match the excitement and risk, and like minded people, at work.

I think I'm just done. I've been feeling like this for at least 5 years and I changed my job 3 years ago to try and address it but, feel exactly the same way.

At first I put it down to menopause and/or some depression and the bereavement, but treatment has improved my enthusiasm for the rest of life, but I can't get it back for work.

I know exactly what you mean about volunteering being a poor substitute, but I'm not even sure I want/need those things anymore and they used to be really important to me.

I think losing a loved one and especially seeing them suffer through a long illness, does make you question things you'd previously thought important, like work, and realise life is short.

I retired at 55, was done with work, seeing the same ideas come round again and wondering what the point was. Found it harder to find patience to deal with people around me.
No regrets, don't live the high life, expanded a couple of things I did already, joined a hobby group, started volunteering at a couple of things, dropped one after a couple of years, expanding responsibility at the other.

Love being able to have a walk when the sun is out, not worry about fitting in the seemingly endless medical appointments.
If you can afford it, and work is less pleasurable then retire and start the next phase of your life.

There's no right or wrong but if it feels right to you and you can afford it, why not?

I'm the opposite - older than you and trying to work out if I can bear to leave my part time job and take my pension.

Can you live on what you would have once retired for the rest of the year , saving the excess

This will prove you have enough and give a buffer against inflation ?

Having an end in sight does really help

I'm nearly 56. I have done 34 years in various jobs (same profession) in the NHS. I would retire tomorrow if I could. I'm definitely going at 60.
Do it OP, you will find your way in time.

If your pension would be enough to live on without going the full distance, then yes, I would, if I could also live frugally for the intervening five years.
I found it to be a revelation, having time enough to just be, not to mention catching up on reading, hobbies, friends, etc.
I felt as though I'd got my life back after running around for so many years.

Don't forget how much money you save when you're not at work, too.
No commute, less mileage and wear and tear on the vehicle, less on dry cleaning and work clothes, less on lunches everyday, work outings, etc.

I felt just like you, had worked full time since I was 16.
I had 4 private pensions, worked it all out financially and retired at 58!
I'm now 69 and have never regretted it.

I wouldn’t hesitate. You sound like you’ll be fine and can do all sorts of hobbies, volunteering and things you love to do.

I’m 57 this year. I am constantly tired. I see friends who have retired and they seem to always be away on holiday. I keep telling myself realistically another two years to pay off mortgage then part time. I think about retirement most days. I think I’ll probably be working until I’m in my mid 60s but no way will it be more than jobshare. That’s keeping me going at the moment.

I am in a very similar position OP (without the gold-plated pension but with a relatively good DC pot and other savings and investments).

I'm 52 and have been part time (20-24 hours) since I had dc2 22 years ago.

I was adamant I was going back to work after DP died, and am really glad I did. But for the last year (at least) I've been considering finishing. I just don't have the same enthusiasm for it any more.

I'm aware that I'm fortunate to be able (I think, but without a DB pension there are always uncertainties) to stop if I decide, albeit part of the reason is DHs death, which wasn't so fortunate.

At the moment I've decided to carry on till I'm 55, but having had a decent break from work at Christmas and then 2 weeks quite unwell in January and now recuperating I'm rethinking 55!

I'm not an overly sociable person, but I do benefit from my time in the office, and found the isolation during covid difficult - but that wasn't just the work isolation it was all social isolation.

So difficult to make the decision.

I think if I knew I have a DC pension coming, along with a widows pension, and then stage pension along the line then I'd be finishing.

The rhythm and social contact of work is usually good for our physical and mental health. If you only need an extra £10-15k how about moving into a totally different line of work - nothing to do with local authorities - purely for novelty value and stimulation? And no problem if you don’t like it, just quit and use savings.

Yes, I thought I'd see I'd I can get a few hours bookkeeping or similar, which I'm vaguely qualified for, buy not sure how easy it would be to get work in a new role at 55. Job seeking definitely got harder after 50.

I am retiring a mere 2 years before collecting my state pension. I haven't been able to afford to before now. I have been collecting my NHS pension for about 3 years and that will be all I have to live on for the next 2 years, that, my savings and my husband's pensions. I don't have a mortgage and house repairs, updating etc. have all been done recently.

We should be able to manage at around the same income as we have now, but without saving. Provided you won't have to drop your living standards and think you can manage for the rest of your life on what you have coming in, then I say go for it!

But - if you want to have a bit of a buffer to allow for unexpected emergencies or a bit of fun money, then stick it out for another couple of years and save as much as you can until you do retire. I'm desperate to retire, but if I was your age rather than my advanced age I would probably do that. I am very risk averse and I would like to know I have a bit spare.

I think you should just go for it, you will have decent pensions in 5yrs and, having lost your DH it seems, know more than most how short life can be.

I finished 4yrs ago at 58, not regretted it for a minute, DH still working at 60, even though he could afford to also retire. I am working on him!

Two of my closest friends, both turning 62, are widowed, for 10 and 3 years respectively. An ex colleague lost his partner in her late fifties. All had cancer. You might live to 90+ like some of my relatives, but you might not.

There are some days/weeks when I am very busy, some less so, but I am never bored. I am, though, very independent and happy to do things alone as well as with retired friends and family. It sounds like you may be similar?