AIBU to think I'd like to retire at 55?

[Petals23]

I'm 45 now, been working in the same job as self employed since 19. I've been paying into pension since 25 and at the moment have about 120,000 pounds saved. Ideally I'd like to retire at 55. I'd appreciate anyone's view.

TinklyLittleLaugh Well you obviously like to potter, and are loving your retirement, but it might not suit everyone.

Even for some older people, retirement can make life feel a bit empty.

I'm 71 and to me 55 seems quite young to want to stop having that daily routine of having somewhere one needs to be. I'm retired now but at 55 I was still really enjoying working.

Obviously, I appreciate, not everyone does.

I think that's the key thing. If you think you will be bored in retirement why would you stop working especially if the money helps. But I won't be bored.

I have worked full time since I turned 16. The money whilst working has afforded me the ability to do most things and see the places I have wanted to see in absolute luxury.

I am time poor not money poor and the things I want to do won't cost much but cost time so I don't need a massive pension pot although I am trying to get it as high as possible. The thought of going part time to work longer doesn't appeal either because all that happens is you end up working full time anyway to keep up and then too tired on the days off.

Pottering, long walks sounds great to me because those are the things I can't do whilst working. I am really hoping I can retire at 55 and will love it.

I feel sorry for those that want to retire but can't because of money and then die before they ever get there. Whenever I visit relatives graves it makes me sad to see so many people have died in their 40s and 50s .

I've retired early and as I've said upthread, I absolutely love it. I think of all my ex-colleagues at work and feel sorry for them. The freedom to do what you want, when you want is wonderful. And being outside much more is great.

I do agree that you can miss a routine when you retire. But I don’t agree that means you should stay working! You just need to be conscientious about creating a routine.

It sometimes sounds on here like people think the choice is ‘pottering’ vs a job you like, which has mental stimulation. The reality is often a job you hate, which is dull and/or stressful.

I’m in my 50s and starting to see colleagues I’m friendly enough with to stay in touch, start to early retire - usually around 60. Allotments, charity volunteering, grandchildren minding... all very common among them, and free or low cost activities that have easily given a routine and social interaction.

If I need to feel I have a routine, I’ll happily swap my daily project progress call for R4’s afternoon play that runs at the same time

I don’t disagree that routine and stimulation can be really important - I just don’t think that only employment can provide that.

Yes I have a routine because at 55 I have a 13 year old still in school. Downside is we can't do any major term time travelling yet.

the general consensus is you need 20x your annual outgoings invested to retire.

So if it costs £30k a year to support your current lifestyle then your need £600k saved.

Obviously your cost of living is massively effected on whether the mortgage is paid off or not/you are renting.

*@TinklyLittleLaugh. If you have a 13 year old, then that's an entirely different sort of 'retirement'.

When I think of retired people. I assume they are people with their time all to themselves.

There was something on my fb feed recently about a couple. who looked to be in their 50s, who live on a boat in, what looks like quite luxurious style, and spend their entire time travelling around on the boat.

The whole thing was actually about their cat and how it likes to swim and enjoys its life on the water. All I could think was, what an amazing way to live.

That's the sort of early retirement every one should aim for.

If that's the sort of life you want to retire to OP then I hope you achieve your aim; it looks wonderful.

Pigs yes it is like being a SAHM again, with DH SAHDing too. But we do gets lots of time to ourselves as he’s pretty independent and when his older sibling is not at uni (for about half the year) she’s more than happy to take the reins if we want to go away as a couple.

We did worry about no one having a job in the house , to instil a work ethic into him, but he got himself a paper round a couple of months ago, which sounds great but means one of us has to be up at 6 with him.

TinklyLittleLaugh 6am? So not a lazy retirement then.

But good for him, getting himself a job at that age. Clearly nothing wrong with his work ethic.