To give up work at 55?

[Ifeelfat]

I can probably afford to. I live in an area of deprivation where the salaries are low and opportunities few, but a) is it lazy and b) should I have more ambition? Would you?

Your mum is judgemental, even though she's one of the reasons you're retiring early, so that you can help her, @scrumbleton?

Just to say with dc still at school, schools are desperate for volunteers. Helping your community means that guilt is unnecessary.

I am flexibly retiring this year at 55

I will go back to work PT on the same terms and conditions until I am 60 then go for good. I love my job and not quite ready to walk away yet but reducing my hours and still getting the same temuneration will be gteat.

My dad decided to retire at 50, from life as a full-time school teacher. By that time, he and my mum had had decent inheritances from both sets of parents, had spent years being careful with their money, and investing wisely. So why not?
He always had lots of hobbies, and kept himself busy with stuff.

Sadly he died at 62 after a steady decline over the previous year. But he had a solid decade of great retirement, while he was still young and strong enough to do everything he wanted.
I say, if you can afford it, do it! Life is short.

Zingally

So sorry for your loss, 62 is so young

Really good he retired early and enjoyed it

Have you been able to work out what your financial needs will be? That is the tricky part. If you have finances figured, go for it.

I plan to retire at 60 but ideally work part time leading up to then.

*remuneration

I gave up work at 49 and for ten years before that I'd only been working 2 days a week, and I didn't start work till I was 27 :) So I'm guessing you could say I've never been a big fan of work. But I can afford not to (landlord). And for the past 20 days I've been volunteering in something that I'm passionate about. However, even without the volunteering, I still would rather not work.

I think if you can afford not to then you'd be mad not to give it up. Unless your work is very rewarding/interesting there is so much else to do with life.

I retired early from teaching when I was 56 1/2 mainly because I kept getting cellulitis in my leg. I got it 8 times in the 6 months prior to retirement. I felt bad about needing to be off for 3 or 4 days often. Before this I had gone years without any time off sick. I will be able to draw Teachers Pension next year when I am 60. In meanwhile DH earns a very good wage. I am a foster carer and get paid generous allowance that is tax free. I am also a LL and have 6 b2l properties so good once there. I also have some shares that pay dividend. I have found lots to do. I renovate the b2l properties with new kitchens etc. Most of my friends are still working so limited lunches out with them. I crochet, walk the dogs, potter about in garden planting, watering and weeding. I cook more meals from scratch and bake too. I visit my sister's in Devon every couple of months. If my dogs is unwell with cold I go and look after him do my dd can still work. I read more books and make occasional jigsaw. I go to National Trust properties. You will find plenty to do but make absolutely sure you will have paid 35 years NIC or you won't get full pension. If you were contracted out for a period find out how many years and make them up if you can. Make sure you will have enough money as government might make freeze benefits and pensions to pay for Covid 19. Cost of living could well go up. I am hoping DH will retire when 62. He loves his job so can't see him retired before then. Have you thought about going part time?

There is NO need to feel guilty or like you're lacking in ambition! There is so much more to life than a job - if you've done your time and saved enough to retire early, then bloody good on you. I only hope I can do the same thing :)

Go for it if you can. I’m thinking about it too. Before lockdown unwound have said no way but now after a few weeks at home I don’t particularly want to go back and we can afford for me not to.

YANBU

I wouldn't resign though until you are totally positive you won't be getting made redundant, given the current situation.

You can check your NI contribution record online very easily - I was quite surprised to see I've only got a couple of years more contributions to make.

With regard to the NI contributions, you need 35 years of full contributions to get a full state pension.

I'm 57 years old and have 42 years worth so far if that's any help. I gave up work to be a SAHM for 12 years of that. At the time I went on maternity leave I was at 29 years contributions so I just made a lump sum NI contribution to make it up to 35 years. Since then I started my own little on line business and, even though I didn't pay tax on that, I kept up the NI contributions each year which has taken me to 42 years.

Just check what you're currently on as far as your years contributions is concerned and keep an eye on it so you can make additional payments if the government change tact.

As far as giving up work is concerned and feeling lazy or that you shouldn't do it. There's lots of things you can do if you have the means to support yourself.

Volunteer once Covid is under control (or even now if you can deliver prescriptions, sew for the NHS or help with a newsletter for a volunteer organisation). Start a little business. If you're a craft person you can start a business on Etsy, NuMonday or Folksy. Price it right and use social media and you could bring in a bit of cash especially at Christmas time. My business goes mad then. I started my business when I had a 5 year old and mum with dementia - it was hard to keep 'me' in mind with all the caring I needed to give. The business kept me sane and gave me my own money (albeit a small amount). I now earn almost as much in a good year with my business as I do from my part time job.

Could you do a bit of retraining or study for an OU qualification if it's more the idea of 'keeping busy' that's important? Get a part time job that actually suits you. Are there things you enjoy doing? My friend is a keen gardener but was working in an office. She's now working 15 hours a week at the local family garden centre and absolutely loves it. She doesn't earn anywhere near what she used to, but her mortgage was paid off and her stress levels were rising with all the office politics so she jumped ship. She's got enough coming in to cover her expenses and she's happy.

Good luck in whatever you decide to do. Just think outside the box, check your pension and your rights regarding benefits that may be available as you get older and do your sums!

I didn't feel I was being lazy by retiring at 58 (well a few days short of my 58th birthday). I'd worked the best part of 40 years full time with no breaks for children. My decision was influenced by the fact that I'd had an inheritance a couple of years previously and was always going to finish at 60. Then they announced the voluntary early exit scheme, and a reorganisation meant my job was ceasing to exist anyway, so it was an easy decision. My DH is 11 years older than me too so I didn't want to leave it until he was into his 70s!

I am 56 - I part retired at 55.

I had a heart attack at 53 - a wake up call. I decided to take my "gold plated, index linked, civil service pension" and now work very part time in a small community pharmacy - life is good.

I have the time to do what I want, enough money to keep ticking over for the foreseeable future, and the company/human interaction to keep my mind healthy.

Good luck whatever you decide!

Your life, do what you want. I'm 53 and haven't worked for an employer since being about 18
I couldn't do it, but that's my choice.
You need to make yours and nobody on their deathbed is thinking they should have gone to work more.
Post coronavirus there's a world out there go and experience it and live your life for you, not an employer.

I took voluntary redundancy at 46 as part of a mass layoff programme of over 1000 staff on European redundant terms.
I basically didn't work for 2 years, was able to claim contribution based benefits for 6 months. I also attended a setting up your own business course and was able to claim a self employment grant from the job centre (£65 a week for 26 weeks). Discovered i had a undiagnosed chronic illness which might have explained my lack of energy & brainfog in getting work! Decided to get low risk agency admin work did that for 2 years. Then got permanent job in civil service. Have been part-time for 2 years and thinking about flexible retirement 2 days a week. C19 has mangled my personal pension fund so I may need to stay working for another 2 years. Future plan might include setting up a Social Enterprise ,non exec director and 30 days consultancy a year & online business. I found not working frustrating as most of my friends worked in the day. Now more of them are furloughed, on benefits as lost self employed income etc.
The other thing is that the option to retire at 55 May increase to 57 or 58 so you might want to check that out.

I’m the same age as you, and I do work part time at a job I really like. However, since I’ve been home I have to say I’ve really enjoyed it, but that is because my husband and son are still at home as well. When my son goes to Uni and my husband goes back to work I’m looking forward to going back.

In addition I am 8 years older than my husband so he’s not even 50 yet. So he will be working a Long time still. I’m tentatively planning on working until our son gets through Uni and his Masters and he doesn’t start until the fall, so probably six or seven years still. But who knows. My job can get kind of physical on a concrete floor that sometimes exhausts me. Mentally though it’s really good for me.

My widowed mother died at 63 and she didn’t get to retire. She had looked So forward to it. If you want to and can do it, do it! You can always get something part time later if you find you miss it.

I retired at 54 after some careful thought and calculations. There is so much to do and enjoy. Even in lockdown I'm busy because I do art classes and creative writing and the groups are continuing virtually. I have a tiny part-time job as clerk to school governors and am also a governor. When people say that they would be bored if they gave up work I think it shows a bit of a lack of imagination.

#Justrestingmyeyes

Me too, I'm 50 and can't last much longer in the job!

Intelinside57 I agree with your comment about bored people lacking imagination...my SiL wanted to retire and asked how I was managing, so I answered her questions honestly but added that she and I were like chalk and cheese with totally opposite interests so she might find retirement completely different.

This didn't go down too well, but I was honest with comments and nothing more I could say, or do. So she retired and after a year was looking to return to work because she was 'bored and had nothing to do all day long' and unfortunately blamed me!!

So back to work she went and unfortunately our relationship suffered, but at least I had given an honest appraisal of how she might find retirement completely different, the rest was out of my hands.

Go for it op, you could always do some worthwhile meaningful voluntary work if you choose too, good luck and enjoy it

If you want to retire and can afford it then why not? The current situation wont be for ever, and investments will rally in time .Maybe do some P/T voluntary work and see how that goes ?(Or you could start at lunchtime and not do anything then !) as our friend used to say! )