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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

Not too early for retirement or aibu?

209 replies

Orangeriessmellparadise · 10/10/2023 02:09

Anyone has retired at age 48?
Frugal lifestyle and financially OK. Deciding to retire this year and hope with no regrets, actually cant wait! but friends think I'm too young for this even if I'm able to do it.

What do you do if you are in a similar position? How do you spend your days?
How do you come across people that see you as too young for not being in the workforce? Also health is not the best at the moment and my child is already a young adult so less and less responsibilities in general.
Is it too early or shall I go for it?

Sorry if it sounds like a bit silly question but is a genuine curiosity for your opinions. Thanks!

OP posts:
BMrs · 10/10/2023 03:01

If you're financially able to and and want to why not? Worst case scanario if you don't enjoy it you could rejoin the workforce again so I say go for it

HelpNeededBeforeIHaveABreakdown · 10/10/2023 03:08

Do you have 35 years of national insurance contributions if you are in the
UK? You need this for full state pension. Will you also have private pensions? These can be taken from age 55, soon to be 57. Or have you other income streams?

cheeseandketchupsandwich · 10/10/2023 03:18

HelpNeededBeforeIHaveABreakdown · 10/10/2023 03:08

Do you have 35 years of national insurance contributions if you are in the
UK? You need this for full state pension. Will you also have private pensions? These can be taken from age 55, soon to be 57. Or have you other income streams?

What does it matter? They've already said they're financially ok

FiveShelties · 10/10/2023 04:09

Do it and enjoy every minute. I retired 20 years ago at 46, and DH was 50. We worked every hour we could for 20 years with the aim of early retirement. The last 20 years have been amazing, don't have a single regret. Life is so short and you just have to grab life, give it a good shake and enjoy.

BittIeLastard · 10/10/2023 07:45

100% do it

Bearcub101 · 10/10/2023 07:48

If you can afford it I would! The thought of spending my years travelling around the world sounds amazing (well that’s what I would be doing if I retired).

Patchworksack · 10/10/2023 07:55

It depends how frugal the lifestyle needs to be - are you going to have enough money to support and enjoy yourself for potentially another 40 years? Most of the cheap daytime activities will be aimed at a much older crowd. Do you have hobbies and things you want time to pursue?
If I could afford it I would give up work - just jel because I’m the same age and aiming for ‘early retirement’ at 60!

Equalitea · 10/10/2023 07:55

If you have enough to keep you occupied and you can afford to, why not! I’d just make sure that I wasn’t going to feel lonely/isolated.

Pigeonqueen · 10/10/2023 07:59

I think lots of people are “retired” at a young age, they just don’t really talk about it. People assume they’ve just stopped working for care or childcare reasons. I retired at 32. I inherited enough to pay off my mortgage and not have to work again. I am also disabled and receive PIP and care for my disabled son; so I receive carers credits towards a state pension. I am now 43 and will never work again. I don’t really tell anyone I’m retired at people look at me like I’m mad so it’s easier to just say I’m a carer. I used to live in London and had a very high paid job so I already had very little left to pay off a mortgage and I downsized to Norfolk. I have always hated working so enjoy being at home.

mondaytosunday · 10/10/2023 08:00

I know a pilot who retired at 55. He spent his days managing some investments, woodworking and furniture making, entertaining (the couple were very involved in the art scene and had a million friends), travelling...
I think if you've got interests and hobbies to keep you occupied, maybe also doing some volunteering or 'giving back' then sure why not? Boredom and not having a set routine can be an adjustment.

Carpediem15 · 10/10/2023 08:06

We retired at 46 and went to live in the European sunshine (childless) and spent upto 6 months each year in Asia/Australia travelling. Due to illness it all finished a couple of years ago and we are back in UK and know where I would rather be. Thank goodness we did it when we did.

SwedishEdith · 10/10/2023 08:10

Why retire? Why not just take some time out and then do something else?

Spendonsend · 10/10/2023 08:12

It depends how frugal and whether you have really factored in 30-40 years inflation.

But from what i can see, people start to get health and mobility issues and get tired at a surprisingly young age and making the most of mobility is a hood plan.

Banoffeepie21 · 10/10/2023 08:13

I had no job after a contract finished at 48. My Dad fell seriously ill and then covid. I took up new hobbies, did a few really great volunteering roles but I didn’t like not working. I had a modest income from a rental property.
5 years later, I now have a 30 hour per week lowish paying job, but it’s really interesting and I feel like I have a purpose. I like that I am topping up my pension and enjoy not worrying so much about doing the odd nice thing like having a weekend away but I still have a little flexibility as not working full time. I’m doing some of what I was doing when I was volunteering and I am now getting paid. I have to pinch myself sometimes!

LumiB · 10/10/2023 08:14

At 52 ill be financially free e.g. mortgage paid up NI yrs done. I'll be phasing myself into early retirement. I'll go into contracting e.g. work 3 or 6 months and 6 months off of just do part time work. This will allow me to pay for things for those im not working and still have a sense of routine whilst I establish a retirement routine e.g. interests, volunteering etc. Then ill fully retire before 60

Pinkyhairclip · 10/10/2023 08:14

I'm at exactly the same crossroads OP at exactly the same age!

I'm going through a health scare at the moment and it's completely changed my thinking about life. I've always had a job since I was a teenager and I'd like to give life a go without having a boss to answer to!

We have two primary aged kids that I'd like to be a full time mum to instead of worrying about corporate stress and targets.

Financially, DH and I already have pensions coming in. He's got full state pension accrued and I'll buy any extra years I'm missing. My existing pension goes up at 55 as well. We have one property with no mortgage that we will rent out and we've got a dividend portfolio.

We're sending both kids private and have all the money for that + VAT increase if needed, but don't intend to draw on it unless dividends don't pay enough.

We are currently renting, but have an investment pot we will grow to buy a house with no mortgage. Worst case, we'll rent until kids have grown and then move into our smaller property for retirement, or sell the property and buy a bigger place.

We're going over everything with a fine tooth comb at the moment to see what we're missing but so far nothing we can see.

We live by the sea so intend to spend our days walking on the beach or in the countryside, looking after the kids, maybe getting a boat and going travelling as a family during the summer holidays. I'm just excited about being able to walk the the kids to school without running back for a Teams meeting.

I'm scared because I've never not had a job but it feels like in the next 6 months I'll be starting my new life!

marshmallowfinder · 10/10/2023 08:16

Work while you can for as long as you can. Even part time, if you prefer and can manage. You never know what can happen in life. Never assume anything.

marshmallowfinder · 10/10/2023 08:18

It also can be very hard to get back into work later, after years of not working, should you need to.

cushioncovers · 10/10/2023 08:19

No I wouldn't. I lived a frugal lifestyle for 12 years as a single parent and it's hard. I missed out on so many experiences because I had no funds. Retirement takes money and you will quickly tire of not having any and not being able to join in with all the things going on around you. If you live until you're 80 do you really want to spend 30 odd years watching the pennies and missing out on doing stuff because it's too expensive?

KeepTheTempo · 10/10/2023 08:20

cheeseandketchupsandwich · 10/10/2023 03:18

What does it matter? They've already said they're financially ok

Show quote history

It's a reasonable question as most people vastly underestimate how much they need in retirement. I think that leaving full time work early is a great thing, but wouldn't cheerlead for it without care, given that most people who do it are likely to end up in a difficult place in later life, and also contribute to the massive crisis in social and health care costs.

If you have a paid off mortgage, comfortable private income, large savings for travel as well as nest egg funds to help if you become ill or need care and don't want to have to scrape by on govt funding, and social networks to keep you motivated and emotionally healthy then yes, go for it.

getulou · 10/10/2023 08:24

I retired at 50. Still had a primary aged dc at home so that kept me busy. I had a substantial amount to live on thanks to good investments, so I didn't have to be too frugal and we live in London so I had plenty of options to keep myself busy, e.g. theatre, exhibitions, short courses, sports. I spent the first few years dealing with our house renovation, and we could go away during most school holidays.

I don't have many friends who are retired so it wouldn't suit someone who needs that social contact - I'm perfectly fine doing my own thing though.

chachachachangesoolala · 10/10/2023 08:25

48 means you've still got almost half your life ahead of you. Do you have the funds to support yourself for that length of time? It's great that you're frugal, but if you stop working completely you'll be relying entirely on your savings and private pension. Is that realistic?
I'd love to retire from my current job/ career, but if I did I'd likely get a low key non- stress part time job. For me I'd need the routine as well as the pocket money.

Notamum12345577 · 10/10/2023 08:29

HelpNeededBeforeIHaveABreakdown · 10/10/2023 03:08

Do you have 35 years of national insurance contributions if you are in the
UK? You need this for full state pension. Will you also have private pensions? These can be taken from age 55, soon to be 57. Or have you other income streams?

At the OPs age she might be able to take her private pension at 50. I’m 40 and I can, I got in in time just before it went up to 55 🙂

MyCircumference · 10/10/2023 08:35

55 is a more recognized age - ie police used to retire at 55,
under 50 is not retirement age.

you give up work as you are financial secure but you can hardly call yourself retired in the normal meaning of the word, can you even claim a pension?

anyway, why do strangers opinions matter?

Heronwatcher · 10/10/2023 08:35

I think it’s up to you really, if you can do it financially then go for it. For me, I would worry about getting bored (I have lots of hobbies etc and could fill the time, but it’s not quite the same), stagnating a bit and getting old before my time (I work with lots of 20 somethings and have to keep up with tech). I’d also rather work and earn more than live frugally for a long period because I love holidays and eating out etc. But that’s just me. I think my ideal would be to work about 2-3 days a week definitely, and I like my job which helps.

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