Not too early for retirement or aibu?

[Orangeriessmellparadise]

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!

I think it's early, hope you have done your financial planning as it will be difficult to go back once you have retired.

Volunteering I suggest is something you should consider to give something back as you are in such a fortunate position.

I joked that I was retiring when I quit my job at 44. In the 4 years since then then as well as being around for my teenagers I’ve worked freelance and done stacks of voluntary work as well as a bit of tutoring.

It is starting to do my head in now and I’m worried that I wouldn’t have the stamina to hold down a full time job. It isn’t that rational a worry as I don’t need a full time job - but the fear that I couldn’t do it is quite a strong feeling!

I agree. If I was working fulltime at 48 and thought I could manage not working, then why not? I agree with a pp that this isn't retirement yet though.

But living a frugal lifestyle even when earning...is that because the OP has to live frugally, or in order to save for this "retirement" without an income? I went part-time then semi-retired (2 short working days) before fully-retiring but in my 60s. During those (part-time) working years, I had loads of time to pursue my other interests and voluntary work (which I loved). In actual retirement, I love outings and mini-trips away, none of which are expensive but which do cost money. To have only enough to live frugally so it would just be walks and pottering at home wouldn't be my idea of a fulfilling retirement. I agree that friends would be at work.

So if you just want to give up work and call it retirement and have enough to live on until you eventually get pensions which you'd have been paying into (State one anyway), then why not? As others say, you can always apply for some kind of part-time job later. You can of course simply reduce your hours now, if that's possible, or leave, have a gap year, then apply for a part-time job!

If the current rate of inflation continues for, say, 5 years will you still be financially ok? Do you have a plan for how you will spend your time? Do you have other friends who are not working, if not are you going to be lonely at home all day while your friends are at work?
I think 'work' as in a purpose, a goal, a daily routine is important for mental health. It doesn't have to be paid employment, but something to give you those things once you stop working.

Totally up to you. I’m 57 and love my job so wouldn’t be for me.

Why work? Why not retire, and spend her time entirely as she pleases?

Can you go 50 50 fir a while... gives you time to join up interesting hobbies and start making new available friends. Ease into retirement gently. If you're bored stiff then you aren't 100 per cent stuffed.

Will it be 40 years of a frugal existence of 40 years of living well

I am retiring at 57 but with a sufficient income to live very well until 80.

48… seems young. I would if I could!

Do tell us your plans @Orangeriessmellparadise?

If you can afford it long term then why not.

My brother retired/had big lifestyle change at 49.

He was a teacher and could see burnout ahead. He'd put out a few bushfires.

So he left teaching and took up a couple of part time jobs at his local leisure centre.

Mortgage was already paid off and he, and SIL, lived frugally anyway.

He couldn't pick up his pension until he was 55.

Our Dad really didn't get it, I did.

So he's lighter, healthier, happier, and best of all I've still got a brother.

Go for it, enjoy your time what ever you choose to do with it

Really??

I'm going at 55 (three years) and think about it every day.
Do it.

Go for it! Your friends are probably jealous tbh

it depends what financially ok means.
do you have a passive income that can sustain you without drawing your pension? Will your pension be ok without further contributions? Have you paid off your mortgage?
i think being retired and having to live frugally sounds awful. You will have a lot of time, no friends your age that are also off (unless your partner is also retired? On a good pension?) - will you have money to do things? Travel? go to the cinema, out for a meal, treat a grandchild?

Ps -y employer prepares people for retirement - helps them find volunteering positions, Non Executive Director positions etc. because if you just stop working, have nothing to do, no purpose it might not be such a positive step - you’ll need some sort of plan.

Unless you have a few million in savings I wouldn't. Why not start cutting your hours first as a trial run, I know someone who worked 4 days a week and alternated the day they had off so they had 2 long weekends a month. Went and sailed their yacht round the Western Isles twice a month.

I plan to follow that plan (without the yacht!) when the kids have left home. Then I'll still have a high income to fund my weekend breaks.

If I could afford to do it I absolutely would.
As long as you've carefully planned it so you know you'll be OK in the future (including if prices for pretty much everything go up steeply and often) then go for it!

I retired from teaching at 54. I've found plenty to occupy me. I drew down a small secondary pension at £6k pa. I have rental income from btl properties. My DH still works and earns a good wage. Our mortgage is paid off and really I manage just fine. Only drawback most of my friends are still working.

Not too young! I'm 47, and didn't need to work for a few years recently, and wasn't bored at all. Throughly enjoyed myself! I had time and energy for hobbies and seeing friends. Spent my days playing guitar and flute, drawing and painting, long walks with my dog, practicing yoga, days out on the motorbike, gardening, spending quality time with friends. I also have health issues. Life is short - do whatever makes you happy and worry not about what other people think. Just bear in mind that hobbies and trips out cost money, so factor that in. Enjoy!

I think that rather than leaving full time work say in your mid 40s to early 50s it could be a better idea to work 2 or 3 days a week as your still earning an income, paying ni for a state pension and possibly into a private pension. Then review it each year because as time passes things can and do change.
Another thing you could do it make a plan with say a 3 to 5 year time scale where you do any jobs needed on your house, pay off the mortgage or car, build up more of a nest egg and then go part time, do agency work or retire.

I know people that would leave their jobs if they came into some money or had their their mortgage paid off. I think that you have to do what suits you and your family if you have one.

I have a friend who is currently doing volunteer work. They have income from a particular source. They recently heard a few things and is aware that they may have to go back into the workforce. They are checking things out and will then make a plan of if and when they will look for work. The volunteer work has given them good relevant and recent experience to work in a number of places.

Those people who retire and then get a part time job - what sort of things are you doing and are they related to your original career?

I ‘retired’ at 52 (2 years ago). I loved my job and would have kept going but my husband was diagnosed with a life limiting illness so we had a wake up call and decided to leave our jobs to do more of what we love whilst we can.
I found it hard for the first year as it hadn’t been my plan to leave work at such an early age but I now love my new life. We’ve both taken on voluntary roles (I’m now a magistrate which I find incredibly fulfilling) and travel abroad for several months every year.
We’re lucky enough to be financially comfortable (although I’d give every penny away if it meant my husband had his health back again) so that makes a big difference.
Everyone’s circumstances are different so you should do whatever you feel is best for you. Life is short so enjoy it the best way you can.

@Notamum12345577 are you sure you can take a private pension at 50? When you are only now 40? I have done a lot of reading around pensions and I have never seen this for a DC private pension. Specific NHS schemes like Mental Health officer or possibly military… but not a standard private pension. I’d love to know what your info is, as I’m older than you and have to wait until 57. So I’d love to be wrong!