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!

You can sometimes take the lump sums early. Not the pension via an annuity.

Your question makes me wonder why you want to retire. Surely if you have a reason why you have been working towards an early retirement you would be excited to have time for whatever you wanted to do and not wondering whether it is the right choice or worrying about friend’s opinions.
Regarding the friend’s opinions: either a) they don’t know you very well (as I assume you’ve been planning early retirement for a while and have a reason for this), or b) they honestly doubt it is what you want, or c) they are jealous, or d) they are very narrow minded. I doubt ALL your friends fall under categories c and d, so maybe ask them why they think you won’t enjoy it?

I think some older private pension schemes kept their protected benefits. You can probably check.

I'm confused about this too @Testina. I'm 43 and can't take it til 57 now.

I mean clearly some people have paid up mortgages and at least high hundreds of thousands in the bank in their late forties, now you'd need a million I reckon minimum to last you another twenty years pre pension. I can never work out how aside from inheritance - it's sort of impossible to earn your way to that at 48 unless you have huge amounts coming in every month to repay mortgages AND save 4or 5 k a month at least to have enough in a savings pot by 48. I can put aside 1500 in savings a month at an absolute push as I take home 3500 but I didn't start on that at 22 and even if I had done that since 22 it wouldn't be enough to retire on.

And yes I am bloody jealous and bitter! If I had it I'd do it no question.

DH's grandad is in his 80s and retired at 50. He has always struck me as a very bored person who has spent the last 30 years doing fuck all and he is very down and negative. I think he could have done with working longer just to give himself a purpose, But if you think you can enjoy life without a structure and are able to see people during the day then go for it.

Do whatever you like. I actually moved jobs at 49 and found a whole different world of interest and think I may struggle to let that go when I do actually retire. However if you have plans then go for it. You only live once.

Something I would be concerned about with living frugally is what does that entail? Growing your own vegetables? Is is sustainable forever? We have an allotment and know how much works it takes.

DM retired at 56 when DF became seriously ill then died. Both my DBs have retired at the same sort of age.

What I noticed with all 3 is how 'old' they became on retirement. Their lives narrowed right down immediately. DM (now 84) & older DB (now 60) spend a lot of time together and feed each other's fears. They both fret about neighbours, see threat everywhere. Lockdown has made this paranoia worse.

It may be significant but DM & DBs are all single. Neither DB are going to have GCs to be involved with. DM has GCs (my DCs) but is not close to them for lots of reasons.

Not sure why so many people think people who retire must be bored. I know loads of women who gave up work when expecting their first child and never returned at all. None of them seem bored.
In fact, I am very jealous of the lives they lead! It must be amazing to have that time while still young enough to enjoy it.

I retired at 58 four years ago and have not “become old”. I go to the gym every other day to keep myself strong and fit. I’m still really keen to travel and see as much of the world as I can before my health gives out. We are childless but don’t feel our lives are any worse for not having grandchildren.

It's said that most people need to 'do something of value everyday' to not get bored, depressed etc. What is considered something of value is very much down to the individual. It may be work or caring or picking up litter or an infinite number of things. Some people definitely 'get old' when they retire and don't find those other things to give them purpose/balance/perspective and then minor things do create inordinate fear and inertia. But others find a new routine that suits them better than work and still do their things of value. Guess we're just lacking context in what the OP intends to do and I wouldn't rush into retirement without some sense of that. Better to take a break or downshift if possible, ease into it.

The people I know who retired young are not bored. Quite the opposite! They seem to having a great time and are always busy.

It's also a bit depressing to think that work is the only way we can prevent boredom and find meaning to our lives. There's so much more to do in life than just work!

If you love your job then fair enough. But this live to work mentality isn't always healthy. Majority of us could be replaced by our employers in a heartbeat and probably will be as AI develops.

It’s interesting how many retired people want to travel. I’ve had great holidays for decades and intend to continue. I’m older than most posting! However it’s not a cheap hobby unless you want to backpack! Flights have gone up a lot. If you expect to spend from 50-80 travelling you better have deep pockets. If you live frugally, as the OP, I doubt the horizons include extensive travel. That’s the biggest issue: what are you gojng to do? Travel makes me tick. Most of what makes me tick costs money! It’s no point retiring early and being destitute at 70 because your calculations are wrong.

Most people I know who fully enjoy retirement have big gold plated pensions and/or large inheritances. Or have sold their business. All have substantial funds and aren’t living frugally.

Sometimes fulltime workers dream of early retirement, but what they really need is to work part time in a good workplace in a role they enjoy. 👍

I'd check that isn't the case so you don't have to be so frugal in your early retirement. You might find it a better balance.

This is why I won't be fully retiring once my mortgage is done. I'll work part time or contract just to fund holidays. This means I don't have to a full time wage slave and can enjoy more of my life without living too frugally either.

You're not retiring, you're just stopping work. Make sure you keep up with your national insurance contributions.

The thing about travel though is that it can cost wildly less if you have more time to do it, or at the very least you can do it more interestingly if you have more time.

My parents would happily take 3 weeks getting to Krakow by random transport over taking a flight, and we take minibuses, ferries etc - but there's only so much you can do with most holiday allowances. Plus when you're there you can spend time seeing places nearby without taking big chunks out of your schedule.

We've never taken them, but there are also loads of last minute deals for a month half board in January in Turkey etc that would probably break even against cold weather and food prices.

Travel is almost certainly less expensive per day if you're retired!

I know a few people who retired at 50 (social worker, firefighter, police service, local civil service) all bar one lasted a year and have got themselves part time jobs eg chauffeur, taxi driver, gardener.

they said that he fact none of their family or friends were at home made the days really long so got themselves a part time job to keep them busy.

@thecatsthecats I’m not travelling overland to get to Poland. I’m still busy and travelling actually isn’t cheap for older people who don’t have time. We have commitments to others so need our holidays to mean a something to us. So we don’t want ad hoc cheap arrangements and it doesn’t save you much over a flight! They are pretty cheap to Poland. Far less cheap to Japan and Argentina.

Fair enough but what I have seen with my relatives is that they have become more fearful, reactionary, right wing, racist, intolerant on retirement. DB1 is the worst as he has no outside interests other than minding DM and worrying what his neighbours are doing.

They don't have connection with a younger generation which they would have had if they had stayed working.

They must have been all those things before retirement. No-one becomes racist etc because they retired.

There’s also something to be said for making sure you really do have enough money. Many have found they don’t. We are a nation that doesn’t like work though. My DH still works at 70. On his terms but it keeps his mind active and fully engaged.

From my observations, I don’t think people wholly change character. If you are a bit unpleasant, mean, fearful, racist, just plain difficult in the first place your worst traits get worse. The nicer traits recede. People who are just pleasant stay that way!

Only skim read the thread but have a look at Mr Money Mustache, OP. He retired at 31 but still dabbles in self employment as and when.
Regarding taking pensions at 50, I'm 44 and the earliest I can access my civil service pension is 50. My private sector one is 57.

He 'retired' at 31, except for the relatively lucrative job he then made out of telling everyone about his retirement. Which therefore wasn't a retirement.

It's a bit like Tim Ferriss and the '4 hour work week'. That man works long hours, he's just reframed it in his own head and for a legion of followers.

Still good examples of alternative career paths and income streams, but not really guides to an easy life.

I think the problem I saw with DM retiring early (56) was that she associated in the main with people far older than herself. She took on their attitudes and mannerisms.

DB1 retired even younger at about 50 and socialises exclusively with DM. They are now reinforcing and amplifying each other's views.

At 60 DB1 is still out in the world even if only going to shops and bank. He has lost interest in filtering his comments (he doesn't need to with DM) so causes a lot of offence. But he doesn't care because there is no consequence. He will still get his pension.