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 retired at 58 on a voluntary early severance package, got a lump sum from that. . DH who is older than me still does some academic work, most of it unpaid out of sheer interest in his subject, and it has afforded us some great travel opportunities. We have paid off the mortgage on our house (£85k when we bought it now worth £400k) no children (not originally through choice), I was lucky enough to inherit several hundred K when my mother died, DH and I we have another couple of hundred k in savings and investments and inheritance from DH’s parents. We have a joint pensions income of around 50k (and I’m not yet eligible for state pension until 67) so we don’t really need to live frugally in retirement. We are very lucky. Although it would have been nice to have children!

@Ionapussy A combination of a lot of things really.

Both of us joined the forces when the pension scheme was still really good. So we knew we'd get an income from the moment we left the service and a lump sum.

We prioritise liquidity over having a big house/big mortgage. We did buy a house to live in once but found it frustrating that the money we put in wasn't working hard enough for us. We've always been nomadic at heart, so didn't have the pull of putting down roots into one house. We weren't bothered about renting as we'd done that for most of our adult lives.

We have one modest property we own outright which is there to make an income for us and is a safety net. It's there if we ever need it to live in if renting becomes a problem (it's an AirBnB).

I went into the corporate world when I finished in the forces and was lucky enough to benefit from employee share options. Plus transfered company pension schemes into a SIPP when I left.

We've had some inheritance, which we've put to work through investing and our big focus now is divided income.

One thing I will say for us is we live small. We drive very old cars, our property is not big or grand, we don't do expensive holidays or designer gear. A lot of my friends live in million pound houses with huge mortgages, go on very expensive luxury holidays and are up to their eye balls in debt or the endless game of keeping up with the Jones'. I know some people sneer at the car I drive or think I must be struggling, but honestly I love the feeling of security which comes from not owing anyone anything!.

@DartmoorWild thanks, that's really interesting! Sorry for being so nosey! Enjoy your retirement

Many younger people have a life insurance even though the probability of dying in your 30s or 40s is low. This is similar. A fairly low risk (4% of over 65s, 15% of over 85s are in a care home); but think how big an impact on you and your family if it is needed.
Besides, far more people in that age group need some level of care. Nearly 75% of people over 65 have at least one long term health condition and Age UK estimate around 2 million people in the UK will have unmet care needs in the next few years. Most of unpaid carers are over 65. Putting some money aside could mean your partner can buy some respite care if it is needed.

Agree with this.

Also across 30-40 years a few big expenses can occur more than once:

• New boiler
• New car
• New doors and windows
• Major house renovations such as roof, bathroom, kitchen

Retiring in your mid 60s with the above reasonably up to date then you have a good chance that they will 'see you out' or only have to deal with one of them. Retire sooner and they can significantly deplete capital which is no longer being replenished.

Don't get me wrong, I am looking forward to retirement but I want to be on a position where the car making a funny noise or an ominous stain appearing on a ceiling don't have me panicking that I can't afford repairs.

I wouldn’t no. Work is good for us other than for making money. Anecdotally, my former in-laws retired in their early 50s and are now in their 70s. Their health is not great and they have aged badly. They are only 10 years older than my parents, my dad still works and my mum only recently retired. They look about 20 years younger than my once in-laws and are in much better health.

If you live into your 90s then you're only halfway through life right now. My dad retired at 58 and he's 66 now and has run out of money besides pension (which hardly covers much). I have no clue what he'll do as he's too old to find new work and not fit enough from sitting around all day. I think you should consider going on a long holiday, even for a couple years. But officially retiring sounds pretty drastic with the rising cost of everything.

We seem to have substantially more than anyone else here! We love cars, holidays and have several properties. Definitely have substantial amounts in properties. No mortgages. All property needs to be maintained though. Rental income isn’t always guaranteed either. I would also say you cannot ever guarantee dividend incomes either. Our investments have been in ISAs for years. You just cannot rely on all investments going up let alone guaranteeing the income you want from them. So we’ve got plenty and DH is just taking his pensions at 70. I’ve a small work one and both of us get the state pension. Mine is lower due to my work pension.

Some of the lower amounts in houses here means there’s not much downsizing available to get a much bigger sum in investments. We can downsize and release substantial sums. If you’ve only got £400k in a house, that’s limited for downsizing. Therefore pensions become more important in planning for the future.

Theres also confusion about retirement. People think retirement is a work break. Retirement is usually meant to be final. The only people we know who retired early sold business. They made £ millions. Wholly different to driving old bangers and living frugally.

The more you post, the more obnoxious you sound.

In fact, you remind me of that Harry Enfield character. Is your husband called Stanley 😂

@Pinkyhairclip This is a thread about retirement and money. I’m sorry you don’t like anyone with money. I would probably not like you either but on these threads, experiences are invited. I’ve clearly said mine is different and explained why. We also give a lot to charity. Does that mean I’m now acceptable?

@TizerorFizz you keep posting the same thing numerous times. Basically to tell us how wealthy you are but every time it gets a little bit more obnoxious and condescending. Just say it once and be done.

I don't hate anyone with money, just people who try to put others down or make them feel small.

OP, If you've done your sums and it works for you then go for it!

Don't listen to naysayers on here. None of us know what's round the corner and life is for living.

What someone else thinks is poor is someone else's rich. It's all relative. We may not have millions in the bank but what we have we are thankful for and going to make work for us.

Just come back and tell us how much you love Monday mornings in your new life 😁

@Pinkyhairclip I never ever talk to people in real life about money or retirement. I am surely able to put a different view forward? It’s not putting anyone down. It’s saying what I value. What we think we need on retirement. Others think differently. Others have different sums of money. I’m just saying be careful as life can be long. Being late 80s isn’t uncommon. Many people get beyond that. An income that doesn’t grow if you have nothing to sell leaves a very long retirement to fund. Anyway. If my views are not welcome, I get the message.

@TizerorFizz

No that's a backtrack on what you've been saying. In this thread you've said that 'We are a nation that doesn’t like work though.' which you've previously been called out for by other posters as being crass given that most of us are still grafting away, particularly when you yourself retired at 40. Then continue to pop up and crow about your millions and love of a luxury lifestyle.

You're either tone deaf, in which case maybe being back in the workplace would bring you back into the real world. Or you just like trying to put other people down.

Either way, let's leave it there.

OP, sorry to derail your thread.

My dad retired from teaching at 50 and has never regretted it for a second. As long as you have interests and activities to give your time to, and as much of a social life as you want to have, what’s not to like?

Great. Fabulous. Really pleased for you.

I mean, it's all about what you personally WON'T choose do as opposed to what others CAN choose do, but you knock yourself out.

I don’t know the full details of your finances OP but I would definitely want a healthy 7 figure sum in savings/investments (incl pension and house equity) in order to feel comfortable retiring at 48.

The boredom/structure issue is less of a problem IMO, there are plenty of volunteering opportunities if you want something like a job but without as much time commitment. Plus plenty of hobbies.

Do you have an option of taking a 6 month or year sabbatical? You could test out how it feels and try out living on a reduced income?

My stepmam got her full pension after 30 years at 48. She's now in her early 60s and seems very busy and has very much enjoyed it after a full on career.

I would go for it!

Oh @TizerorFizz - you are a card 😁Tell us some more about how wealthy you are. You can write any old shit on MN.

Running out of money. That's what!

@TizerorFizz I’m sure we all want our trips to mean something…!

Interesting and educational thread. Especially about finding something personally meaningful volunteering or grandchildren or whatever.

I think I would love to work 1-2 short days a week… in a lower pressure role.

@marshmallowfinder - running out of money sounds terrifying, if you’re not well enough to work.

I suppose letting out a property whilst living in a caravan for the summer is only going to net you a certain amount of money (my plan b!).

@TizerorFizz I think it is this quote that might put people off:

We seem to have substantially more than anyone else here!

I am surprised you need someone to point it out to you.

I don't think that I would want to retire until my contemporaries were retiring. My parents are retired and they are busy and active, but it's with other people in their late 60s and 70s. As someone the same age as the OP, I want to be in the world of work, doing stuff, creating stuff, feeling useful due to my specific skills.

I am an Engineer. Engineers have a habit of stopping paid work and drawing a pension at some point, but take a long time to properly stop. When you have built up a career, knowledge, wisdom, experience and networks, it's hard to say 'no' when someone asks you for a bit of help or advice (at a nice consultancy rate). It's also hard letting go of all your qualifications; we don't get to keep the CEng stuff.

Also, at present, I want to set an example to my children that work is interesting and rewarding and they shouldn't be scared of it.

I also manage to fit in lots of 'big hobbies' despite a full time job, so I don't feel a need for more free time.

I expect I will stop the paid job at 60 and start to draw a pension then.

But, each to their own!

Go for it! We work to live not live to work, and if you can live without work then why on earth wouldn’t you. Enjoy your life living it the way you want to, not how your boss wants you to. If I could afford to I would retire today, really don’t know why your friends would advise otherwise.