To think I retired too early

[hrenfe]

I always wanted an early retirement. I didn’t have a particularly stressful job but I didn’t enjoy it after covid as I was fully remote and my job was always at risk of being axed. It paid OK (£50k) and I had 35 days annual leave a year. No mortgage

Got offered redundancy at 58. Took it. Been retired a few years now. Whilst it’s super not to have to work, I can’t help but feel I took retirement a bit too early. Money is fine and DP (younger) still works.

However, we can’t really afford to do anything “big” that we thought we’d too in retirement. Had always imagined taking a big trip like a month in New Zealand but can’t really afford it.

Almost all of DDs friends have had big parental contributions to their weddings or big chunks of flat deposits given to them. We can’t do this. AIBU to think I should have just milked my job and worked another two years or so?

Presumably she got a package though, so unlikely two years of extra work would make much difference then as she would’ve missed out on the package.

However, I would suggest you get a ‘wee job’ as they sometimes get called here. Either look for fixed/short term/freelance opportunities in your old field, or a PT job in retail or similar. If you can live off your current income, anything extra you earn would be for luxuries like travel or deposits for your DD

I've just 'retired' at 58..as in on Friday. Only not having had a 50k salary, and never having been in a position to give my kids deposits for houses . However my job was becoming awful. ( 20 years as a TA in special school)
I'm going to have a shot at being self employed. I have a plan, which I will give myself a year to see if it takes off..if so, great, if not I'll look for something part time and local...I'm not proud or fussy.
I'm also never bored... I look after the grandkids, I play squash three times a week and I walk miles with the dog and I'll make SOMETHING work until pension age.
We have managed to save enough to take the family to Australia next week for a few weeks to visit DS1, and we have never had a big income, but have saved enough and make a trip every other year, just by saving bit by bit. It's doable.
You can't look back but you have plenty of years left to do something else!

What’s stopping you from working again? I would be bored silly without a job, though I recognise that I am lucky to be one of the few people who genuinely loves my job. But I hate being idle so regardless of money, I think I would choose to do any old job, possible part time, over doing nothing.

Even a minimum wage job will provide some additional income, so why not see what’s out there even if you don’t want to return to what you used to do?

I also took a package at 57. I didn’t exactly retire as I then took on caring responsibilities but I do know that retiring at that time was right. I felt burnt out. However a few years later I’m recharged and could definitely take on another job. However, time has more value to me now than money. I would rather have the freedom to do things spontaneously, or when they are cheapest, than have to plan around work and spend more.

Just do something part time

I took partial retirement ….,dropped to .5 ….took part of my pension …..still pay into nhs 2015 pension …..I work wednesday , Thursday, Friday one week then Monday and Tuesday the next…..gives me loads of time off….took 6 weeks unpaid to do go to Australia…..been able to gift money for house deposits for kids and able to pay for a big family holiday each year and treat grandchildren ….im 6O now…..I retired at 55 ….but won’t fully go until I’m 65 unless I get fed up….helps that I like my job…..my children will be 40/late 30s by the time I’m 65 and my GC all teenagers so that will be my time then

Start working again 😐

why would you be bored? I only work part time now now…but could easily fill my days not working….,dog, GC….helping renovate AC home…..meeting friends…..walks…..seeing family……I could go on and on

The package would have needed to be £80k after tax to have allowed her to break even and if that had been the case then she would have probably been able to afford her trip. Redundancy payments are great if they're in addition to ongoing earnings (you take them and move into a new job) but very rarely enough to compensate you for 9 years loss of salary. Every year you can pull in external income through working adds to your wealth, and for people in the OPs position makes the difference between being able to do certain things when they do retire and not. Agree a part time job could be a compromise.

Yes hard to understand the problem. I think you made right decision - just get a part time job now.

Literally nothing stops you from rejoining the workforce

Going back to work to save for a big holiday is reasonable. Going back to save for a big contribution to a child's wedding or flat deposit is bonkers IME.

Besides the point, but NZ is a dull place.

How about working in a different way? Could you take in a lodger or do AirBnB?
Or host overseas students?
Or you could release money from your house. Take a retirement mortgage (not equity release) or downsize.
New Zealand is a wonderful place but not cheap. You should find a way to go if you can.

Redundancy doesn’t equate to retirement, though, definitely not at age 58. I don’t see why you didn’t try to get another job.

The OP retired ‘a few years ago’ at 58.

So she might be 65+ now. Not so easy to get another job.

You can still work while drawing your pension.

My parents bought us houses, are currently on a 3 month trip to New Zealand and other places and retired at 55. The 2 years wouldn’t have made a difference. It’s about what you saved and put in pensions for your whole career. Why not go back to work part time to earn some spends though.

You’re not alone in retiring too early. A friend of ours did the same, he retired from teaching at 58 while his wife carries on working and supporting their two dc at uni. They’ve now just separated as they really struggled for money and she felt resentful at having to carry on working whilst he did nothing. So he’s had to go back to work now.

If I were you I’d go back to work for a few years. We decided we did want to give dc money for homes and weddings, and have enough money for us to have the same lifestyle we have now so worked an extra few years. Retiring and watching every penny is not worth it imo.

Post Covid

I’m planning my exit from the working world now. I’m 62 this year so will drop to 3 days later this year, and start taking a previous pension which was payable from 60. I’ll do this for 3 years and then stop completely. My mission over this time is to save as much as possible to cover age 65 and 66 before the state pension will start. DH will be on the state pension by then so that will give a cushion too.
Part of my planning is to ensure I have friends to see, things to do and places to go when I do finish, and enough saved to do this.
My boss is 74 and totally institutionalised and can’t see life beyond work which is sad, especially as they earn so much but can’t enjoy life away from work.
As others have said, get a job. Not only will you earn money but you’ll have a purpose.

I took a voluntary early exit package at 58 and it was definitely retirement for me. I’d been working full time for the best part of 40 years no children (not through choice). Been retired 7 years now and I’m not bored. No regrets. Had some amazing holidays.

I think whatever the outcome no one has it all. Taking early retirement has more benefits not just financial! I have been a SAHM/ PT for a long time .Now DC are older I think "what if" I had worked FT had a career and so on.Yes we would have more money ,but have had a long time with DC and our dogs.Never had to send DC to Nursery or worry about Babysitters (DM did all that).Like you we cant afford big ticket holidays, or helping our DC out money wise apart from the odd meal out here and there .You say you didnt enjoy it.Life is too short and you need time to relax and wind down too.

I don't really understand. You've chosen early retirement as your luxury. It's a bit naive to expect grands tours and DC house deposits on top of that - especially when evidently you didn't do the sums.
When you reach state retirement age you'll have all that extra money which will presumably make a massive difference to your income.
Right now, if you're struggling why don't you get a job in a supermarket? Ok pay plus a decent discount on your food bill. Not a job you can milk, though.

No, it made absolute sense to take redundancy and a package (I assume?). Now you could get a part time job and you'd have the best of both worlds and a bit more money