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?

There are packages and packages. The one currently being offered at my place of work, even for people with 30 years plus of service, doesn’t compensate for a year’s missed earnings never mind two. That’s for voluntary redundancy.

In the past they have only offered the absolute statutory minimum for compulsory redundancies. i.e. No package at all.

Have u seen the job market?

Can any of your skills and experience be used to set yourself up as a freelancer? If so, I strongly recommend it.

OP you sound a bit deflated - do you think you might be a bit depressed? You are still young enough to have goals - if you want to go to New Zealand (and who wouldn't it's a stunningly beautiful place!) you can make that happen - you can earn money and save a bit extra to do whatever you want. You have choices - you're not stuck in a dead end. Loads of people we know retired early but decided it was too early and went back to work - others loved it and never looked back - be the master of your own destiny, but for heavens sake don't sit around regretting and feeling like a victim - do something about your situation.

Getting a job in a supermarket is quite difficult these days even for young people, so I understand.

Same.

Maybe get a part time job? And don’t forget your state pension will give you more income once you hit 67/68 (I can’t remember which one it is for someone your age)

How can money be fine yet you're complaining you can't afford luxury holidays?

Did you not do the maths before you retired?
And on £50K pa I assume you'd get a decent redundancy package.

Was this a public sector role- local government? (Not many private companies have 35 days holiday.)

Are you taking your pension?

Or are you waiting till you're 60?

Nothing to stop you getting a p/t job now.

Bless at all the people thinking a woman who's late 50s can just 'get a job'.

Shops and hospitality always want people.
Many supermarkets prefer older people. And places like M&S.
Depends if she wants a job of any sort or is being fussy.

And there are always options to be self employed- dog walker, house sitter, child minding perhaps, or self employed as a freelancer using her experience if it's valid.

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?

58 is a bit late to start to think of those big handouts.

Have you and your H not done any medium-long term financial planning?

What have you done with your redundancy payout- how much was that?

Exactly how much would you have been able to give as a house deposit by working for 2 years if you also used that money for a luxury holiday?

Pointless ruminating.
You took the decision you did.
If you want to go to nz make it happen. Sell stuff on vinted. Rent a room to a lodger. Do dogwalking. Downsize and give your dc 50k for a wedding if that is what you want to do. Your life your choice.

I am not sure what you really want from this post OP- you can't go back and change the past now so its a bit pointless in us all telling you that you made a mistake because nothing can be done about it without a Time Machine.

You clearly dont have enough money to do the things you want to do so why dont you go back to work and research that instead of ruminating on how you made the wrong decision 5 years ago.

You did the right thing. Just budget for holidays. Being a wage slave is no life. Waking up, having a coffee, and having nothing to do, is the life of the wealthy and retirees! Obviously, it would be nice to be a Royal or a millionaire, but for the rest of us we have to wait to enjoy it.

A slightly different perspective here - I'm at a different life stage (early 40s, primary age child) and juggling a portfolio career of consultancy, writing, part-time/contract jobs in 3rd sector.

I just wanted to chip in to say that the absolute arse has fallen out of both short contract AND freelance jobs. In my field there is about 30% the amount of freelance contracts floating around compared to 2018-22. And I can't remember the last time I was in an organisation that "got a temp in" but it was probably about 2007. (Outside of some specialisms, you don't really get that generalist Office Angels type of temping that was rife in the 90s, where strangers get Quantum Leaped into a random organisation for 2 days because someone has flu - instead you get interim posts filled through agencies but the recruitment for them is very similar to normal jobs.)

So I just came on to say, firstly, beware of people who say "just do temping" because it does not exist in the way that it used to; and secondly, not saying this applies to OP but could comfortable people with no mortgage please have a think about why taking freelance work simply because you're bored might be kind of bad form when there are many people depending on this dwindling pool of contracts to pay our mortgages and feed our kids, ok thanks bye.

Didn't you get a lump sum? Surely that is for the big trip etc? Or are you managing by using savings? I don't think retiring without any savings behind you would be great. Get another part time job and save the money for holidays etc. you probably feel you retired too early because you've had a break and now feel better.

I'll be retiring at 70... But I understand why you left at 58. It starts becoming relentless. Maybe it was more a sabbatical that you needed rather than retirement? I'd see what's around (it's a tough market...) and try and dip toe back in. Reframe your narrative around 'took a late sabbatical - never had a 'gap year' - and looking to re-enter etc. it may not get you a whack of cash ... But means you won't be eating into your pension funds as much.

I won't be able to give my kids a deposit either. Yes, I'd like to, but it not possible- I'm focused on paying my mortgage off before I die.

Well I mean maybe, it’s done now though. Concentrate on getting joy out of everyday things and smaller trips, maybe some new hobbies and friends? A ‘big trip’ is just a month out of the year, it’s the rest of life that really matters, and I say that as someone who loves travel but doesn’t anticipate being able to afford it when retired. As for DC gifts, that can’t really be helped now.

Well said @coachinghelp .

Also, Office Angela that's a blast from the past! Do they even exist anymore?

You definitely should have worked longer if you wanted to be richer. I made a similar error by taking far too long out as a sahm - which saved in childcare but was a huge loss of income and involved me completely retraining and starting at the bottom in a new career. It’s a no brainier that working 42 years will get you less money than working 51 years but you can’t have your cake and eat it. I enjoyed my time as a sahm, you are enjoying your retirement, neither of us is going into old age planning £30k holidays or buying flats for our kids. I can’t go back in time and change how much I didn’t work 20 years ago but you could go back to work for your holiday money of you want. One of my colleagues is 72 and works very part time but she gets about £500 a month net which she spends on holidays almost exclusively while her state and occupational pensions cover her living expenses. I don’t think you can take close to a decade out of the workforce and then be surprised that you don’t have as much money as other people who haven’t.

I had to wait for my younger DH to retire, in the end he left much earlier than anticipated as he accepted a good redundancy package. I retired really early at 54 and took my pension a year later. I had almost 5 years of retirement alone. So my plans still had DH working. I did voluntary work and joined a load of hiking groups and decided which ones I liked the best, also U3a for 18 months . I took up some dancing lessons as well. None of that was very expensive for 3 of those years I had something on every day. I also made a couple of very good friends as well as many acquaintances. You need to fill your time with work or something.

On 50k unless you could have saved your entire salary there would have not have been a big handout. But then it depends on what you class as a big handout 20k or 100k?

Did you take an annuity? Maybe a part time job in a new field would be fulfilling and interesting as well as allowing you to save for your DC and a big trip.

A google search says yes but most of the posts I can see on their site are FTC or perm. Amazed they haven't changed their name, it sounds like a Carry-On film, but I guess they have enough residual brand recognition...

@coachinghelp agreed about the temping. I temped for years in the 90s. I tried it 9 years ago when I was between jobs and it was dead in the water. It was all contract roles, or temp roles that were ongoing and both required a job interview. So all the downside of being employed with none of the stability.

So you've not reached State Pension age yet? How do you feel about returning to work in any capacity, maybe part time?

Look up the rules about your private pensions and what would happen if you went back to work. Some will keep paying (as long as you're not employed by the same place as you're being paid a pension from, for example).