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?

First post nails it

Is downsizing to free up cash and/or pay off mortgage an option? I am 57, I would like to retire in next 1-2 years. I did that as an initial step, it massively helped. I do work part-time and didn't find it too difficult to get another job.

I’m in my early 50s, and I can’t imagine anything worse than being retired in a few years and not able to do anything. You can’t change your choice, but I’d absolutely be looking for another job, at least until your partner retires. You could end up retired for almost as long as you worked!

Find something else to do and stop moaning. Some of us work into our seventies - I do, but luckily I’m part time and enjoy it. Still can’t afford a trip to New Zealand (which I’d rather like, to see my brother) but have been able to help out family.

Read the room, OP.
You took a redundancy package, retired early, are financially comfortable and don’t have to work.

But you’re whining because you can’t go to NZ for a month or give your children house deposits?

Go back to work if you’re bored.

That is early considering there were no health problems or urgent need to do so, and as you say, not a taxing job. It's not helpful to decide you made a mistake as it's clearly what you wanted at the time. The question is, what should you do now? Can you get work again? I would recommend working if you at all feel it's too early and you would benefit from more money.

DH is considering retiring on health grounds. He's 61, and has got several cardiac issues that he is due to have surgery for this year. He wants to travel, get a campervan etc and feels that we need to do this while he's still fit and able. The stress of running his own business has worn him down too much. But I will carry on working part time as I'm 55 and can't face being at home all day.

I think the important thing is to find a focus. Find a new hobby, join some walking or meet up groups. Or even do some voluntary work - a friend does exam invigilating during the late spring/early summer and it's quite well paid.

Stop being petulant and get a part time job then ☺️ working is healthy for your mind. Break free from the bubble.

I am a bit younger than you but I can’t imagine ever wanting to retire. I can’t think of anything worse.
I love going into work every day and meeting people. 58 is really young.
You should definitely take everyone’s advice and get a job. You could do whatever you want (except be a professional footballer or Rose of Tralee)

Could your skills be used for contract work? Can be very lucrative

That's an over estimation! Under £1k is more likely and it is taxable.
But, OP if you are managing now your SP will be available to pay for luxuries. I retired at 57 and then worked p/t in a different but related field until I could claim my SP. You could always look for a p/t job now.

Remember my dad was expecting to ‘retire’ from his job in the police early, no one expects to see an over 65 in uniform.
He was 56, money was okay, mum was working. After a bit of a break he went back to work, part time as a paid volunteer for the RLNI and then a specialist job that his previous background was useful in researching for missing persons.

Go back to work, find something you will love.
An old friend lost his job, he trained alongside his wife to be a nursery worker in a Danish pre-school nursery. He loves it and the kids love being with him, building rockets and recently a siege engine to attack the accountants offices next door! I know this because my grandson goes to the nursery and loves it!

In the school holidays they take off in a rented motorhome to Europe for a month. It’s the bonus of the extra income.
Just a suggestion

That’s only a few years ago, so you’re lucky it’s not an irreparable decision.

Go back to work, at least part time, and then in a few years youll have a bit more money.

You’re framing it as “I should have worked those two years 58 -60 and I’d be retired and better off now, oh dear, nothing I can do”. Presumably you enjoyed not working those years?

You can change your mind and work a bit more now so that’s fine.

I'm about your age and I agree with you. It's not just about the money, at 58 what do you do all day? I would be so bored with no mental challenge or stimulation, no structure, it would drive me crackers. But I also think it's poor for mental health, if you're not contributing to society there's a danger you can feel useless. It's pretty common in retirees to feel that way - they grow old over night and way before their time. I would either go back to work properly or maybe get a nice part-time role. I'd love to work in a theatre or a florist/gift shop or my ideal, a dog charity. Jobs that I couldn't consider in the past because of the money and lack of strategic input but at 60ish, would be perfect.

I retired at 51. Best thing I ever did. I've been doing a degree under the OU to keep my mind active (as well as other things). It's completely free until I finish (I'm making it last 16 years!). There are lots of ways to keep yourself active at minimal cost - only limited by your own imagination. Travel is nice but it's such a limited time experience. Money is over-rated once you have just enough.

I could never get the company to lay me off, but I did save a lot in my pension (start very early folks and keep forecasting how you are doing). You need it to give yourself the option regardless of how you feel about work now.

Yes you should have. Bit late now op. This is why I’m working till 61. I planned it, I know what income I need and what I want my lump sum to be. I didn’t take voluntary severance last year at 58 because I knew it was too early.

I am so interested to hear this as I am in a similar(ish) situation and had been considering options. DH (56) and I (51) are already comfortable financially so could in theory retire with a great income similar-ish to what we are earning now.

He left his stressful high paying job a few years ago and is now earning the same as me in a civil service adjacent role. I get over 40 days a year leave and he gets 35. We can both walk to work and can work from home a couple of days a week. Stress levels vary but nothing like our times in the City.

We have decided to keep working for a few more years at least and spend the majority of our salary on expensive bucket list holidays to "get them out of our system". They will only be two week holidays but that's enough to keep us inspired. When DH retires (unknown when) I plan to take a six month sabbatical to do some long term travel and visit family overseas. That should provide some insight into what retirement will be like.

I feel like too often the aim is "retire retire" but we have decided to try to optimise our full life before that and see where that ends up.

Let's see if job cuts in my sector allow this.....

Easy, obvious answer @hrenfe Go back to work for a few years. Maybe 3 or 4. You don't say how old you are now, (or exactly when you retired,) but as you are talking about your job being at risk during Covid, I am assuming you retired within the last couple of years, and as you were 58, you're now 60-61.

Why did you retire (early) though, knowing there wouldn't be enough surplus income to do what you wanted to do?!

Two years extra won't have made such a huge difference that you'd be able to go on long, expensive holidays more than a couple of times. It would obviously help but not for long.

I don't know what you did for work, but can you go back for a few years? A lot of admin/PA roles are crying out for people your age. Is your old job still available at all?

Enjoy what you have OP and find contentment in the richness of your life.
Stop comparing.
9

I think it’s just the way I am made! I genuinely can’t see myself retiring fully unless I have to, though I am sure I will do a less intensive job, or just less of it when I get older. But I have worked either part or full time since I was 16 and am now in my mid 40s. I like working. It’s intellectually stimulating and I enjoy interacting with other people. I have plenty of friends and a couple of hobbies too, but I enjoy them alongside working.

This is a mindset. People who allow work to overtake everything else and not imagine life beyond that are only delaying the inevitable. I talk as someone who was committed to my career full time for 40 years.
Fresh air, exercise, hobbies, catching up with friends and family etc etc etc.
Of course it's normal to miss working, especially if you have enjoyed your job but it's healthy to know when to move to next chapter

Why don't you get another job? It's pretty common for people to retire in their 50s especially when a decent redundancy package is on offer, pocket the cash and then take another job until they are ready to stop working.

I wasn't given much option but to 'retire' at 57. As much I thought I was ready to retire mentally and financially, I couldn't. After doing some zero hours jobs, I started employment in a totally un-related career. It was the best thing as it gave a different perspective on working life.

There are so many opportunities through volunteering around hobbies and your background knowledge, its like everything what you put into it.

In addition to financial issues, I do think that if you retire so early, there is a real danger that your life can shrink down and you can become more fearful. About 12 years ago, my good friend was forced to retire from a senior public sector role at 53 under the ‘austerity’ cuts. She lasted 6 months and then got a lower paid part time role in an office so along with her pension she now has built a nest egg (following a rather brutal previous divorce), has money and time for travel and time to help with GC childcare. She’s also the ‘go to’ person for newer working practices and IT queries cos she’s kept herself up to date.
I think she’s bloody marvellous.