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?

I read many posts on here about people wanting to retire early and in most cases I think just don’t do it. We both retired a few years after retirement age and the boost to our finances is considerable.
I think before retiring you should think about not just your own finances but your childrens’

It's quite difficult to get a well-paying job when you're over retirement age.

There is no shortage of excellent older people whose wives just want them out of the house, regardless of pay.

I live in a small town where there were several top-class companies that had huge redundancies, closures and early retirement cuts, and had to travel a lot to earn comparable money. Any decent local job was overwhelmed by applicants. Shelf-filling and voluntary groups were packed.

Just go back to work- I did. Only 2 days/ week and to keep my brain active rather than for the money

I'm not sure how you can be in the position not to afford things when I assume you're claiming a private pension, you have no mortgage, and your DP still works?

I have to say, I never ever get bored, and I will certainly not be bored when I retire. I just don't understand how or why people get 'bored.'

Just get another job.

Hi, I did something similar at 58 after an extended period of ill health and six months off work. I wasn't really ready to go back because of my health and knowing I would be expected after a brief period of managed return, to perform at full capacity. Covid happened within 3 months and I got involved in some online voluntary support work. After a year this turned into paid work and I have never looked back. It's very part time, but enough for me to build up a pot of extra funds for projects and activities I probably wouldn't be able to afford otherwise. I have a professional skill set which I was able to use to carry on working. I don't get any state pension until I am 67, just occupational pension. When my state pension kicks in I might review things but tbh this little bit of work gives me purpose, intellectual stimulation and a continued professional identity. I think I would feel a bit lost without it even though I am involved in lots of other activities.

@hrenfe- I really don’t understand, you aren’t enjoying being completely retired, you can cover the bills but aren’t feeling as wealthy as you would like, I’m not sure why you aren’t just looking for another job?

It reads like you could only envisage doing your old job or nothing. Because you looked forward to retirement, you feel like you are expected to stick with this.

Apply for part time jobs. Don’t feel it has to be in your old field, you don’t need the money so just whatever you get, save it for bigger things.

I’ve just done this, even younger than you! Didn’t you plan forward your finances ? Including trips abroad. What did you do with your redundancy payment? Didn’t you start to get your occupational pension at 60? How did you manage before then? But yes, if you hadn’t planned carefully enough sounds like you may need to go back to work, at least until SPA.

I retired at age 66, I was totally knackered and the thought of even doing something part time is not for me. Even if I wanted to, and I had contemplated doing bank work at the NHS trust I used to work for this would not be possible as they are now making swingeing cuts and laying off staff. If the OP was 58 when they retired a few years ago they are now in their early 60's so it isn't maybe that realistic suggesting they get a p/t job. As for the big ticket stuff, well I have never been able to afford that even when I was working, when my adult child bought their first home I bought then pots, pans, plates, a hoover and various other house stuff but there was no way I could have stumped up the deposit for them and there was no way they would have ever expected it. I don't have a partner, all the money I have I have earned by myself and while my life might be dull and financially limited compared to many on here I did it alone so I am proud of that

Would savings from 2 years of extra earnings be enough to cover what you think you should have had £15k say for NZ holiday plus chunks for deposit? Also did you get a big redundancy payment as hat would have to be deducted from potential savings.
IMO the type of money you are talking about (big retirement holidays and house deposits) comes from a working lifetime of building up cash… not a couple of years.

You're missing the point.

Which is that working longer if you enjoy work is good for your health and maybe allowing you to get to 90.

There is masses of science out there showing that longevity is enhanced by working longer, if you enjoy the work.

There was a man on Radio 4 , 2 weeks ago who works 4 days a week in a supermarket, at 92.

Go back to work! You’ve got another decade in you. Even if part time.

If you fancy a big trip why don’t you look into working abroad? Work out which countries would be feasible, go and work there for a few
months. Then dh joins you for a couple of weeks and you travel together. Use the money which you save working to fund the trip 😊

Another idea inspired by above post: how about volunteering abroad?

Well it wouldn’t have just been 2 extra years, it would have been 4 or 5. At 50k per year, even after tax that could have given OPs children a deposit and paid for a dream holiday for OP and her OH. More importantly, contributing an extra 5 years into her company pension fund and into the state pension, would have provided better pensions into retirement.

I almost retired when an opportunity presented itself at 58, but I wanted to go on my own terms, so stayed as I had been planning on another 3 years. Those three extra years of retirement savings, plus then taking all my saved up leave, meant another year of savings. This being added to investments meant that we can afford holidays, have been able to contribute to weddings and some smaller amounts to each adult child.

It did make me think far more seriously about retirement though. Once I'd given myself an exit date, I used that time to sort my finances, work on my heath and make a solid plan for what I would do in retirement. The plan includes some adult classes, regular coffee mornings with friends, some exercise classes and Friday drinks with another group. These things give my week some real structure.

Like you, my DH is still working and will continue to do so because he gets bored otherwise. He doesn't really have other things to fill his week with. I make sure we take regular holidays, both short and long ones, because if it was up to him, he'd happily just go to work every day forever, so it's not like I'm waiting for him to retire.

I think you have two choices now, go back to work, either part time or full time for a few years, possibly doing something completely different, or, start looking for those other things to give your week some structure. Are there hobbies you've wanted to return to, or start? Can you arrange a regular weekly catch up with some friends, are you attending exercise classes of any sort to look after your health?

I'm at the stage where I honestly wonder how I ever had time to fit work in. I miss some people and some aspects of the job, but I have 'enough' not to need to work and I've got plenty to do to keep me occupied. You need to work out which option would be better for you. There's no shame in returning to work if that's what you want to do. I've got one close friend who retired at 60 but is not 71 and she's been back working for the last 6 years full time. She had only a couple of years off before getting bored and she started off part time. She does take lots of holidays, but when she's home, she's working.

If you're missing the extra money, I'd at least try looking around to see if there's a part-time job you could take. You never know what's out there if you don't look.

Otherwise, if your husband is okay with giving up the big holidays, finding a couple of good hobbies or a volunteer role you enjoy is the key to happiness.

Focus on what you have rather than what you don’t have. You have the luxury of all that free time to indulge your hobbies & interests and to focus on health & fitness. No work stress. People always want what they don’t have. Enjoy what you’ve got!

I think you have misunderstood the essence of what she was trying to say. She used celebrities because we all know them. Plenty of people live long healthy lives whilst still working but it would have been a bit pointless for her to talk about Bob from down the road or Beryl in the next village as you wouldn't have a clue who she was talking about.

Get a part time job. My mum works in a gift shop and she absolutely loves it.

As for contributions to flat deposits and weddings, no one in my circle got that. I certainly didn’t. It’s lovely to do if you can, but I wouldn’t say it’s the norm? I don’t know though maybe I just associate with poors.

Well, I think you were unreasonable not to have thought it through.

My dad retired at 55 from the stressful corporate job but has worked ever since in a retail type environment. He’s on zero hours and can ramp up when he wants more money for big trips. It’s also really good for him mentally, lots of younger lads there he can have a bit of gentle silly banter with and keep him feeling young.

my mum retired in her 60s and just does her old job 2 days a week.

they’ve also been pretty savvy with investments, and this all combined is how they do a big long haul trip every 2-3 years. They have a nice life and retirement and I do feel quite jealous as I doubt mine will be the same!

51 is very early to retire, did you have a high paying job you could put a lot away in pensions, or receive a large inheritance?

Good shout to do OU course in something that interests you. I was thinking of doing similar. What type of course did you go for? Can you take a loan out with OU courses?

I was made redundant during COVID and after applying for a few jobs unsuccessfully thought I would ‘retire’. After two years of my ‘retirement’ I’m applying for jobs as I’m bored. I enjoyed working, enjoyed the interaction with others
and have realised that my life has narrowed so.

You only mention finances as a reason for working are you feeling fulfilled not working?