Aibu to take my work pension early? What age/point did you decide that's enough for me?

[Realworld10]

Well firstly, like many of us, realising you've got to an age when you actually are near to retirement and taking it all in. Seems like yesterday I was the young, vibrant teacher who gave everything to my job above and beyond because I cared and I could. The bonds, love, after school clubs and revision sessions, holiday classes, trips away, fundraising evenings and weekends, I was there. Even with my own DC I worked extra hours but reduced the amount of time I was able to put in.

Suddenly, I'm at an age (56) where I can take my pension early and I've done it! Having calculated, I would have to live to about 86 to make the difference of higher amount 60 plus.

I still work as supply but find the suffocating environments of academies unbearable... assigned 5 different classrooms, login, behaviour for 'hey we have a sub' though I do take control of this attitude but it's repetitive and tiring, dealing with behaviour. You've got to get to know your students and unfortunately we can't do this, but I have had some meaningful encounters where I would love to help them more.

I have another job as well, online tutor, which doesn't have these stresses but the sessions are only a couple of hours here and there and I put in a lot of hours for individual learning.

I'm not 'retirement' age but taking my pension early and still working. I get £867, enough to pay my part of bills while DH works FT WFH. With my earnings to top up all is fine financially as I did also get a payout which has been used for us all as a family.

The thing is, a neighbour at age 55 said Im retired now, she's so young and vibrant so I asked what she will be doing and she said nothing. Good for her, her DH has also retired, have a lovely big house all paid off.

So part of me is thinking why can't be the same as this couple? Well, because we've taken on a bigger mortgage and house move (which I didn't want)

Anyway, this is a situation I feel privileged for. Even though I've worked since age 16 and was fortunate to go to university when loans were zero procent, have worked for 30 years plus as a teacher, part of me feels guilty for retiring so early! Yes I'm still working but not in the role I was, suppose the stepping down and back from a career feels strange 🤔

6 years to go!
i rent so no chance of retiring early

i can't afford a gym currently - or at least dont want to spend the money - so can't imagine wanting to spend the money once i am a pensioner

I thought I'd be working right up to retirement (67) or near enough, but life had different plans. DH's cancer returned and was terminal. Due to an accident around the same time (caused by the cancer weakening his bones) he became pretty immobile and needed full time care. As I hated my job, it made sense for me to give up and be his full time carer. He was 57 and I was 58. He died two years later. The life insurance paid off the mortgage and I'm now living on my work pension and our savings. I'd really like to get a PT job to keep the coffers topped up, but would want to work from home due to other commitments and I just haven't found anything. I'm not crafty (in the making things sense) and I don't have skills to tutor or anything, so not sure what to do. I'm 62 now, so not many places looking for an older person to do anything. I worked in an office all my life so all my skills are admin based.

I retired at 60, though I do some consultancy, which is the technical side of my work without the management hassle. My pensions were enough. I cannot understand how people find they have nothing to do after retirement, much less how someone could be ‘waiting to die’. There is travel, learning new things, volunteering, so many opportunities provided you are healthy and have enough money to live on without stress. So if that’s you, go for it.

DH retired at 58, I am still working which is fine with me, as I’m 10 years younger.

We have always been sensible with money, didn’t buy the biggest house we could, but one that suited our needs, and we cleared the mortgage with his lump sum.

He took over the cleaning, washing, shopping etc, as well as house maintenance. He’s much happier for it

I’m thinking the same that’s very low for the number of years

I’m a teacher too- I’m 43 and we will have paid off our mortgage in 13 years all being well and providing no major renovations are needed!
I won’t stop working at 56 but it’ll be nice being able to earn a lot less than I do now.

I do find there is a slightly haughty attitude to doing nothing on here. I love doing nothing. I don’t get to do it anywhere like enough. When I retire, I don’t want to go to the gym or country houses with packed lunches. I want to stay in bed until 10 am every day; I want to laze around the house reading books and wasting time online; I want to potter round garden centres and complain I’m ever so busy.

The above is a bit tongue in cheek and I’m sure I will make time for more worthwhile pursuits but do I really have to spend every day at country houses?

Not something I aspire to. I am 64, no plans no plans to retire. y OH is 67 and he doesn't want to retire either.

I am self employed, I love what I do, it's creative and really feels like a very well paid hobby. My OH works for an IT compamy locally, he also loves his work. The company find it difficult to find people with tech skills they need, so will bend around post retirement age employees. The company has a few staff in their 70s who work part time, so that would be the next step for my OH.

I retired at 53. We paid off our mortgage the week COVID started. So all my earnings after that were held as savings, after general monthly costs. In 2021 I was being made redundant but could apply for other jobs, but we decided to use our savings to buy a house in France, took the retirement option, moved and 2 years later I drew down my whole pension and that gives me a steady income that meets the requirements for my visa/residents card renewal.

Instead of taking the monthly amount, you could look into what you could get as a draw down and put that into a separate SIPP or whatever they are called in the UK now, and take control of the funds yourself.

And yes it frees you up to do many other things.

Two investments in my isa's. Naturally, I already had a significant amount in there, but growth was 20% !

@DozyCrow I'm sorry for your loss.
Have you looked here?

https://www.charityjob.co.uk/jobs/?source=nav&Workplace=remote

They have remote, part time, with some good admin roles. Worth keeping an eye on.

I am sixty and of my close group of five of us, only two are still working FT, me and another.

One is fully retired and travelling in a camper van having fun. Another is nursing seriously ill DH, the third works very PT.

I would love to retire early but I’m divorced and have a mortgage for another couple of years. I will reassess when that’s paid off but if I do retire at 63 I will still do PT consulting work to pay for my holidays!!

I will be retiring before I reach 53, as long as I can get my head around the mental side of things. All financial responsibilities lie with me & this is hard with SEND young adults involved.
After being widowed at 42 I realise how precious life can be & the thought of working full on for years when finances don't require it makes no sense.
I am sandwich generation & have caring responsibilities both ways & this alongside work means no time for me at all. I need some time, I want to find hobbies & go for long dog walks not on anyone else's timetable.
I have a work pension I can take at 55 & like another poster it will be many many years before taking it early creates a loss & that can be mitigated by investing the amount as I shouldn't need it

18 more months, I’ll be 55. Won’t take pension though as have savings

What do people term as a decent work pension for day to day basic living?

You have worked for 30 years and your pension is worth just £867 pm? Is that right?

I mean good for you if that’s what you want. But unless your husband earns well, it can’t leave any money for a decent standard of retirement living, surely?

I retired from teaching last month at 58. I have just had enough - kids were great but the parents and the stupid bollocks rules and “initiatives” did for me. Our mortgage was paid off 20 years ago after my mum died suddenly and left some money.

My dad lives next door and I am essentially his carer, although his needs are quite modest now. I have just started training to become an advisor with Citizens Advice so that keeps me busy. I also want to downsize and relocate so clearing the house will keep me busy for months.

Like a previous poster, I have a good IFA and he has helped stretch my pension further. My lump sum is already invested and we review things regularly. DH is still working, predominantly from home and quite enjoying it. Daughters are adults, have left home and are financially independent. Life is for living, and so far I have zero regrets about retiring.

The average UK private pension pot for someone OPs age is £189k.
I think rich people on MN have a distorted idea of average pensions.

I’m retiring in December at 55 after 37 years nursing. DH has just retired, also 55. I can get my DB part penalty free, but am also taking the non DB part 12 years early. If I live to 80 plus I’ll have ‘lost out’ financially on this but happy to take my chances by that stage. I want to enjoy life now whilst healthy and fit to travel, and gift to my young adult DC when they need it most. Have four foreign holidays booked before February already.
We also need to start spending to reduce our estate for IHT liability and whittle our estate down.
Neither of my parents made 70. Enjoy life and die with zero.

I retired from my London job at 55, and then paid off rest of mortgage with the lump sum (mortgage was small) and moved to countryside and got a job in a school! I really enjoy it - total change, still earning (shit wage though) and get school holidays! Definitely not ready to sit on my arse watching day time TV. Am 61 now.

I want to retire. I’m 60. I’ve always worked part time, as my DD has additional needs. I think my pension will be pitiful.

Plus, the years I was fostering only count as state pension- which has angered me greatly. I received an ‘allowance’ which was £60 pw, per child, so I wasn’t making money- they were all babies (3 of them), so formula and nappies… it changed to include a LA pension the year after we adopted two of them.

But, that’s the life I chose, and I loved it.

I retired at 58, after working at very senior leadership level. Spend my time looking after my horses, riding etc and bloody love it. No intention of ever doing any work ever again. I also did the sums re drawing it early with an actuarial reduction and waiting till I was 65 and it was a no brainer really.

But not everyone hates their job ? I actually really enjoy mine so I can’t see myself ever fully stepping away from it - probably to super part time at some point I’d imagine ! I want to have money in my older age to travel a lot and not be worried about meals out or nights out or affording things.

i can easily do my job remotely so i could Be away still regardless if still working

100% agree. I will retire in full in 11 year and by then I will have been in the NHS for over 40 years. I will be doing the thing I love most days and that is having zero plans!