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 🤔

I’m planning to retire at 57. Hopefully but I’ve got a way to go yet. I don’t see retirement as fussing about the house, and pottering about. For me I would want to do projects I have not had a chance to start, I really want to do furniture restoration for example which is absolutely nothing he to do with my job so I would like to do that, see what income I can actually make from it and try not to touch my retirement savings but use them as a top up while I try something new. You can retire from your main job but that doesn’t mean stop doing anything productive at all, just choose something you think you want to make a go of and enjoy and see what you can do with it. Then at least you are not digging into your retirement funds fully and you never know where it might take you, plus your mind and body is keeping active and you always know if it doesn’t work then you will be able to fall back into your savings.

I stopped full time employment at 55 after taking VR from my long term career and then doing a one year mat leave cover role. Unfortunately it coincided with a real ramping up of infirm DPs and I didn’t enjoy my non working period and was glad to start a pt admin role in February. I enjoy working 3 days a week, but now DH has retired, DPs are in a care home and a close friend had a stroke aged 55, I feel I want to travel more than the allotted 6 week holidays. I have put in a flexible working request for more annual leave, but they will probably say no to it.
Its annoying as I see the benefits- social as well as financial- of working in some capacity, but it’s hard to find something which is more flexible on days. I guess that’s one of the reasons why so many people volunteer instead.

You’d be better off finding a part time permanent job for a few years rather than working supply, which is notoriously difficult and stressful. You might even be able to carry on past 60, which would be financially advantageous.

Discussions about retirement usually come down to whether the person actually enjoys their work and how physically and emotionally draining it is for them. Also of course if they can afford to retire early. I'm in my fifties in a job where I'm on my feet all day and can assure you I will not be working until 68

Also a teacher, also 56, retired at the end of August. My DH has also just retired. I was worried I’d be bored, he has hobbies, I don’t. However, we moved a month ago into a rural property with land and there’s something to do around the place everywhere I look. I haven’t stopped! It feels like I’m in the world’s best Airbnb. I can’t believe we live here.

I’m glad I’ve done this now while I’m physically able. Even if we only have 20 years, I’m incredibly grateful to my DH who has been the financially savvy one who ensured we had savings and are mortgage free. To be fair, we’ve not gone on holiday bar recces to areas we wanted to move to for years.

In the depths of winter, I may be stuck in the house debating getting a part time job but I’d be extremely picky.

I’m early retired & absolutely love it. I’m much less stressed & am healthier because I exercise a lot more. My sister was planning to retire at 60 but died of cancer at 58.

As long as you can afford it, it’s great. I certainly don’t ‘fuss about the house all day.’ I’m out swimming, walking, travelling, meeting friends. There’s lots to do!

I’ve been retired since May, I’m 54! It was ill health retirement so a bit different, it it’s nothing that will shorten my life thankfully! I can’t work because of this, but that suits me! Saying that my pension is pretty good so don’t really need to work, I am however trying to do a bit of exercise each day to keep me busy - enjoy your retirement

I was fortunate enough to be in a job where I could retire on the full pension I could accrue at 55 and did. I’d really had enough by 50 but didn’t want to lose a substantial sum by going earlier, like OP, originally loved the job,thought nothing of stopping back, working extra etc,but over the years it became more and more of a thankless target driven job where working extra was simply expected and never thanked, really glad to have got out and have never once regretted the decision

I retired at 58 on a workplace voluntary early exit scheme. 7 years in and it’s absolute bliss. Best thing I ever did.

I retired at 54, DH retired at 56, he is 2 years younger than me. We both enjoyed our work, DH especially. Also education but higher education and the change since Covid, it just was not the same plus all the redundancies it’s just miserable. We know 3 others that have left and taken their pension in our sector.

We climbed up Carrauntoohil this week, Irelands highest mountain. Took ages as I have a bad back and haven’t done anything like this since an accident 2 years ago. But that sort of life is what I want for as long as possible.

We are the other type of early retired pensioner, like your neighbour no mortgage but travelling extensively and doing the opposite of nothing.

Two of my close friends from school died when we were all 54 and my DD also died. That’s why I retired very early. One of those women was an avid climber when I was scrambling up rocks I could hear her telling me off. She said scrambling was way worse than climbing

I agree. Doing nothing is not a waste of time if that’s how you want to spend your time.
I have my eye on retirement at 60 if all goes to plan - I’ve worked FT since 18 and I think I’ve done enough. Time to shove over and leave my job for
someone younger and a lot more enthusiastic than I am currently about it.
I don’t want to retire and be too old and tired to enjoy it. I deserve some time to myself doing what I want to do - even if that is just to get through my massive to be read list!

I’m 60 and very ill with cancer and I work full time. I don’t want to not work, in general. I think it’s psychologically good for me, and I need the money. I have wondered about going part time but it’s only allowed with stringent conditions at my workplace, which I don’t want. I can’t take early retirement, and ill health retirement is not a thing. I have bought two weeks extra annual leave, so that helps. DH retired a year ago at 63, more due to the fact that his freelance work dried up. I actually don’t think it’s good for him.

It’s incredibly personal - you need to work it out for yourself

some people spend more than when they were working at least in the early days of travel and some much less

I always thought I would keep working into my 70s.
I was a secondary school sendco, experienced and qualified but my bosses and I did not agree at all. And I have a neurological condition that is controlled by drugs but makes me very tired and also messes with my language at times. Brain fog dialled to the max!
If I had been younger I would have stayed to fight as I loved my job and didn't want to leave my kids or the lovely parents, and not lovely parents!
But I decided to go at 60. That was in May this year. It took a while to stop thinking I was off sick to be honest.
Im still recovering from the stress of the last few years. I have worked since I was 14 so stopping has been odd.
Everyone is different and folk have different financial situations but for me Im glad I retired. Im happier and much healthier. Its possible working keeps some people younger in spirit and more active but for others it kills them. I think it would have killed me for sure.

@Meadowfinch ”And yet I cannot throw off the feeling I'm skiving somehow, that I am letting someone down. It's ridiculous. I have 45 years NI paid, 41 years full time ”

i’m sure this is new. It didn’t happen when our parents generation retired.

Or did it I don’t know, I suppose

There’s always several posts on these thread saying “ you must do something”… I think the whole point is that you get to wake up without an alarm going off and do the stuff you always wanted to do.

I went through a phase where I thought I’d retired, I don’t think I’ve got enough money, so I’m probably going back, but I haven’t worked for ages and I’m not bored and I don’t feel the need to volunteer. Some people seem to think you’re going to wake up and face gaping black hole! I don’t get it or maybe they’re just angry that people who technically can pay tax aren’t paying it I’m not sure

now I feel as if a little bit of work would get me trapped in the other tax trap
I can’t remember what it’s called, but the one where you get an extra allowance for income from interest but it disappears if you’re earning other money.

I’m 48, my mums about to die of cancer and she’s lived the longest in the past three generations of my family at 68.

Cancer or a heart attack has taken them all out. Saving the government a fortune in not having to pay state pension.

I’m on my last legs with mum and corporate burnout. I’ve saved so much, no mortgage, no debt etc. I want to go as soon as humanly possible and I’d love to know how I can find a way to do it.

I think most people who have worked their whole lives to provide for a comfortable (early) retirement, have plans, places to go, things to do, see & experience and are unlikely to be "fussing around the house".

I think people are just surprised that OP has worked full time as a teacher for 30 years but is receiving less than £900 per month.

Based on averages one would expect it to be about £15k per year (£1,200ish per month) plus a £50k ish lump sum. Which would be equivalent to a DC pot of £400-500k.

I think also with retirement it’s good to go when you want to, not when an outside event determines it. So it would have been easy for me to stop when I got VR but I felt too young at 54, then when my one year contract ended, but it didn’t end well for various reasons so I wanted another job to prove to myself it wasn’t me. Now I have done that and reassessing what I want to do.

My teacher friend retired to £1500 a month after 35 years service.

It was a combination of wanting to go and outside events for me. My role was disappearing due to an organisational restructure and it was start a new role or take the voluntary early exit package that had been announced. I was 59 and had been planning to retire at 60 anyway so it was a bit of a no brainer.

Sorry are you only getting £867 a month? Fine while you can top up with online tutoring but what happens if you’re too ill or old to do that. A nice care home is £5k a month.

Sorry, but it’s insane to retire at 56 unless you live on beans or your DH is a millionaire.

With a state pension that will eventually be 24k, which sounds great to me, as long as you don’t have a mortgage to pay. That’s my pension forecast, including state and private, from my advisor and I’m happy with it. But I wouldn’t retire at 55. I would definitely more to build it up if you can.

Hope you've taken your 95 pension if you're still working as that's just list money if you haven't

Only the rich can afford £5k a month. And that is at the lower end of costs.