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 🤔

£24k without a mortgage or rent (if that is the case) is more disposable income than most working people get.

Exactly.

Is that before or after tax? Because most people are on over 35k but will have housing costs

Why do people keep saying "life is for living" as though they're making a profound philosophical statement?

Were you not living your life prior to packing in work?

A friend thought something similar & worked until she was 65. Had 3 months of retirement, diagnosed with terminal cancer & was dead just after 66

She was very unlucky. If a woman gets to 65, she has (I believe) a life expectancy of 89/92.

I'd hate to have retired in my 50s. Plenty of time to do the stuff I enjoy in the evenings, weekends and holidays.

Just retire. Life is too short (ex teacher here!)

@LornaDuh ”Were you not living your life prior to packing in work?”

not really no. I mean, if you look at it it’s taking about 50 hours a week then adding a commute maybe. Call that 60 hours.

It is quite literally the majority of your week. Of course there is some stuff you can do but plenty of stuff you can’t.

edit - spent half the day in the garden definitely can’t do that if you’re at work! And the other half studying.

Not how I wanted on 25 days annual leave a year. Can’t get far for long regularly on that.

No.

Theres not much left to give after a 50 hour week as a senior leader, looking after two kids, sharing house duties and recently looking after multiple ill relatives including now my terminally ill mother.

Not enough left spiritually, emotionally, financially or physically.

65 is old age in my family.

Yet again another pension of mine has decided that 62 and not 60 is the magic age I can take it all.

For me, that could be far too late.

My colleague took early retirement when he was 60. He was single, lived by himself, but had friends and family. He couldn’t wait to retire. Two months later we went into lockdown. He died.

All this nonsense that we all live now until we’re 95, is just that. Nonsense.

Take it while you can.

Life is too short to be working if you can support yourselves without work. I went at 57, ne er regretted it 10 years later. My only thought is you will not be able to enjoy retirement to the full with your husband still working.

Sorry, was 17 years full time then after that tutoring and supply so no pension additions. X

I'm a simple girl but DH is a spender!

Losing a dear friend recently put life into perspective for me so that's a major reason I decided to take my pension early as an income base and top up with pt time work.

I went on my 56th birthday 9 years ago and l don't regret a thing . My DH went at the same time . Our Pensions are more than enough for us not to need to work . We aren't big spenders though although we have whatever we want .
Life is too damn short to tolerate any crap go for it @Realworld10 happy retirement 😁

I am 55 and we are trying to retire at 60. We have a mortgage still and we have paid our kids’ University fees and maintenance costs. We want to keep going a bit longer until they are all fully launched. They are nearly there.

I would like to say I don’t need much money to live on. I may be 55 but I still like fashion, holidays and nice food. I need money!

I was 59, took my small NHS pension and lived off part of my savings until state pension started

I took NHS pension at 55 after 36 years. Like you, it's enough to pay my 1/2 of bills and to live on (we have seperate finances). Nearly 3 years later I am retraining. If something happened to DP, or he left me, I'd be stuffed. I need a small income to bridge the gap to state pension. This may seem pessimistic - but you never know.

I posted earlier. My wonderful mum died very suddenly at 54. My dad was older and had been offered a great deal to retire early at 52, so although she did some P/T work, they were able to travel and do lots of nice things.

Dad is still with us at 91 (living next door) and doing ok. Mum died 29 years ago. I didn't want to die still working, hence leaving at the end of the academic year. 3 weeks in and I'm not missing work yet.

Thank you and I agree 👍 The problem is if DH was like minded we would be fine and he could have his pension early as well. However, with a new mortgage and his love of gadgets and DIY there are always extra costs.

Me, I would be happy to cut back, I'm pretty simple, some downtime and less stress are more important now.

I will continue to work and earn, just not as much. I'll be 57 in a few weeks and I know that's not old but I do feel I'm ready to let some pressure go.

I’m 40 been a sahm for 4 years. I’m due to start a new job soon and I’m ready to retire! I’m tired! Enjoy your retirement when you can because a long life isn’t promised to anyone unfortunately

I retired from teaching last year aged 56 after 29 years. My pension is £19,000 and I had a lump sum that is invested. I did some supply over the year which paid me about £5,000.

We downsized 2 years ago and have no mortgage. Both children are working and independent now.

I had breast cancer in 2021 and my work life just seemed pointless afterwards. All the paperwork, the ridiculous expectations of parents and demands of the leadership team just wore me down.

Im loving my semi retirement, walking, swimming, Pilates, meeting with friends, spending time with my elderly parents. Today I've read all day.

Not regretted it once.

Yes but constrained by long working hours so not able to do the things you wanted to more.

Having a job you love which gives you meaning and fulfillment has a positive impact. Despite the obvious stresses, I absolutely loved my teaching and the wonderful relationships I had with my students, making a difference, giving up evenings and weekends to help them, trips away.

However, sadly, with academy takeovers, it became different and restricted beyond recognition. So much to say about this but the point being when you are content in your job then it's not just work.

Your own personal life also has a huge impact amd changes you so it's not a case of racing to retirement, more weighing up priorities. Would it be better to reduce hours so you can care for elderly parent/s, be more present for DC (yes, have DC still at secondary school) and not have to rush about at home?

Absolutely! As I said, I will still work, but choose the hours I can do to fit in around my family. It's a privilege to be able to do this I know, gen X, but I've also worked damn hard my whole life to enable this.

As I've been brought up with the best work ethic, yes part of me feels guilty for 'retiring' early, but I'm not actually retiring! I'm just taking the pension I've earnt early.

Sorry, also meant to ask why 'life is for living' isn't philosophical? We're all here for a short time, no one knows what's around the corner.

Life really is for living, new experiences connections, being the best we can as DC and for our own DC, making other people feel better etc.