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 🤔

Wow how to make such money??

Took early voluntary retirement at 57. It felt odd at first so I took a mentoring role for a few months. I then stopped as it was getting in the way of daily activities. I look after my grandchildren, garden, socialise a lot, travel and do 3 different exercise classes a week. I just love having a routine but one of my choosing. Seven years have flown by and my state pension will be in 2029. If you can afford it then you shoo for it. Life is too short as they say.

Why should retirement mean not using your brain and not having anywhere to go and anything to do? I retired in my 50s. I've travelled a lot, read and garden every day; done a yoga course, running programme, learning new things all the time and writing a novel. I would never choose work over this. My health is the best it's been due to yoga, running and gardening instead of sitting on my arse staring at a screen all day - and what bliss to not have to deal with idiots at work, commuting, being a cog in a wheel. I struggle to understand your fear of retirement. In a way 'retirement' as a word is inaccurate. You're not retiring, you're transitioning into the person you always should have been because for most people, work is just a bind and a means to an end. A lot of jobs are mind-numbingly boring and soul destroying, so you are not using your brain. Or AI is using it for you.

Thank you and have done it! I still need to work to top up but much less stress.

I actually still have DC in secondary school so I'm so happy to be present.

I remember thinking about people who retired in their 50s and thinking wow how lucky! They fully retired though, DH and DW together, mortgage free, GC, very different but why the heck not.

Yeah I probably thought that in my 40s but I'm now mid fifties, have spent the last year battling cancer and now think life is too short to work even though I have an enjoyable and rewarding job. I can't wait to retire.

I went from five to four days a week at 55. I will retire at 64, various pension calculations made also as I plan to move house.

Decisions I made to be honest in my forties, never regretted or felt like changing them.

I’m fifty seven and retiring in a few weeks, I can’t wait, I’m so done, I’m lucky financially with investments and my pension we will have no reduction in income, my husband is retiring too, he’s slightly older at 60.

i think I’m more excited than him, I think he’s struggling to give it up now it’s imminent, where as I am demob happy and can’t wait to go, no more stress,

the thought of getting up when I want, having my morning coffee leisurely, spending as long as I wish in the gym, going on day trips. , or lazing in front of the tv, or pottering in the garden, going to see friends and family when we wish, long weekends away where it’s not a weekend, we can fly on a Monday and come back on a Thursday, when it’s quiet and cheap, no requesting time off, we can pop into London and have lunch on the south bank, we can go see a show in the afternoon, spend time at the museums, with no one hassling us, no logging on and dealing with stress, just pleasing myself.

i genuinely can’t wait,

Its because we have saved over a million in ISAs and in pensions. And no between us the most we ever earned was £56k per year. We inherited less than £40k from the sale of my parents home. Which, because it was 1994 and interest rates were 15% and house prices had dropped meant We could clear the mortgage.

We got good financial advisors, made use of the tax free savings and two particular investments returned over 20% last year.

And as it's 40 years last month since my mum died, I would gladly give the fucking lot up for 5 minutes more with them.

my df was made redundant at about 48 or so
dead at 50
work keeps you alive, particularly for men

I retired 4 days before my 55th Birthday, it was good timing - we sold our business, I don’t want to work for anyone else. Dh will retire 3 years after me - maybe earlier if he feels like it but mostly he loves working so I think that’s unlikely.
Money is not an issue, my private pension is fine - I have things planned that I want to do - things that we have been too busy previously to focus on. I have ADHD and there’s always some activity I’m obsessing over. Quite a few of my friends are retired too, so there’s plenty to keep me occupied.

Of course you would, no amount of money could ever come close to having our DPs for longer. I would give my last penny to spend a day with DF and BFF 💓

I'm just not that informed about investments and wary after buying shares into a recommended company by a friend which plummeted so lost it all.

Should I spend money on an advisor to help? I'm really just a simple woman who feels happy and privileged to keep heads up above the COL and not a profit maker but if I could do this for my family I would like to. Xx

I’m not sure how we prove this about men but it’s very true in my family.

Yes I thought that.

Did you take a big lump sum?

Sorry if this question is ride. Not meant to be. Following with interest as I'm a similar age and would love to call it a day but the bills are just too high. No way can I quit yet.

I had a bit of a windfall which allowed me to leave my public sector job after 30+ years at 55 yrs old and buy a franchise business. It was a lifestyle business that took time to grow so I took my pension and lost about 35% of the monthly value although the lump sum allowed me to pay off a big chunk of my mortgage. I ran the business for 10 years, throughly enjoyed it and grew it enough to be able to sell it on and clear my mortgage. If I'd stayed in the public sector I'd have to have worked longer to clear my mortgage. I would have ended up with a better monthly sum long term but I have no regrets. I was totally burnt out at 55 and it spared me another 13-14 years in my original profession. It means I have largely positive memories from both jobs.

As I said, I love my job. It's not a hardship, it's not boring and is not at risk of AI replacing it any time soon, if at all. Of course, if you hate our job "transitioning" seems like a good idea.
And I am not saying everyone in retirement have nothing to do and nowhere to go but that's the situation many people end up in nonetheless.

You'd be best starting putting your money in a global index tracker fund in an ISA. This is shares in lots of different companies so spreads the risk. However, it can be volatile, especially due to current world events so you need to be able to leave the money alone for at least 5 years, possibly longer, and then plan your withdrawals carefully, so you don't have to take money out if the fund is currently performing badly. If you can do that, you're very unlikely to lose money and your money will almost certainly perform better than cash. You could also do the same with pensions and there are advantages and disadvantages of each, but for someone in your position, the pension might just have the edge due to tax relief.

More info

Stocks & shares ISAs: find the best platform - MSE

Pensions & Future Planning | MoneySavingExpert

I took mine at 55 from an old employer. As the fund was closed and i wasnt paying into it, it didnt make sense financially not to. The gap between what I got at 55 and 60 was not big enough. I work part time 16 hrs. Other half who was 61 then took flexible retirement and works half the week. We have 2 days a week off together tagged onto the weekend. We love it. We both have a small pension each and a part time wage and it works for us. 55 felt the right time to slow down. Life is too short.

I’m 57 and cant afford to retire, I worked FT ( civil service ) from age 18-30 , had our DS, went back part time for 2 years, had our 2nd DS, had a break for approx 2years
Then I started to work in Early years, low pay but term time, had our DD, went back when she was 2years old-worked non stop since, shes now 16
I’m thinking of retiring at age 66, state pension, small civil service pension and a very small NEST pension
My DH retired last year, age 62, he tells me he has a significant pension pot invested, news to me as I thought we were broke!

All of my siblings have now retired, their partners too, a mixture of ages, 60’s, late50’s but none of them had children, all worked FT
I want to support our DD through Uni if she chooses to go, so my wages will pay for her to have a life, the loan does not cover all of Uni life-our DS went to Uni for 4 years and we helped with his bills significantly. He still came out with a £60 grand loan to pay back, he worked hard and got a 1st class masters, now doing a scholarship PhD
I think if you can afford to retire then do it!
I wish I had enough money to invest for a decent pension years ago, family bills need to be paid tho!

Sorry, also meant to ask why 'life is for living' isn't philosophical?

Cos it's stating the bleedin' obvious.

I retired from teaching at 59. The pension is actuarilly reduced if taken before 60. I taught for 28 years and I had 10 years not contributing to my pension when our daughters were little. My pension, after tax, is £1370 per month.
My husband retired at 60 on a full pension.
We have travelled the world for 15 years-holidays several times a year. Grandchildren take up our time now. We have loved it all. It keeps you young. I would advise you to follow your dreams.

People need to read Bertrand Russell’s In Praise of Idleness.

I am 43 and retiring now.