Would anyone like to share their pitfalls of early retirement

[LetterOfTheLawFella]

Dh and I are both early 50s and looking to retire within the next 5 years. Other than not having enough money to live on (!) what other factors have negatively impacted your early retirement? Just want to be able to balance the positives.

My d dad retired from a life time post at 55 and then did a part time role somewhere else with no responsibility which he loved.

He's retired fully now but he filled his time with winter hobbies indoors and summer hobbies outdoors.

He made sure he was doing sociable things to build up a few different group of mates and still does volunteer work for our local charity like delivering meds or meals for housebound people.

My d mum on the other hand has never got to grips with being retired although she only ever worked two days a week.

She's never joined any groups apart from one and she tends to have a moan about that

D dad will be off for a day doing a hobby and she will be having a whinge that she's on her own.

It's made her fairly needy and interfering so I don't tend to see her too much as I have a very busy life with kids a full time business etc etc of which she had forgotten what it's like.

We all spent years trying to convince her to drive so she wouldn't be reliant on my d dad as he likes to go off with friends but she never wanted to or felt the need and so now they're both older I am the driver for anything d dad can't be.

I would say be sure to have plenty of interests and things to enjoy and something that makes your brain tick as that's where many people tend to get stuck and gradually isolated

We paid the mortgage off just before COVID and then during the lockdowns we researched and he drew down his pension so that he could get income every month. We used savings and some drawdown to buy a house in France. Then both retired in 2021, moved to France, rented our house out in the UK and I drew my pension down and invested to get monthly income and we've been here for nearly 2 years now.

I am 55 and he is 59. I have found no downsides apart from the guilt of enjoying life too much. He has been back to the UK 4 times, I've really not been tempted. I really enjoy just being here, making a new garden, meeting new friends and not having to spend my days on bloody spreadsheets and reports. I still have my 7am alarm on for weekdays though. Keeps me grounded.

Due to Brexit and visa issues we can't work for 5 years here anyway. So we might do some small job in 3 years time. But I doubt it.

Bon chance OP.

Reading this with interest. I'm 49 and since lockdown have only worked part time (Not at all for 18 months as my industry was closed - and I loved it far more than I thought I would as I was always very busy before the pandemic! ) When things opened up again, I was contracting doing approx 6 months on / 6 months off, but I now have a new role doing 3 days a week. I'm hoping to retire at 55 when my NI is all paid up.

Part of me would love to retire now as I can happily keep myself occupied, but my standard of living would reduce (not skint, but maybe fewer holidays, and having to think more about money rather than generally not worrying) If I had a bit more in the pot though, I'd likely stop.

I'm never working full time again if I can help it!

Retired at 55. ( ex nurse )
No negatives here. Loving every minute

After Cameron's coalition decided a 'bonfire of Quangos' was the way to go my long term plan of staying in that backwater until 60 went titzup.

Whitehall's ignorance of the Devolution Settlement(s) and that abolishing an outfit that reached into Scotland and Wales was complicated meant we We spent 3 years with damocles sword hanging over us by an ever fraying thread.
During that time I found the idea of going on working in government and in London increasingly stress inducing.

Voluntary redundancy by early retirement with early pension was offered and seized - ten years ago at 54.

Intention was to look for some low stress admin type role in a school, term time only so teacher partner and I could take extended holidays in the caravan we'd buy out of my lump sum.

In the event that didn't work - no such roles exist!! - and partner embarked on a funded PhD.

In meantime I did some volunteering with Citizens Advice which led to paid part time work for 2, later 3, days in the week. Thats a good work/life balance and benefits was an area I'd some knowledge of from previous role. Absolutely love it and it gets me out of the house and out from under DP's feet.

No downsides whatever though inheriting enough to clear the mortgage was a bonus.

I 'retired' at 50 - in fact, I won't start receiving a pension until 60, but had other sources of income, so could manage the bridging decade. I have loved it. I've studied, passed exams, volunteered, written a blog, read a lot more, acquired a dog, more DIY, cooking and gardening skills, been available to help my (now very old) parents with their challenges. It's been an unalloyed benefit in terms of health, weight, fitness, looks, money (I've learned to make our money go much further now I'm not spending to mitigate stress) and happiness.

I am an introvert, and I can manage with a very low level of social interaction outside a very small circle though. And I'm married to someone of similar bent. If that doesn't apply to you, you'd better be aware of it, and take steps to counteract possible loneliness.

I'm five years older than my DH, however, and I don't want to wait 13 years for him to retire, and spend my 'golden decade' sitting at home with the dog. So I am making sure we get our ducks in a row so that he can step back in the next 8 years and join me on more adventures. And I am looking forward to DS being wholly independent (still supporting him through university), so more of my income can go on language trips abroad and my other interests.

I retired at 63, suffering burnout and with a premonition that I wouldn’t reach my state pension age if I carried on working.
I am enjoying life 6 years later, albeit with a life-limiting heart condition.
I do a number of crafts, enjoy my garden and have plenty to fill my days. I never feel bored.
Go for it is my advice, you never know what’s waiting for you round the corner.

I worked for many years then had children later on. 50 now and health issues kicked in (not serious but limiting) so I have slipped into a kind of early retirement. I am struggling to find my feet now my dc are at school (classic focused on the dc).

I have a couple of interests but they are mainly insular and there are not a lot of regular groups running in the daytime. I would enjoy some voluntary work to break it up a bit but I'm struggling to be definite about it and commit.

People of my own age are naturally busy working/with teens/elderly parents and a couple of groups I've joined, the people there are lovely but at a different life stage/another group consists largely of older men. I'm not sure if this an issue but I'm struggling to form new connections.

Whilst I am relieved not to feel the pressure of work (especially from a health point of view) I have a feeling of being bored and a bit lonely. I groan when I hear that people are retiring early from what I would consider an interesting job but maybe then again they have a large support network/friendship circle and want to travel or have other definite interests to pursue. I feel like I'm drifting somewhat and havent found a decent routine/structure. Then again, I know one or two others who seem to not do very much and continue to be content. The perimenopause is not helping the situation either.

My d mum on the other hand has never got to grips with being retired although she only ever worked two days a week.

She's never joined any groups apart from one and she tends to have a moan about that

D dad will be off for a day doing a hobby and she will be having a whinge that she's on her own.

It's made her fairly needy and interfering so I don't tend to see her too much as I have a very busy life with kids a full time business etc etc of which she had forgotten what it's like.

I fear being like this with my own dc and trying to take measures to reduce this but it is tricky. For me, it comes from a lack of confidence and underlying mental health issues for which I'm trying to get treatment for but may never go away. Sooner or later I'm going to have to accept my limitations and keep trying new things. I dread dc flying the nest because I have found much purpose in this (a lot of my issues stem from my own childhood and I have found it very profound having my own dc and parenting in a different way). I realise the need for other things in life but I have lost my footing somewhat. I do drive. I dont know...could the same apply to your mum Johnnydeppsslipper?

Pitfalls???
There are none, early retirement (55 for me) is fabulous!
If you can afford it, go for it and enjoy.

One of my friends took early retirement back in 2013 at 50 - they were a headteacher of a primary school - so had a decent salary and that - quite well off anyway - Within a year they were back in work - albeit in a completely different sector. They are still in the same job 9 years later. I think 50 is way too early to retire unless you really don’t need the money or health permits.

I’m 57 and I will be retiring from my current position in August 2024 when I will be 58 - plan is to take at least a year out do some travelling and then see what happens after that - I’m lucky to be in a position where I am financially stable but its more the case of wanting to do something to keep occupied.

I agree.

I'm going to retire from my teaching job in 2027 and I'll be 58 too. Going to downsize and use the equity to bridge the gap to 67.

But I plan on getting a part time job doing something, maybe admin for the NHS a couple of days a week. That will boost my teachers pension and give me a bit of focus too.

Soooolooking forward to holidays during term time.

My DH and I were 52 and 55, the only negative I can think of are little digs from friends and family. They say things like ‘it’s alright for some’ or ‘you’re always on holiday’ which to be fair we do go away a lot.
Other than that’s it’s good but I wouldn’t want to do it on a budget though as it has been surprising how much money you can get through doing so many leisure activities.

I retired earlier this year but decided to continue to work for one day a week. I’m 59 so another 7 yrs until state pension. I have an NHS pension which will be further boosted by the Mcloud uplift this year and a fortunate inflation rate. Working just one day pretty much doubles my pension so we are well provided. DH has a draw down pension but can no longer work due to having a stroke recently.
I was hoping to settle into retirement but the major health problems we both have had mean that our original plans have changed.
DS is currently having a gap year and I will probably carry on working to support him through Uni. After that we will be comfortable & mortgage free and I will give up all together.
We are currently sorting out the house, we have a bit of decorating left which I will probably pay DS to do. Then our plans are to do a bit of travelling around this country. We are going to rent a camper van and see if we take to it. Having 6 day weekends it such a luxury and we are hoping to visit some places we’ve never been. It would have been nice to travel abroad but DH struggles with walking distances. Using a camper van means we can plan sightseeing to suit him.
Life often changes in an instance but you have to adapt. Retirement has been a challenge.
On a more positive note, DS is learning lots of life skills that he probably wouldn’t have if DH was more able.

Agree that retirement makes travelling easier.

We have been MH'ers for donkeys but it used to be weekends and school holidays (OH worked in a school) but since escaping the treadmill (nice and early) we now go away during the week and in term time when the sites are quieter (and cheaper) spending weekends & bank holidays at home.

We have been MH'ers for donkeys

MH’ers?

Motorhomers. 😁

Your friends are usually still working.
So if you are not shy and don’t mind joining groups, volunteering, going places by yourself it’s totally fine.

Your friends are usually still working.
So if you are not shy and don’t mind joining groups, volunteering, going places by yourself it’s totally fine.

Yes, I've sort of fallen into this space due to a few health issues and the perimenopause. I have joined a few groups and tentatively just applied for some volunteering but it is very much trial and error to get anything like a routine going (and I don't have a lot of confidence). I think this is partially because I've had to learn/find out what it is I like to do and it is still very much an ongoing process. I'm getting closer gradually but in many ways I find it no where near as easy as turning up to the office with work and people in situ already dictated. I think if you have had projects to pursue/hobbies all along or ambitions such as travel you may well be far more ready for this.

I enjoy the company of people older than myself but they are in a different space in terms of ages of children etc. I would much rather join for example, a walking group with a good friend (who are still working) as I have struggled to make any new friendships.

I have been fortunate and made a new good friend at a spa my DH and I have joined. I still see my other friends each week too. I don’t need lots of friends, I’m happy with a core few really good friends.

I do not have a single solitary downside to retiring early. Life is so short and I intend to grab every single second doing what I want to do. Worked all hours for 30 years and that is more than enough.

I'd say there are three pitfalls:

losing private health insurance

having enough money

having enough interests/activities to fill your time.

Consider those in advance and you should be fine.

It must be lovely no rushing back to offices on set lunch times. Would think you would need a hobby or something though. Good thread

Thought I would add the positives from these last few days, I haven’t done proper exercise as been unwell, nothing contagious an inner ear problem.

DS is off work so we had lunch out, met a friend for coffee, had a massage, worked in my voluntary role one day, Doctors appointment, there was none of the juggling to fit one in because of work, leisurely food shop, DH WFH one day and we had a walk when it was sunny and a long lunch at home, did my online hobby group for 2 hours, binge watched horror series by myself with a family size bag of crisps. Had plenty of naps as in pain and made me a bit tired.

Not retired (but desperate to) can't see many pitfalls but I'll be happy to discover them when the time comes.