Retirement at 50?

[Otins]

Would you retire aged 50 if you could?

I am currently working it through with an IFA and I think I can afford to do it.

I have no children. I am in a relationship but financially independent and not married.

I had always planned to retire at 60 when my mortgage was paid off, but a recent inheritance means i am mortgage free now.

Would you retire this early if you could?

i have joked in the past that retirement is wasted on the old, and I could have 10 years now having fun, and I felt funds were getting a bit tight , i could go back to work aged 60.

My monthly 'retirement' income would
be around the same as my average monthly jncome over the last 10 years (self employed so it fluctuates) This wouldn't allow for luxury world cruises but a couple of holidays a year, plenty of eating out and culture, and some leeway for the occasional splurge seems plenty.

I could keep earning and have 'more' but it seems wasteful if I don't need more, and time is our most precious commodity.

I'm in a similar situation and just about to do exactly that.

When I first did the sums I thought 'before 55', with 52 probably being optimum. But I've just turned 50 and decided Fuck It. My resignation letter is half written, I'm just deciding on the exact date.

I am planning on 55 at the latest. It might be a much earlier medical retirement unfortunately though. I want the flexibility to volunteer, study, travel, without the booking of leave etc that reduced hours would offer

Gosh super jealous of you all. Sounds like many of you will be retiring on a better life than we curentlty have!

I'm 45 and trying to change career/increase income so I have something for retirement 😭.

Amazing to be able to retire with less than 30years work... I'd love to know what you've all done so I can advise my kids!

Gosh you're likely to have as long retired as working?!!

I would as long as I had sufficient income. I hope to do it at 55.

If there is an option , could you go part time to test the water?

I 'retired' at 60...got my bank pension, but I'm currently doing two days a week as an NHS Bank worker.
It might be worth keeping a hand in. It can be hard to find work after a long gap. Especially over 50.
I find not working more expensive than working full time because I want to be doing things that cost money. Days out, lunches, holidays etc and I don't want to retire and not be able to afford to do anything.

God no! I'd be bored stiff. Love my job. I quite often work part-time when I fancy it (I work for myself) but I couldn't give up totally.

i think it depends what you want to do in retirement. I want to work a few years past 50 to have the funds for lots of travelling as that’s my main plan for retirement. If you will be able to afford everything you want to do, then why not? Do have a plan for how you’re going to fill your time, especially if people you know are working.

We must be bucking the trend then as we are both very happy in our early retirement and it is amazing just how many people you meet when out & about in a similar situation (and very happy with it).

I would. Very easy to use your time without paid work.

I am older than you and keep on calculating when I can afford to retire. There are too many what ifs to be sure.

My mum retired due to ill health in her late 40s.

I would be so much happier and healthier with the time to exercise, sleep more, take the time to cook properly, learn new stuff and socialise with people I don't work with. I like work, but very conscious of the stress it causes and can't imagine doing it solely for the love of it.

Yes, I would and did.

It does depend on multiple things

• your numbers being right - which is sounds like they are, knowing what you spend and how long you can spend for is key.
• your work - I had had enough! I wasn't getting much out of it at all, except a salary
• your plans / intentions. I don't get bored easily & have found plenty of lovely activities.

It is not a totally irreversible decision if you find you want more money, company, stimulation.

Oh, I wish I could. I'm 57 now, but need to keep going a bit longer. Still have 10 years of mortgage left and one child to get through university. Although we could easily get rid of the mortgage by downsizing slightly and moving to a cheaper area.

Annoyingly, DH has just been made redundant, and was out of work for most of last year too. It has been soul-destroying trying to find a new job at the same level as he was before, so he spent a few months working as a delivery driver last summer just to keep a bit of money coming in, but it barely covered our outgoings. It has crossed both our minds on some of the worst days that maybe he should stop trying to climb back on the ladder, and start drawing his pension, but we know it's juuuust a bit too early.

I'm also not sure what we'd do all day. Would need a few more hobbies, that's for sure.

Cotswoldbee
We must be bucking the trend then as we are both very happy in our early retirement and it is amazing just how many people you meet when out & about in a similar situation (and very happy with it).

Thats what I’ve found, it’s been great meeting people from different walks of life, some are retired, some have their own business or work part time. It’s been good for my confidence to join things and pretty much know I’ll be able to make a friend or two or at the very least some very nice acquaintances.

Recent retiree mid 60s. Absolutely 200% yes I would.

My work colleague is 74 still working nearly full time doesn’t need the money at all WTF

This is what I found while on a career break- a huge number of people aren’t working 9-5 because they have a different working pattern or do something completely different (such as caring or living off savings or running a business that needs minimal hands on time).

I did at a similar age, no mortgage and high savings. I did enjoy my job but very much felt I had been there done that and moved to the thatched cottage with the beautiful garden in the countryside and stopped working. Do have 2 children though, one with SN which was a factor.

Financially it's been fine and we can holiday several times a year still as well as travel within UK. I can also keep very fit now and swim 3 times a week and go for walks around gardens etc. Been able to do lots of work on house. I do still research things to keep brain active. I don't find it difficult to find others though quite a few people are older and we also do a lot as a family but at the swimming pool / gym there are lots of people who chat. If unsure maybe try part time first, otherwise go for it.

I retired at 50 ten years ago and have loved every minute. I downsized and with the money from that, a small private pension and savings I'm not rich but lead a very happy and contented life. I've studied for a degree in a subject that has interested me all my life, traveled, have several engrossing hobbies, have decorated my house, volunteered, I swim wild and have had many amazing times camping and walking with my dog in wild places.

It's a wonderful life and I'm very grateful for it. Would really recommend it.

Do it. We are very part time and life is very enjoyable. If the worst comes to pass, we would find some job to do to get by - supermarket or something. So my worst case scenario is everyone else's every day life.

I work 3 days a week since June last year, as that gave me enough money to cover the mortgage (other passive income is my leisure and fun money) I hate the job though.

I had 2 years of not working due to industry shutdown over the pandemic and I found as long as kept some sort of structure, I was fine and not bored. I am aware I have to get out and see people every few days though, so it is a good point to make.

i would need to make sure to plan for this.

I’d be up for a 1 day a week job- as extra pocket money and for a teeeny bit of a routine.

Be careful what you wish for. My husband died. (Sorry, didn’t mean to put a downer on this and be blunt, but you did ask)

Sounds very familiar. I was planning on 60, then with the recent unexpected parental inheritance I thought 55. And now I am thinking fuck it, why shouldn’t I just stop now?

Yes I would. If ( a big if!) you find you don’t enjoy yourself or require more funds etc you could always return to your current job or just find something part time. You have the luxury of giving a try and flexibility if your plans do change. Enjoy and try it whilst you can.

Yes.
I'm 100% going at 55. Am 52 now and think about it every day.
NHS.

Absolutely not. I'd be bored to death and have no purpose in life.