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.

There are many forms of dementia. Vascular dementia surely could be improved by far greater regular exercise and reduced stress afforded by early retirement?

Some people have to retire due to health issues.
I had breast cancer in 2021 and as a result have developed a severe form of asthma, possibly due to the radiotherapy.

I've had a great deal of time off work but until all medication options have been exhausted I keep plodding on.

I'm a teacher and have dropped a day in the hope it helps - it has!

I'm also in the middle of selling my house in order to be mortgage free and retire sooner rather than later

I'm 55.

I wouldn’t retire at 50 unless you could guarantee you would be mixing with younger people. I’ve recently met up with two groups of ex colleagues. One group still working with teenage (late teens) children and the other completely retired with much older children. The contrast between the two was stark. The retired group were so old - talking about all their ailments and the holidays they were going on, totally dull and old thinking. The other group were great fun. 50 is still young and stay on the workforce even if part time

So jealous! Where are all these jobs that enable you to save 40 years worth of living expenses while being able to access a generous pension in your 50s?

I'll still be working 10 years after I've died!

Were these 2 groups both the same age? If they were, what's your evidence that retirement is the key difference rather than having young children or whatever other factor it was that divided them into 2 groups instead of 1?

I'm not going to be mixing with children and young people whether I'm in work or not (marginally more likely in the 'not' scenario).

And plenty of retired people (of any age) are far from dull, and have plenty to talk about apart from ailments and holidays (not that I mind a bit of holiday chat - that's only dull if the holidays are dull).

Only if I was rich. Wouldn't want a horribly frugal retirement.

I'm loving my horribly frugal retirement. Camping, hillwalking, gardening, sea swimming, studying, free art galleries and museums, the library, cheap am dram theatre nights with a glass of home made wine, growing and cooking my own veg, hens in the garden, adopting and adapting flea market and charity shop clothes and furniture, spending lots of time with friends and family.

I believe I'm not dull, but I don't spend time with many young people so can't categorically confirm that.

One woman's frugal and dull is another's good life.

My mum is the same. Good on you for enjoying life. I'm very always been spendy but happy to work, and health and circumstances permitting still will be when I'm older. We're all different!

I've always been very spendy*

I’m 50 in a couple of months and I wouldn’t but I would reduce my hours if I could afford it. I have 2 dses at university so still funded by us. I think I plan to aim for retirement mid to late 50’s.

I hate my current position but work gives me a lot and I do think i I would just get lazy if I didn’t work at all!

It’s a very individual call though, good luck to you if you do it.

@bradpittsbathwater I hope you continue to enjoy your work and that, when the time comes, your retirement is everything you could dream of.

I think that just relates to your current interests and focus.

The group with the younger children are probably more focused on their children and their life revolves around that whereas the other group are probably focused on themselves and on what they want to do.

And I know many younger couples getting involved with allotments recently which again shows it's nothing to do with 'retirement' and 'old thinking' but on what interests them.

Oh god I saw ailments as allotments.

Arggghh must put my glasses on and yes my eyesight has got worse as I age.

Sorry for misreading your post @Fraudornot

Absolutely. But I think at 50 I would want to do 'something' - perhaps a part time role that isn't mentally taxing but would keep me active. Perhaps a zero hours contract where I'd have some flexibility.

It sounds like you have access to free resources and have friends and family who also don’t work, so that must make retirement more fulfilling. If your friends and family are still working, you don’t have easy access to free museums, a garden large enough to keep hens etc then early retirement at 50 might not be so attractive.

Yes I would if I could afford it. There's lots of things I could do with the time and while I love my job, I can now see myself leaving if I didn't need the money.

A few people have mentioned their friends or family also being retired is important to them, I’ve found it so easy to meet people since I have been retired. I found it similar to having a baby/toddler and joining groups and making new friends. Only this time is other 50 and 60 year olds at aqua aerobics etc.

such an interesting read this thread! I have many cheap / free interests however i’m
also very spendy, too!

My OH is ready to retire in his mid-50s, and sees work as being 100% necessary - but also as a colossal waste of time and life. I have a much more interesting but much less lucrative job these days.

He’ll be working until his mid 60s supporting our young people. The drawback of waiting a long time to have children in the first place…! I imagine he will drop a day or so a week. Me I’ll be working for hopefully a bit longer, for cash and for interest! I’m terrified of my brain going to mush even with my hobbies and maybe a bit of volunteering.

@Otins i hope you are happy with whatever you decide and that your life is rich and full in this new phase.

I'm in my 30s and would retire now if I could! This thread is making me think that I should try to save more....

Fortunately my financially poor parents valued saving for retirement high on their list and passed that on to me so I have had a pension since starting work age 16.

However, if I could go back in time I would have thrown any disposable income more into pensions and investments as I hadn't appreciated how much of an impact that makes until I hit mid 40s. Yes do look at what you can invest as in 10-20 years time that can give you many more options.

I'm early 40s but concept of investing is scary as it always says you can lose it.

And we rarely have spare money for ney anyway!

We had DS late so he still has 6 years of school left. I work 2 days (mortgage free) and it’s a perfect balance. I am spending a lot of time with my elderly parents at the moment.
DH is full time and 50 next year, we need to think about when he retires. I’d say when DS is at Uni so between 55 and 60.

50 seems too young to retire to me, I've still got lots to give in my career I think. Unless carefully planned, I think it's quite easy to get 'old' quickly when one finishes work, so I'd need to be sure I had plenty of enrichment planned to keep myself up to date and relevant. Also, there's every chance of living a healthy life for another 30-40 years. That's longer than I'd have worked!

I'd need to have a lot of comfort that my retirement investments were sufficient to cover that length of time (comments of 'I can just jump back to work at 60' I fear could be quite naive).

DH and I are hoping to retire at around 60, that seems like a better compromise to me.

Bit confused…
No one in uk can “ retire” before 55, ( 57 by 2028) as in draw any pension you have . Except in pension unlocking schemes that allow it for say in event of terminal illness. O in a few selected older pension schemes in public sector. Outside of reasons like terminal illness, Which consumer guidance states “Anyone claiming to be able to help you release your pension before 55 is likely trying to scam you” . You’ll also pay huge tax potentially on it which wipes out tax savings you’ve made on contributions

anyone stopping work pre 55 is simply “stopping work” and would need an income source from somewhere other than pensions.
that’s fine if you have that.
but it isn’t a pension therefore not retirement

fwiw, I retired at 55. I have whole new life and very busy . So, if you have ideas of how you’ll fill your days, stay challenged, part of society, then yep, go for it. But my mum died at 59, by gran at 56, so I don’t have long life genes, and wanted to enjoy a retirement before I went same way . 🤷🏼‍♀️

No one in uk can “ retire” before 55, ( 57 by 2028) as in draw any pension you have
This isn’t true, both my DH and DB’s private sector pension could be taken from the age of 50.