Anyone retiring very early?

[Yoosee]

we may be able to retire in a few years- DH will be 53 and I’ll be 52. By my calculations we’ll have enough money for a good standard of living.

Has anyone else done this or planned to? DH’s job has very long hours and lots of travel. He’s also mindful of the fact that his father had a serious heart attack in his 50s. My job is less stressful but I don’t love it.

If you are doing this, do you do substantial voluntary work or some sort of side hustle? Quite like the idea of a tiny fun business- maybe restoring furniture- but at the moment I have absolutely no skills in that area.

No I am 55 and it’s not on the cards. I don’t think I’d want to do nothing- maybe for a few weeks but then it would be boring if everyone else is working. I like your idea of a small, fun hobby/ business.
How have you managed this? Inheritance or early pension?

No I think I'll be in my 60s. My dad was 57 when he retired and seems to have had a lovely time. He got a caravan, did art classes, local history, meets friends at the pub every week.

I don't understand your question though. Are you still needing to earn income or just wanting to keep yourself active?

I retired at 57 - not quite as early as you’re thinking, but over 9 years short of my state pension.

I volunteer up to 2 days a week, and do a lot of hobby activities.

I have no interest in a side hustle or part time job…. but if I did, I would do it. Having said that, I do do occasional “work” related to what I used to do full time, which brings in a few buttons - it comes under the £1K trading allowance so it doesn’t trouble the taxman. I do it because there is a need and they ask me, I wouldn’t miss it if I didn’t do it. Because I am busy doing other stuff.

I think I might have

Not feeling inclined to do anything at the moment no

I feel bad about it but it would only be financial in which case a job would be the easiest thing, if I could get one

I do tend to think that if I got ill or died, I would regret not taking the opportunity to just enjoy.

You might find this of interest: https://www.mumsnet.com/talk/retirement/5173520-did-anyone-else-have-a-fuck-it-im-retiring-moment?utm_campaign=thread&utm_medium=app_share

We retired at 58 and 56. DH has now reached the age to get state pension and I get mine in July.
We had great plans but unfortunately things didn't work out.
Mil became seriously ill but lived for 5 years. Then my mum developed dementia during COVID.
Also during COVID I had breast cancer.
Both died in 2023 and 2024. Thankfully I have been given the all clear and discharged from the hospital.
Now we can finally enjoy our retirement. 3 holidays booked for this year.
We both said that retiring was the best thing as we could spend time with both mothers and I only needed to concentrate on my health issues.

I retired from teaching at 57. DH retired from Civil Service at 60. We are still Foster Carers/Shared Lives Carers to 3 late teens so that keeps us busy enough but 1 at university most of the time. We made sure we were very financially secure first from pensions and investments plus we have 13 btl properties to manage so quite busy but like a breakfast or lunch out alone 4 or 5 times a week. We have several holidays each year some with teens and always one or 2 weeks without.

I am of a similar age (52 later in the year), have widows pension & BTL income currently working self-employed full-time & have full-time caring responsibilities (both parent & adult DC). I will always have things to do & am permanently exhausted however I just can't get my head around not working.
I also can't actually picture what any retirement will look like & therefore how much I might need in my savings pot to be able to afford to do whatever I want.
I have considered & discounted
Static caravan
Camper van
Holiday home
Feel so stuck

I'd love to know where or how to invest? I'm 45 and have no private pension as I've been SE most of my adult working life and haven't had the funds to invest.
I like the idea of investing but have absolutely no clue and every time I look at one of the investment platforms such as AJBell I just get so confused!
I feel as though I'll be working until I die at this rate 😞

I retired in my early 50s and my top tip to you would be don't make too many plans.

Your desire to run a business or volunteer might be your brain trying to replicate the routine and structure of work. Many people make the mistake of rushing into voluntary roles or part time jobs from which it's then hard to extricate yourself.

How about looking at it a different way. For the first year you'll do absolutely nothing other than relax, have fun, explore and spend time together and with the people you love. Then, when your mind is clear see what floods in and sets your soul alight.

I’m retiring later in the year am 57, I’m planning a fuck off big holiday straight after, then I’m going to go lots of mini holidays, hire a skip and start clearing out the garage, loft and cupboards, go out with my friends a lot more, have lay ins, do gardening, and just generally enjoy myself stress free,and long may it last.

at first I thought I’d want to work again, but no, I don’t. I want to get up when I want, have a leisurely coffee and do exactly as I please.

@Retiringplans and @Notasbigasithink the answer for both of you is to find an IFA who specialises in pension planning.

They will ask you how much income you want in retirement (what you currently have minus monthly mortgage payment, assuming it will be paid off by then, is a good place to start from) and then show you how much you would need to save in order to reach that by different ages. It’s all done in “today´s money” so you don’t need to take inflation into account. They will take into account what entitlement you have to state pension, any pension provision you currently have and all the rest of it.

Of course there is no guarantee that if you invest what they say that you will get what you asked for, because their figures are based on assumptions about investment returns. And things may happen which mean you have to stop working or reduce hours sooner than you think. But at least you have a starting point from which to work. Once you have an IFA, they will usually update the projection annually to make sure you stay on track. They will work in any changes to legislation.

If it transpires that the income you would like at the age you would choose is completely unachievable given your current situation, you will know where you stand. They will explain the options to you, e.g. aim to boost your income and/or cut your expenditure now, so you can save more: delay retirement by x years: accept a lower income in retirement: a phased retirement, where you drop your hours and draw a small income from your pension for a while, before retiring fully later on (if you do this, you can continue to contribute to a pension pot and get tax relief, which is basically the government giving you free money)

Thank you!
Its finding a IFA that you trust thats the challenge!

Excellent advice. I retired at 55 18 months ago and I’m still enjoying that pootling stage , and as another poster says , that leisurely morning coffee before I decide what to do.

It is a heavily regulated sector. Any properly registered IFA will be competent and will have to follow guidelines about the investment assumptions they make, be transparent about their charges etc.

We found ours via unbiased.co.uk, which is endorsed by the Government’s pensions advice service. We assumed we would find a local firm, but ended up being matched with someone in London (we’re in Devon) and do everything over Zoom.

Sounds lovely , unfortunately it will be a few more years until i can retire.
I very much doubt that i will want to work again after working from the age of 16.
Also regarding volunteering ,so many people mention it in these types of threads but at the moment i have very little desire to do that ,i think you could end up doing quite the opposite of 'retiring' but without the pay !
B.L.Canary your description of retiring is right up my street ,enjoy yourself !

Yes I think people effectively want to continue their working life in some way. And I thought I did too, I’d volunteer, do a non exec director job, something, but I just thought, do I hell want to do that. Time to enjoy myself.

Yes I did this. DH was mid 50s, me early 50s.

We had an IFA for a few years beforehand who modelled a few scenarios for early retirement. Initially we planned to work a few more years but some health issues and seeing others die young or a few months after they retired gave us the push as life is too short.

We downsized to give our finances more of a buffer for holidays but that is because we plan to front end our retirement while our health can hold up to long haul holidays.

Still in early stages of retirement but have no regrets. Initially planned in my head to do a lot of things but at the moment just relaxing after over 35 years full time work.

@PuzzledObserver you misunderstand me & it isn't always that simple.

I have seen IFA's & I used to work in finance myself (not my current role), I don't have a mortgage & haven't for some time.
I have been receiving a pension since I was 42 & will continue to receive this - I also received a significant lump sum which I invested well & I this generates private income that I will continue to receive. Eventually I will also receive my own workplace pensions @55 & @60 then a nearly full state pension at whatever age it is by then, I have ISA's & investments.
I know that really I can afford to retire tomorrow however mentally/logically I can't get my head around it & worry about things - so many years financially with nothing & then my late husband's illness, the resultant trauma both to myself & my children. I guess I'm just not ready yet

Currently 54 and not working. Ideally I want a job for another 3-4 years till kids are out of uni. Mortgage paid off within the next year. I’d planned to rent out our London house to fund travel, but suspect kids might be back living at home. So that needs a bit of thought. My dad is 85 and may need some support in the years to come…. So nothing is certain.

Following with interest. I am fortunate to be able to consider retirement immediately. Had planned on another four years, but recently not so sure. Interesting to hear that not one person seems to have regretted early retirement. More food for my thoughts.

@Retiringplans gotcha, that is a very different scenario. Not a money issue, but a “how do I spend my time now that I’m no longer working for money” issue.

I’m sure there are people you can consult who specialise in that aspect of things. You mention worry…. Maybe counselling?

I am 53 and plan to retire next year at 55. Husband is 53 but his DOB means he cannot access his private pension until 57, so he will keep working for a couple of years more. By next year, mortgage is paid and enough cash for school fees and uni for last child. We have planned for what ChatGPT informs me is an affluent retirement. So once he retires, lots of travel.

Before that, I have an elderly parent to care for, which will be at least a day a week, more over time I am sure. I am also heavily engaged in local politics and will continue with that for 'pin money' as the plan is to live on husband's salary for a couple of years while my pension pot grows further. Other than that, I want to get (more) fit, read 100s of books, see friends, garden, be a 'housewife' and actually run my home properly after having always worked full time. I can't wait.

DH and I are planning on retiring in 6 years time. DH will be 60 and I’ll be 56. Have done the sums and all looks good. Obviously we can postpone if the markets take a turn for a worse.

I and nearly 55. Work full time. Mortgage paid off years ago. Eldest DD has moved out and youngest is still with us at 22 but working. DH is 53 and full time - the main earner. We have pensions and a good amount of savings (£100k) but want to keep working as wan to have as much as possible for our retirement and to be able to help DDs out a deposit on their first houses.