Have you retired or left the workforce early or are you considering it? We’d like to hear about your experience

[JustineBMumsnet]

Data shows that more people are leaving the workforce before state retirement age and economic inactivity has risen by over 500k - mostly in the over 50s - since the start of the pandemic (ONS). This will be for various reasons, including early retirement and we’d like to hear more about the experiences of those who have left or are considering leaving the workforce.

What are your reasons for leaving or considering leaving the workforce? How are you or would you plan to fund your lifestyle before reaching state pension age? If you’ve left, is there anything that would encourage you to return to work? Do you have any concerns about not working?

If you have experiences to share, please post on the thread below. We’ll be using responses to guide additional research on the topic.

Thanks,
MNHQ

I left the nursing profession when I hit 55 and was able to access my private pension. Best thing I ever did

I left nursing 12 months ago at the age of 55. Initially was aiming for 58 and then going part-time, but they stopped retire and return at my trust unless you came back at the bottom band, and I wasn't prepared to be paid less for my expertise. Covid and another year of pay cuts accelerated the decision.
I was lucky to have worked virtually full time so I had 37 years full contributions on the old final salary pension. I took the smaller lump sum for a bigger pension I am managing ok and haven't needed to consider doing agency work, I haven't looked back, to be honest. I am enjoying the freedom of being able to say yes to social engagements without having to request or swap shifts, no more nights or Christmas, I can do my hobbies now because I could never commit to anything as you were never guaranteed the same day off every week.
My MH is better, I,m happier, I'm healthier because I can go hillwalking of a weekendwith a club and swimming regularly. Ive lost weight that I couldn't shift while working due to rusehd lunch breaks and swapping between days and nights, not having the time to batch cook etc
Best decision I ever made.

Know too many who have died young. Used to slog my guts out and paid and volunteered. I don’t desire material things and so can afford to live a basic life and be happier than facing unpleasant people day in day out.

58 made redundant at the end of furlough, accountant thought she could do my job, turns out she can't. I was doing twenty hours a week, I was going back to ask for eight,so they shot themselves in the foot, they blinked before I did.

I had planned on working very part time for another two years to match DH who retired at 66, but all the jobs I looked at basically wanted one person to do the work of two people, so I just stopped.

I took two of my pensions early and we have a final salary pension and DH's state pension, we have enough to live on and support DS through his apprenticeship, we have also locked away a substantial sum for five years as it was not needed.

Bit wary of the winter and being bored, but this was a great summer for DH to retire, he is out playing golf and I am pootling.

So much less stressed.

I am 57, had a decent financial services career before taking time out to raise a family. After a very acrimonious divorce I returned to work in a different sector - non-classroom support staff in education - hoping it would be a good move for a 2nd career. After 5 years (2 schools) I am under-paid, bored, treated as if I am stupid, and forced to take a part-time term role which combined with TTO means my monthly net salary doesnt even pay bills.

I dont have a mortgage, have decent pensions funds (like others near the LTA) and my DC are nearly independent, although not away from home yet.

I wanted 1 more decent role before I retired at c.62 - I applied and have been interviewed for 2 big roles this year. But despite great feedback not offered either. I do think ageism plays a part. That really needs looking at to ensure that older, more experienced ees are not lost to the workforce. In theory I could need to work for the next 10 years. So ageism for workers in their 50's needs to stop.

So I am wondering now about escalating early retirement. I would fund it through a mixture of some pension income & savings. But perhaps looking at contracts & temp work to cover basics. But I still feel I want structure. I have volunteered historically but more senior volunteering was very stressful at times and I dont want that again.

I’m not near retirement age, But I really am hoping for an earlier retirement. My husband is a few years older and I want us to be able to retire whilst we still have the opportunity to do the things we want. If I wait till retirement age we may not be able to enjoy the time as we would like to.