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Original poster

Am I too young to retire?

57 replies

MillieMoo1731 · 28/12/2023 17:56

I am a female in her early 50's, who has always worked. I had my first part~time job at 15 and continued to work at this throughout college. I've never been out of work, made redundant or taken maternity leave and at one point, had 2 jobs to keep myself afloat. I took a promotion which helped my husband to make a career change which financially, has worked out well 5 years on. Both of my parents died unexpectedly last year, leaving us financially secure. I am yearning to give up work, I feel that I have had my fill of working and want to retire before I'm too old to do some of the things I want to do but also not run myself into the ground working. When I mention this, people look at me as if I'm bonkers, sighting that I have a good job, am in good health and would be bored. I'm not sure my husband takes me seriously either although says he will support me. I would love to have the time to properly sort our house out, maybe do some voluntary work or work part~time in a role with less responsibility. Am I being selfish to want this?

OP posts:
lolomoon · 28/12/2023 18:38

Absolutely not.
Life is too short. If you have dreams & things you want to do in your life, & you can afford to retire. Do it! Go grab life.

mrsbyers · 28/12/2023 18:38

You could try it for a year and badge it as a career break then if you find you are bored return to work ?

SmudgeButt · 28/12/2023 18:42

Made redundant at 64 (hurrah!! payout!!!) and immediately started job hunting as I knew I'd go crazy not having something to go out to each day. Ended up with a small part time job at a food bank as a debt adviser. It's great. It gives me structure to my week, give me things to talk to my OH about when I get home. The money is carp but that's not why I'm doing it. I figure I'll continue for another year and then cut my hours with them to a couple of hours a week working for free. I'll have more pensions being paid by then and I've found other things I want to do to fill my time.

You gotta do what's right for you!!!

FatherJackHackettsUnderpantsHamper · 28/12/2023 18:44

I don't get the people who assure you that you'll be bored and listless if you don't go out to work every day. I'm sure that there are plenty of people for whom their job is their life/identity, and maybe also their social hub too - but there are loads of us (especially introverts) for whom that simply isn't true in the least.

I'd say, if you're in any way undecided about the above possibility, look at what currently happens when you're on annual leave. Does it leave you bored and yearning to be back in your normal work routine? Do you find that you struggle if you don't have a firm plan/structure to your time off? Are you one of these people who cannot see the point of even taking all your annual leave if you don't have a holiday or big project planned for the time?

If your answer to any of the above is "Yes", then maybe earlier retirement is not for you. If your answer to most/all is "NO, I hate having to return afterwards, and could always have easily used another week or two (or three) off", then go for it.

LM88 · 28/12/2023 18:46

@MillieMoo1731 absolutely do it - it seems like you are in a position to be able too, lucky you! Do not give it a second thought - Live your best life, make memories and put yourself first it sounds wonderful.

RaininSummer · 28/12/2023 18:47

I thinks 35 years now for a full state pension so do check your forecast.

MrsAvocet · 28/12/2023 18:50

I had to retire in my mid 50s for health reasons. At first I was very upset because it was enforced rather than a choice and I did love my job so thought I'd be lost without it. Anything but! Fortunately I am financially secure so no money worries and without the pressure of work my health has improved significantly so I am loving being retired early. I do quite a bit of voluntary work and have plenty of friends and hobbies.
If you can afford it, I'd go for it.

Bellyblueboy · 28/12/2023 18:56

i am very envious of all the people who can afford to do this in their fifties!

I agree see a financial advisor and check you can live comfortably for 40 more years.

would you consider a career break rather than retirement to give yourself more options ?

Femalefootyfan · 28/12/2023 19:12

I retired when I was mid 50’s, partially brought on by a house move admittedly but financially it was very viable.
I didn’t initially have a plan as lockdown hit soon after the house move but when everything opened up again, I began volunteering and found I enjoyed having time to myself, being able to help with GC and just enjoying a more stress free life.

I say go for it OP ☺️

OrganicCamomileTea · 28/12/2023 19:12

The only question you need to ask yourself is "will I have enough money to live on for the next 40+ years if I give up working now?" Only you can answer that question. You'll need to work out: a) how much you have available in savings and pension funds and schemes and b) how much income you will need to generate from them in order to fund your expected lifestyle.

You'll need to sit down and work it all out carefully. Remember that you can't access your pension funds until you're 57 and you won't get state pension until you're 67, so you have quite a large gap to fill.

Another question, do you have enough NI qualifying years laid down in order to get the full state pension when the time comes?

If you're happy that you can afford to retire now, then do it - and have fun while you are still young enough to do it!

aintnospringchicken · 28/12/2023 19:18

If you can afford it financially I would go for it. DH retired when he was 53 and I retired when I was 57( I only worked part time).Have never regretted it.We've got time during the week to do activities together or separately,impromptu short breaks,meet friends for lunch or coffee.

psspsspssmrrowww · 28/12/2023 19:26

OrganicCamomileTea · 28/12/2023 19:12

The only question you need to ask yourself is "will I have enough money to live on for the next 40+ years if I give up working now?" Only you can answer that question. You'll need to work out: a) how much you have available in savings and pension funds and schemes and b) how much income you will need to generate from them in order to fund your expected lifestyle.

You'll need to sit down and work it all out carefully. Remember that you can't access your pension funds until you're 57 and you won't get state pension until you're 67, so you have quite a large gap to fill.

Another question, do you have enough NI qualifying years laid down in order to get the full state pension when the time comes?

If you're happy that you can afford to retire now, then do it - and have fun while you are still young enough to do it!

This OP.
Other people aren't you. They don't know the ins and outs of your finances.
Also... retiring doesn't mean staying so. You could always take on a part-time job if you do indeed 'get bored'

Cotswoldbee · 28/12/2023 19:30

Do it!

I retired earlier this year at 57 and haven't regretted it.
We have lots to do and genuinely are those annoying people who say "how did I find time to work"!

Of course you need to have the money to enjoy retirement but assuming this isn't an issue, go for it

BookWorm45 · 28/12/2023 19:37

As PP have said, you need to have a clear financial plan (which I appreciate you won't want to be sharing in all its detail on MN, but you and your DP need to be ok with it).

Once you consider that the finances are definitely ok, I'd agree with others - go for it !

Lastexmouse · 28/12/2023 19:39

Not too young, no. I personally wouldn't want to retire (am a similar age) but I had 7 yrs off following having my 2nd dc.

I know a few ppl - men and women who have retired in their early 50s.

AnneElliott · 28/12/2023 19:45

If you can afford to then why not? Would it be better to go part time first, assuming your employer will allow that and work out what you want to do?

dudsville · 28/12/2023 19:49

I also think it's a great idea of you can and it suits you

Chewbecca · 28/12/2023 20:00

I have after being made redundant at 50. I started by thinking I would take a year off and see how it goes, and I decided it was very nice!
I have a (conservative) plan of income v expenses for the next 40 yrs which I track against so I am confident financially we are fine.
I say go for it, it’s great.

ForTonightGodisaDJ · 28/12/2023 20:09

MolkosTeenageAngst · 28/12/2023 18:02

If you can afford to retire then I don’t think it’s ever too early! I’d retire tomorrow if I could and I’m only in my 30s.

Same here (35) can't wait to bloody retire 😂and I will in my 50s too if I can.

OP- You say you are financially secure so I'm interested to know why you thought you might be seen as selfish? Especially when you are considering volunteer work?

AlisonDonut · 28/12/2023 20:12

I retired at 53. Then moved to France.

Bloody love it.

Derb · 28/12/2023 20:15

If you can afford it- do it! Perhaps slowly ease in though as doesn't suit everyone.

Have you thought about going sort time in your current role?

ShinyAppleDreamingOfTheSea · 28/12/2023 20:33

RaininSummer · 28/12/2023 18:47

I thinks 35 years now for a full state pension so do check your forecast.

That's a good point - you need to check if you will be entitled to full state pension if you retire now or if you will need to pay in extra NI contributions .

declutteringmymind · 28/12/2023 20:40

Do it!

Get some financial advice first - make sure you've got everything covered, and go for it!!!!

Could you taper down a bit? Reduce hours or transfer to an easier role? Might help you transition.

mizu · 28/12/2023 20:40

I'm 50 and probably won't be able to retire until I'm 67. Maybe go down a day at 60. How do people stop work so early? Is it inheritance? Well paid jobs?

anothernamechangeagainsndagain · 28/12/2023 20:42

If you can afford it why not, plus you can always take temporary jobs each year to bring in some money when not travelling for instance - that's my plan