O/T Retiring

AmexRuislip · Jul 17, 2016

Just wanting to consult NSC guru's about retiring early.
I have an idea that I WOULD LIKE to retire early.
I guess it's all about building up a secure amount of cash, for one to have for support later on in life.
I have fairly decent pensions.

My question is who has taken early retirement, have you loved or regretted doing so?
Do you find that money is tighter now?
What interests have you taken on?

Awaiting in awe for your answers. :thumbsup:

Diablo · Jul 17, 2016

How early retirement 40,50.60 ??

AmexRuislip · Jul 17, 2016

Diablo said:
How early retirement 40,50.60 ??

50/55

SIMMO SAYS · Jul 17, 2016

AmexRuislip said:
50/55

Just taken my Pru pension early at 60 - well 25% of it - paid off mortgage/loans/credit cards etc.

Not going to retire yet tho - not enough money

I envisage I will be working in B&Q when I'm 75 advising people on their plumbing problems :ohmy:

Thunder Bolt · Jul 17, 2016

I could have retired at 60 but carried on working because I enjoyed the job, at the time. I did drop down to a 3 day week aged 62 and eventually retired a couple of weeks before my 66th birthday, because the job had changed so much.

I do miss my colleagues, but find quite a bit to occupy me, although I do spend a lot of time on the pc when I'm at home.

boik · Jul 17, 2016

AmexRuislip said:
My question is who has taken early retirement, have you loved or regretted doing so?

Retired at 55 3 years ago and LOVING it. Money is tight (on about a third of what I used to take home) but it's the best thing I've done. And that's from someone who actually enjoyed most of their working life.

Diablo · Jul 17, 2016

AmexRuislip said:
50/55

That is early....you must have a decent Pension for approx 40 years.

AmexRuislip · Jul 17, 2016

SIMMO SAYS said:
Just taken my Pru pension early at 60 - well 25% of it - paid off mortgage/loans/credit cards etc.

Not going to retire yet tho - not enough money

I envisage I will be working in B&Q when I'm 75 advising people on their plumbing problems

That's the main thing I want to do, paying off mortgage.
After that debt free.
Probably will have a clearer idea on what's next to do.

Blackadder · Jul 17, 2016

We had a redundancy exercise at work and I was "Pensioned off" at the ripe old age of 53.

I "Retired" for 21 months but I am now working again.

I had enough money to live on but I got bored. I used to visit the the local leisure centre every day and go for walks but I missed the banter of the office and having some structure in my life.

I am much happier now. The extra money comes in handy. I may ask to reduce my hours at some stage though. An extra day a week off would be handy.

Seagull58 · Jul 17, 2016

I retired on my 56th birthday just under 2 years ago. I don't find that money is tighter but I'm living in a low cost country with a currency that has weakened considerably against the pound in recent years. Also, I don't have expensive habits. I haven't regretted retiring for1 minute. I go to the gym during the day when it's quiet, I play golf during the week when it's quiet and I can go shopping whenever I want.

AmexRuislip · Jul 17, 2016

boik said:
Retired at 55 3 years ago and LOVING it. Money is tight (on about a third of what I used to take home) but it's the best thing I've done. And that's from someone who actually enjoyed most of their working life.

That sounds good, not really bothered about earning less as its quality of life I am looking at.
30 years of shift work takes its toll.

Harry Wilson's tackle · Jul 17, 2016

Thunder Bolt said:
I do spend a lot of time on the pc when I'm at home.

Really? I hadn't noticed

smeariestbat · Jul 17, 2016

My dad retired at 55. he lasted 3 months before getting bored and going back to work. To be fair he went from very high up in the bank, lots of travelling, long hours etc to now working the kiosk in the mornings at tesco petrol station. He and mum also have a small holding in wales; so horses, ducks, geese lots of dogs etc. retiring early is fine as long as you keep yourself busy.

He's 66 now and looks a lot fitter and healthier than he had working at the bank in his later years!

Harry Wilson's tackle · Jul 17, 2016

My little bro flounced out one weekend last autumn, aged 52. Silly bugger didn't realise he could take his pension. He inherited my mum's house, and has masses in the bank, but went looking for jobs driving vans etc. I sorted him out, and he got his lump sum and an income, but not a great deal. He's bored now. He likes photographing wildlife and goes on fancy holidays to do so, but . . .

As for me, I have paid all my AVCs and extra so I can go in 2 years at 60 with 40 years full pension. My house is paid off. But I have a complicated life, and I won't retire because I love my job. Apart from the commute to London. My house isn't worth a great deal, quoted £250K; it would be more than 3 times that in London. But I like living in the countryside, with nothing but the marshes and the Swale to the North of me.

It might be worth taking a bit of extended leave to see whether you like it. And look carefully at you cash flow and reserves. Best of luck :wave:

AmexRuislip · Jul 17, 2016

Harry Wilson's tackle said:
My little bro flounced out one weekend last autumn, aged 52. Silly bugger didn't realise he could take his pension. He inherited my mum's house, and has masses in the bank, but went looking for jobs driving vans etc. I sorted him out, and he got his lump sum and an income, but not a great deal. He's bored now. He likes photographing wildlife and goes on fancy holidays to do so, but . . .

As for me, I have paid all my AVCs and extra so I can go in 2 years at 60 with 40 years full pension. My house is paid off. But I have a complicated life, and I won't retire because I love my job. Apart from the commute to London. My house isn't worth a great deal, quoted £250K; it would be more than 3 times that in London. But I like living in the countryside, with nothing but the marshes and the Swale to the North of me.

It might be worth taking a bit of extended leave to see whether you like it. And look carefully at you cash flow and reserves. Best of luck

Thanks for that.
London house prices, that's another ball game

Beach Hut · Jul 17, 2016

I plan to retire at 55 providing I am not told to go but it is brutal where I work, totally hostile and quite stressful due to a never ending amount of people leaving and not replaced but the work does not reduce.

The youngest starts 3 years at Uni in September but needs supporting but in less than 2 years the mortgage is done.

If I was offered the money now I would walk but appears it will not happen decisions, decisions..........

Trevor · Jul 17, 2016

OK I'm aiming to go at 55 - so in a sense I'm not well placed to advised. But am working on the some assumptions

1) work out the income you need - I'm assuming half to two/thirds of current
2) If you have significant capital. You can assume that you can take 5% from your capital per year without diminishing it. My plan is take personal pension at 55. My wife & I both have work pensions (hers is much bigger). We won't take them early as that tends to diminish their worth by 4% for each year taken early - State pension kicks in at 67

Non-money wise

1) Put some structure into your post-paid work life - it will help
2) try to enlarge your circle of social contacts (friends)
3) It's a huge change so don't judge its success or failure too quickly

AmexRuislip · Jul 17, 2016

Trevor said:
OK I'm aiming to go at 55 - so in a sense I'm not well placed to advised. But am working on the some assumptions

1) work out the income you need - I'm assuming half to two/thirds of current
2) If you have significant capital. You can assume that you can take 5% from your capital per year without diminishing it. My plan is take personal pension at 55. My wife & I both have work pensions (hers is much bigger). We won't take them early as that tends to diminish their worth by 4% for each year taken early - State pension kicks in at 67

Non-money wise

1) Put some structure into your post-paid work life - it will help
2) try to enlarge your circle of social contacts (friends)
3) It's a huge change so don't judge its success or failure too quickly

Cracking advice :thumbsup:

studio150 · Jul 17, 2016

AmexRuislip said:
50/55

I assume you desire to retire at 50, is because you can access you service pension as for other pensions the age is now 55, so you may have to hang on

I think there is an obvious need to keep active and get out of the house rather than watching DVD box sets and day time tv.

My aim when I leave is to get a membership at Sussex and watch cricket during the summer weeks.

AmexRuislip · Jul 17, 2016

studio150 said:
I assume you desire to retire at 50, is because you can access you service pension as for other pensions the age is now 55, so you may have to hang on

I think there is an obvious need to keep active and get out of the house rather than watching DVD box sets and day time tv.

My aim when I leave is to get a membership at Sussex and watch cricket during the summer weeks.

Desire is the word, but reality kicks in when you look into it more.
Looking at the experiences of the people on here, it seems that they have made the right decisions for the right reasons.
Outdoors for me and the wife, whether it's up the allotment or a NT volunteer.

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