Early retirement

[Defender90]

What’s people’s thoughts on early retirement good or bad interested either way

 

[Corradobrit]

If the finances permit and you have plans eg pursuing other more rewarding pursuits, then why not. I'm 60 and recently returned to Europe after 25+ years in the USA, so that I can lay the foundation for early retirement in France or Italy. I'm only working now because I need to get permanent EU residency after Brexit and employment offers that opportunity. I will be eligible to apply in September this year. Then I want to build a retirement home that will be the base for adventures in the Cali and on the motorbike. Luckily I still enjoy what I do and never feel like it's a job.

 

[BigJohn]

You never know what's around the corner - if you can afford it then go for it, make the most of your time.

Might I have known you from the LR4x4 forum a few years ago?

John

 

[andyinluton]

I tried it at 50

I think family situation for me was the decider, I tried retiring but the youngest still being at school was too restrictive as to what we could & couldn't do.

I then got bored & worked out that if I took a part time job that would again restrict what I could do. I also didnt really fancy earning 1/5th of my usual hourly rate.

I have now given up on that idea & have just started up another company & am working part time on a consultancy basis for two others.

Idea being to make a few quid rapidly so we can spend a lot in early retirement & go & see all the things we want to whilst still young enough to enjoy it, & without having to be too frugal.

 

[Defender90]

You never know what's around the corner - if you can afford it then go for it, make the most of your time.

Might I have known you from the LR4x4 forum a few years ago?

John

not Sure about that John I did go on defender 2 .net for a few years

 

[CamperFam]

I'm a while off, so perhaps an uneducated view - but i've known a number of friends and family retire over the years; some early, some not. Those that have stayed mentally sharp and physically healthy are the ones who dont 'retire' when they retire. They may hang up their careers/jobs, but they dont stop working - whether that's hobbies, events, community work, travelling etc.

Early retirement is a great achievement - as long as you still have something to drive you. If you've got that, then it'll be the life!

 

[Defender90]

I tried it at 50

I think family situation for me was the decider, I tried retiring but the youngest still being at school was too restrictive as to what we could & couldn't do.

I then got bored & worked out that if I took a part time job that would again restrict what I could do. I also didnt really fancy earning 1/5th of my usual hourly rate.

I have now given up on that idea & have just started up another company & am working part time on a consultancy basis for two others.

Idea being to make a few quid rapidly so we can spend a lot in early retirement & go & see all the things we want to whilst still young enough to enjoy it, & without having to be too frugal.

It’s a balance for sure we don’t have children but my plan from 16 was retire at 50 enjoy life and don’t be a wage slave

 

[Saesneg Shaun]

I have a fairly decent defined benefit pension so decided to take it early and retired at 56 last July.
Everybody is different but I think for me it was the right move as it got me away from 20 years of shift work which was not doing my health any good at all.

You can always get more money but you can't buy time.

 

[pjm-84]

Retired at 41, got really cycling fit (3hrs a day), but mentally got bored, so was back working as a consultant 6 months later. Now 56 and was thinking before 60, but work is such, that's going to be tough ( have work for next 3-5yrs). 60 will give me 42yrs at work, minus the 6months.

The interesting question is the pension/ work crossover curve. How much do you need? Another year working would probably provide 4 years in retirement

 

[Corradobrit]

The interesting question is the pension/ work crossover curve. How much do you need? Another year working would probably provide 4 years in retirement

Yes, everyone will have a different calculation to make. In my case, I will be converting a 401K to an annuity, and this will provide a consistent monthly pension until I die. In addition I will have my US government social security and with both incomes I will have more than enough to live as the house will be paid off in cash. The sweet spot by my reckoning is to formally retire at 65. If I can retire earlier I will just live off savings interest until I take my pension.

 

[Mattsv]

I worked for over 32 years for a bank with a final salary pension scheme, and took VR 3 1/2 years ago with a nice payout - although HMRC took a big chunk of that. We cleared the mortgage and I took 8 months off before going back to work - absolutely loved the freedom this gave us. I could start to draw on the bank pension next January when I hit 55 but it is probably not enough to fully retire yet and live comfortably. I enjoy the job I have now, and the money is good - however, my wife has been retired for 3 years and would love me to do the same in the not too distant future. My current plan is to retire at 60 at the very latest...

 

[BeeBee]

Work for some is ‘their life’, whereas life for some is ‘their work’.
Finance is an issue, although if you’re on this forum it is a relative issue and maybe it should always be such.
“you have nothing to lose but your chains”
Enjoy.

 

[Vagophile]

You never know what's around the corner - if you can afford it then go for it, make the most of your time

This is very true. I retired at 60 with a good pension, no mortgage, no children and a wife who had contributed to our joint finances for most of her life. When I retired, work colleagues were speculating that I would be back within six months. It was our intention to travel in Europe, which we did for about fifteen years, enjoying every minute; paid work became a distant memory.
My wife's dementia was diagnosed in 2017, although symptoms were evident much earlier. I am so pleased that we had the time that we did fulfilling some of our retirement plans.

 

[sidepod]

Tricky. I tried it 10 years ago. Very quickly started to degrade. I started putting things off till the next day.
They say if you want something doing then ask a busy person.

You need something to do. You need to be disciplined.
Like others, I found my way back into fun interesting work.

That said, I’m about done now.
Good luck.

 

[chockswahay]

This is a ‘How long is a piece of string?’ type of question. Everyone will have their own agenda based on personal circumstance and desires.

I found that as I got older work got in the way of doing non work related things (yes, obvious I know). My wife and I wanted to do things that required more time so we finished work and off we went! We travelled around Europe in our (purchased to do just that) Globecar Campervan nearly full time, we had a blast Then I was missing work and we had actually ’had enough’ of the gypsy life and returned. After a couple of years we finally realised that we were back to where we were before! So chucked it all in, bought another campervan, then a sailing yacht, sold the van, sailed for a while…… then 2 years ago bought our current campervan

Now at least I am properly retired at the grand old age of 67

With 3 grandchildren and their families to keep us occupied as well as sailing, campervanning and general adventures we would never have the time to work now haha.

We are not cash rich by any means but we have all the time (remaining) in the world

I think one of the issues regarding retirement is that if you wait for the ‘perfect time’ you might just not get there, or die soon after.

Life is a gamble and life is short, make your own choice for what works for you

 

[myvanrodney]

Maybe frame it another way ...

Retirement means retiring from paid employment, not from work.

We are always working, just that at a certain age, one decides to work more at different things.

'Retirement' therefore is simply a matter of finances - what proportion of my 'work' needs to generate money and how much is for meeting my spiritual needs (purpose, belonging, story telling and reaching some kind of transcendence).

This work could be venturing out of our comfort zones to experience unseen wonders in the world or accumulating knowledge and considered perspectives on the kaleidoscope of human cultures through traveling, or learning new skills or knowledge through study, gaining new abilities to create or build things or charitable giving and human nurturing (i certainly focus more quality time towards my family than i did when i was spending nearly all my time 'working for money') or exploring our own physical, emotional and mental limits through exercise and competition ...and ultimately working hard on squeezing the most joy out of the short time we have left on this planet.

So, if you meet your needs working for money then great, don't stop. But also realise, there is a world where 'work' is different! .. it's all of the above, it can be just as hard, but it's also ok.

i am certainly working very hard long hours doing all the above, not earning a penny from it and am the happiest i have ever been

 

[Mansfieldman750]

Keep working and paying taxes. Your country needs to fix them potholes.
Although as Matthew Parris points out in todays Times, that would have a negative effect on GDP. Replacement suspension and wheels sales would plummet, tyre fitters would go out of business.
Who cares. Fix then anyway.

 

[KevH]

For me it was financial. I enjoyed my work but felt it got in the way of life.
In our 50s we made an effort to clear the mortgage, which we did, so we then worked out that if we saved that monthly outgoing and continued to live relatively cheaply for a few years (which turned out to be just 4) there would come a point when our savings plus early retirement lump sums would cushion us nicely when our defined pensions kicked in.
That all worked out when I was 59 and the missus was 57. Eight years later we have recently bought our Cali, our third campervan since retiring, and are far from bored.
A cancer diagnosis at 62 was a bummer but confirmed that early retirement was definitely our best decision. Thankfully I am clear now
It's a very personal decision, you will, I think, know when the time is right.

 

[Lambeth Cali]

I used to think “you can always get more money but you can't buy time.” Thought I would retire early. My dad retired at 55 and died at 75. My mum died aged 63. Aggregated - as silly as that sounds it’s actually statistically quite a good indicator - that gives me to age 69. I’m 53.

BUT, being 53, like many, I have begun eating healthier, exercising more and watching Netflix documentaries about living to 100. The message of these seem to be that my traditional retirement idea - an eternal holiday - would be a health disaster.

Yesterday I did a HIT/yoga thingy, today I ran 10k and tomorrow I will probably fast for 36 hours!

A healthy long life seems to require a fair bit of physical and mental activity. That has changed my views a bit. It has also revived my idea of retiring to France or Spain which I think I would find quite challenging but possibly life lengthening.

EDIT: The Netflix documentary series is called Live to 100: the Secrets of the Blue Zones.

Watch Live to 100: Secrets of the Blue Zones | Netflix Official Site

Travel around the world with author Dan Buettner to discover five unique communities where people live extraordinarily long and vibrant lives.

www.netflix.com

 

[2into1]

For me it was hearing the idea that although I might have 24 years of life left (I'm now 60, Dad made it to 84), I might have just 10 years before my health starts going seriously downhill. So it's not a case of dividing your pot by your anticipated life span remaining, it's realising that in terms of active retirement, there aren't too many left. So I decided to stop working straight away (although to be fair, I'd had a pretty good run up to it with a hobby job for the last 20 years! ).

 

[Magic Bus]

I retired at 60, (I’m 65 this year), my wife retired at the same time and she was only 53. We don’t miss work at all and we have enough money from our company pensions to live reasonably comfortably. We bought the Cali 3 months after I retired and haven’t looked back. We go away about once a month on average and can choose to go when the weather looks nice. We both cycle so a typical day at home is cycling in the morning and taking the dog for a nice walk in the afternoon.

We take the bikes when we go away and have a dog trailer so that we can do rides whilst away. We’ve loved exploring different parts of the country in our Cali. Been to places we’ve never been before. A week away in the van costs less than £200 in campsite costs and we can cook our own meals so food costs no more than when at home.

 

[Azteccamper]

Retired at 59 after a cancer diagnosis (my wife at the same time aged 56) in 2021. I’m now cancer free and enjoying life spending weeks touring Europe in the summer months. But……. I do find the winter months (Nov - Feb) a bit long - we can’t go away in winter due to elderly parents . Lots of my mates still work so I do miss the social interaction that work give me - but I don’t miss all the crap of work itself (and I loved my job as a headteacher). I still do a lot but be prepared for some boring days/weeks - it isn’t all bliss! On the other hand my wife hasn’t looked back.

 

[subthree]

I retired at 60, (I’m 65 this year), my wife retired at the same time and she was only 53. We don’t miss work at all and we have enough money from our company pensions to live reasonably comfortably. We bought the Cali 3 months after I retired and haven’t looked back. We go away about once a month on average and can choose to go when the weather looks nice. We both cycle so a typical day at home is cycling in the morning and taking the dog for a nice walk in the afternoon.

We take the bikes when we go away and have a dog trailer so that we can do rides whilst away. We’ve loved exploring different parts of the country in our Cali. Been to places we’ve never been before. A week away in the van costs less than £200 in campsite costs and we can cook our own meals so food costs no more than when at home.

Exactly our plan. I'm just about to turn 52, so hopefully another 8 years if our incomes stay the same so we can save, save, save.

 

[Corradobrit]

I loved my job as a headteacher).

My Dad was a Headteacher for infants. He took early retirement at 62 and my mum who was 5 years younger continued her job as a part-time school administrator for another few years just to pad out her pension pot. That was 24 years ago. He never regretted a moment of giving it up. They spent many years cruising and taking vacations to destinations they might not otherwise have visited had they continued their jobs. My mum sadly passed away suddenly with cancer 2 years ago at the age of 80 but my Dad is still going strong at 86. They had the best 20+ years of their lives has retirees.
They thought of people having to work into their 70's now is just abhorrent. Early financial planning is key or having a profession with a guaranteed end of service pension arrangement like teaching. I never really listened when I was young then I made certain professional choices in my mid 30's to ensure I had a golden nest egg. It paid off.

 

[Gazman]

What’s people’s thoughts on early retirement good or bad interested either way

I’m doing it at the end of the month, age 57 and can’t wait. Have Cali, will travel. Go for it…