After 50 and retiring early
Discussion
Why not? Arguments for:
Savings more than I can spent in prob 15-20 years, might i be dead by then ?
House owned
Too many cars ( should sell one/more)
Fully paid NI
Prob due some inheritance at some point with increasing old age/condition of parents if anything left after care etc, not looking forward to though
Against:
Could be a bit longer before tapping into savings or pensions
Then its down to what kind of hobbying or volunteering.....feel I don't need to worry about full salary job at this point due to savings and anything up to the 12k pre basic rate even would keep an even keel of any spending on shopping/bills/petrol
Savings more than I can spent in prob 15-20 years, might i be dead by then ?
House owned
Too many cars ( should sell one/more)
Fully paid NI
Prob due some inheritance at some point with increasing old age/condition of parents if anything left after care etc, not looking forward to though
Against:
Could be a bit longer before tapping into savings or pensions
Then its down to what kind of hobbying or volunteering.....feel I don't need to worry about full salary job at this point due to savings and anything up to the 12k pre basic rate even would keep an even keel of any spending on shopping/bills/petrol
I retired in my 40s, changed my mind a couple of years later and when back to work in the City.
On your points I’d not be comfortable with the idea that savings could run out at age 70, and would be very aware between now and then that all spending was coming out of those future funds. It felt very, very different to buy a new sports car out of the pot of money than to pay for it out of salary.
On your points I’d not be comfortable with the idea that savings could run out at age 70, and would be very aware between now and then that all spending was coming out of those future funds. It felt very, very different to buy a new sports car out of the pot of money than to pay for it out of salary.
SchillingTwo said:
I retired in my 40s, changed my mind a couple of years later and when back to work in the City.
I'm curious about a few things if you don't mind?What job or industry are you in?
What made you change your mind? Was it financial, or did you miss the work, feel bored etc?
How is it being back
I'm mid-fifties and could retire on a very modest income.
I won't because that modest income wouldn't support the lifestyle I want. Also I'd be bored senseless, I like my job.
Going part-time in a few years seems the most realistic thing to do bar any major changes in finances/health etc.
I won't because that modest income wouldn't support the lifestyle I want. Also I'd be bored senseless, I like my job.
Going part-time in a few years seems the most realistic thing to do bar any major changes in finances/health etc.
I’m a trader. Before I retired I was head of trading in a bank.
I have young children, in primary school, one of whom was still in nursery when I stopped, and although it was a joy and a privilege to be the primary carer, a lot of that went away when the youngest started primary school.
Between my wife still working and the children having to go to school there was little ability to (for example) just jump on a motorbike and ride to Antibes, or to spend a month in Florida getting a pilot’s licence, so I ended up just “pottering.”
The financial side did matter, as it felt weird to be spending money that I’d previously thought was there for later, and so I found myself being more frugal than I’d have liked. I sold some of my nicer cars, delayed replacing others.
But as big an issue was genuinely missing work. It wasn’t just missing the intellectual challenge; I’d spent thirty years working hard every day to fight my way quite close to the top of my profession. I was proud of myself for doing this, and when it stopped it felt wrong to get out just when I was seeing the results of all of that work. I’d got genuinely good at it, expert in my field, and respected for my views.
Going back has been strange. I’m now “just” a senior trader, earning much less than I used to, and as it’s in a new bank I have to re-start the process of earning respect and having my views matter.
I have young children, in primary school, one of whom was still in nursery when I stopped, and although it was a joy and a privilege to be the primary carer, a lot of that went away when the youngest started primary school.
Between my wife still working and the children having to go to school there was little ability to (for example) just jump on a motorbike and ride to Antibes, or to spend a month in Florida getting a pilot’s licence, so I ended up just “pottering.”
The financial side did matter, as it felt weird to be spending money that I’d previously thought was there for later, and so I found myself being more frugal than I’d have liked. I sold some of my nicer cars, delayed replacing others.
But as big an issue was genuinely missing work. It wasn’t just missing the intellectual challenge; I’d spent thirty years working hard every day to fight my way quite close to the top of my profession. I was proud of myself for doing this, and when it stopped it felt wrong to get out just when I was seeing the results of all of that work. I’d got genuinely good at it, expert in my field, and respected for my views.
Going back has been strange. I’m now “just” a senior trader, earning much less than I used to, and as it’s in a new bank I have to re-start the process of earning respect and having my views matter.
If you're in a financial position to do it then I'd go for it personally. I'm 52 and have a good career but I'd retire today if I could. The older you get, the more you appreciate your time and the less you tolerate all the bs that goes with working life. Mo matter how much you may enjoy your job, it's still not as enjoyable as having your own timetable or doing your own interests and hobbies while you're young and fit enough to enjoy them.
Saying that, some people are defined by their job, their main friendships are through work and they have no interests or hobbies outside of work. We're all different so it depends on who you are.
So in summary, what the hell are you waiting for
Saying that, some people are defined by their job, their main friendships are through work and they have no interests or hobbies outside of work. We're all different so it depends on who you are.
So in summary, what the hell are you waiting for
The Mrs was 55 in june and took her 3 db pensions + 25% lump sums. She quit her high pressure, decent paying job and is now working 2 days pw in a minimum wage job with zero stress.
She loves it. She uses her savings if she 'overspends' .
The mortgage ends next year so
she'll no longer have to do that.
I'm 55 next year and I'll do exactly the same, albeit staying on p/t with my current employer.
I really can't be a
d working any longer, even though I really like my job and there is zero stress.
I can't bloody wait!!
We'll plunder as much out of the house that we can when we're 60 and fully retire, as that'll last us until we're well into our 70's if we don't go too mad (the interest alone will be more than I would've been earning prior)
If you can make it work, do it as soon as you can!
But, we have no kids and we're not leaving anything for anyone, so can afford this without any worries.
She loves it. She uses her savings if she 'overspends' .
The mortgage ends next year so
she'll no longer have to do that.
I'm 55 next year and I'll do exactly the same, albeit staying on p/t with my current employer.
I really can't be a
d working any longer, even though I really like my job and there is zero stress. I can't bloody wait!!
We'll plunder as much out of the house that we can when we're 60 and fully retire, as that'll last us until we're well into our 70's if we don't go too mad
(the interest alone will be more than I would've been earning prior)If you can make it work, do it as soon as you can!
But, we have no kids and we're not leaving anything for anyone, so can afford this without any worries.
toasty said:
I'm mid-fifties and could retire on a very modest income.
I won't because that modest income wouldn't support the lifestyle I want. Also I'd be bored senseless, I like my job.
Going part-time in a few years seems the most realistic thing to do bar any major changes in finances/health etc.
I'm in the same boat (maybe a couple of years younger).I won't because that modest income wouldn't support the lifestyle I want. Also I'd be bored senseless, I like my job.
Going part-time in a few years seems the most realistic thing to do bar any major changes in finances/health etc.
I'm minded to drop out of full-time work at 57 when I can get my hands on my pension funds.
The plan is to have enough savings to go travelling for a year or two (perhaps motorhoming between weekly motorsport events, and wintering somewhere sunny - Spain/Morocoo/etc) and then relocating to the coast and perhaps getting a part-time minimum wage job for another couple of years.
Which should allow the main pension fund to keep compounding for a few more years.
Biggest driver for me was seeing a friend of the same age being struck down with a brain tumour last year, which re-focuses your opinion on the whole 'if I work longer I'll have a bigger pension' concept which is pointless if you're not around to enjoy it.
Don’t hesitate
I walked at 54 and have never been happier , and I liked my job.
I have so much to do and try new things all the time
Live is valuable, certainly more valuable than money.
As an aside, I’m pretty fit but make no mistake , after 55/58 ish you will start to feel your age
And golf is easier on your body than graft lol
I walked at 54 and have never been happier , and I liked my job.
I have so much to do and try new things all the time
Live is valuable, certainly more valuable than money.
As an aside, I’m pretty fit but make no mistake , after 55/58 ish you will start to feel your age
And golf is easier on your body than graft lol
Like many (i’m 53) I’d retire tomorrow if I could afford it. However the prospect of having to live on a much reduced income fills me with utter horror.
People make such a huge thing about having no mortgage. The mortgage on our main house was paid in January of this year and with the cost of living together with the higher taxation rates for the self employed (and in my case also being a landlord) you don’t really feel the benefit.
Provided we (Mrs 131 Sport is 1 year older than me) remain in good health I plan to work until I’m 65, although at 60 I may look to reduce my hours.
People make such a huge thing about having no mortgage. The mortgage on our main house was paid in January of this year and with the cost of living together with the higher taxation rates for the self employed (and in my case also being a landlord) you don’t really feel the benefit.
Provided we (Mrs 131 Sport is 1 year older than me) remain in good health I plan to work until I’m 65, although at 60 I may look to reduce my hours.
I'm lucky enough / worked hard enough to be in a similar situation.
I need to work out what I want to do rather than what I don't want to do.
Might start by going down to 4 days a week. I need some sort of routine or something to keep me busy.
My wife is happy just 'pottering' but I'm not.
https://www.youtube.com/watch?v=-EGrPGUBGn0
This video on another thread was interesting.
I need to work out what I want to do rather than what I don't want to do.
Might start by going down to 4 days a week. I need some sort of routine or something to keep me busy.
My wife is happy just 'pottering' but I'm not.
https://www.youtube.com/watch?v=-EGrPGUBGn0
This video on another thread was interesting.
Same.
Quite enjoy what I do but not sure I enjoy it 5 days a week or enough just to flick an "off" switch.
I think whether you actually enjoy what you do play a big part in any decision.
Also when you look at the money stuff - and this may sound obvious but I hadn't fully appreciated - remember that depending on your financial scenario there may be ways to model things so you end up with the same "take home" (obviously at the cost of pension contributions) or doing what might feel like a very reduced week without massive hit on hours and therefor salary.
Quite enjoy what I do but not sure I enjoy it 5 days a week or enough just to flick an "off" switch.
I think whether you actually enjoy what you do play a big part in any decision.
Also when you look at the money stuff - and this may sound obvious but I hadn't fully appreciated - remember that depending on your financial scenario there may be ways to model things so you end up with the same "take home" (obviously at the cost of pension contributions) or doing what might feel like a very reduced week without massive hit on hours and therefor salary.
On the subject of getting bored not working,
I've realised that I have no idea how I'll cope with not working, in the 30 years since starting work full time I've been in work constantly and not even had any time off 'on the bench' or 'garden leave' between projects, so the only time I've had away from being busy at work is my annual holiday allowance, which is 99% of the time used to actually go away somewhere - so I have pretty much never had any meaningful time where I have had to find something to fill my day!
I've realised that I have no idea how I'll cope with not working, in the 30 years since starting work full time I've been in work constantly and not even had any time off 'on the bench' or 'garden leave' between projects, so the only time I've had away from being busy at work is my annual holiday allowance, which is 99% of the time used to actually go away somewhere - so I have pretty much never had any meaningful time where I have had to find something to fill my day!
1. Only boring people get bored.
2. Retiring at 50 the average life expectancy is at least 35 years. You need a serious wedge of cash (or a very humble lifestyle) to make that work.
3. Unless you've got a serious wedge you'll get eaten alive by inflation unless you keep a large proportion of your funds invested "risk on". i.e. equities.
2. Retiring at 50 the average life expectancy is at least 35 years. You need a serious wedge of cash (or a very humble lifestyle) to make that work.
3. Unless you've got a serious wedge you'll get eaten alive by inflation unless you keep a large proportion of your funds invested "risk on". i.e. equities.
Unless you're in the tiny minority of people lucky enough to have a job they absolutely love, everyone should stop working the day they can feasibly afford to. Life is far, far too short to spend more of it working than you need to, to grow an even larger pension pot you'll probably never spend. I'm not a big earner but I've got no intention of working past 60. Luckily I don't have expensive tastes!
For the individual really early retirement can be great ... but ... what the heck is it going to do to the economy if employees who are sufficiently competent, valued and disciplined that they have managed to accumulate enough wealth to retire early decide to do just that and therefore leave the job market? We'd be losing a tranche of our best and most experienced workers from productive employment ... and we're already short of workers pretty much across the board.
CMTMB said:
Unless you're in the tiny minority of people lucky enough to have a job they absolutely love, everyone should stop working the day they can feasibly afford to. Life is far, far too short to spend more of it working than you need to, to grow an even larger pension pot you'll probably never spend. I'm not a big earner but I've got no intention of working past 60. Luckily I don't have expensive tastes!
I could have retired twenty years ago if I’d have been happy to live in an HMO in Jaywick and live on Value noodles.That’s not what I want though, not what I got the degrees for, or became good at my job for.
Great range of interesting thoughts around this thanks.
I'd never be pottering about, I can always be thinking of things to do.
Just at the moment thinking of housework duties and cooking/cleaning (my wife never does 100% with her recuperating condition),
garden clearing and shredding, fence repairs to do,
car maintenance mechanics, car paintwork improvement/finishing,
Selling off collected stuff, tidying up garage space, visiting parents including those with more needs and whatever it needed that neck of the woods,
Just to start
Moving towards
future house decorating, replacing carpet for hard flooring,
music playing, possibly joining others, maybe coming up with new ideas and recording?
maybe restoring older / smaller cars for hobby or pocket money, Bored, never.
I'd never be pottering about, I can always be thinking of things to do.
Just at the moment thinking of housework duties and cooking/cleaning (my wife never does 100% with her recuperating condition),
garden clearing and shredding, fence repairs to do,
car maintenance mechanics, car paintwork improvement/finishing,
Selling off collected stuff, tidying up garage space, visiting parents including those with more needs and whatever it needed that neck of the woods,
Just to start
Moving towards
future house decorating, replacing carpet for hard flooring,
music playing, possibly joining others, maybe coming up with new ideas and recording?
maybe restoring older / smaller cars for hobby or pocket money, Bored, never.
Very personal and I am in the category of people who loved work -started at 11 and stopped at 74 really because i aged out of board work.
I cannot think of a thing I missed. The material stuff is all good but the experience side was brilliant. I loved the pressure,conflict, creativity so never felt “ah, here comes the weekend”.
Had I retired early what would I have done? Gardening/ volunteering/few pints with the lads/travel/hobbies?
As it is now age is naturally beginning to make itself present. Will ultimately sell off most cars and end decades of track days,Nürburgring,long distance treks and so on but that is ok.
My decisions had little to do with money though obviously did not want to be financially exposed but more to do with what kept me mentallly stimulated.
I still do a certain amount of travel as much to keep OH happy and first grandchild on way which may be novel. Now there is no urgency which I find strange so travel is casual and more niche. I want to see the Atacama Desert at night (hobby photographer) so that is now booked. Never been to a resort,cruise, beach holiday, guided tour but have driven literally millions of miles.
Again.we are all wired differently..
I cannot think of a thing I missed. The material stuff is all good but the experience side was brilliant. I loved the pressure,conflict, creativity so never felt “ah, here comes the weekend”.
Had I retired early what would I have done? Gardening/ volunteering/few pints with the lads/travel/hobbies?
As it is now age is naturally beginning to make itself present. Will ultimately sell off most cars and end decades of track days,Nürburgring,long distance treks and so on but that is ok.
My decisions had little to do with money though obviously did not want to be financially exposed but more to do with what kept me mentallly stimulated.
I still do a certain amount of travel as much to keep OH happy and first grandchild on way which may be novel. Now there is no urgency which I find strange so travel is casual and more niche. I want to see the Atacama Desert at night (hobby photographer) so that is now booked. Never been to a resort,cruise, beach holiday, guided tour but have driven literally millions of miles.
Again.we are all wired differently..
SchillingTwo said:
I m a trader. Before I retired I was head of trading in a bank.
I have young children, in primary school, one of whom was still in nursery when I stopped, and although it was a joy and a privilege to be the primary carer, a lot of that went away when the youngest started primary school.
Between my wife still working and the children having to go to school there was little ability to (for example) just jump on a motorbike and ride to Antibes, or to spend a month in Florida getting a pilot s licence, so I ended up just pottering.
The financial side did matter, as it felt weird to be spending money that I d previously thought was there for later, and so I found myself being more frugal than I d have liked. I sold some of my nicer cars, delayed replacing others.
But as big an issue was genuinely missing work. It wasn t just missing the intellectual challenge; I d spent thirty years working hard every day to fight my way quite close to the top of my profession. I was proud of myself for doing this, and when it stopped it felt wrong to get out just when I was seeing the results of all of that work. I d got genuinely good at it, expert in my field, and respected for my views.
Going back has been strange. I m now just a senior trader, earning much less than I used to, and as it s in a new bank I have to re-start the process of earning respect and having my views matter.
Bit sexist but I think a bloke can retire too young - even my wife, who couldn't wait to pack up work when the kids arrived, got bored and jumped at the chance to go back when her old boss called her asked her to do a project. I have young children, in primary school, one of whom was still in nursery when I stopped, and although it was a joy and a privilege to be the primary carer, a lot of that went away when the youngest started primary school.
Between my wife still working and the children having to go to school there was little ability to (for example) just jump on a motorbike and ride to Antibes, or to spend a month in Florida getting a pilot s licence, so I ended up just pottering.
The financial side did matter, as it felt weird to be spending money that I d previously thought was there for later, and so I found myself being more frugal than I d have liked. I sold some of my nicer cars, delayed replacing others.
But as big an issue was genuinely missing work. It wasn t just missing the intellectual challenge; I d spent thirty years working hard every day to fight my way quite close to the top of my profession. I was proud of myself for doing this, and when it stopped it felt wrong to get out just when I was seeing the results of all of that work. I d got genuinely good at it, expert in my field, and respected for my views.
Going back has been strange. I m now just a senior trader, earning much less than I used to, and as it s in a new bank I have to re-start the process of earning respect and having my views matter.
Around us the road was filled with young families and very few of the mums worked so there were always lots of people around but there's a limit to how much discussion you can have about house-wifey stuff and, like you said, you are constrained by school hours.
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