Early retirement

[oldoakknives]

https://youtu.be/kisr3daNRx0


Sent through the ether by diddling with radio waves

This.

[craig1912]

Don’t think I’ve posted on here before. Retired at 58, four years ago. Started voluntary stuff and off down to Falmouth on Monday to help bring back a steam ship to Southampton. Work on it during the winter and we take 200 passengers out a few weekends during the summer. Also volunteer at a local Museum building a miniature railway. It’s full on during summer months but being voluntary means I am not committed to anything. Also enables me to meet many interesting people and learn new skills.
That stuff and walking 4 to 5 miles a day plus four or five holidays a year is enough for me.

[Gee252]

I packed in the rat run last year after 36 years with the last 5 being stressful and painful!!
I was 52, and at that age I was worried if I could afford it but it’s surprising how you can cut your cloth!
I thought I would miss it but not one bit!
I’m busier than ever but doing things I want to do, skint (ish) but love it I have hobbies, walk / run everyday (doing 10k race for life this year)
Personally I think the 50 to 60 time is your prime to enjoy life and do the things you want to before it’s too late!

[mjrennie]

I stopped last July after 33 years in education. I reached the very top so the pension multiples worked well in what is an outstanding pension scheme. Best decision ever. I used to pay 3k in tax and pension per month and effectively worked 2 days per week for the government with them taking every penny of those 2 days. I now pay 200ish. I used to rise at 5.30, now 9. I hated the job, hated it, as education is utterly broken, in my opinion. Awful business. I've written an 80k word book on it that would land me in jail, lol. Great catharsis though.

Now? I cannot begin to describe the improvement. Mortgage and debt free and more than enough dough to continue enjoying things. Wife did similar and now works a few days at a coffee shop 100 yards down our street. France in June, not tied to school holidays or a bastard school bell.

Rat race. No thanks. Bored? Lol. Absolutely not.

[awright101]

I stopped last July after 33 years in education. I reached the very top so the pension multiples worked well in what is an outstanding pension scheme. Best decision ever. I used to pay 3k in tax and pension per month and effectively worked 2 days per week for the government with them taking every penny of those 2 days. I now pay 200ish. I used to rise at 5.30, now 9. I hated the job, hated it, as education is utterly broken, in my opinion. Awful business. I've written an 80k word book on it that would land me in jail, lol. Great catharsis though.

Now? I cannot begin to describe the improvement. Mortgage and debt free and more than enough dough to continue enjoying things. Wife did similar and now works a few days at a coffee shop 100 yards down our street. France in June, not tied to school holidays or a bastard school bell.

Rat race. No thanks. Bored? Lol. Absolutely not.

Sounds brilliant, nice one

[Top Cat]

I retired just coming up 2 years ago at age 55. I can honestly say I've not missed work one bit. I've cut my cloth accordingly but haven't felt I've missed out on doing things. I don't watch day time tv, I'm always busy. My friends often ask if I get bored and how do I fill my time but the days just fill up!
It's a wonderful feeling waking up on a Monday morning without that dread of what emails will be waiting in your inbox.

[lewie]

I retired just coming up 2 years ago at age 55. I can honestly say I've not missed work one bit. I've cut my cloth accordingly but haven't felt I've missed out on doing things. I don't watch day time tv, I'm always busy. My friends often ask if I get bored and how do I fill my time but the days just fill up!
It's a wonderful feeling waking up on a Monday morning without that dread of what emails will be waiting in your inbox.

Spot on

[bambam]

I retired just coming up 2 years ago at age 55. I can honestly say I've not missed work one bit. I've cut my cloth accordingly but haven't felt I've missed out on doing things. I don't watch day time tv, I'm always busy. My friends often ask if I get bored and how do I fill my time but the days just fill up!
It's a wonderful feeling waking up on a Monday morning without that dread of what emails will be waiting in your inbox.

Would be interesting to know what sort of things fill your day if you don’t mind sharing?
Have you started learning something new or just leant into existing things more?

Partly curious as I read something recently that said that people (in the main) don’t really take up new stuff when they retire.

[mjrennie]

Spot on

Seconded. Lol.

[Time Cat]

I am curious how people do it. Build up such a big pension to retire that early.

In the Netherlands pension age is 67,3 years. Pension is rather low.

Costs of householding, mortgage, tax, security, health and te rest of regular life costs is so damn high, that we don’t have that much surplus for pension savings.

Eg; see also the Bearpit ‘cost of living is bonkers’ topic…

[craig1912]

I am curious how people do it. Build up such a big pension to retire that early.

In the Netherlands pension age is 67,3 years. Pension is rather low.

Costs of householding, mortgage, tax, security, health and te rest of regular life costs is so damn high, that we don’t have that much surplus for pension savings.

Eg; see also the Bearpit ‘cost of living is bonkers’ topic…

I did it at 58 by being in a final salary pension scheme for 30 ish years and a defined contribution scheme for the last 5ish years. The FS scheme was largely non contributory and I took advantage of generous transfer rates a few years ago. The defined contribution scheme had 22% of my salary going in only 8 was my own, employer paid the rest.
Final salary scheme have now largely died a death in the private sector so I guess I (and my wife) were lucky.

[Top Cat]

Would be interesting to know what sort of things fill your day if you don’t mind sharing?
Have you started learning something new or just leant into existing things more?

Partly curious as I read something recently that said that people (in the main) don’t really take up new stuff when they retire.

Obviously not starting the day with a commute to work at 7am being replaced by a leisurely cup of tea in bed at 8am with a catch up on the news is rather pleasant.
Plenty of dog walks, coffee shops, pub lunches etc. I'm also learning a new language and have started playing golf. I have also discovered an interest in cooking so enjoy preparing the evening dinner.
As I have less disposable income I'm also trying out DIY projects myself with lots of YouTube learning which is good fun.
Now the weather is improving I've got loads to be doing in the garden as well cooking on the big green egg.

As I said I'm busy busy busy!

[noTAGlove]

I did it at 58 by being in a final salary pension scheme for 30 ish years and a defined contribution scheme for the last 5ish years. The FS scheme was largely non contributory and I took advantage of generous transfer rates a few years ago. The defined contribution scheme had 22% of my salary going in only 8 was my own, employer paid the rest.
Final salary scheme have now largely died a death in the private sector so I guess I (and my wife) were lucky.

Same here. I was not far from 50% of my salary at the time my employers DB scheme closed. And I did that in only 19 years.

I had free non contributory DB pension at a 60ths accrual.

But if you contributed 15% of your salary gross (9% net) my employer reduced that the accrual to 35ths. It was a mad offer but I took full advantage and made extra contributions for many years.

In fact if you joined the company at aged 16 and contributed 15% of your salary for 23 years, you would have a full two thirds final salary pension aged 39. The scheme was that mad.

You can see why most of these schemes are now long gone.

Although I have been very lucky, I have had colleagues who have it up to go contracting and earn double.

[Passenger]

Would be interesting to know what sort of things fill your day if you don’t mind sharing?
Have you started learning something new or just leant into existing things more?

Partly curious as I read something recently that said that people (in the main) don’t really take up new stuff when they retire.

It's really only limited by your imagination and commitment.

No pension here yet, 52 later this year...started with UK BTL, in that London, diversified into US commercial real estate, bought and let out a building that was formerly a gold tooth factory! Secure tailgate loading u see, made it highly desirable for certain business types, most recently silent partners in a modest sized new housing project.

Don't miss work one bit, no Sir.

[Yeti]

I’m 39 with an investment portfolio of lock up garages which brings in a decent income per year (garages are unencumbered). Every few years the rents rise and there is capital growth of each garage. This will be my pension and passed down to the kids. Obviously it’s a numbers game, the more you have the more passive income you receive. Slowly adding more each year or as and when spare funds allow.

[bambam]

I’m 39 with an investment portfolio of lock up garages which brings in a decent income per year (garages are unencumbered). Every few years the rents rise and there is capital growth of each garage. This will be my pension and passed down to the kids. Obviously it’s a numbers game, the more you have the more passive income you receive. Slowly adding more each year or as and when spare funds allow.

You’ve mentioned this before and would like to learn more about how you actually go about it. Where / how do you find the garages and the tenants for example?
Seems like a nice way to add some passive income. Or is it a bit like BTL now and too expensive / low yield unless you’re already in?

[Yeti]

You’ve mentioned this before and would like to learn more about how you actually go about it. Where / how do you find the garages and the tenants for example?
Seems like a nice way to add some passive income. Or is it a bit like BTL now and too expensive / low yield unless you’re already in?

It’s actually very attractive as you’re not impacted by any buy to let legislation, tenants rights, boilers, electrics etc.
Tenants tou will find every day of the week, once they go in they very rarely tend to come out. A mixture of builders, classic car owners, people running small businesses that need extra space the list goes on.
Yields are extremely attractive, I have garages I’ve paid £8k for and get £150 per month (£1800 per year), £20k double garage with power that I see £350 per month back on (£4200 per year) and on and on.
My new cautious approach is for every £5k outlayed I want a minimum of £50 per month. So £15k spent i want £150 per month. Yield can and does exceed 15 per cent at times.
Is it easy to keep finding these yields? In a nutshell it’s harder and harder as time goes on. I’ve been in the trade for 10 years. I’ve bought from auction, watching the Rightmove listings like a hawk for hours/days/months at a time looking for underpriced stock and also word of mouth. They are out there but a lot of people who were in to residential for the “I’m a developer/landlord” badge and were snobby towards garages seem to have come off their high horse and realised that in life simple deals make simple profits.
Capital gains of 10 per cent if you’re not a high earner but I don’t sell much nowadays.
Seems a long punt when you’ve only got 1 on your books but get a block of 5/10/15 under your belt and the rent come in every month and it becomes extremely addictive.
In short, investing in property for the least amount of outlay for an excellent return and minimum physical/mental contribution…

[Passenger]

It’s actually very attractive as you’re not impacted by any buy to let legislation, tenants rights, boilers, electrics etc.
Tenants tou will find every day of the week, once they go in they very rarely tend to come out. A mixture of builders, classic car owners, people running small businesses that need extra space the list goes on.
Yields are extremely attractive, I have garages I’ve paid £8k for and get £150 per month (£1800 per year), £20k double garage with power that I see £350 per month back on (£4200 per year) and on and on.
My new cautious approach is for every £5k outlayed I want a minimum of £50 per month. So £15k spent i want £150 per month. Yield can and does exceed 15 per cent at times.
Is it easy to keep finding these yields? In a nutshell it’s harder and harder as time goes on. I’ve been in the trade for 10 years. I’ve bought from auction, watching the Rightmove listings like a hawk for hours/days/months at a time looking for underpriced stock and also word of mouth. They are out there but a lot of people who were in to residential for the “I’m a developer/landlord” badge and were snobby towards garages seem to have come off their high horse and realised that in life simple deals make simple profits.
Capital gains of 10 per cent if you’re not a high earner but I don’t sell much nowadays.
Seems a long punt when you’ve only got 1 on your books but get a block of 5/10/15 under your belt and the rent come in every month and it becomes extremely addictive.
In short, investing in property for the least amount of outlay for an excellent return and minimum physical/mental contribution…

Nice congratulations.

[wileeeeeey]

I’m 39 with an investment portfolio of lock up garages which brings in a decent income per year (garages are unencumbered). Every few years the rents rise and there is capital growth of each garage. This will be my pension and passed down to the kids. Obviously it’s a numbers game, the more you have the more passive income you receive. Slowly adding more each year or as and when spare funds allow.

Would you advise doing this in your personal name or through a company?

Also at a glance what would you say your share of leasehold Vs freehold garages is? Thanks

[Yeti]

Would you advise doing this in your personal name or through a company?

Good question.

I rely more and more on my rental income so makes sense to utilise my own and my wife’s allowances so at the moment they are in our personal names.
Not keen on giving the government a big chunk of inheritance tax when I go so maybe il put them into a company in the future and let the kids take over the company so (in theory) not pay the inheritance tax. (I could have got that wrong)
There is a chap with a job in the city who has a huge portfolio and pumps it all into a pension of some sorts but it is way out of my league so I couldn’t even explain it but I know it’s all to do with low tax or even no tax, I really don’t understand it but I’m sure it’s proving or will prove fruitful for him in the future

[Yeti]

Would you advise doing this in your personal name or through a company?

Also at a glance what would you say your share of leasehold Vs freehold garages is? Thanks

I tend to prefer freehold only because I don’t like the ground rent and insurance contribution letters every year but I have and have had plenty of leasehold garages and no doubt will have more in the future. All to do with purchase price vs rental income. The £50 a year ground rent is negligible in reality.

[boundary546]

Well it looks like I will have to retire soon at the age of 54 to take care of my 50 year old wife who suffered a ruptured brain aneurysm last August. It has left her with cognitive and mobility problems so she couldn't be left on her own all day, my working day usually sees me leave the house at 7.15am and arrive home at 5.45pm.
Once she is released from rehabilitation I will have to make the decision on what we are going to do, but it looks unlikely that I will carry on working.
I enjoy DIY at home and obviously my caring duties will see me busy enough to not get bored, but my biggest worry is financial. You get used to a lifestyle funded by what you earn and once that income stops there will need to be big changes. Doesn't help that our life savings will mostly be gone by the time I've paid for the extension for a downstairs bedroom, building a downstairs wetroom and paying off the little bit of mortgage we have left.

[wileeeeeey]

I tend to prefer freehold only because I don’t like the ground rent and insurance contribution letters every year but I have and have had plenty of leasehold garages and no doubt will have more in the future. All to do with purchase price vs rental income. The £50 a year ground rent is negligible in reality.

Thank you for both replies. Really insightful and probably a much better use of funds than a bog standard Patek or similar. Really appreciate it.

[Kingstepper]

Well it looks like I will have to retire soon at the age of 54 to take care of my 50 year old wife who suffered a ruptured brain aneurysm last August. It has left her with cognitive and mobility problems so she couldn't be left on her own all day, my working day usually sees me leave the house at 7.15am and arrive home at 5.45pm.
Once she is released from rehabilitation I will have to make the decision on what we are going to do, but it looks unlikely that I will carry on working.
I enjoy DIY at home and obviously my caring duties will see me busy enough to not get bored, but my biggest worry is financial. You get used to a lifestyle funded by what you earn and once that income stops there will need to be big changes. Doesn't help that our life savings will mostly be gone by the time I've paid for the extension for a downstairs bedroom, building a downstairs wetroom and paying off the little bit of mortgage we have left.

Sorry to hear this mate, just shows with all our plans we never know what’s round the corner.

You’ve probably investigated all of this but there’s obviously carer’s allowance and are there grants to help adapting homes?

Good luck anyway!

[boundary546]

Sorry to hear this mate, just shows with all our plans we never know what’s round the corner.

You’ve probably investigated all of this but there’s obviously carer’s allowance and are there grants to help adapting homes?

Good luck anyway!

Thanks, but the system is a joke. You have to care for someone for a minimum of 35 hours per week to be eligible for carers allowance, and it pays £70 per week !
And as for grants, only for people who claim this benefit or that benefit, if you've got savings you're paying for it yourself

[Yeti]

Thank you for both replies. Really insightful and probably a much better use of funds than a bog standard Patek or similar. Really appreciate it.

Anytime. I’m actually really passionate about the subject so if you ever want any advice etc please feel free to drop me a message.

[Montello]

Same here. I was not far from 50% of my salary at the time my employers DB scheme closed. And I did that in only 19 years.

I had free non contributory DB pension at a 60ths accrual.

But if you contributed 15% of your salary gross (9% net) my employer reduced that the accrual to 35ths. It was a mad offer but I took full advantage and made extra contributions for many years.

In fact if you joined the company at aged 16 and contributed 15% of your salary for 23 years, you would have a full two thirds final salary pension aged 39. The scheme was that mad.

You can see why most of these schemes are now long gone.

Although I have been very lucky, I have had colleagues who have it up to go contracting and earn double.

Sounds like you have a great pension scheme, what company/industry offers such a generous scheme?

[Time Cat]

50% of the salary. Impossible here.

The government warned that there are millions in the Netherlands heading for a pension problem.

Pension is the only thing that worries me a little sometimes.

[Mr Curta]

Thanks, but the system is a joke. You have to care for someone for a minimum of 35 hours per week to be eligible for carers allowance, and it pays £70 per week !
And as for grants, only for people who claim this benefit or that benefit, if you've got savings you're paying for it yourself

Very sorry to hear about your unexpected and dramatic change of circumstances. I hope that your wife will at least receive PIP at the higher rate, which isn't an earth shattering amount but better than nowt. All I can say from personal experience of sudden events that hit the pocket just when you feel that you could do with a bit more income to support those changes, is that you adapt surprisingly quickly and it can be a positive agent for appreciating the smaller things that we sometimes take for granted.

[noTAGlove]

what company/industry offers such a generous scheme?

One of the large oil and gas companies. But they do not offer it anymore.

[snowman]

I'm not officially retired, but only work around 1/4 full-time hours these days.

At 60, I think I'd be bored doing nothing and I know that doing what I want full-time will cost more than I can afford just yet.

Most of the people I know who've retired early are doing something part time at least, even if it's voluntary work.

M

[craig1912]

I'm not officially retired, but only work around 1/4 full-time hours these days.

At 60, I think I'd be bored doing nothing and I know that doing what I want full-time will cost more than I can afford just yet.

Most of the people I know who've retired early are doing something part time at least, even if it's voluntary work.

M

Yep , if you are going to retire you need to retire to something. I retired four years ago and had six months of doing “nothing”. I now volunteer for a couple of things which takes 2 to 3 days in winter and 4 to 5 days in summer.
Day time TV is a slow death!

[Montello]

One of the large oil and gas companies. But they do not offer it anymore.

Nice, no wonder filling the car up is so expensive with those pensions to sustain ;-)

[nictry]

Hoping for some ‘unofficial’ advice on pension via salary sacrifice as would like to retire early and therefore have been looking at a significant bump in contributions to then access in just a few years

Scenario is that currently have a fairly generous employer contribution and can also pay in additionally myself via salary sacrifice.

I’ve been doing some calculations and I believe it would be highly beneficial to pay 17% which would bring my taxable income down just below 100k - this in effect shaves £650 off monthly take home but adds over £1700 per month into the pension - hoping someone cleverer than me can confirm my logic and also that I am not shooting my self in the foot in some way by making this change to my salary - as I see it I could then retire in a few years and take 25% tax free off the lump sum to recoup any of my lost net income now by some considerable margin leaving the remaining 75% as pension fund value

I may be getting things totally wrong so happy for someone to tell me so!!!!


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[ryanb741]

Thing is you pay tax when you withdraw from the SIPP so bear that in mind. If you are benefitting from higher rate tax relief as it goes in but only pay base rate when it comes out then fine

[noTAGlove]

Hoping for some ‘unofficial’ advice on pension via salary sacrifice as would like to retire early and therefore have been looking at a significant bump in contributions to then access in just a few years

Scenario is that currently have a fairly generous employer contribution and can also pay in additionally myself via salary sacrifice.

I’ve been doing some calculations and I believe it would be highly beneficial to pay 17% which would bring my taxable income down just below 100k - this in effect shaves £650 off monthly take home but adds over £1700 per month into the pension - hoping someone cleverer than me can confirm my logic and also that I am not shooting my self in the foot in some way by making this change to my salary - as I see it I could then retire in a few years and take 25% tax free off the lump sum to recoup any of my lost net income now by some considerable margin

I may be getting things totally wrong so happy for someone to tell me so!!!!


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You are doing exactly the right thing. 60% marginal tax rebate via reinstatement of your full personal allowance plus 2% NI saving if you do it by salary sacrifice.

Either pay the 62% marginal tax, or pay it into you pension and get 62% tax relief. It is no brainer.

Bigger question is why the Government is punishing high earners by taking almost £2 in every £3 they earn between in a certain tax band.

Earn £1billion per year and your marginal rate of tax is only 45%.

[ryanb741]

You are doing exactly the right thing. 60% marginal tax rebate via reinstatement of your full personal allowance plus 2% NI saving if you do it by salary sacrifice.

Either pay the 62% marginal tax, or pay it into you pension and get 62% tax relief. It is no brainer.

Bigger question is why the Government is punishing high earners by taking almost £2 in every £3 they earn between in a certain tax band.

Earn £1billion per year and your marginal rate of tax is only 45%.

Yeah but due to tapered allowances people earning a billion a year are only allowed to contribute £10k a year into their pension and still maintain tax benefits. It's an outrage.....

[J J Carter]

I retired last Friday, aged 59 and 2 months so I guess that's 'early' compared to State retirement age. Being Scottish I've salted away every penny piece since getting pocket-money...

[sish101]

I retired last Friday, aged 59 and 2 months so I guess that's 'early' compared to State retirement age. Being Scottish I've salted away every penny piece since getting pocket-money...

I'd be interested to know how this pans out for you and whether you miss the work element, albeit if its just in the early days.

Sent through the ether by diddling with radio waves

[brownip]

I'll be joining my other half in the land of the free on May 31st at the ripe old age of 61, company pension shceme is index linked and I'll be starting off at about 60% of my gross salary which although not a lot should be enough as we don't have any dependents or a mortgage. Very much looking forward to a summer of travel and catching up with old friends, starting an OU degree in Art History in October and will be looking into voluntary work one or two days a week once the weather gets worse (kinda low benchmark for what constitutes worse weather here in Glasgow!).

After 40 odd years doing what other people want me to and filling my head Mon -Fri with stuff I'm paid to be interested in rather than what actually interests me in I can't wait to set my own agenda and fill the days on my own terms. Given the current cost of living madness I am a bit worried about finances but not to the point where I have any doubts about getting off the hamster wheel.

Cheers

Ian

[nictry]

You are doing exactly the right thing. 60% marginal tax rebate via reinstatement of your full personal allowance plus 2% NI saving if you do it by salary sacrifice.

Either pay the 62% marginal tax, or pay it into you pension and get 62% tax relief. It is no brainer.

Bigger question is why the Government is punishing high earners by taking almost £2 in every £3 they earn between in a certain tax band.

Earn £1billion per year and your marginal rate of tax is only 45%.

Thanks - I appreciate you confirming what I thought would be the case - it’s a tough call giving up a chunk of take home now but given the plan to only be working for 2-3 more years and being fortunate enough to have a couple of final salary and 4 DC pensions I guess using this as a savings plan of sorts makes sense


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[BillyCasper]

I'd be interested to know how this pans out for you and whether you miss the work element, albeit if its just in the early days.

Sent through the ether by diddling with radio waves

For a fair few months after quitting work, I actually dreamt about work, some quite stressful dreams which woke me up, replaying events and times which weren’t so good. I’m glad that’s over.

I’ve always worked on projects, starting with heavy oil, gas, chemical engineering then process, systems, organisation. Stressful, but I quite enjoyed that and miss it to some extent. The camaraderie, problem solving, finishing a project successfully, a beer now and then, travel to interesting places around the world, some not so interesting, wandering about London at lunchtime, plenty of choice for coffee, lunch, a drink.

What I don’t miss is company guff and there’s a lot of it. Few things make the difference and bring success, but big organisations impose a lot of trivial crap on the poor worker. I detested it. There’s also some real weirdos who reach positions of authority in organisations, particularly British ones. I spent most of my career in multinationals, then British in the latter part. The difference was stark to me. British enterprises are known to have more than their fair share of psychopaths in prominent positions. Don’t miss them at all.

Have been living off savings. Mortgage free, living in a comfortable part of London and have just cut back on spending, not particularly by plan or need, I just don’t particularly aspire to things anymore. Certainly cut back on razor blades and shoe polish.

Content, but haven’t quite got the dark, winter months sorted out yet.

Two workplace pensions kick in next month. Bonanza!


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[joe narvey]

I retired last Friday, aged 59 and 2 months so I guess that's 'early' compared to State retirement age. Being Scottish I've salted away every penny piece since getting pocket-money...

Congrats !

Im carefully monitoring this thread for ideas of :

How much in the pot is enough to be comfortable.

New and interesting wheezes to tax me ( changes in the rules that dictate changes in how I save).

How to stay active without incurring more tax.

[craig1912]

In sunny Falmouth and due to sail this afternoon back to Southampton.

Volunteer a couple of days a week, more in Summer. Keeps me active and a good laugh. Pasties arrive at noon!
https://postimg.cc/KkX5v5qM

[craig1912]

In sunny Falmouth and due to sail this afternoon back to Southampton.

Volunteer a couple of days a week, more in Summer. Keeps me active and a good laugh. Pasties arrive at noon!

[Montello]

How much in the pot is enough to be comfortable.

This is the #1 question we all face ... I suspect most will be overly conservative and retire later than they could and possible waste good years working too long ...

[Passenger]

Some decades back I briefly worked for a really not very nice financial services firm, hence I didn´t stay long...For the financial appraisal portion of our meetings, we were´coached to encourage our ´´marks´ to think retirement would be as expensive as being on holiday 52 weeks a year, for the rest of their days. Obviously, this isn´t true for the vast majority.
It´s a massively individual question.

[noTAGlove]

This is the #1 question we all face ... I suspect most will be overly conservative and retire later than they could and possible waste good years working too long ...

I think most people like to work to some extent, or are scared about braking from 60-0 mph overnight.

I am 55 in November and can then retire and take my DB at 15% reduction. I could cut my cloth accordingly, but in reality don’t want or desire material things any more, so this would come easy. I don’t need a redundancy package to retire.

If you are in a very stressful job with long hours and many people to manage, I can see how getting off the hamster wheel is a priority.

But, I am well paid for what I do, fairly well respected in my profession, work my contracted hours, carried in the technical vocation that I studied and university, and manage nobody. I am more than happy to trundle on for a few more years.

[sish101]

This is the #1 question we all face ... I suspect most will be overly conservative and retire later than they could and possible waste good years working too long ...

^^^ This.

Sent through the ether by diddling with radio waves

[Montello]

I think most people like to work to some extent, or are scared about braking from 60-0 mph overnight.

I am 55 in November and can then retire and take my DB at 15% reduction. I could cut my cloth accordingly, but in reality don’t want or desire material things any more, so this would come easy. I don’t need a redundancy package to retire.

If you are in a very stressful job with long hours and many people to manage, I can see how getting off the hamster wheel is a priority.

But, I am well paid for what I do, fairly well respected in my profession, work my contracted hours, carried in the technical vocation that I studied and university, and manage nobody. I am more than happy to trundle on for a few more years.

It is a very personal choice and depends on your lifestyle and interests.

Most of my friends think I retired 20 years ago (I'm 56) as I went self employed ... I work short hours on projects that interest me or projects for friends. I probably only do 10 hours real work a week. Although I spend much more time in the office.

I have many hobbies and interests so time is full and I volunteer on some organisations and Chair a sports association.

My dad & mother-in-law both died aged 64 so I'm make best use of the time available now ... it's not about money for me time is everything.