Is 55 too early to retire.

We have and wondered what your thoughts, opinions were on the subject.

 

My retirement age will be the minute I can first afford it.

 

If you are financially secure enough to do so with no reliance on the welfare state, that is your choice and nobody has place to judge.

Assuming you are fit and well.

Plenty retire that age or younger due to ill health having no option.

Good luck to you. I’ll be lucky to be retired at 70 the way things are looking.

 

My mum and dad retired at that age. They live the life of Riley. Travelling the world, beer festivals, cricket, walking, grandparenting. My dad especially is like a one man advert for it. The only caveat I would add is that they are fit, healthy, have lots of interests, and have good pensions.

 

I would say not. I took early retirement at 57 (my job was outsourced and all those over 55 were offered early retirement). Unfortunately circumstances require that I work again.... I'll be working till I get my state pension in just over 4 years.

 

I'm aiming for 57 - Be financially worse off, but I've seen too many people retire at 65 and die before 70.

 

Depends on the individual. Personally i will retire when I hit 55, albeit with a reduced pension. Finding it increasingly difficult to drag myself to work. I have plenty to do outside of work and never enough time so I know I will not be bored. Conversely however i know a few people who have struggled mightily with retirement.

 

Retired at 65 and hate it.

 

I certainly won't be retiring in just over 2 years (when I reach 55).
Can't afford to, but wouldn't know what to do with myself either. My job, in music pretty much is my major hobby also,
which is a blessing and a curse to some respects, although I've started to plot a course that means my love of music
isn't badly affected by it being my job.

I run my own business, so I'm gradually trying to take life a bit easier, even if that means earning slightly less money.
I have two people who help run the company & this means I can get away more (& attend more matches as a result).

I guess if you are well off & have a lot of interests, including travelling & stuff you can't do when working, then there is no reason not to.
If you get bored you could always find a small job to supplement your income that doesn't spoil your lifestyle.
A lot of subcontracted work out there these days, depending on what you do. My accountant is in his 80's & still works,
but spends a substantial part of his year in Spain & seems incredibly fit & healthy in body & mind.
I think it's about achieving your life goals & about how much you love / hate your job basically.

 

My Dad is 65 and could easily afford to retire but has no intention of doing it.

He is married to my Mother though.

 

I work in that area, I've just come out of a presentation regarding early retirement. I'll give more info on my lunch

 

I would love to have retired at 45, but it looks like I'll be working until I'm in my 80s or I drop.

 

My dad retired at 50 and was back to work at 52.... Sadly he passed away earlier this year at on only 60! I think if you can afford to then do because you never know what's round the corner.

That's one thing that got me after he passed away all the years he had worked and he didn't even make it to his pension and a bit of a rest for a few years to do stuff he wanted to do. The government wouldn't even release the bereavement payment to my mum to help with funeral costs and things because they weren't married.

 

Depends on the type of work and stress levels involved. In 1985 The Sunday Times commissioned a study by Professor Cary Cooper about stress in the workplace. In 1997 the paper commissioned a further study and it quickly became apparent that almost every job in Britain had become more stressful than it had been just over a decade previously. The 1997 study found that the most stressful occupations were: the prison service, the police, social work and teaching, closely followed by a whole range of NHS jobs including nursing and doctoring. So, if you're very stressed, you need to look at what you do for a living and decide whether it is perhaps taking too great a toll on your health.

Some people find, whilst the work is physically demanding, they love their works and have very low stress levels e.g. shepherds, and buck the trend which is - the longer you work after 55 the life expectancy post retirement reduces at an increasing rate. I took a voluntary package offered at 58 which although it meant giving up a good salary and bonus package left me better off than expected because I planned to leave anyway at the end of the year having had a 'scare' which made me think (possible cancerous tumour which turned out to be nothing life threatening). My wife took early retirement the following year at the cost of her pension being actuarially adjusted and in spite of her being one of those whose State pension was pushed back twice in a relatively short space of time. This did impact the amount we have to live on which was further impacted when the value of the pound dropped after the referendum but I always erred on the side of caution when costing for the future. However, whilst we are not rich, we are happy and content and, as SWMBO said, "you cannot buy time". We both had stressful jobs and, to be honest, we both have interests outside of work and often wonder nowadays how we ever found time to both work and pursue them.

In summary provided you have calculate that you have sufficient household monthly income for the foreseeable future, enough to cover unexpected costs, are happy with what you have and plenty of interests outside work then go for it.

 

Good point that! Seriously, I know of at least two couples whose kids have grown up and left home. They got on well until they both retired and then found that, after spending lots more time together, could not stand the sight of each other and ended up divorced.

 

My plan is to retire in 18 months time when I reach 50 . Have 10 years off while I'm still fit , then go back to work at 60 when im skint .

 

The earlier the better if you can afford it I reckon.

My the time I retire I'll be 86 at this rate, and knowing my luck, I'll snuff it on my way out of my place of work.

 

I guess its only one that can be answered from a personal point of view. If you can afford to and can live to the standards you want then of course its a good option. I would perhaps miss the challenge and work that i do and therefore this would be a downside. So for me personally the balance would be between 1. can i afford to live to a standard i set and have enough to challenge and interest me VS 2. Do i want to continue doing what Im doing in my job