How to retire early?

Kinda related, many employment contracts have 65 as the retirement age. Can you retirement from employment before this easily enough?

For example in my case, I'd get certain benefits if I retire rather than resign and there no way I can make it to 65 unless I literally had no other option.

DC Pension in my case so I assume options the same for this regardless of whether I resign or retire

Thanks in advance
 
@Cameo
So if you look at your pension scheme annual report/statement you should be able to see 2 key figures. One is pension at expected retirement date (65th birthday) and there’s another figure which is the pension you’d get at that age if you stopped contributing now.

As you get nearer 65 the gap narrows. My current gap is about 16%, that’s end 2023 figures I don’t have end 2024 yet. I should have it soon. I’m 62.

Also I can’t collect early unless the company agrees. They’d have to pay up the missing contributions and also the extra 3 years.

This was explained to me a couple of years ago by the administrators.

What I don’t know is if I could fund the difference myself. I’m pretty sure I am not allowed to.

I can resign of course but the pension isn’t accessible

That’s our scheme and I’m told it’s pretty standard
 
Is that for a defined benefit pension?
@Cameo's is a defined contribution pension.
 
Is this a DB scheme?
 
Cervelo said:
There is also the other fact that whether you like it or not you are going to change a lot of your opinions and beliefs when you retire
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Hi Cervelo,

There's many interesting comments in this thread. This one particularly caught my eye. I genuinely would be very interested if you could elaborate at some stage - if you get the time! [........No pressure like, but from my perspective, you come across as a bloody billionaire in time!]
 
JimmyB99 said:
. I genuinely would be very interested if you could elaborate at some stage
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Not sure what @Cervelo meant but there's a well established pattern that people tend to become progressively more conservative as they get older and accumulate wealth. Which is a big factor in why older and/or wealthier people tend to be more opposed to taxes, social spending, abortion, gay marriage etc etc.

They're also much more likely to vote. And they've more free time .

So yeah, when I retire with over €100k in TFLS (far more cash than I've ever had in my life) and way more free time i can definitely see some of my perspectives changing radically. i can also see myself being in a better position to try and do something about it.
 
JimmyB99 said:
but from my perspective, you come across as a bloody billionaire in time!]
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This might sound strange but I would hate to be a billionaire now, yes when I was younger who doesn't dream of been that rich but now it would be one of my worst nightmares, recently like I sure most of us I've been thinking about the EuroMillions and what If....
And my brain just goes into overdrive so much so that it actually stops working and I can only come to one conclusion that If I was so lucky to win, I'd have give it all away as it would destroy my life as I have come to know it now

JimmyB99 said:
I genuinely would be very interested if you could elaborate at some stage
Click to expand...
When I post on here I do so from my prospective as an early retiree and how I now see the rat race, now that I'm not a part of it
@BIG-notorious has hit so many nails on the head with his above post and how retirement probably will change his prospective

But where I'm coming from is, as an early retiree, I have made the move from accumulation of wealth to decumulation of wealth
so because I'm not accumulating I have to question my relationship with consumerism and consumption
And that's where I begin to change my "opinions and beliefs" so as that I'm getting the best return from my dwindling resources
I would also presume that anybody who takes a reduction in their spending power would also go though this thought process

And that's just the financial side, you then also have to factor in the physical and emotional side of retirement
As @Steven Barrett asks in and earlier post
"Besides the finance, what are you going to do? Work gives a lot of people purpose, a reason to get up in the morning."
Or as @Leper tells us of his experience
"I did retire at age 49, but I (literally) panicked and started a new job two days later. I wasn’t fully prepared mentally or financially back then."

So quite simply when you retire, things are going to change, how you prepare and react to that change will define your retirement
 
Cervelo said:
I would also presume that anybody who takes a reduction in their spending power would also go though this thought process
Click to expand...
A person who went through this thought process during their working life would put themselves at a great advantage for retiring early. Less spending meaning more savings, while also meaning less savings is needed to maintain that spending in retirement
 
@BIG-notorious raised some interesting points there. Most Retired people have more free time - (with respect Duh!). That’s most peoples aim. Perhaps I’m an exception, but every day I work towards spending every cent I have. I hope my ultimate calculations are correct or so nobody will be having an extra great time in the bar of some hotel just after my funeral. I’m not opposed to just taxes either - somebody must pay to support my lifestyle, I’ve worked hard enough to keep others in clover. It’s now my turn, so what! While I am against abortion, I respect the situation many people find themselves in. Furthermore, I respect gay marriage. Who am I to dictate to non straight people? And yes, I vote as I have always with no allegiance to particular parties. My PR votes must be earned.

Just as a thought to retire you need enough dough to keep going. Shove it in the bank if you wish. Make some financial advisor rich if you like for a return you’d do better at bingo. Otherwise, get on with the job as successful and enjoyable retirement must be worked at.

Please forgive my bad English. I’ve good retirement to get on with.
 
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