Retiring Early - any regrets/advice?

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redstar

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For anyone has retired earlier, say, 3 to 5 years before their normal retirement age (usually 65), can you say now that the advantages out-weighed the downsides ?

The obvious financial downsides..
- Giving up your salary/ bonuses etc... and having to fund it yourself from pensions and/or savings
- Giving up employer-paid benefits like health insurance and having to pay for these yourself
- No longer contributing to a pension pot

Non-Financial downsides...
- Social interaction with colleagues stop
- Motivation to 'get up early'
- Giving up a structured work week

(Assuming the early retirement was not forced due to health reasons)
 
My mother retired at 66.

No massive pool of friends, didn't keep in contact with all of her work colleagues even though she made really good friends with some of them.
The odd meet up here and there but nothing meaningful.

No hobbies, no social outlet. It's just like she stopped living the day that she stopped working.
76 now and the decline in her mental health is sad and shocking.

My father on the other hand, same age is complete opposite, lots of social outlet, lots of friends lots of hobbies sport etc, fighting cancer (all in right direction) and desperate to live but dealing with massive side effects from the treatment which is really impacting on his quality of life.

I guess the moral of the story is have a plan make sure you have a life to live.
redstar said:
Non-Financial downsides...
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Giving up the 50% paid for health insurance is the only one that I would possibly agree with seeing as I need it more now than I did in work. Regarding socialising with work colleagues, I would call that a bonus for most. The friends I did have in work are still friends outside of it.
 
my tuppence worth - took voluntary redundancy at 59 (5 years ago) - went back twice since on 3 day week contracts (to same employer) 9 months & then 6 months - wont go again...

a) its important not to 'retire from...', but 'retire to...' whatever that may be - have some interests to keep you occupied... in my case cycle 250km's per week - seas swim daily - on the board of two non-profits (voluntary) - maintain social circle meet for walks/coffee - maintain relationship with ex colleagues that retired at the same time as myself - keep in touch with those that remained at work... travel once a year - mind grandchildren on a regular basis - after all that I haven't a minute! :)
b) money takes a bit of a hit, but cleared any debt from pension/redundancy lump sums - there's an invisible cost of working, coffee, sandwiches, lunches, transport etc which you dont have to the same degree - but do a budget and stick broadly to it - we'll both qualify for full state pension in two years so that will help...
c) you've mentioned health and really in retirement good health is far more important than money, I have friends that unfortunately have run in to very poor health - makes us realise how lucky we are that so far our health has held up....

All in all, haven't regretted a day since I retired
 
Retired a few years now and as some have said what you are retiring to is very important. I miss my work colleagues and even customers for a chat each day, I was never very sociable but the work interaction was enough for me and was happy to be at home other than that. When the work chats stop then it's an issue!

Lots of hobbies but I remember my career guidance teacher telling me many moons ago to make up different hobbies for a CV as all mine were solitary pursuits and didn't look well on a CV! They all were and still are and that's kind of unfortunate now.

I do the grandchildren babysitting bit when required but they are a long distance away unfortunately. Travelling on your own is no craic I have found, within Ireland it's ok, I won't go abroad again on my own though, it's a couples world I am inclined to think, the accomodation cost for a single is enough to put you off!

So it very much depends what your own situation is I think and your set up and interests. I have found the money side no issue, I'm good with money and never had expensive tastes.
 
My retirement preparations are well implanted on this forum. It took ten minutes to settle into retirement and that was my last drive from my work-place. I miss my work colleagues from my last place of work but I miss nobody from my work-place previous to that. Sin scèal eile.

Anybody who knows me is aware of my sporting involvement, my trade Union activities, my love for spending months abroad. My only fear is my health which I probably neglected in the past. Like Edith Piaf said in French “No, no regrets.” If you want a regret, I wish I had retired earlier, much earlier. But, anybody who wants to keep working forever, let ‘em off. We need people paying tax and PRSI, good on them and bless their little hearts.

One pitfall for the unprepared is the golf course where they can turn up each day, let their golf clubs in the boot of the car and place themselves on a bar stool and spend their time skulling pints. Great, if that’s what they want, but not so great for life expectancy. I’ll stop before I bore you to death.
 
Leper said:
If you want a regret, I wish I had retired earlier, much earlier.
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Could I possibly ask:

1/ How did your income change at retirement?
2/ What age did you retire and what age do you wish you retired?
3/ How much of a financial hit would you have been willing to take to retire at the age you wished?
 
I can easily answer your questions.
1. I gave very little attention to the financial income of pensions. Certainly, I am down a few bob, but I have no debts whatsoever and Thank You God I don’t have to consider an After Life Loan. My main concentration now is on my health and I cherish good health insurance.
2. I retired age 65, now I wish I took retirement at age 60. I couldn’t have done it earlier - private and financial reasons.
3. I spent most of my working/family life literally worrying constantly about money (mortgage, term loans, support of the little lepers away at university, work rat-race, changing the car etc). I won’t swear like a trooper but I had taken enough of so-called life as it was.

I hope I answered your questions honestly.

Retirement is great. Thank You God, and long may it last.
 
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I’ll be 56 later this year and think of giving up work most days, only things stopping me are:

1. Finances, I’ll have to make cutbacks for it to work and
2. I’ll miss working with some very clever people (more the mental stimulation than the social interaction, I’ve very little in common with them outside of work)

Having said that I’ve a vague plan to hold out till April to get bonus and pay for a couple of big trips and reassess then

Looking for encouragement to stop so will happily hear from people who never looked back
 
I have no regrets packing it in without a lot of pre-planning 5 years ago at 55 due to burnout/disillusionment with a dysfunctional and somewhat toxic work environment. I knew that I no longer had the energy for a startup environment or the tolerance for the corporate bureaucracy/cringe that comes with a big company so I decided to call it a day.

I'm fortunate that I'm still generally in good health, am able to stay relatively fit, and over the years was able to accumulate pension and non pension savings/investments and a modest passive income stream (to supplement my modest pension TFLS and ongoing income drawdowns) that make me financially secure/comfortable and easily able to fund my modest enough lifestyle. Even with my divorce being finalised in the meantime but that worked out more or less cost neutral once a second property reverted to my full control and was sold last year.

I don't miss work at all and while I'm often saying that I must do a bit of tinkering with tech etc. I never seem to get around to it so it's obviously not a priority. I have plenty to do with my time and am much happier, relaxed and content than I was 5 years ago. It's just me and my 3rd year college student son at home. Between him, family, a few long term close friends and a few ex colleagues who became friends over the years, and then random people that I interact with out and about I have as much social interaction as I need. Sometimes more than I need. :D

Having said all that, I'm not sure how much of my experience is of use or transferrable to anyone else as everyone's circumstances, outlook, expectations, lifestyle, family situation etc. are specific to them. And I'm not sure that I'm the right person to give advice on retirement in general whatever, perhaps, about the mechanics of certain financial related aspects. But make of it what you will... :)
 
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ClubMan said:
I don't miss work at all and while I'm often saying that I must do a bit of tinkering with tech etc. I never seem to get around to it so it's obviously not a priority. I have plenty to do with my time and am much happier, relaxed and content than I was 5 years ago.
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You probably don't get time due to the fact that you devote a lot of time to this forum.

Thanks for the service you provide on AAM.
In particular thanks for all the excellent links you post to point confused posters in the right direction.
 
60 years of age; self employed; could financially retire in the morning; happy, prefer & plan to keep working; have resolved to re-assess annually in or around my birthday; work in a job where I meet older people a lot and see a significant & increasing appetite with people to keep working beyond traditional retirement age.

It takes all sorts to make society function.
 
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