Talk Morgan Forums Community The Malvern Arms When do you know...

I knew you'd had a fairly major incident. Didn't realise it was not repairable. So I'll have to look out for something different in the future. Hope you'll post a photo here somewhere

I’ve retired twice.
Years ago my original target age was 55. Circumstances changed extending that. I had the opportunity to get a redundancy/ early retirement package that optimised my financial benefit from the company. Basically a no-brainer. We had a spreadsheet that calculated this optimum age/service combo. If within 2 years of this it was a good choice if available. Took it aged 52 with the plan to get another job of lesser responsibility to allow savings growth. Did some part time work for Mori whilst waiting to start a job in our police ops on 999/101. Stressful? You might think? Not really. Yes, some calls were but managed well. Finances boosted by this job and my second and final retirement was at 60, 9 years ago. I now have 4 pensions. State plus 3 occupational from jobs in between. Top up from investments monthly gives a good income.
A lot depends on your attitude to life. Wait too long and you have less time left to enjoy life without work. I know of people waiting too long and not surviving long enough to do what they had planned. It is a big change but one you shouldn’t be afraid of provided you have planned in advance. This includes finances and your lifestyle targets ( travel, hobbies etc).
I bought a Morgan whilst still working as an early step. Planned a house move to a good location ( local), developed hobbies.
Does your employer offer a pre-retirement planning option? Mine did and it helped open up my mind to options. Hence the first retirement being taken and another job opted for.

I retired in stages....

Step 1. was when we sold out of the business we had set up in 2002, this was on 1 Feb 2011. The income from the sale changed everything.
Step 2. was when I expected to be let go by the new owners some time in 2012, but this didn't happen, they kept me on as a full time employee on a good salary and I was part of a fantastic team, working was fun!

But in 2015 the US Company we had sold to was itself taken over by a German company and with it there was a significant change in company culture and a loss of indvidual management freedom and a loss of much of my job function.
I complained, but my new manager ignored me, HR were useless. So we move to:

Step 3.I went on to 3 days a week in 2016 and depressed and unmotivated I took more and more sick leave, needed antidepressant medication and did as little as possible. I took advice, threatened to go down the Constructive Dismissal route, eventually HR made me a settlement offer which took me to Step 4.

In September 2018 I became a self employed Consultant working actively until Covid, when everything went quiet: after COVID I began to realise my knowledge base was ageing and I wanted to get out ahead
So I chose the end of the financial year ending April 2022, which coincided with my 70th Birthday to jump to Step 5.

Retirement full time... As others have said, you know when it is time. I knew it was time to go....

I retired in 2018, at the age of 59. Original plan was to bale out at 55, but I was still rather enjoying it t that time. 4 years later and I was less prepared to tolerate nonsense. There comes a point in anyone's life when time becomes far more valuable than money. Nobody dies wishing they had spent more time at the office.

Now I live an extremely low-key life: playing guitar with friends, cycling down to the pub, growing veggies, doing my bit in the local community. I've never been happier.

I don't think i will ever afford to retire, i only started paying into a Work Place Pension 5 years ago.

I only just retired age 70.
I was lucky, I absolutely loved my working life which was dealing with musicians and caring and or rebuilding their instruments. Such a great life, no management, great relationships with all my clients, enough concerty pressure to keep me alert but nothing lifesavingly urgent. I didn't really want to retire at all but covid and then some illness/ hospital visits restricted my work. So I was again lucky and found a young person wanting to step into my shoes. I was (still am really) mentoring him for a couple of years and can now relax happy that my clients are looked after properly. For that was my biggest concern about retiring; I really didn't want to leave my clients in the lurch as my field is a bit specialist and replacement people getting rarer and rarer.

More time for days out now but still missing the contact with musicians.

Nick

I retired at 50. In retrospect it was too early but I was the CEO so I couldnt go part time. I missed the social aspects of work and also the stress / pressure bit

Just incase the OP is on the young side, don't worry about that, one of our Sons in law retired at Christmas at 44 - he and our daughter are professionals with a young family and invested in quality properties for rental so they should be ok.

I do miss the old colleagues who were / are mates scattered across the globe but after 3 years I'm starting to get into being retired & loving it.
It takes a while but you realise if your lucky you have enough money and no mortgage.
My plan is to going skiing (spending the kids inheritence) till the last cheque bounces.

My Dad retired at 57 and I thought that was young. Well done you Howard