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I think there is another variable that muddies the water: what is work?

As Neilda says, we have discussed this question, and others, at length and have not really developed a real answer. My view is that it depends on the individual: in my canse my work was 50% thoughtful contemplation and analysis, 20% talking to people and 30% reporting to clients, both internal and external, my findings. None of this was stressful, and could be performed almost anywhere. I had no management responsibility. So it was easy to slide into retirement....

I think it very much depends on the individual Peter, I’m still working limited hours each week, but love the management and technical challenge. Will continue to do so whilst I enjoy good health…

I think that's absolutely right - and whereas sometimes that mission is realised within the framework of business and work, sometimes it requires a different arena.

Retirement without some sort of activity or focus would be a fast route to an early grave I would think.

Agreed.

A chap who used to do odd jobs at a local farm (in his 80's) puts it another way. He is still around.

When I moved up to the NE of Scotland 30+ years ago it was a lifestyle choice (I wanted space and quiet, room for multiple man-sheds and distance between me and an increasingly irritating Humanity! ... present company excepted of course 😄)

I've always gone for jobs I felt were 'useful' rather than maximising my salary (the old hippy in me) and I continued that trend here ... the result being that when I reached retiring age (65 when most of my pensions kicked in and having been mortgage-free for those 30+years) I had no problem walking away and tranfering my labours to my projects.

It might have been different if I'd spent my life building a thriving business that I would have to hand over to the mercies of other people or some such .... as it is, I've more to do than hours to do it in .... and it's stuff that engages and fulfils me .... can't ask for more than that.

My only hang over from the working world being some very occasional voluntary input to an organisation for people with learning difficulties I worked for many years ago and keep in touch with as I personally respect their work

K

If you own a business and someone makes you an offer that would be daft to turn down.

The problem with looking forward to retirement, as some have said, is that you are wishing your life away waiting for that magical day. As Peter commented, it also depends on what one is retiring from, if it is a 'job' where, by and large you are at someone elses beck and call, you have to be very fond of what you do to want to stay a minute longer than you have to, however if your money earning capability, for that is what this is all about surely, is part of your lifestyle and purely for yourself and you get enjoyment and satisfaction from what you are doing, then why stop sooner than you have to?

I stopped working when when I got married at aged 27, but my money making capabilities went into property investment which I have been doing ever since and I have never felt it was 'work'. It is only now in my late '70s and with the benefit of a sensible son who has eased the day to day management off my shoulders, and, with my wife nagging me to go away with her more often before it is too late, that I have found more time for me and for her. I have loved my life since I retired at 27 and I only hope I have many more years to come - but who knows?

Sorry not quite the answer the OP was looking for but many have already answered that question.

By the way, as an addendum, how much does it cost an average couple, with no mortgage, to live a slightly more than comfortable life in retirement? That is, before the nursing home years.

Short answer: 10.30pm

In terms of retiring from paid employment:
- when you can afford monetorily to do so
- when work is detrimental to your health (stress, physical nature, etc)
- when you are satisfied you can be mentally employed outside of paid work

I have several colleagues who "retire" but then enter into consultancy work continuing their previous career but at a lower level of intensity and under their own management - despite having other interests. So instead of retiring I may just apply to enter management

It is like car choosing and ownership, it's a highly personal thing with no fast set rules but one certainty is that when you do jump be sure to keep your mind and body running well and stress free.
Helping others less fortunate helps to achieve both if done in a discrete manner.

Working out how much you will need to maintain your expected lifestyle is simple maths but of course you need a big contingency fund for the unknown future returns - that might just be me erring on the side of caution wanting to protect my good lady should I pop off before her.

In my experience there is never quite a right time to retire, be it for financial reasons, health or work situation that always seem to conspire against your best laid plans and present you with series of choices/opportunities which may force your hand or take the decision for you.
If you start from the premise rarely do people have enough money to fund retirement fully. one may find that your lifestyle changes to meet any financial constraints but often also refocuses you on your 'real' priorities in life and therefore can be very rewarding and enriching retirement years.

I retired at 49, not from choice, did a few years contracting but basically been effectively retired without the benefit of a pension kicking in before retirement age. Whilst I miss the social intercourse and stimulus of the work environment, . and I may not have achieved everything I wanted to in the work environment, I wouldn't swop the last 18 years of retirement for the greater financial security of being part of the workforce until the normal retirement age. There are absolutely no guarantees in life, and often retirement teaches use the true value and making time for the simple things in life ie family, friends etc.