How do you know when it’s the right time to retire?

[not2old4disney]

I think there are too many variables to say what the right age is - for instance my Dad retired last year. Financially it made sense as he has good pension provision, he was definitely ready for it partly, I think, due to the fact that his job was relatively physical and also down to changes being made due to different management (none of which benefitted him in any way) He's very happy in his retirement. My mum on the other hand could retire (although she can't get her state pension yet) but she doesn't deal well with not working - she is self employed and is actively looking to greatly reduce her hours over the next few months but is not ready to stop working completely.

I'd retire tomorrow if I had the money to be honest! I don't enjoy my job at all though and I dread going in every morning which i'm sure is a huge contributing factor - this is hopefully a situation I will remedy within the next yr or two and then could feel very differently (fingers crossed anyway!)

[themeparksandy]

My wives grandad worked to his mid 80’s and did 3 days a week. He didn’t do it for the money but to meet people and be social. There’s a bloke at my work who’s 72 in December and he works just to interact with people as his kids have growth up and moved away and his wife cheated on him so his on his own.

[EssexSue]

I retired in June. I used to love my job but then around last Christmas I realised there were other things I'd rather do, other places I'd rather be. It wasn't easy but it was definitely my time to go and I do not regret my decision at all.

[SussexFamily]

When you wake up and know deep down you don’t want/need to go to work. (I’m not talking about the usual Monday morning feeling). The need to work May have already disappeared, to me it’s the desire to work that is important.
What does your job bring to your life? Do you still have that flame in your eyes? Additionally, work means interacting with people to me, what would replace that when it comes to retirement? All factors to be considered. I thought I had a plan regarding when I’d stop working but as that date got closer I have re-assessed.
It is a fine balance - lifestyle now v lifestyle without working.
Life, as we know, is finite and timing that decision to stop working is crucial. It really depends on circumstances too. We don’t always get it right, do we?

What a soul searching thread to find on a Sunday morning though!

Ive worked for 42 years, I’ll be there at 0800 on Monday.

Great thread!

[Mr Tom Morrow]

I was 55 when the cash crisis hit. That was the death knell for my post plus I was on an old expensive contract that could not be amended so it was logical for the firm to chop me.

Not to say I made it easy for them and it cost them!

In hindsight it was the best thing ever as my working hours were horrendous and it was taking it's toll.

I don't miss work but I do miss the people.

[taylaboo]

Originally Posted by Mr Tom Morrow

I was 55 when the cash crisis hit. That was the death knell for my post plus I was on an old expensive contract that could not be amended so it was logical for the firm to chop me.

Not to say I made it easy for them and it cost them!

In hindsight it was the best thing ever as my working hours were horrendous and it was taking it's toll.

I don't miss work but I do miss the people.

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Snap! I retired in my late 50's due to health problems. Luckily my mum made me take out a private pension when I started work. I was against it at the time but so glad I did. I'm a WASPI woman and have had to wait an extra 5 years 9 months for my state pension. No way would I want to be working into my 80's.

[Andy0502]

I agree there is no answer that is right for everyone. DW and myself have chatted about this many times, unfortunately we didn’t meet until later so didn’t get to have the early days without children to enjoy each other’s company and do many things as a couple. So retirement for us is a chance to go back and do those things.

We are planning to have mortgage paid off in 2 years then as soon as she’s 55 we both retire and draw down on our work pensions ( I’m 7 years older and could do that now). We have worked out that we won’t be fantastically rich but we will still be relatively comfortable financially - but more importantly we will be able to go make all those memories together that we always wanted to & and before it’s too late.

[Mr Tom Morrow]

Originally Posted by taylaboo

Snap! I retired in my late 50's due to health problems. Luckily my mum made me take out a private pension when I started work. I was against it at the time but so glad I did. I'm a WASPI woman and have had to wait an extra 5 years 9 months for my state pension. No way would I want to be working into my 80's.

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I feel very sorry for the WASPI Ladies. Unfair.

Plus those Ladies who took time out for children have another hit due to missed private pension contributions. My Wife lost over 5 years worth, then went back part time only. Double whammy.

My Wife was in the Civil Service and 2 years after I retired she got offered a package so grabbed it. She was only 53 so the Pension is garbage but hey ho life is for living.

[llamala]

We class ourselves as semi retired, DH took redundancy and early retirement 4 years ago at 56. I was working part time, then last year we both started to work as part time wardens at a caravan park.
We are seasonal so will finish for the winter in 2 weeks.
We feel we have a great balance, as we are keeping active,meet people, and are out in the fresh air. Plus lots of holidays in the winter.
We dont have an age when we will fully retire, just feel that we will know when the time is right.

[scoobydooby]

I work in Local Government and am just of the age my retirement age is now 67. I am 50 shortly and have zero intention of working until 67! If I do my pension will be pretty good with 43 years paid into it if which three were part time. In four years when both kids have finished Uni my aim will be to finish as soon as financially feasible. I need advice though from a specialist.