For many of us, a decision to retire early is to quit at the peak of our earning years. It’s the worst financial decision one can make. However, money, or more of it, cannot buy health, time or happiness, which I believe is your point. That is exactly why I retired last year at 60. I had too many things (hobbies, travel, spending more time with family, staying healthy!) I wanted to do with the rest of my life. To be able to realize them is my definition of happiness. Also, don’t underestimate work stress and what that does to one’s health. As someone on the internet once said, “Working longer has the dual benefit of greater savings and shortened lifespan, ensuring that one never runs out of money.”
My parents often talked of all the things they wanted to do in retirement. They retired promptly at 65 and had two decent years before health issues became a large issue in their lives. 4 days before her 73rd birthday, my mother died; three months later my mother in law (@72) died; two years later my father died. They spent their lives looking to an imaginary future that did not transpire. My spouse and I have decided not to wait until normal retirement age to enjoy 'retirement'. We're in our early 50s are currently on an 8 to 12 month career break to do a small bit of travelling and focussing on ourselves and trying to decide if we want to go back to work full time next year. As each day passes where we don't wake to the sound of an alarm clock makes going back to FT work less and less likely.
Yep, once you add in TIME and HEALTH - and not just focus purely on FINANCE, things can look a little different. Even if you set a date a couple of years a head - you still have chance to plan and save a little extra.
I’m 52 and hoping to retire and pull my teachers pension at 55. The numbers are ok and should give me enough to live on (and pay my bills) without having to work. I think it’s the way to go - I’d rather have the freedom and hopefully gain the go years than wait for the magical 60 number which would give me the full pension.
Once you start thinking of the TIME and HEALTH element - it can really change your perspective. If you plan a head, there's still opportunity to get your numbers up at 55 by adding or paying extra into your pension or saving a little extra. Every little bit helps..👍🏾
There's no general answer to this as we're all different so don't make any decisions biased on what other people suggest. Part time works for most people but it's always about money. If you can't afford to go part time, you need to continue working, that's the only consideration.
I’m 56 , £145.000 in the bank , no mortgage , work part time , still live in the uk , place in Spain as well . Let’s see how things go and how long my money lasts 🤪
Congrats, sounds amazing! Can I ask, how does healthcare coverage work if you live in Spain and don't work? Would you need to get private health insurance?
@@level50lifestyle Yup totally agree with you about Brexit malarkey , so it’s 3 months in the uk then 3 months in Spain etc etc , my partner wants to move to Brittany , it gets tooooo hot in Spain , so see what the future entails , keep up the vids , spot on 👍🏻
We can't wait to get to retirement!
For many of us, a decision to retire early is to quit at the peak of our earning years. It’s the worst financial decision one can make. However, money, or more of it, cannot buy health, time or happiness, which I believe is your point. That is exactly why I retired last year at 60. I had too many things (hobbies, travel, spending more time with family, staying healthy!) I wanted to do with the rest of my life. To be able to realize them is my definition of happiness. Also, don’t underestimate work stress and what that does to one’s health. As someone on the internet once said, “Working longer has the dual benefit of greater savings and shortened lifespan, ensuring that one never runs out of money.”
@ lasticonoclast
Excellent comment. All of what you wrote resonates with me.
My parents often talked of all the things they wanted to do in retirement. They retired promptly at 65 and had two decent years before health issues became a large issue in their lives. 4 days before her 73rd birthday, my mother died; three months later my mother in law (@72) died; two years later my father died. They spent their lives looking to an imaginary future that did not transpire.
My spouse and I have decided not to wait until normal retirement age to enjoy 'retirement'. We're in our early 50s are currently on an 8 to 12 month career break to do a small bit of travelling and focussing on ourselves and trying to decide if we want to go back to work full time next year. As each day passes where we don't wake to the sound of an alarm clock makes going back to FT work less and less likely.
Good pov. My ifa soley focuses on the finance element oddly, but thus has certainly got me thinking differently aged 56
Yep, once you add in TIME and HEALTH - and not just focus purely on FINANCE, things can look a little different. Even if you set a date a couple of years a head - you still have chance to plan and save a little extra.
I’m 52 and hoping to retire and pull my teachers pension at 55. The numbers are ok and should give me enough to live on (and pay my bills) without having to work. I think it’s the way to go - I’d rather have the freedom and hopefully gain the go years than wait for the magical 60 number which would give me the full pension.
Once you start thinking of the TIME and HEALTH element - it can really change your perspective. If you plan a head, there's still opportunity to get your numbers up at 55 by adding or paying extra into your pension or saving a little extra. Every little bit helps..👍🏾
There's no general answer to this as we're all different so don't make any decisions biased on what other people suggest.
Part time works for most people but it's always about money. If you can't afford to go part time, you need to continue working, that's the only consideration.
I wanna work as long as i can. I honestly don't do much or want to do much in my spare time and I'm only 50.
I think if you enjoy work and it fulfils you - then defo keep going.
I’m 56 , £145.000 in the bank , no mortgage , work part time , still live in the uk , place in Spain as well . Let’s see how things go and how long my money lasts 🤪
Congrats, sounds amazing! Can I ask, how does healthcare coverage work if you live in Spain and don't work? Would you need to get private health insurance?
Sounds good...I've considered France, but since Brexit the whole visa thing for long term stay is not as convenient as it once was.
@@level50lifestyle
Yup totally agree with you about Brexit malarkey , so it’s 3 months in the uk then 3 months in Spain etc etc , my partner wants to move to Brittany , it gets tooooo hot in Spain , so see what the future entails , keep up the vids , spot on 👍🏻