Early Retirement?

[Mr. Nobody]

Was just wondering how many are looking into perhaps taking early retirement?

I know the workplace can be difficult for many with SA and I know I am often thinking of what plans I need in place to retire early,

Money seems to be what it's all about, and whether you can actually afford to leave the workplace early,

I think if I keep going till I'm 67 I'll be absolutely no good to anyone,
The stress of work is seriously getting to me now, and it's a subject I keep coming back to,
.unfortunately, I have been in jobs that have all traditionally been low paid,... I'm not in a trade or an academic position so my prospects aren't great for doing this,

I do sometimes wonder if work is making me worse and seriously exacerbating my anxiety,
I do know a few people who don't work and are on some form of benefits and seem to be doing better than ever,
One person has recounted to me in detail how after leaving work he has seen some amazing improvements in his anxiety levels and general wellbeing and creativity,
As if going to work every day was basically destroying him and now he is getting a chance to recover,

Anyway,.
I'm just wondering if anyone is retired or has managed to retire early and how they are managing,

And possibly if anyone has any gems or nuggets of advice or information.

I suppose its a balance between protecting your mental health and being able to provide for yourself adequately in the longer term.

[anxiouslondoner]

Hah, early retirement, I wish.
I'll probably have to keep working for twenty years after I die given my current pension situation.

[BFG_]

Get a job in a local council the pension they offer is better than most. Google local government pension rates to see.

You could also get a diagnosis for something pip worthy and claim that which would put your income up a bit.

Other than that stash your cash in savings accounts with highest interest rates available. Take advantage of tax free isa allowance each year.

People suggest stocks and shares but the returns don't see very good to me.

[Mr. Nobody]

^^
He-he,
Yeah, I'm probably clutching at straws in a desperate move to try and tell myself there's hope of getting out of this god-awful rat race and salvage some sort of quality of life again.

I reckon I could cobble together about £170k given my savings and pension pots, but have no idea where that would get me, in the long term.
Something tells me I could last until pension age and then try and survive on state pension, but something tells me that's just not going to be enough.

I think it's in my SA nature to procrastinate, so I've kind of put off "life" as work takes everything I've got to get through it,
Hoping I can one day try and live something akin to how I'd like.

Why are we all working working working incessantly, just to pop off at the end of it?
So some MD or CEO can have their yacht and their mansion?

[biscuits]

My cat would like me to.

[Mr. Nobody]

^^^
Thanks BFG,

Yeah, I'm going to be shopping around for interest rates,
I was getting about £980 a year but that particular carpet is about to be ripped out from underneath me.

[Mr. Nobody]

Get a job you love, is obviously another road to travel

[BFG_]

I've gone through every possible scenario in my head to get out of going to work. Van life, buy cheap properties up north become landlord, move to Bulgaria, learn French get citizenship over there. Buy place in lanzerote maintain uk owners villas. Sell house live off the interest from house money.

I'll still be back at work on Tuesday as none of the options are as financially rewarding or as easy as my current job.

[gregarious_introvert]

I apologise if this upsets anyone who is in work and struggling, but ceasing work was the best thing which ever happened to me. I haven't worked since I was 50 (although for some of that time, I was actively looking for work, until my breakdown) and am now 62, so in effect I have taken early retirement (however, at present, I am still receiving "working age" benefits).

During my working years, I struggled to find work - and if I did find it, I could never keep it (the longest I managed to stay in any job was two years). I would do - and did - anything, from street sweeping to driving light rail trains and Civil Service posts. After losing my last job (night shift in a plastics moulding factory), I submitted over a thousand job applications without being offered a single interview, before I had a breakdown whilst waiting to sign on in a Jobcentre and was advised by staff there that I should not be looking for work, but should apply for ESA and PIP. It took a while (my first PIP award was low-rate mobility only, the second was higher rate daily living and low-rate mobility, then the third was higher rate on both, which I am on now), but on my second PIP award, being awarded higher rate for one of the two elements also triggered an additional "severe disability" payment on my ESA (which is only awarded to those living alone) and for the first time in my life, I had a comfortable income.

Late last year, my most recent PIP reassessment (which took nearly eighteen months!) was completed and the award is "ongoing", which means that it won't be reassessed for at least ten years (probably never!) and most crucially, that I will keep PIP past retirement age, which gives me some level of security. At present, the DWP has restarted the migration of ESA claimants to UC, so I am expecting a letter to arrive at some point, although in the short term, this should mean that I am slightly better off, despite the fact that UC doesn't have the "severe disability" element (those migrated, as I understand, keep that but it doesn't increase annually, so is gradually eroded - as I will only have, at most, four-and-a-half years to retirement, it won't affect me that much and it's unlikely that I'll even notice).

Since late 2016, when I was identified as a vulnerable person and moved to local authority housing after being evicted by my previous landlord, which was about a year before I received higher rate PIP for the first time, I have been more secure than at any point in my life. I don't have any savings, nor is there a private pension to draw when I reach 67, but my income is comfortable enough that I don't have to worry.

Since the stresses of working have been removed (work itself was never a stress, I always enjoyed working, it was the interpersonal relationships and attempts at workplace bullying which were the issue - I wasn't diagnosed with autism until five years after I stopped working), I have enjoyed a lifestyle (well, after recovering from the agoraphobic episode of three years which followed my breakdown) which wouldn't have been possible during my working life and I know that, to some people, it would seem that I am now perfectly capable of working (not that I would have any prospect of finding work at this stage), but returning to that environment would have such a serious effect on my mental health that all the gains of the last few years would be lost.

My advice to anyone who feels that being in work is detrimental to their mental health would be to investigate their eligibility for benefits (it never occurred to me that I could claim disability benefits until the Jobcentre told me to do so, I thought they were available only to those who were physically disabled) and work out a budget to see what you actually need (obviously, if you have a mortgage which isn't paid until retirement age, that would be a factor, as benefits don't help with that, but if you rent, then Housing Benefit will continue to cover that after retirement age).

[Mr. Nobody]

^
Thanks for that,. It's an interesting story, and I'm really glad you are in a more stable place now

Yes, I suppose I'm similar in that I don't actually mind work as such, but I do really suffer terribly from those old interpersonal work relationships, and I'm often awake early going over and over horrible feelings and experiences I've had with the people there,
I also find stress and anxiety is my constant companion, mostly focused on workplace issues,

I did have a breakdown through work a while ago now, but managed to bottle everything up till I got home every night,
I never even imagined I could have been signed off at that time and just unbelievably soldiered through it,
But it's a continual surprise to me just how weak I became after it, in so many ways.

I have thought about getting an autism diagnosis or at least referral as I'm sure there's some aspect of that affecting my general wellbeing and ability to function properly in the workplace

[Dougella]

^ Is there any way you can reduce the amount of social contact you have to have through your work? I know it's not possible for a lot of jobs but with more options for working remotely now it does seem to be something that helps some people (for others it's not a good thing ofcourse, it does depend on the individual.)

Seeking an autism diagnosis could help you access workplace adjustments which could possibly help lower your stress levels ( if you work somewhere that will be agreeable to that). Lke BFG said it may mean you are entitled to claim PIP to help a little financially although only if you meet certain criteria so you may need to look more carefully into that (it's not automatic no matter what your diagnosis is).

67 does seem like a high age for people have to wait until retirement, even 65 seems like a lot especially in more active jobs. I can completely understand people getting burnt out by that point.

[gregarious_introvert]

Originally Posted by Mr. Nobody

I have thought about getting an autism diagnosis or at least referral as I'm sure there's some aspect of that affecting my general wellbeing and ability to function properly in the workplace

I don't know if you are considering the autism diagnosis as part of a PIP application, but if you are, it isn't necessary - I was receiving PIP for three years before I was diagnosed, the application is about how your life is affected, not by any diagnosis. Remember, also, that you can receive PIP whilst working (and it isn't taxable, or taken into account as part of your income).

I think our instinct is to "soldier on" and "make the best" of things, which isn't always the best thing to do.

[Sisyphus]

Hi Mr N.

I am looking at early retirement at the moment and these are some sites I found helpful...

https://www.retirementlivingstandards.org.uk

https://www.moneyhelper.org.uk

https://www.gov.uk/check-state-pension

I would second everything gregarious_introvert has said.

The big one as far as I can see is whether you own your own home outright or have secure social housing, as private renting would require a very good pension.

Making sure your state pension is full is important too.

Another option would be to try and find some work you can cope with. I know it is easy to say but...

[humphrey]

Before Labour ruined the LGPS pensions by taking all the money from the pension funds I was hoping to retire at 55. But after they knacked the pensions, they scrapped the 85 rule, which I would have qualified for.

The 85 rule was that you had to be at least 55 with 30 yrs of pension contributions, you could retire on a full pension, the old NHS pension is still like that. But since 2014 they changed it to a Career Average Pension with no 85 rule or Final Salary element.

Since the Government put my retirement age up to 67, when I ran a pension forecast for retiring at 55, I would have lost 58.5% of the value of my pension for cashing in early. I have 39 years of contributions, but if I stopped paying into my pension it would be frozen at todays value. So I am continuing to contribute for marginal gains, as I cannot accrue any further benefits because I have the maximum of 35 years membership.

The whole system stinks. I wish the media would not lump all the public sector schemes together, as the Civil Service scheme is non contributary, in other words the government pays all of their contributions, where as 90% of public sector workers have to pay up to 10% of their salary into the scheme.

[Mr. Nobody]

Originally Posted by Sisyphus

Hi Mr N.

I am looking at early retirement at the moment and these are some sites I found helpful...

https://www.retirementlivingstandards.org.uk

https://www.moneyhelper.org.uk

https://www.gov.uk/check-state-pension

I would second everything gregarious_introvert has said.

The big one as far as I can see is whether you own your own home outright or have secure social housing, as private renting would require a very good pension.

Making sure your state pension is full is important too.

Another option would be to try and find some work you can cope with. I know it is easy to say but...

Thanks for those links Sysphus,

Yes, I think finding the correct job is key to lasting the distance, as I'm on a bit of an emotional tightrope in my current one, as it just seems like fast-paced chaos and panic every day, and really not conducive to balance or good mental health.
Yes, I paid off my mortgage a few years ago and own my car, and I've basically been ditching as many subscriptions and unnecessary payments over the years to try and save,
I'm 60 next year and feel it could be a kind of breaking point for change,

[Mr. Nobody]

Originally Posted by gregarious_introvert

I think our instinct is to "soldier on" and "make the best" of things, which isn't always the best thing to do.

Yeah, I learned that fact the hard way, or the wrong way,
Soldiering on just seems to diminish you as a person and reduce you to some kind of shell or husk that looks like you but seems to contain none of your life or soul anymore,..
It's quite a subtle tenuous thing, your inner "liveliness "
I think it's sadly quite easy to trample it asunder in the name of making a living or pursuing a "career"
It takes a lot of courage to put yourself first and your career or livelihood second, it seems to run contrary to popular "wisdom"

[Mr. Nobody]

Originally Posted by Dougella

^ Is there any way you can reduce the amount of social contact you have to have through your work? I know it's not possible for a lot of jobs but with more options for working remotely now it does seem to be something that helps some people (for others it's not a good thing ofcourse, it does depend on the individual.)

Seeking an autism diagnosis could help you access workplace adjustments which could possibly help lower your stress levels ( if you work somewhere that will be agreeable to that). Lke BFG said it may mean you are entitled to claim PIP to help a little financially although only if you meet certain criteria so you may need to look more carefully into that (it's not automatic no matter what your diagnosis is).

67 does seem like a high age for people have to wait until retirement, even 65 seems like a lot especially in more active jobs. I can completely understand people getting burnt out by that point.

Thanks Dougella,
I'm sure that being on the spectrum as a diagnosis would explain a lot to my colleagues, but it doesn't ease the barriers I experience in relation to other people and in the limitations in verbal expression I have that can both hold you back in the workplace,

I'd agree that even 65 seems quite a long time to be spent in work, especially more physical jobs,

My feeling is that the government has noted increased life expectancy in UK as a whole and done their financial calculations on that, and kept re-drawing their lines in the sand,
My feeling is that certain geographical areas and certain 'groups' of people might be tilting those figures further north and giving an erroneous reading overall, as longevity is affected by so many factors, so my thought is that many disadvantaged groups are losing out to these groups and being a victim of the "one size fits all" rule for retirement age choices / economics.

[Marco]

I'm actively looking for another job just to tide me over the next few years till I can retire. My mental health has dipped a little over the last year or so with work. I used to think I could last out till 65 in the job, but not so sure now.

[anxiouslondoner]

I don't feel particularly confident that we'll even make it through the next 18 years without some spectacular collapse of society, in which case my pension will have turned out to have been a massive waste of money, but I'll probably have bigger problems to worry about at the time.
I don't think my job will exist for all that time and I don't have confidence in being able to retrain in anything else. I'm not very adaptable. At least I will likely have to settle for something much less than I have now.

[Mr. Nobody]

^
Does sound like your job has been affecting your mental health also TDP
I'm sorry to hear you aren't comfortable in your job,

I do hope you can reduce to a 3 day week,
Some employers are fine with this, some not so much,
It would be interesting to find out what difference it makes on a financial level as it sounds like you are more than prepared for the extra time not working,

[Mr. Nobody]

Originally Posted by anxiouslondoner

I don't feel particularly confident that we'll even make it through the next 18 years without some spectacular collapse of society, in which case my pension will have turned out to have been a massive waste of money.

All joking aside, I really do think that this is another reason for considering early retirement as it's no use saving for years only for some unforseen circumstance to come into play and you find yourself unable to enjoy some time recovering from work and trying to enjoy some free time.

Many many people have retired at the traditional specified age and promptly died a year or so later,
I know quite a few people this has happened to and wondered what the point was in waiting so long.

[Mr. Nobody]

Originally Posted by humphrey

Before Labour ruined the LGPS pensions by taking all the money from the pension funds I was hoping to retire at 55. But after they knacked the pensions, they scrapped the 85 rule, which I would have qualified for.

The 85 rule was that you had to be at least 55 with 30 yrs of pension contributions, you could retire on a full pension.

Really sorry to hear that Humphrey,
Man, I feel your pain, that must have been really painful being so close to your chance to retire,

I pay about 40% of my earnings into my company pension,
But it still doesn't seem close to being enough to retire early on, given current forecasts on living costs etc

[Dougella]

Originally Posted by The Devil, Probably.

Seriously thinking of it. I'm toying already with the idea of going down to three days soon. Work is something I acknowledge defeat with. I've only ever had low paid jobs, because I've never had the social skills to back up the occasional but long gone bursts of motivation to better myself I had. Realistically, into my forties now, the chapter is closed and all it is to look forward to is a grind to the end. I don't even try now and just turn up Monday morning waiting for the working week to be over with. It doesn't help that social anxiety itself gets in the way of moving on (is there anything more horrible than handing your notice in and facing up to all the attention etc). Whenever I have a week off work I feel like this is what life should be like. I am fine just being indoors by myself all week. I don't need to see people, and I gain nothing of worth from work really. The people I work with are perfectly decent people but no one there would really care if I was there or not. I'm probably never going to be able to claim disability though because my avoidance behaviour ensures I am stuck avoiding any sort of engagement with those services. I wish I was diagnosed in my teens, to maybe avoid being stuck in the mess all these years later. I have over savings which probably isn't going to stretch very far when it starts going in a downward rather than upward direction.

If you want to seek any kind of diagnosis you can do it through different avenues now, obviously lots of things are done online etc. Disability services should be used to dealing with people with all kinds of difficulties and needs.

[Marco]

All of my working life I’ve wanted to hide in the background – get on with the job without being noticed too much (although still valued as an employee). Unfortunately, this runs against the grain of expected behaviour in most work places nowadays. Retirement can’t come soon enough. I feel like a marathon runner who has just a few miles left to go till the finish line, but has hit the wall.

[Jen.]

A few years ago I took a break from work for about 18 months to concentrate on other things, which I suppose was like having a taste of early retirement. I didn't really enjoy it in the end. Even though I still got lots done, I soon missed having the routine of work. I suppose I might have a different view if I had to work closely with other people, but luckily I've been working from home for like 12 years now and the only other people I communicate with are in another time zone and usually not even awake by the time I've finished for the day. Apart from a very occasional online meeting, I don't speak to anyone at all. I'm reducing that to two days a week and starting an additional three day a week job in June, which is also working from home except for an in-person meeting only once a month, but I'm anticipating some level of interpersonal bullshit with that since it's a part of a team and not just getting on with things on my own.

My parents retired at 60, which I suppose is considered "early", but they were both back working again within a year because they missed it.