Early retirment at 54....can I thrive and survive till pension arrives

Francie Barrett

Bullrush11 wrote: »

Hi,
I have just turned 54 and am sick of my job.... maybe everyone gets tired at this stage in life at their job but it's pure drudgery now. Going in each morning is a killer...... add to this the newish boss (over last 2 years) makes work more boring than it should be with excessive micromanagement rather than letting me get on with it as the previous boss allowed. I've worked for 30 years and lucky to have paid into a defined benefit pension for 25.5 years. Mortgage is done, single with no kids and no debt. Have 260K in savings. Should I hang in there for a few more years? Pension won't kick in till 14 years and I won't go on the dole. Any suggestions?
Thanks!

You are single, you have a DB pension, you have a lot of savings, you own your home - it is certainly do-able for you to retire now although I don't think you'd have much of a cushion should anything go wrong.

If I was you, I'd probably go on another two or three years just to give yourself a bit of extra wiggle room, or funds that will let you enjoy yourself a bit more in retirement. I would also make sure that you are saving in a tax efficient way. For example, are you saving after tax pay, or are you contributing to a a pension?

C3PO

Jim2007 wrote: »

Do you seriously have nothing else in your life to be going on with, if you don't have a job to go to?

Actually, I have lots of things in my life "to be going with"! At 59, I've just finished a degree, I cycled close to 16,000 kms last year and I love having a few pints watching rugby! However, I couldn't imagine not having a job that I enjoy also!

Jim2007

Jim2007 wrote: »

Do you seriously have nothing else in your life to be going on with, if you don't have a job to go to?

I'd struggle after a week or two to be honest. I farm part-time as well as a full time job and once I retire it just means I will moving to full-time farming until I'm no longer physically able. The idea of having no work when I retire wouldn't sit well, I'd be bored in no time.

air

Justice Dead Suicide wrote: »

I'd struggle after a week or two to be honest. I farm part-time as well as a full time job and once I retire it just means I will moving to full-time farming until I'm no longer physically able. The idea of having no work when I retire wouldn't sit well, I'd be bored in no time.

Thats fine but farming is your interest in that case, it sounds like you'd be doing it for the interest and pleasure as much as for the income.

Other people have other interests they enjoy spending their time at which may or may not produce an income.

jimmycrackcorm

Change jobs if you want Op, but one thing you should be doing is paying the maximum AVC from your salary into your pension and supplementing your income from your 260k.

You can get tax relief on 30 percent contributions now. So if you earn 60k you can put aside an additional 18k and it'll only cost you half. If you need and take that 9k from your savings instead then you're still gaining an extra 9k.

delboythedub

C3PO wrote: »

Why would you not look for another job when the current crisis eases?

Will go through savings very quick if you have too much free time on your hands. Nice little part time job could easily be the tonic. You will need a few Bob put by when you retire . Think about it before you take any action and the hardest time to get a part time job is when you don't have one . Best of luck