Can you, or will you be able to, retire and stop working? I was hoping to be out at 65, but...

FreddieUK · 70-79, M

For some it's a no-brainer to stop in your 60s because they are financially secure and have had steady employment leading up to this. Sadly, as you suggest, for others it's a major decision to step down from a particular lifestyle supported by only a minimal pension. I think expectation of retirement is sometimes unrealistic and actually giving up all work may be bad for health, both mental and physical. Voluntary work often brings dividends beyond a pay packet.

Gusman · 61-69, M

I have retired at 63.
I do not own my home, paying rent at $18,000 a year.
Eligible for the pension in 4 years time.
That will cover the rent plus $10,000 more.
I have enough savings to see me through until I depart.
Simply decided that I no longer want to work, rising at 4am every morning, getting home at 4pm 5 days a week.
No more.

GeniUs · 56-60, M

Retired at about 50.
No I'm not rich, I've saved all my working life and never got into a habit of spending big money.
I work in other people's gardens more to meet people and because I enjoy gardening.

exexec · 70-79, C

My wife and I were able to retire in our 60's. We have no pensions, but we are fine with Social Security (as it is now) and investments. It is more important than ever for people to start saving/investing early, even if it is just a little bit each month.

smiler2012 · 61-69

@zonavar68 🤔 i r4etired from the british nation health service in 2023 after close to forty one years service . i took time out but i work now part time to relieve my boredom at home day in day out . to enhance my monthly nhs pension so i am im not digging into my lump sum too much .

PoohSmasher

Congrats on the house, that is a big milestone. All the money you put into it (mortgage) will come back to you when you sell later, so keep dumping all extra money into it. Also rent out spare rooms if you can. Might pay your mortgage payments from that and then you can double the payments, brings down the mortage quickly.. or buy a new car instead. Cars are depreciating assets though. Home is a better investment.