Retiring at 60

[scoobydo79]

Thoughts please Guys. Nearly 60, got just under 40 years service in with RM,Kids grown up and left home and I have no mortgage or debts. Not an extravagant guy by any means and I am a realist.By that I mean I expect to be around for maybe another 20 years God willing. I have savings and really would like to pack the job in now. It’s too physical. Have You done it? Thoughts please.

[krussel]

Have you thought to try dropping down to 3 days a week. Then maybe fully retire in a year or so.

[RobertT]

I haven't done it yet, but plan to in the relatively near future and before 60!

Average life expectancy for a postie is roughly equal to the national average, so for a 60 year old male, that would be 84.

My advice would be to be realistic in terms of the money you'll need. You'll have lots of free time to fill and whatever you do with that time will probably cost money in one way or another.

Your household bills may increase due to you being at home more, while some work related costs may decrease - commuting, etc.

A job gives you more than just money. It fills time, gives your life a bit of structure and there's a social side too. So maybe having a little part time job would help on all fronts?

I would say if you can afford it, do it. But make sure you factor in all costs, don't just think about the basics.

There's more to life than work!

[roadrunner bill]

I haven't done it yet, but plan to in the relatively near future and before 60!

Average life expectancy for a postie is roughly equal to the national average, so for a 60 year old male, that would be 84.

My advice would be to be realistic in terms of the money you'll need. You'll have lots of free time to fill and whatever you do with that time will probably cost money in one way or another.

Your household bills may increase due to you being at home more, while some work related costs may decrease - commuting, etc.

A job gives you more than just money. It fills time, gives your life a bit of structure and there's a social side too. So maybe having a little part time job would help on all fronts?

I would say if you can afford it, do it. But make sure you factor in all costs, don't just think about the basics.

There's more to life than work!

This post is brilliant... so informative, and head strong... its educated me as a plus... thank you... I'd like to retire at 55... go back yo the gym, as I'm over weight.. but cannot while working at royal mail, it's just exhausting and I'm shattered every day after work....

[Chelseablue]

Going early too, too sore and exhausted to do anything after work bodys struggling now

[Haditup]

Don’t Hesitate, Enjoy your retirement whilst you are healthy.
There is Good possibility you will end up getting Covid working for Royal Mail and it may xxxx you up!

[Bigjj]

You should basically retire as soon as you can as you never know how long you've got left but also with a sense of realism as you could also still live for another 30+ years yet you just never know.

Best thing to do is look at how much you spend and consider what sort of retirement you want and how much money you might need. You sound like you're in a good position but as another poster said also working does give a little bit of structure as well. Which is why you could for example consider getting yourself a part time job with hours that suit you and remember that you could always give it up if you needed to do so or find something else. I am sure you could find something that's maybe 3 X 5hour shifts a week for example and paying £10 an hour. That would be £7800 a year and you wouldn't lose any of it to tax or NI. That's what I would consider doing if I was in a similar position to you anyway without knowing your full financial position but you definitely don't want to be busting a gut at RM for any longer than you need to do so.

[RobertT]

I haven't done it yet, but plan to in the relatively near future and before 60!

Average life expectancy for a postie is roughly equal to the national average, so for a 60 year old male, that would be 84.

My advice would be to be realistic in terms of the money you'll need. You'll have lots of free time to fill and whatever you do with that time will probably cost money in one way or another.

Your household bills may increase due to you being at home more, while some work related costs may decrease - commuting, etc.

A job gives you more than just money. It fills time, gives your life a bit of structure and there's a social side too. So maybe having a little part time job would help on all fronts?

I would say if you can afford it, do it. But make sure you factor in all costs, don't just think about the basics.

There's more to life than work!

This post is brilliant... so informative, and head strong... its educated me as a plus... thank you... I'd like to retire at 55... go back yo the gym, as I'm over weight.. but cannot while working at royal mail, it's just exhausting and I'm shattered every day after work....

I'm glad I've hepled.

[RobertT]

You should basically retire as soon as you can as you never know how long you've got left but also with a sense of realism as you could also still live for another 30+ years yet you just never know.

Best thing to do is look at how much you spend and consider what sort of retirement you want and how much money you might need. You sound like you're in a good position but as another poster said also working does give a little bit of structure as well. Which is why you could for example consider getting yourself a part time job with hours that suit you and remember that you could always give it up if you needed to do so or find something else. I am sure you could find something that's maybe 3 X 5hour shifts a week for example and paying £10 an hour. That would be £7800 a year and you wouldn't lose any of it to tax or NI. That's what I would consider doing if I was in a similar position to you anyway without knowing your full financial position but you definitely don't want to be busting a gut at RM for any longer than you need to do so.

How much income tax and/or NIC's you pay will also depend on any other income you have, from your pension for example.

[Bigjj]

You should basically retire as soon as you can as you never know how long you've got left but also with a sense of realism as you could also still live for another 30+ years yet you just never know.

Best thing to do is look at how much you spend and consider what sort of retirement you want and how much money you might need. You sound like you're in a good position but as another poster said also working does give a little bit of structure as well. Which is why you could for example consider getting yourself a part time job with hours that suit you and remember that you could always give it up if you needed to do so or find something else. I am sure you could find something that's maybe 3 X 5hour shifts a week for example and paying £10 an hour. That would be £7800 a year and you wouldn't lose any of it to tax or NI. That's what I would consider doing if I was in a similar position to you anyway without knowing your full financial position but you definitely don't want to be busting a gut at RM for any longer than you need to do so.

How much income tax and/or NIC's you pay will also depend on any other income you have, from your pension for example.

Yes that's true but I was thinking more if he wanted to bridge a gap between leaving full time work and receiving his pension depending if he's taking it early for example but should have made that clear

[osgoody1970]

I retired at 55, the job was too physical in the end, never regretted it, mind you it helps if you have a hobby, golf takes up my time…and the house is clean!!!!

[Flashman_]

I was going to retire at 55 and was already 3 day week PT, but the economic uncertainty at the moment (mainly huge inflation and abysmal interest rates on savings) situation and a recent office revision left me with no option for a 3 day week so I was sort of forced back into full time. Very unhappy at losing my 3 day week, as I viewed myself as semi retired. I still intend to retire at 60 whatever, because I could fund myself fully until national retirement by then. If you are in that situation I would not hesitate to go, just make sure you do something to stay fit once you leave.

[rambo1]

I haven't done it yet, but plan to in the relatively near future and before 60!

Average life expectancy for a postie is roughly equal to the national average, so for a 60 year old male, that would be 84.

My advice would be to be realistic in terms of the money you'll need. You'll have lots of free time to fill and whatever you do with that time will probably cost money in one way or another.

Your household bills may increase due to you being at home more, while some work related costs may decrease - commuting, etc.

A job gives you more than just money. It fills time, gives your life a bit of structure and there's a social side too. So maybe having a little part time job would help on all fronts?

I would say if you can afford it, do it. But make sure you factor in all costs, don't just think about the basics.

There's more to life than work!

Also be realistic factoring in inflation.

[scoobydo79]

Thank You Guys. Some excellent points to consider from You all.Its nice to see some of You have made the break with no regrets too!!

[luddite]

I wish I understood the pension plan!