Early Retirement: Should I stay or should I go? 

If we had a £ for every time someone asked us ‘Can I retire?’ or ‘Should I retire?’...  

It’s a hot topic of conversation with clients, and one that media powerhouses are now picking up on too. 

Back in June, the BBC ran an article looking at the pros and cons of early retirement. It considered the thought process behind various individuals’ choice to retire and degrees of satisfaction and regret that come with the decision.  

A few headlines were: 

• Chief Constable, Nick Dean of Cambridgeshire Constabulary who initiated his retirement process and then, after two months changed his mind. 

• Varun Chopra was just 34 when he announced his 15-year career in county cricket had run its course. 

• Tina Sylvester who stopped work in her late 50s, having worked from the age of 15. She was relying on receiving the State Pension at 60 but received a letter from the DWP in 2012 saying she wouldn’t qualify until 65.  

• For Dr Clive Girdler, the right time was in 2019 when he secured an early retirement deal with his then employer. He was 63 years old. 

An assortment of retirement scenarios which all go to show – the situation isn’t the same for everyone. There is no cookie-cutter answer.  

We’ve spoken here about mentally preparing for retirement and being comfortable once work is no longer part of your week. But, what about making the decision in the first place? 

Briefly, some key points to think about are: 

• Do you enjoy work? Is it something you’re ready to let go of just yet? 

• Is part-time work an option?  

• Would you prefer a change of role rather than retirement? 

• What are your core reasons for retiring?  

• What kind of lifestyle do you want to lead when you retire? If you were to stop receiving a wage now – could you still afford it based on income from pensions and investments? 

• Can you invest your money to earn from it, enabling a fulfilled life in retirement? 

These are all questions we run through with clients to help them come to a decision. On top of ‘lifestyle advice’ we provide evidence such as cash flow plans to show what their life could look like at various retirement ages with different pension and investment options. You can find out more about cash flow planning here.  

If you’re considering retirement and could benefit from a professional opinion, feel free to give us a call. It’s one of our favourite things to talk about - our aim is for you to leave the conversation with reassurance and a positive outlook. The process begins with a meeting at our expense – an informal chat, then it’s up to you if you’d like our help from there.