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Retiring Early (I wish)

Imagine winning the golden ticket at work and being given early retirement. Sounds like a dream, but think carefully about how to manage financially and mentally. What would you do in retirement?  


I am off…

Retiring early sounds attractive, if you hate work, want a lifestyle change or have health problems. However, be aware of:

  • Receiving a smaller personal pension than if you had worked until normal retirement age. (A work or personal pension can be paid from aged 55).
  • Not getting the State Pension until 65-67 years old. 

Life is better away from work

When considering retiring early, write down your aims and work out what you can afford.

  1. Gradually reducing spending in the lead up to retirement, as it will make it easier to adjust.
  2. Wind down by easing off the workload over several years.
  3. Prepare for ups and downs, as at times it will be lonely.
  4. Develop a routine by planning regular activities and hobbies.
  5. Keep physically active per week.
  6. Avoid dwelling on the working-life.
  7. Keep in touch with your friends from work.
  8. Give back to the community by getting involved with local organisations or charities.
  9. Travel depending on your health and budget.
  10. Get a new pet, using a rescue cat or dog.

Many people like to retire gradually, without giving up work altogether. Another option could be to take your employer’s early retirement deal and then look for another job part-time. Get used to the idea of not working and fill your time in other ways. Happy retirement!

ChildMax pays your take home salary while you’re on 12 months’ unpaid leave, caring for a sick child. It starts from £49.50 or for easy budgeting an initial payment of £8.25 followed by 11 monthly payments of £3.75.

Visit at  or call the UK call centre 0333 323 0098 for more information.

Important: This article is provided for information purposes only. Please speak to a expert for financial retirement advice.


Date: 05 July 2021 by max robinson