Early Retirement at 55

[otterhere]

Originally Posted by COcheesehead

Sad. Have you explored your depression?

Not being wildly enthused or excited about retirement isn't diagnostic of "depression." There's a whole other thread about this very topic!

[Rogarven]

I retired with a full state pension at 61, there were signs( aging parents and surgeries) that it was time to do that. I still am doing my well paying part-time job and am fully vested in SSL . Been there for close to 40 years. I just turned 70 so I am starting to receive SSL . I had originally planned to retire from the part - time job when I hit 70 last month; however, with the COVID situation, I agreed to stay on for no more than another year as it would be difficult to find a replacement. Wife had to take disability at 62 so she is getting that amount. We haven't touched our IRAs or our investments and don't plan to unless necessary. No debts and living comfortably. I do feel blessed that money is not a big concern at this time.

I have known colleagues that couldn't wait to retire at 55 or the minute it was available; however, they were back looking for jobs as they found out they couldn't live on what their smaller pension would give them. They taught me a lesson.

[Lincolnian]

What a weird situation we are in right now. All my co-workers and I have more work than ever and nearly everyone we deal with is seriously understaffed and overworked. Too many people don't want to return to their former jobs and many critical fields in construction, trades, manufacturing, transportation as well as retail, restaurants, and key services remain unfilled with employers begging for help. Many are offering excellent wages, signing bonuses, good benefits. Many jobs that formerly required a college degree are now waiving that requirement. It's a great time for young people, or those looking to make a move to a better job, to do so yet few are taking advantage of this excellent opportunity. For those like myself, who were hired to work part-time prepandemic, it has been hard to avoid working extra hours because our employers are so short-staffed.

I consider myself fortunate to have worked throughout the pandemic as I would not have done well isolated at home watching the daily news briefings, but now I am readying myself to wind it down at year's end and re-enter retirement because it isn't likely that part-time hours are going to be a reality anytime soon. I am now anxious to travel again, ski (and do some snowbirding), and kick off a new renovation project! A few weeks vacation time just doesn't cut it!

[509]

Originally Posted by tom1944

I was at a pension seminar where the advisor said the best way to max out the pension was to retire at 55 with 25 years and go work somewhere else.

It was not advice I am going to follow

Everybody I know that followed that advice, did really, really well in enjoying their new found wealth. The trick is to find that second job while your still working for your current employer.

That said, I retired at 56. I didn't want a another full time job.

I did have substantial savings.

I did work for my former employer for a couple of weeks or a month each year after retirement for 15 years.

I also have a very part time business that allowed me to increase earnings depending on how hard I wanted to work.

It really helps to have various sources of income. Trust me, it is amazing how income from one source absolutely tanks!!! You can't predict the future, but you can set yourself so that you can easily roll with it.