I’ve been wondering when I should retire.
If I wait for retirement age, there are several years more to go. The legal retirement age is 62 and re-employment must be offered until 67 years of age. Next year these will be raised to 63 and 68 respectively.
What this means is that we can keep our jobs until we are 63 years of age, and our employer must offer continued employment via contracts until we are 68 years old, unless there are strong reasons not to do so.
One good reason for “retiring” early is to have enough time and energy to pursue my passions. There are a number of reasons to keep on working though: continued income, continued social engagement, continued brain stimulation.
The loss of income from retiring early would mean having to seriously cut spending. That leaves less money to pursue my passions!
So it is tough to decide. For me, quitting full-time work is likely to be a one way street, because once I quit I think I will be unlikely to go back to the same type of full-time work. Hence taking a sabbatical or a short term break is quite risky.
Meanwhile I am planning what stepping away slightly might look like, for example, what would a suitable part-time role be? And then plant some seeds in that direction and set some wheels turning…