With the glorious weather that has fallen like a warm, fuzzy blanket across the UK, many of us are thinking about how nice it would be to not have to go into work. Ever. Again.
But how realistic is this?
If you retire before you’re 55, you’re not seen as retired by the system – so that means no private, company or state pensions. None.
Most of us don’t have the level of wealth to support giving up work before we’re five-and-a-half decades into our lives – and would have to rely on a lottery win or mad-cap get-rich-quick scheme to quit at such a relatively young age.
The magic number
Once you’re 55, you can start claiming your company or private pension, but the state pension doesn’t kick in until you reach state pension age (which will depend on how old you are now, as it’s a moveable feast).
Do you need to retire?
‘A change is as good as a holiday’ – this well-known English proverb is an oft sited one because it’s true. If you’re finding work difficult, it may be time for you to see your career with fresh eyes and find a new job elsewhere.
It makes sense to concentrate on making today a good day, rather than crawling slowly through 40-hour week, dreaming about the days you’re entitled to free NHS prescriptions, a free bus pass and free TV licence!