Early Retirement

[cowsrock]

Hi all.

I am in my 50,s now and work has got so hard I am having trouble coping, I read somewhere that early retirement might be possible?

Cowsrock x

[Bananas5]

You can retire but you won't get your state pension til you reach state pension age....looks like it keeps going up.

You may have a pension from work.

You can apply for ESA which is the out of work benefit for disabled people and those with ill health. But...they may find you fit for work.

You can also apply for PIP

There may be other benefits available but best to speak with Citazens Advice. Some are means tested.

x

[TK256116E in reply to Bananas5]

Hi Cowsrock, don't feel down, feel strong that you recognised your difficulties and made a decision that's best for you. I too have been forced to do the same, I too am too young for state pension. I suggest you slowly apply for Universal Credit, plus other benefits, health related benefits and maybe an appt at your local dwp so you can discuss. Please let me know how you get on. Health is more important so take care. Good luck too

[landslider]

Hi Cowrsock

I too am early 50's and have looked at early retirement but you would have to be retired BY work on grounds of ill health and would have to be unable to do any other kind of work.

It is very difficult due to the good days and bad days impact of this illness to prove that you are unable to do any kind of work.

Then, both emotionally and financially, you will seriously be impacted by the change from working, and making a positive contribution to yourself and society, to being unemployed with no goals and no motivation to get up and soldier on.

If you can find a way to work part time of have some things put into place to help you manage your job a little easier, it would be much better all round.

You would not feel defeated or poor x

[releasethemagic]

If you have only worked for one employer, the pension scheme rules should tell you what you need to know. They will spell out the definition of disability for ill-health retirement and how you qualify for it. If you have had previous jobs and have final salary or career average pensions with those employers that come into payment at age 60, 65 or at State Pension Age if later, you should read the rules of those schemes too. Many pension schemes will allow a deferred pension to be paid early for health reasons, if you satisfy their definition of ill-health. They may ask you to see an Occupational Health Doctor to assess this. If the pension is paid early, sometimes it is reduced because it is being paid for more years. It depends on the rules of the scheme. Many schemes do not reduce the payments.

Evidence you will need to claim an ill-health pension could include GP records, letters from Hospitals and Consultants, any medical reports on your health, benefit assessments for ESA, PIP or DLA, insurance reports on your health and so on. The onus is on you to demonstrate clearly that you meet the criteria for ill -health retirement.

If you have a defined contribution pension arrangement, the rules will differ. You can access it from age 55 in any case, regardless of health. To access it earlier, you need to meet the ill-health definition used by the provider of the scheme.

[cowsrock]

8 will be 55 in October so I can access it then? Or can I do it now.

Cowsrock

[cowsrock]

Thank you for the info guys.

gentle hugs x

[Violetta25]

Hi Cowsrock

I'm following your thread because I'm in the same situation. I could draw my pension now but by going early it us significantly reduced. However if I got the full amount under I'll health I could manage until I get the state pension as well.

My of health have informally indicated I won't get it but I'm applying anyway as work is getting impossible to keep doing.