I did. threw up a full time senior role that was stressing me out and went to work part time zero hours contract. I probably average 6-8 night shifts a month for 10 years. I did all the cooking and stuff at home ( my other half works full time) and had lots of time to arrange adn organise stuff for both of us to do at weekends

After 10 years i went back to fulltime tho

Number of people who regret not working more: 0

Well…..

I was able to retire aged 50 having always worked full time. You could argue that was only possible as I’d managed my work/finances accordingly and if I’d been part time then I might still be working.

I actually work part time now but that’s out of choice.

scotroutes – Member
shermer75 » Number of people who regret not working more: 0
Well…..

I was able to retire aged 50 having always worked full time. You could argue that was only possible as I’d managed my work/finances accordingly and if I’d been part time then I might still be working.

I actually work part time now but that’s out of choice.

A lot of timing/luck due to your age i suspect. How many current 30-somethings do you think will be able to retire at 50 from working full time? Living is more expensive in relative terms than 20 years ago and retirement packages a fraction of what they used to be.

To answer the question accurately, no. But from next week I’m going down to 4 days a week (no, not because of the BH) and I’m 28. I’m a little bit nervous that I’m doing the wrong thing, and some people look at me funny when I tell them, but other people get it. I don’t think I’ll look back and regret this. I’m not on a huge salary, and I’m not what many people would consider “rich” but I’ve saved since I started getting pocket money, and I have few liabilities – no mortgage, no kids, no car on finance (current car cost £350 3 years ago).

With the issue of retirement that scotroutes mentions (well done retiring early sir!), it’s worth countering with the idea that part time work can give you that same free time, just in small chunks every week! Aside from it getting harder to retire if you’re in your 20s and 30s now, I think it’s a bit of a risk to bust a gut now to retire later, as you can’t guarantee health and you don’t get to enjoy that time so much when you’re fitter and younger. I just wish I could work part-time and then retire early! 🙂

Aye, I’m only highlighting it as an alternative option.

And retiring at 50 isn’t just luck. If we’d spent less wisely ( chasing bigger houses, newer cars, more expensive holidays etc) or made different career decisions, or gone part time, then it wouldn’t have possible.

That’s what me and my OH try to do, small chunks of work inbetween larger chunks of fun. We’ll never have enough saved up to ‘retire’ properly so we’re enjoying the time we have now rather than later when we’re maybe a little too past it and/or broken to make the most of it!

I was PT and very happy, had time to get out on the bike, pursued my own interests.
Now FT and very unhappy, the extra money is useful but I end up spending it just to make me feel better.
Currently trying to go back to a PT role.
Apparently the dutch are some of the happiest people because they work part-time a lot more than we do.
So I’d go for it.

A lot of timing/luck due to your age i suspect. How many current 30-somethings do you think will be able to retire at 50 from working full time?

I’m 33 and plan to retire mid 40s or earlier, and I’m on a distinctly average salary and spent most of my 20s messing around doing a PhD instead of starting a career 8) . I’m maxing out my additional voluntary (civil service) pension contributions which I will draw from 55, and building up a nice buffer of investments to see me through the interim. Will probably work part-time too, but it’ll be something optional and low-stress rather than something I need to do to keep food on the table. No offspring yet but not ruling one out.

In terms of early retirement, it depends on two things: how much you can earn now, and what your outgoings/obligations are.
In terms of the latter, a big mortgage and kids make early retirement very difficult.

Not exactly the same scenario but I quit my well paid high pressure job last year aged 38.

I now work 2 days a week as a self employed consultant and do whatever I want with the rest of my time – spend time with the kids, ride etc.

We have a lot less money now but our life is a hell of a lot better.

Tomorrow I am:

Going to a woodworking class
Getting my car reMOT’d (it failed cos it needed welding. See, old car is part of part time life). Welding only cost £100 though and the guy changed my oil for free. About the same as a diagnostic check at a main dealer for a new-ish VW or something
Picking up a freezer off Gumtree to chill my homebrew kegs
Building up my Turner Sultan

I’d like to drop a day or two a week and even demote myself to just plain Cad monkey and accept the drop in income……….however! It’s not as easy as that in the building industry or maybe plenty of other industries as employers seem very reluctant to employ senior (in my 40,s) engineers do the simple stress free jobs as they can just employ youngsters for peanuts.
My employers dismissed my request for part time working straight off as they need 5 days a week from their employees. The demotion of duties was also laughed at.

This slightly concerns me as I was quite looking forward to staying within the industry but stepping away from all the shite. It almost looks like there’s no way I can climb back down the ladder due to age and job experience…. they will just employ younger.
Seems like free lance is the only way I can work fewer hours but at 45 I’m not sure I can make the move (primary earner in the house).

I’m on a distinctly average salary and spent most of my 20s messing around doing a PhD

How can you ‘retire’ on no income if you’ve only had an average salary for about 10 years, unless you have a very well paid partner or an inheritance?

If you have kids you can forget that plan 🙂

I’m 50 this year, wife retiring in 8 weeks, mortgage will be paid off in a couple of months, a max of 5 years work left for me or 3 if I can get made redundant in 2020.

With the issue of retirement that scotroutes mentions (well done retiring early sir!), it’s worth countering with the idea that part time work can give you that same free time, just in small chunks every week! Aside from it getting harder to retire if you’re in your 20s and 30s now, I think it’s a bit of a risk to bust a gut now to retire later, as you can’t guarantee health and you don’t get to enjoy that time so much when you’re fitter and younger. I just wish I could work part-time and then retire early!

My thinking too…I want time off to be with my kids more while they’re growing up. Once they’re 20 and fleeing the nest I can work all the hours if I want (I doubt I’ll want!).

May look to downsize to a modern house near the coast, with very low bills and lovely views. Just now even once we pay off the mortgage we’ll have to pay 250 a month council tax and 150 a month leccy/gas.

Am 36 and would love to.

Currently have 10 years at the same firm, and work/live in London so for the dream to come true i would need to get made redundant, take the pay out, seel the house and move to somewhere nice to go mortgage free on the equity from the house. I think that is one of my “plans” as far as it can be with the redundancy thing outwith my control, but for the time being we are paying down the mortgage so that it would be a possibility.

As others have mentioned though, if the redundancy doesnt come through then I guess the plan turns into early retirement

Both my wife an I are discussing it. No plans to have kids so good for money. Retirement is worth thinking about but both of our dad’s died within a few years of retiring so that has changed perceptions. Would like to move more rural. Ride bikes, walk, get some horses. I’d also like a job where I make a more positive contribution to society. At the minute I just feel like I make other people money.

Finbar are you in the USS pension scheme?
If so, how will you draw a pension at 55?
“The government has already confirmed that the State Pension age for men and women will rise
to 66 by October 2020 (and will prob be 70 by 2050). This will become the USS NPA from that date.
The current early retirement reduction is approximately 4% for each year you take your benefits before the NPA.”
I’m just curious!

Think Finbar works for the civil service, not sure what their retirement scheme is – clearly very good if you can work for about 10-15 years then retire on the pension from that at 55 🙂

OP
Only you can answer this question because there are too many variables. Some tangible and some intangible.

I went to 4 days a week for close to a year so I could spend more time with my family. It was great. We missed some money, but I would not give those days back. Currently, I am saving as much as I can with a view to financial independence in 10-15 years because I want to maximise my time with them. This also meant turning down jobs that would pay more, but leave me spending less time with them.

This required a huge adjustment in mindset. No fancy holidays, no lusting after a bigger house, or “improvements”, yes, no new bikes too 🙁

A lot of times what we do is at odds with what we say we want. People say they want to spend more time with their family. They will then max out their mortgage, or incur debt to buy a bigger house or a fancy car which means more time working, and less time with their family. Take a couple of hours and figure out what you want and whether you and your partner are willing to make the mental adjustment that comes with making less money.

Good luck.

We have a ‘reorg’ coming up at work, and I’m popping this in my pocket as an option.. I’m the Liam Neeson of the department .. particular set of skills 🙂 – might be better for both parties if they paid me less and drove value out of me whilst I’m in.

I’m 36 and would absolutely love to go part-time and / or retire early, although it’s very difficult to find part-time work in my field.

I have 11 years’ complete service in the “old” NHS pension scheme, which will pay me a modest monthly amount from age 60. I will then be at the mercy of politicians in that I must wait until State Pension Age for the balance, which I presume will be at least 70-something by the time I retire.

I will have at least two factors to consider, including:

– a gap between 60 and (?) 70-something, when I will draw a small pension but not enough to live comfortably and;
– the new, lower Lifetime Allowance; which I will probably hit in my early 50s and would – through a tax charge of 25% – later reduce the above pensions if I carried on contributing.

It’s going to be very complicated for many of us – and certainly I can see a picture of mixed (dis)incentives in later years that encourage longer working lives, at potentially lower annual salaries to avoid tax!

Finbar are you in the USS pension scheme?
If so, how will you draw a pension at 55?
“The government has already confirmed that the State Pension age for men and women will rise
to 66 by October 2020 (and will prob be 70 by 2050). This will become the USS NPA from that date.
The current early retirement reduction is approximately 4% for each year you take your benefits before the NPA.”
I’m just curious!

Yeah, Civil Service. It’s not that cushty – drawing my pension at 55 would give me about 49% per year of what I’d get at 68 according to the most recent draw-down table I can find. But that should still be about £8k (adjusted for inflation) – I’d only need another £5k or £6k/yr from investment/chill part-time work to be comfortable on that 🙂

I’d love to, but…..

a 20k pay cut as per the OP would account for the majority of my take home after tax!

I wish.