Forum menu
Could you go part time Ton? I know you like your job & 1/2 the hours would still make a big difference to your leisure time, best of both worlds?
Going p/t is the best thing I've done.
Totally at the other end of the spectrum here.
44 and have a huge mortgage which runs until I'm 67.
We've both got reasonable jobs (wife is a teacher and I'm a project manger in the Engineering sector) but have chosen to live in an expensive part of the world.
We've got 2 kids (aged 6 and 9) who will be dependant on us until I'm getting on for 60.
The only light at the end of our tunnel is the fact that my elderly aunt/uncle are going to leave their entire estate (inc a large bungalow) to my kids, which means at some point they'll be off our hands financially.
I made a lot of bad life choices in my 20s, and didn't start properly working until I was 33.. and I'm paying for it now big time.
All I want is to be able to retire at state pension age and not have to sell our house to fund our retirement.
I retired at 60, two years ago now.
Wasn't able to do it earlier, like most people financial commitments were my main reason for working.
Much better than working for a living, but does take some time to adjust. Worked all my life from 16 to 60 without any period of unemployment.
You must have a plan though, always paid into company pensions and paid extra contributions as well.
Everyone will have different financial commitments and expectations of whether they can afford to finally stop working.
Choices have to be made, far better off these days, I don't mean cash each month though, just us being better off with less stress and hassle of working life.
The only light at the end of our tunnel is the fact that my elderly aunt/uncle are going to leave their entire estate (inc a large bungalow) to my kids, which means at some point they'll be off our hands financially.
Please don't assume this - if either or both end up in care even a large estate can be eaten up at a rapid rate.
As to the OP - I couldn't jack in work. For my sanity I'd have to work a couple of days a week at least (I'm 48).
@the-muffin-man I agree with you. My in laws retired early, mid 50's. They're now mid 60's & tbh their minds are still to active to sit around all day with limited human interaction / challenges. FiL has become remarkably right wing, I feel due to this & their fear of change / inability to adapt if things do change - they've got a pension now & that's it, they can't earn any more. If they'd worked for another 5 or 10 years they wouldn't be as restricted financially & would have probably had a more positive outlook on the world.
That's my thoughts on it anyway. If you ask them they say they wouldn't change a thing 🙂
To go back to Ton - given your health issues that would tip me towards retiring early - have a damn good look at your finances and see if you could afford to stop working - remembering being time rich helps if you are cash poor as you have the time to do things cheaply
Same situation as Ton here. I had enough of corporate bollix 10 years or so ago, took a couple of four month sabbaticals then went to 6 months on/6 months off 8 years ago. I'm 50 now and have reduced it to 4 months on/8 off though this year looks like 12+6 off as I just can't be arsed. We're lucky not having kids and being reasonably financially independent.
People talk about JFDI, carpe diem and all that tosh but you do only get a few years when you're sane, solvent and fit. Don't waste them talking corporate cobblers or slipping up and down the greasy pole...
Moving to France in 4 weeks.
No jobs to go to but a mortgage free house is waiting for us. And we are renting our UK house.
Still looking for a job but looking forward to better quality of life.
^ what he said.I think the fear of making the step is worse than the step itself.
I retired briefly when i was under 30 which failed as everyone else was working. I went back to work and have become battered by it. Could walk away and survive OK, dont have a pension to speak of but investments in other ways that would sustain us no problem. I'd be bored though so am considering what i can do to get more time and less 60 hour weeks.
It's full time work which destroys you.
Part-time work is bliss. I'm currently in a FT role, but looking to move back to freelancer PT. I would earn about half the money, but have double the time to do the things I enjoy.
I think the five day week of drudge is a killer.
I find that when I have periods of working three days a week I actually enjoy my time at work a lot more.
The nature of my work means that I can work like a dawg from September - March. It's hard going but there's an end in sight which makes it much more bearable, and the money is good. Makes the Winter pass quicker too.
Once into March, I aim to work four days a week max - preferably three. Doesn't always work out that way mind... It can be hard to say no.
I can't see me suddenly retiring, more like working as long as I can but two or three days a week once past the age of 55 or so. I'm self employed though so appreciate it's a bit different to most.
I'm 34 (how the **** did that happen so quickly?) and am fortunate enough to have a bit of a buffer behind me wrapped up in various accounts.
Can't see that the retirement age will still be where it currently is in 30 years time.
However I've always said that by my 50's I don't want to HAVE to work.
Keep day dreaming about cashing in a lump sum and buying a plot of land somewhere nice and warm and jumping off the hamster wheel, setting up an Eco-Camping spot or something similar that brings in a little cash.
A few posting on here seem happy going onto a shorter working week.
We have a few people working either 3 or 4 days a week,unfortunately at our place if you go part time you have to work either a Saturday or Sunday.
I'd love to work Tues-Weds-Thurs,at the moment that's not an option.
I just drive trucks for a living so there's plenty of agency work..
[url= https://www.google.de/amp/www.independent.co.uk/news/uk/politics/pensioner-household-income-higher-than-working-age-as-time-goes-by-study-a7576736.html%3Famp?client=ms-android-sonymobile ]I think this is also an interesting development.... [/url]
An awful lot of people within my generation and below won't have the same opportunities to accumulate so much wealth.
My parents generation are kind of the golden generation. Long term employment, affordable house prices coupled with massive growth both in house prices and the economy, a health service that is free (can't see the NHS being run along the same lines in 30 years time)....
@alpin, I was reading that story in a pub the other day. An older chap, Trevor, had just collected his pension and I was amazed how much cash he had on him. He retired at 60, is now 76, and bought his house for £4k way back when.
Undoubtedly that generation was very fortunate.
Generational inequality will go to top of the political agenda in the next 20 years, but younger people need to wake up and start voting.
Some interesting posts here. It seems we all dream of the same thing!
We have a 9 month old and are planning another, so no respite for the next few years until they are both into school. We are both in public sector final salary pension schemes which means we [i]should[/i] retire when we are 60 - 22 years to go for me. Our mortgage will be finished at roughly the same time.
The fly in the ointment is that we live in north Hampshire and have (more by luck than judgement) a good deal of equity in our house. We could move into a similar house in Suffolk (where most of my family are) and be mortgage free. I would probably transfer up that way into a part time role and still earn the best part of £25k for a three day week - with no mortgage we could survive on that, particularly if my wife had a similar job.
What do they say? It's better to regret something you have done than something you haven't done?
Part time or some type of flexi-hours for the win.
Is there any chance of cutting a day or 2 at your current job? Using your holiday to try it out for a couple of months? Getting extra unpaid holiday?
Would your boss have a sensible chat about it?
You sound like a grafter so full retirement might be a mental struggle (charity/volunteer work could be an option)
As I'm sure you're aware living frugally on an income is very very different to living frugally with no income. Looking after the pot soon becomes an obsession.
The fly in the ointment is that we live in north Hampshire and have (more by luck than judgement) a good deal of equity in our house. We could move into a similar house in Suffolk (where most of my family are) and be mortgage free. I would probably transfer up that way into a part time role and still earn the best part of £25k for a three day week - with no mortgage we could survive on that, particularly if my wife had a similar job.
And this is a dilemma!?
Chuck Pahlaniuk, “This is your life, and it’s ending one minute at a time.”
I am about to jack it all in; I'm 60 and thanks to years of work the pension situation is well sorted. The challenge went out of my job when increasingly rigorous Brussels-inspired legislation meant we had to recruit chemists to make recommendations to customers as Sales people were no longer qualified, which took away a big part of the enjoyment. Then my major market, Nigeria, went down the toilet and there's no chance of any improvement in the next couple of years. All I want to do is get GtiJunior established at University and I'm off - the 30th anniversary of starting work with my present employer seems like a good moment to retire, at which time I shall be 62.
Then it's off to Scotland to do more cycling, ski touring, kayaking, coastal rowing and mountaineering for as long as I'm able.
Generational inequality will go to top of the political agenda in the next 20 years, but younger people need to wake up and start voting.
Not whilst they don't vote. Until they start voting they are guarenteenig that no one will do anything to help them.
I did and worked abroad for three years. Unfortunately had to return, but the idea remains.
He retired at 60, is now 76, and bought his house for £4k way back when.
Undoubtedly that generation was very fortunate.
My old man has been retired for 11 years. His pension pays out more each month than when he was earning. House all paid up.
The same can be said for most of his friends and other family members who are retired.
just wondering if anyone knows how long you have to wait to claim unemployment benefit, if you give a job up?
work wont make me redundant, and also not interested in letting me go part time.
Why not start looking for another part-time job and leave when you have one sorted?
Why not start looking for another part-time job and leave when you have one sorted?
yeah, think that could be a good start. maybe 3 days a week might work to start.
just to add, I am sat behind a counter, where I have been sat for 17 years. we are having a fibre optic open day, which means a free lunch for anyone who attends.
the shop is full of scrounging tosspots, who spend nothing and use our competitors most of the time. just here for the freebies.
same tosspots, same spiel from the reps............I want to smash my head against the counter............ 😆
I want to smash my head against the counter............
Smash a freeloaders head against the counter - you'll be out the door sharpish then! 😀
[quote="freeagent"]I made a lot of bad life choices in my 20s, and didn't start properly working until I was 33.. and I'm paying for it now big time.I made a lot of [i]good[/i] life choices in my twenties and didn't start properly working until i was 31. Almost finished paying for it now (not far off 50), probably *ahead of most of my peers, wouldn't change what i did. Was well worth it.
*ahead as in smaller mortgage and probably closer to being able to either retire or go part time.
I made a lot of good life choices in my twenties and didn't start properly working until i was 31. Almost finished paying for it now (not far off 50), probably *ahead of most of my peers, wouldn't change what i did. Was well worth it.
No kids??
TBH, the situation is our own doing, I'm well aware we could move to Suffolk and be mortgage free, but I'm not convinced our kids will thank us for it a few years down the line. I think there are better opportunities for them living in London - particularly for the older one who is all about drama/dance/theatre.
[quote="freeagent"]No kids??No, we have kids. We made our decision to take a side step away from the UK ratrace long before they were even considered as a possibility.
Been reflecting on the past year, when I moved from a PT to Full Time role.
- Ive put on weight
- I spend weekends just recovering, haven't been out on a bike ride for a year
- I haven't read a book for leisure
- I'm generally in a low mood
- I spend more money on booze and smoking just to try and relax
When I was PT I actually described myself as "happy".
Workaholics love FT work, but many people resent it. I'm in the latter category...I need to make a choice soon.
badnewz - Member <snip>and bought his house for £4k way back
£4k in 1970 is not the same as £4k now...
@Boblo, very true, I'm not suggesting it is. It was a lot of money back then, especially when credit was hard earned. But still it wasn't 6 x earnings, as is the case in much of the UK today.
I don't begrudge the guy, he worked hard and saved. But even if you do that now, you would struggle, especially with the fact that jobs are increasingly short-term and insecure.
£4k in 1970 is not the same as £4k now...
My mum was saying this the other day....
First house cost £4.5k. With their combined wage she and her husband were earning more than that in a year. If I wanted to buy something in the area I grew up (not that I would want to as it is a shithole) it would cost over 300k.... About 11 times what I earn now.
To add salt to the wound, a friend of mine, his grandmother bought a house in Notting Hill for £10k under Thatcher's campaign to sell off social housing. Now worth £2million!
Well the aim is to retire (maybe some charity work PT) in four years when I'll be 53 and the boy will hopefully off to uni. the aim is for me and MrsG to travel a good amount. Who knows though what will pan out between now and then!
[quote=ton ]
Why not start looking for another part-time job and leave when you have one sorted?
yeah, think that could be a good start. maybe 3 days a week might work to start.
That would also help your overtraining/lack of fitness thing Tony. 3 days commuting would give your body some recovery time AND allow for a bit more "decent" cycling.
I been working in adult social services last few months - I visited a very well off couple today; both in late 60`s and wife has alzheimers. Sad to say - but husband will have around 10yrs of hell, then the likelihood of being too old and probably worn out to do anything afterwards.
It has really brought home how worthless the big bank account, big house, big car things are.
Enjoy what good health you got as early as you possibly can is my advice.
Exactly you may 'hope' to live till 100 but there's a sizable risk you'll have a stroke at 65 and peg it shortly afterwards.
Enjoy yourself its (possibly) later than you think.
alpin - Member
£4k in 1970 is not the same as £4k now...
My mum was saying this the other day....First house cost £4.5k. With their combined wage she and her husband were earning more than that in a year. If I wanted to buy something in the area I grew up (not that I would want to as it is a shithole) it would cost over 300k.... About 11 times what I earn now.
We'll you're obviously underachieving and need to extract a digit pronto 🙂
Interesting one:
My father in law: final salary pension. Retired at 56. Never had a mortgage. He's now 68, has achieved very little of what he wanted to over the last 12 years and is increasingly like an old man.
My father: has earned and spent a fortune. No meaningful pension to speak of. Still working away from home 5 days a week. He's 68 and is showing no sign of letting up - work keeps his mind sharp and gives him a more youthful outlook. He'll no doubt die in harness as his father did.
Me: 40 and descending rapidly into mid life crisis. Well paid and spend far too much money because I can. About to take on an additional 100k borrowing to extend the house. Not enough attention paid to retirement planning.
The idea of flexibility makes sense. I think I better pay more attention to filling up my bank account....
Balanced views as usual on here. Just enjoy what you have when you can, its not all about new shiny things, well it is to some people. A days mountain walking costs next to nothing.
I am q sure the minted people i know who are bored are bored as the challenge has gone in their lives. Also diminishing returns sets in in purchases, if you own 2 cars the second is not as enjoyable as the first.
As many have said above Tony, if you have the opportunity to stop work then I'd jump at it.
An interesting one as OMITN says, although my world has turned out differently.
My FiL, worked hard all his life, highly paid, retired at 65. In hospital for a minor op at 65 1/4, complications meant he was buried at 65 1/2; best laid plans for retirement buried with him.
My Dad also worked hard all his life, reasonably well paid (nowhere near the FiL though), but a good saver. Went to 4 then 3 days when he was about 62, retired completely at 63. Plenty of time to train and rest so he went bike racing, he was still doing 100s and 12 hour TTs into his mid 70s - in fact he was only a minute off a sub hour 25 when he was 74. He's 86 now and still going strong. Mum died at 75. They had nearly 12 good years together after retiring - campervan trips up to the Lofoten islands amongst other places without having to keep an eye on the calendar. Wonderful. Proud of him? Hell yeah!
Tony, knowing what you and Mrs Ton have gone through in the last few years, i'd say go for it and live life now.
Your health isnt going to vastly improve, and as you say in 17 years when you can retire, you may not be healthy enough to enjoy all of the things on your list.
If you can release £50k from the house by downsizing, that'll easily give you 2/3 years to travel, before you need to worry about finding some more money.
If you ever want to crunch some numbers, just shout up.
The one thing I would say, is dont just plod along for another year and be sat behind the same desk, wondering the same thing again. You'll only regret it.
Whats the worst that'll happen?
My plan is to retire from work at 55 (in just over 5 years), either that or half my hours and work Wednesday/Thursday/Friday morning for a couple of years.
Everything is on track for that to happen at the moment. Paying off our mortgage in a couple of months, currently saving half my salary every month and pension is doing okay.
Halving my hours would be an ideal situation really, I'd get looong weekends, 16.5 days holiday a year, only really need half my salary to live on comfortably so wouldn't need to touch my pension for a couple of years.
I guess what I'm saying is that yes I think of chucking work in but I have a 5 year plan to enable me to do that 🙂