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I gave up my career in April and now do a part time IT job. It was making me mentally unwell and I was in danger of having to see the GP to get signed off sick with stress and anxiety. I do not know how my other half put up with me, I found me unpleasant to live with ! Age = 54
I did consider going sick but it was a public sector role and it didn't sit well going sick when the reality was that it was going to be the same when I went back. So, after a lot of soul searching and a thread on singletrack, I resigned on 2nd January 2024 and worked a 4 month notice period.
I am much happier and the part time role has allowed me to decompress and get used to the idea of having more free time whilst still keeping the pennies coming in. I don't regret it for a moment, time will tell if the money runs out but that's always going to be an uncertainty, whether you go tomorrow, in a year or in 10 years. I find it easier to think in terms of not working at the moment rather than retired and never working again.
Being very cynical, could you get signed off long term sick?
I am cynically just coming to the end of a month off while they try and my dosage right. I may cynically not quite be there yet. (Mood swings are still "interesting" tbf)
all Depts are going to have to make cutbacks and the R word may not be far away
Our department is the one getting a huge investment to get more staff to close the tax gap.
i for one have never wanted to live my life, thinking what if.
That’s one point of view. Another is that I don’t want to live my life thinking “if only”. If only I’d studied more instead of bunking off with my mates I’d be in a better job. If only I’d worked a bit longer I wouldn’t be sitting in a dirty nappy full of my own shit.
Nobody is “right”.
OP,
Plenty of good advice already provided.
IMO, if you can afford to retire, then do it. i.e. provided all contingencies are in place etc.
Get out of the rat race to regain your mental health (stress related) and peace of mind.
Make sure your love ones are all in line with your plan.
Keep your life simple and you will be pleasantly surprised how well you can live, and still be happy.
I would retire in an instant if I could afford to.
DrJ can i ask , are you a real Dr ??
if so can you answer this please.
in what way does taking early retirement result in dementia ? as this what you typed seems to imply this.
If only I’d worked a bit longer I wouldn’t be sitting in a dirty nappy full of my own shit.
I'm reading it as "if I had more money I could afford a better care home' rather than 'I won't need a care home'
DrJ can i ask , are you a real Dr ??
if so can you answer this please.
in what way does taking early retirement result in dementia ? as this what you typed seems to imply this.
I am a real Dr but not a Dr of medicine.
Taking early retirement does not, as far as I’m aware, result in dementia, but it may result in not having enough money to pay someone to keep you clean later in life.
I am cynically just coming to the end of a month off while they try and my dosage right
Apologies, I didn't intend to be rude...but if I had to take meds to go to work, and was considering retirement, I would seriously consider being on long term sick for as long as possible. Then, you're continuing to contribute to your pension, but without the stress that is making you ill. You don't owe your employer anything.
Taking early retirement does not, as far as I’m aware, result in dementia, but it may result in not having enough money to pay someone to keep you clean later in life.
my mother is 85, and in a care home with demetia/alzheimers. she has not got a penny to her name. she worked until she was 70 IIRC. the ladies who work at the home, on crap wages, do a fantastic job of keeping her clean.
@ton and @drj What's probably being referred to is the twilight between part time and full time care - funded and non funded. If you're unlucky, you find yourself well enough off (usually by dint of owning a house you've worked most of your life to pay for) to qualify to pay towards (or often) for all of your non residential care needs. Needs not significant enough to require full time care, just enough to need 4 very brief visits per day. The time between visits (overnight ~12 - 14 hours) spent in your own filth should you need help and be unable to hold 'it' in. And of course, as your 'wealth' is tied up in the property you actually live in, you can't go out and retain your own, private, full time Carer as they usually want paying straight away rather than when you snuff it.
I've some direct experience of this as my Mother went through it last year to July when she died. If it were me, I think I'd be inclined to save just enough for a single ticket to Switzerland...
my mother is 85, and in a care home with demetia/alzheimers. she has not got a penny to her name. she worked until she was 70 IIRC. the ladies who work at the home, on crap wages, do a fantastic job of keeping her clean.
Then she is lucky. That is not a universal experience as @boblo says. You may want to gamble on following in her footsteps but you should respect the views of people who don’t share your risk profile. We can’t all be happy-go-lucky Jack-the-lad.
We can’t all be happy-go-lucky Jack-the-lad
No need for that.
He just has a different view to you (or attitude to risk). Doesn't make either of you right or wrong, just not sharing the same view...
Doesn’t make either of you right or wrong, just not sharing the same view…
That’s why I said
Nobody is “right”
Counter points
You don't want to be the richest person in the grave yard.
Most people make the mistake of saying " just one more year"
Hopefully by the time we are all at the stage of having to wear a nappy as a necessity the ability to choose dignity has been granted.
I actually find your post quite offensive tbh
Most people on stw are extremely privileged , educated and intelligent.
I work with people who have no money , no assets , no savings and the prospect of retirement is not going to be an option for them.
Is it working you don’t like or just your current job? Given current salary could you find something else that may be more suitable part time maybe and take the pension to top it up?
You should check the pension estimate as 4 years additional contributions achieving over 50% uplift for retirement at 60 years seems optimistic. Ultimately you need to do the maths and only you can decide but make sure you know financial position first.
EDIT: Blimey, the OP is looking to retire at 60 so talk of care homes and soiling yourself seems a bit premature so let’s knock that off.
actually find your post quite offensive tbh
Goodness, which bit? I didn't think he had said anything contentious TBH. ( Apart from the doctorate bit obvs 🙂 )
Goodness, which bit? I didn’t think he had said anything contentious TBH. ( Apart from the doctorate bit obvs ? )
Was he addressing me, or the OP? Didn't make any sense to me .
(My username is a reference to a hip-hop artist, not an intellectual pretension :-). )
Glad I’m not the only confused one…
but it’s now at the point of increasing medication to keep me there, and that is just **** stupid.
In which case you need to go off sick NOW. No job is worth making yourself ill for and having to take medication to be able to work is just wrong ( I assume head meds?) Its not cynical, its not wrong. You job has made you ill and you need to go off sick, CS is IIRC a 6 months full pay and 6 months half pay ( and a years pension contributions)
I'll bet your GP will sign you off ( if you are honest about how you are feeling. Do not downplay it or exaggerate - just be honest about everything. To do this is not weak or a cop out or failing - its about protecting your health) and the moment you do you will feel better. There are usually two levels of early retirement on grounds of health. one is " unfit for any job" and you get you pension as if you had carried on working until 60 ie you get those extra years of contributions and no actuarial downward adjustment. The other is "unfit for this job" in which case you get your pension now without the adjustment but not the extra years contributions. In the latter case you may be offered an alternative post My bet is you would be the second case
Just to add: this is what happened to MrTJ - she was getting more and more burnt out and had been thru internal occupational health stuff including adjustments to her work and reduced hours. With just over a year until she was 60 I changed my line from " maybe you should see your GP" to " go and see your GP" she didn't think she would be signed off but the GP said " here is a 2 month sick line, come back after that for more". She never went back to work and was retired on health grounds just short of her 60th birthday.
Taking early retirement does not, as far as I’m aware, result in dementia, but it may result in not having enough money to pay someone to keep you clean later in life.
Care costs are something of an elephant in this room (IMHO).
If you have assets above about £30 - £50k (it varies between countries within the UK, but it's the ball park) you will need to pay for your care. If you can be cared for in your own home, then your home isn't included in the assets.
Nursing care costs *for a local authority* home are at least ~£55k PA. Private homes are double that or more.
Working 'an extra year' (or two... or three...) isn't going to buy most people more than about a year's care. Nobody in an 'ordinary' job is going to be able to afford a meaningful duration of care - only those with mega pensions and/or those that have been lucky on the property market.
As soon as you go into residential care, your home is included in your assets (unless you share it with a partner), and you will be required to sell it if needed to meet care costs.*
*Despite the headline noises about 'care in your own home' being a priority, local Social Services have a financial incentive to get single people to agree to be cared for in a nursing home, as they will then get funding through sale of the person's house. It was the devils own job to stop them doing this to my mum, and it was only the fact that I'd recorded phone calls and taken notes at meetings, and that I can be a stubborn f***er that stopped it - they flat out lied. (They being someone who claimed to be social services, but turned out to be some sort of agency employed by SS).
I too hope that there will be a civilised option to choose the time of my passing by the time I get there.
On the subject of care, you may not just have to think about your own. MiL retired recently with big plans then found herself looking after her own MiL. It took up a lot of time, money and mental energy and meant all retirement plans were on hold for a couple of years.
Early retirement may see you getting a better window of carefree (pun intended) lifestyle. Obviously doesn't apply to everyone and it's hard to predict the timing but another factor to consider.
...reference to a hip-hop
From nappies to a hip-op all before the age of 60 🙂
Seriously, everyone calm down; it's a point of view on an internet forum...
myself, and TJ and others who have retired early without a load of cash
That's not my understanding of TJ's position, he's got a BTL flat (plus pensions etc) from what I understand.
Taking early retirement does not, as far as I’m aware, result in dementia, but it may result in not having enough money to pay someone to keep you clean later in life.
It's less about money and more about that if you get to this point is there anyone who cares AND is capable of fighting your corner (to make sure your 'ar5e' is wiped). If you've not had kids, who'll step in?
And yes, just because you've had kids it doesn't mean they will and/or can, but it's the approach used by humanity for ever.
Enough about retirement..
Who's Spartacus STM?
Well my resignation email has just gone to my boss. Three months and I'll have finished my working life!!!
If you have assets above about £30 – £50k
You might be surprised to hear, the lower limit to contribute 'something' in England is just over £14k...
That’s not my understanding of TJ’s position, he’s got a BTL flat (plus pensions etc) from what I understand.
Its where I would have been if Julie had not died. Because she died I got a lot of cash
My pension is £8500 pa plus £5000 from the rental. Julies pension would have been around £6000 We would have had around £30 000 lump sum cash between us. the flat was NOT BTL - it was her flat originally
Because she died I am much better off in cash terms and also get some small bits of widowers pension. Yes I have a similar attitude to money and retirement to Ton but the large amount of cash I got makes everything easier because I do not have to worry about what if - apart from as pointed out above its not that much if you think about care costs which I will never have. I'll be off to Switzerland
I do understand how privileged I am but we were prepared to retire on sums many of you seem to think grossly inadequate
...apart from as pointed out above its not that much if you think about care costs which I will never have. I’ll be off to Switzerland
Going in to care in old age often isn't planned. A lot are hit with a sudden illness which means they go from fine and coping to not fine and never will be again very suddenly.
The council will just take your assets though (and mine!) - I think only the very richest people can afford private care from savings and investments.
Muffinman - it was my professional world. I'm fully aware of the routes available to us. If necessary I will starve myself to death
Very gloomy topic
Going in to care in old age often isn’t planned. A lot are hit with a sudden illness which means they go from fine and coping to not fine and never will be again very suddenly.
I think it’s been mentioned on this forum before how parents, in general, never move into more suitable housing in time, when they can make an informed decision on a calm timescale. Probably my daughter will be saying the same about me 🙁 As you say, stuff happens and it can happen very quickly and at that point it’s too late to read the emergency instructions card.
Careful, and at the risk of taking this thread off to other places where thread already exists.
Switzerland won't take you just because you got a bit old and need care, and the recent progress on this topic is walking a tightrope that doesn't want to slip into that scenario, at least not yet - opponents would seize on that and the slippery slope argument with glee.
Shall we try and keep on track?
Anyway
kiloFull Member
Well my resignation email has just gone to my boss. Three months and I’ll have finished my working life!!!
Congratulations - but hopefully some thought went into it rather than just finding this thread yesterday afternoon!!
After nearly 2 decades of working in mental health, in 2022 I had enough and quit. I was 46. Takes it's toll dealing with essentially, human suffering.
I worked in a hifi shop selling high end home cinema installs. The whole kit n caboodle. Amps, speakers, wiring, lighting, seating. After 4 months of this I quit and did a few months of support work. Ended up as a support worker for some of my ex-mental health clients. Weird. Work were giving me the worst of the worst because of my experience. But obvs not getting paid very well.
I contacted one of the old senior management who said when I left, I was welcome back any time and they'd move heaven and earth to get me some work. They did. Been here now for nearly 2 years on casual long term contract. Last night I submitted an application for the nursing pool with the aim of just transitioning back from casual to permy.
A little early for me to "retire" but I'm feeling better in myself and the position I have is still stressful but manageable at the moment. Retirment plans are now 5 ish years away when the mortgage is paid off.
See how you go. Don't burn any bridges and take the break you need then re-evaluate.
You might be surprised to hear, the lower limit to contribute ‘something’ in England is just over £14k…
and I'm pretty sure the capital limit in Wales is £24k
I’m reading it as “if I had more money I could afford a better care home’ rather than ‘I won’t need a care home’
A friend who visits a lot of care homes professionally and says that expensive ones have gold taps and nice wallpaper/carpets but the amount you pay has absolutely no bearing on the quality of care.
Congratulations – but hopefully some thought went into it rather than just finding this thread yesterday afternoon!!
TBH I’ve also been sitting on the sidelines,it’s a surprisingly hard thing to make the jump.
I’ve had a trivial trapped nerve and knee pain and now currentlyhuffing and puffing like 50 fags a day with flu ,over the last few months and am realising that even silly health things in my mid 50’s have stopped me from riding/walking and generally impacted on quality of life and health, let alone anything major.
Congratulations – but hopefully some thought went into it rather than just finding this thread yesterday afternoon!!
Ha, that would be a bold move, read a thread on here and completely alter the path of ones's life within 24 hours.
It was on the cards for later this year but at the end of last year my employer did something (by omission) wich resulted in a massive risk to me (scribbling out a quick will at my desk and leaving it with a colleague level of risk), this has now passed but I can't justify to myself staying here having been that badly stiffed. The joys of the civil service!
TJ won't starve himself to death, he'll have a regular supply of pasties posted to him whenever binners loses a bet!
Hmm could go the other way then - death by Greggs overdose
Aye. We live in a 'civilised' society where average life expectancy is 84 for men and 87 for women (Iirc). We then know not what to do with these old people and their health and care needs. Horrible home care with the absolute minimum of attendance often administered by people wholly unqualified and with zero in common with those they are caring for or sitting slack jawed, curled over in a wing backed chair waiting for another pureed lunch or jolly sing along. Ho hum, something to look forward to... :-/
As above, unless you're exceptionally wealthy, this is the future for a lot of us.
it’s a surprisingly hard thing to make the jump.
Yes, I found it a huge mental hurdle to go from 'saving' and trying to build up some cash / pension, etc. to the prospect of slowly chipping away at the metaphorical pile.
In essence it sounds like a good thing to do, carpe diem and all that, but PLEASE take advice from your financial advisor. They will be able to calculate within a few pound what you'll receive each year. Don't forget to include inflation too into your 'pot'; this needs careful consideration. You could find yourself much worse off even in such a short period of time as 5 years....take the emotion out of the decision and look at the funds.
to the prospect of slowly chipping away at the metaphorical pile.
It's the move from earning with some flexibility to more finite resources. Big mindset change.
The next one is 'I'm not buying xyz as I won't get my wear out of it...'. I've heard this from a number of people talking about big capital things to a pair of trousers...
Yes, I found it a huge mental hurdle to go from ‘saving’ and trying to build up some cash / pension, etc. to the prospect of slowly chipping away at the metaphorical pile.
To be positive:
this thread (and the other on the front page on a similar topic) has lightened my mood greatly. I'm very lucky.....it's reinforced that I already have enough to retire on. I don't WANT to yet - I'm lucky that i generally enjoy my job and can see that being relatively safe for another few years plus have the option to go to PT eventually, and I don't want to retire onto a minimal lifestyle (plus there are some costs still to come). I also have a house with about 10% mortgage left to pay, that is ripe for downsizing one day, etc.
I have lots of other things that do stress me - my Mum's death 14 months ago is still not resolved (hospital serious incident and coroner's inquest still to come). My son's a lot better but still a MH issue, prone to very low moods from time to time. Kids going into insecure industries, might need parental top ups if work is not forthcoming...... so one less thing to worry about has been very helpful.
One thing's clear. If you hate your job, to the point of being unwell, stop doing it. There's plenty of jobs out there, maybe not at the level or industry you want, but to be able to earn and bolster your semi-retirement.
I suspect that from now and in the future most folk will not go from full time work into retirement but go in stages ie part time or lower stress job for a few years before retirement. I could NOT have carried on in my job until I was 67 for both physical and mental reasons. Many folk will be in that position
Someone mentioned Voyant earlier. I pretended to be a financial advisor and did the 30 day free trial. Put our details in and got a surprisingly useful chart of finances from age 60 through to an imagined life expectancy of 90. Found it very useful if anyone else wants to give it a go! Just put in your salary (or both if you want to include a partner), current pensions, investments and contributions and your aim for finances in retirement. It will then plot whether you are on track for your intended aim.