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To retire from work early

(44 Posts)
norabloom Sun 05-Jun-11 18:19:05

I have the opportunity to leave work and take an early (reduced) pension.

As I worked part time for 9 years when my children were small, the pension will be about £12,000 a year.

It will mean a big drop in income but my DH has an income and is encouraging me to go for the retirement.

My kids are grown up now - although one has just left university and is living at home.

I have always had my own income and never had to rely on DH for money. He is generous and nice, but I am worried about giving up my salary (although also a bit excited by idea of giving up work which I have come to dislike more lately).

AIBU to think I can't do this?

jubilee10 Sun 05-Jun-11 18:38:29

I would do it. You will have your pension and you could always do something else if you wanted too.

Mumwithadragontattoo Sun 05-Jun-11 18:40:42

YANBU if you feel ready to give up work. It sounds like it might be a good opportunity and you will discover lots of new and enjoyable ways of spending your time!

fruitymum Sun 05-Jun-11 18:41:55

go for it! you can always pick up something part time.

Beamur Sun 05-Jun-11 18:42:44

You could retire and take this pension and still look for another job if you wanted to be doing something and earning more money.
I'd go for it in your position.

shirleyshortcut Sun 05-Jun-11 18:42:59

i will be, sooner the better

purplepidjin Sun 05-Jun-11 18:43:13

YABU! If you want an income of your own, find something you absolutely love doing and make some money at it. You are now in a place where you have the freedom to choose exactly what you want to do. I'm not quite 30, and that's what I'm aiming for in the future... You have acheived one of my life's ambitions grin

PS 12k a year is 1k a month. Which is about what I live on currently. You'd be surprised how far you can make it stretch if you need it to wink

Portofino Sun 05-Jun-11 18:44:19

Can you not find a part time job to keep you busy and Let you keep your pension money. The grown up one still at home should be paying his way too....

rookiemater Sun 05-Jun-11 18:53:12

What age are you?

unknownrebelbang Sun 05-Jun-11 18:59:02

I'd be off like a shot even though I (mostly) enjoy my job!

In fact, I'm already planning my own early retirement.

You could do it, then always look at a part-time job if it doesn't suit you (which is exactly what DH did when he retired.)

mumnotmachine Sun 05-Jun-11 19:15:48

After tax I earn less than £900 a month, and that feeds, clothes and entertains 4 of us and runs two cars!
And I wouldnt say we suffer for it!

Go for it- you can always fill the gap with a part time job at a later date!

Dozer Sun 05-Jun-11 19:19:19

Yanbu to be tempted, but if was me I would do some sums first. How much of a drop in income will it be compared to your current salary, how many years til you could retire on a full pension, and what would that be? Does your dh have a good pension coming along too?

norabloom Sun 05-Jun-11 19:20:15

I am 52.

My son will be contributing (or leaving home), but is just finishing a graduate diploma in law - so after that.

Thanks for all the positive vibes!

I want to do it, but I guess I am just scared because I have always had a job since I left university (except during maternity leave) and I have an expensive shoe habit huge work ethic.

norabloom Sun 05-Jun-11 19:24:13

It will be a drop of £33,000 in annual income. My pension at 60 will be bigger of course (c.16,500).
My DH has no pension but he does have his own company and some property he is hoping will be his pension!

LadyThumb Sun 05-Jun-11 19:27:24

My Retirement Pension is just over £7,000. That's what you get for working for 20 years, then being a Carer for the next 26!!!

norabloom Sun 05-Jun-11 19:31:55

LadyThumb - I didn't mean to sound spoiled and ungrateful.

You are right of course. I will be OK financially but I will have to find some positive ways to spend my time.

heleninahandcart Sun 05-Jun-11 19:40:31

I've done it. I'm much poorer and much much happier. I was so worried about it before I did it I completely forgot I could also get another job anyway.

Go for it. You can afford it, you have your DH as back up and you will have your pension for independence smile

Nanny0gg Sun 05-Jun-11 19:42:38

You lucky devil!
I've got at least another 3 years and I'd love to be able to go now.
Take it and enjoy!

lynehamrose Sun 05-Jun-11 19:46:33

If you feel you can live comfortably on it then why not? You're not scrounging, you've paid in and are getting your entitlement. Could you try a 6month period of living on the reduced income to see how it goes? Remember though, once you are retired you will have more time to shop/lunch out/ visit galleries etc so factor that in too. I would happily retire early if it enabled me to spend time doing the things I wanted, but not if I was struggling to finance it

purplepidjin Sun 05-Jun-11 20:08:32

Wow, your drop is our household income! Definitely going to be financially do-able, particularly if you enjoy painting/sewing/crafting for which there's a huge market online.

Think back to when you were a kid. What did you want to do? What did you enjoy doing?

Or, earn your "keep" in conscience. I bet you've got a million skills that would benefit a charity, or society as a whole. Could you go into local politics and make a difference to your community? Get involved in Lions/Rotary/Round Table? So many exciting possibilities!

AnnoyingOrange Sun 05-Jun-11 20:10:27

Areoyu sure you can tke your pension a 52?

I thought that the last government introduced a restriction that no-one can take one now until they are 55?

AnnoyingOrange Sun 05-Jun-11 20:11:46

www.direct.gov.uk/en/Nl1/Newsroom/DG_183877

heleninahandcart Sun 05-Jun-11 20:38:52

I also realised just how much going to work cost me in fares, sandwiches, coffees, clothes, uncomfortable formal work shoes, cleaner, dry cleaning for starters.

Adversecamber Sun 05-Jun-11 20:52:57

Message withdrawn at poster's request.

norabloom Sun 05-Jun-11 20:53:21

Yes Annoyingorange. I can definitely take it. I just have it reduced further because I am less than 55. Under the terms of my organisation's pension scheme I have a protected minimum pension age of 50 actually (although the pension is reduced if you take it early).

I think I am lucky too. I worry a bit about DH business as his company is only a few years old and the credit crunch has affected it. But, as several people have said, I can always try and get another job if necessary.

I am really not sure how I want to spend my time though. When you are at work you dream about spending days making jam and writing best sellers, but I suspect when the possibility is actually there before you those things may not seem so desirable (or achievable!).

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