Can I retire?

[SlowAndWild]

I am 49. I work part time in a company I co-own with 2 colleagues that we set up a few years ago. I work from home and being my own boss is great but I hate the actual work I do (high pressure, deadlines, technical). I find it tedious and stressful. I suffer from social anxiety which limits me sonewhat. I have 100k savings. Only a couple of small private pensions that I no longer pay into. I expect to inherit £300 k from my parents in the next 5 to 10 years (dreading losing them). Tbh I am desperate to retire from it, but at 49 is it to soon to retire? I have one child who is 15.

Forgot to say, my mortgage was paid off a while ago. I live in quite an expensive area, house small but prob worth 350k ......have fantasies of selling up and buying a croft in the wilds of Scotland

On the assumption you might live for another 45 years, 400k is no where near enough to see you through, although you will get £130 a week state pension from 67 (that will rise of course).

Can you afford to sell out your company share and do something less stressful?

ok - 650K might be enough !

Possibly but please do factor in the possibility that your inheritance could be used to fund care home places for your parents. I wouldn’t bank on having that money if I were you. There’s no way of knowing that they will die In the next 5 or 10 years. My mum had various illnesses which could be considered terminal but she lasted another 17 years like that.

You can't bank on inheritance. Many things can occur that could eat that up.

Why don't you try to find another job if you don't like this one?

You really need to speak to a financial adviser, not ask strangers on the Internet.

BUT a quick Google says:
"A person aged 65 could currently receive an annual annuityincome of £3,400 from £100,000 purchase price, whichwouldincrease by the Retail Price Index and be guaranteed for 5 years. The annual income from thisannuity is£2,400 less than a levelannuity."

Now obviously this isn't your situation: you are much younger (which means you will get less, and you need to factor in more inflation in your lifetime). You also have savings rather than a pension. But this gives you some insight into how much your money can stretch as retirement income.

I would be wary about making financial decisions which are based on an expected future inheritance. Your parents may need a care home, for example, which could wipe out a lot of that (I think you get full support for the costs if you have less than about 25k of capital, which includes selling your house unless there is a spouse still living there)

I'd say no. Even with your inheritance, the timing and amount of which you cannot be sure of, I doubt you've got enough. You've missed out crucial info though in the form of how much you need/ want for living expenses. Bear in mind also that retiring to live on a shoestring is unlikely to be fun.

Could you keep your business going but duck out working yourself but get another part time job elsewhere?

Otherwise you may as well continue to work until your dc is earning/independent as I assume you won't take to your croft until then?!

In the meantime, I would console yourself that you are in a much better position than most of us poor blighters and you could aim for mid 50s instead?

You probably could do it but it does seem like a gamble and care for the elderly is hugely expensive.

You're not too old to change to another job or even retrain entirely. You really don't have enough cash to support yourself and your teenager. Never mind your retirement - what about supporting them through uni or apprenticeship?

I live close to my mum and would happily care for her. My dad already passed away and left a share of his house in trust to me (will come to me when his wife dies).
I could get another less stressful job, but I like working from home.
Yes I know I need "proper" advice but thought I would see what the general view was on here.

You don't say what your income is from this stressful job that you do, but obviously you'd lose that. Where would your wages come from? It's all very well living off savings but if you're only 49, you could live for another 40 years and have you got enough capital to last all that time? Like a pp says, you can't guarantee the inheritance, and state pension might not be payable until 70 by then!

Too early to retire, but maybe set up something else to bring the money in?

Slow are you me? I'm in a similar position. What does your 15yo plan after school? Might you need to factor in eg financial support for further education?

I'd suggest seeing a financial adviser to look at your overall position.

I feel I'm in a work vacuum, desperate to get out, unmotivated, but having to stay for a few more years.

I would also factor in a few government changes in the next 5-10 years which might change pension allowances, care for the elderly and inheritance tax.

Good luck, moving to the north east of Scotland is my plan with a get out in 5-7 years.

Last year we lived comfortably on 9k, as I turned work down due to stress. Some years I make 45k, but mostly 20k-35k part time.

Id find a less stressful job.

Also, do your colleagues know how you feel and could they buy you out?

I retired from'proper'work at 42..i couldnt be bothered with it anymore-id lost both parents in by late20's&inherited more than i couldve anticipated or imagined.I emigrated to Oz&worked before setting up buisness knowing it just needs to be enjoyable&ensure i can travel frequently..I would jump into retirement asap in your shoes-you alone know how frugal you could be so ignore the naysayers/jealous types who mask it as concern(like a couple of my FORMER friends lol)..Get a good plan of action together for interest groups/leisure oportunity outlets as your social anxiety will benefit when you're in your'happy place' and try to surround yourself with positive people/good energy.Good luck with whatever you decide.Losing parents is terribly hard&although the gaping hole is still felt-the opportunities YOU can create for yourself would honour their memory.

Your state pension won't kick in until 67 so you need to be able to support yourself until then at least, a better option is to find part time or contract work that gives you enough income to break even each year - only drawing on savings for house repairs etc. I fanaticise too about not working, but unless I meet a rich guy who can keep me in the style I desire to become accustom too I'm resigned to working for ever. Do not count on inheritance because there may be care bills to pay

Cheese your situation is different though if youve inherited more than you could have imagined. Id give up work if i won the lottery!

The sensible side of me knows I should stick with the job for another 4-5 years, my business partners are in their late 50s. They have both been fab and would be supportive whatever I decide. They can't really buy me out as we are essentially just freelancer/consultants. Company only has laptops and savings.

So cheese you inherited more than you could have dreamt of or imagined!? The equivalent of winning the lottery? That's not OP's situation. She may or may not inherit some money. If I won the lottery, the sky would be the limit!