Downsize and retire early

[Changeofheartinlockdown]

Has lockdown made anyone do this?

After yet another crazy wfh day, am thinking I want out of the rat race (commute or not) and sponsoring much more time with my DC

What DJ I need to think about?

*do I

You need to see what your income and outcome is currently and what it will be if you retire. If you have a pension, how much is in it and how long will that keep you going for? Do you have a mortgage or other large bills that you need a steady income for?

You could take a career break if you're really too young to retire. Take some time off work until the dc are older and then pick up a new job (perhaps part time or more of a hobby job?)

Late reply - sorry!

If downsize, could be mortgage free... am 40 and feeling displace I guess. Earn a good salary but unable to do role part time. 2 school age children.

I am SAHM and would say that going from a career to not working does take some adjustment and isn’t necessarily that straightforward. I think people retiring take a while to find their feet too.

Having said that, you could always take time out and see how it goes. There will be other roles to consider in the future.

On a practical level is what happyascarrie says, working out the financial practilities and pensions etc to make sure you’re still able to have a bit of a lifestyle rather than quit your job to penny pinch.

Downsizing with two children - how much space do you have at the moment?

I find that DD is much more in her room now as a teen and most of our friends who had children sharing are now changing layouts to enable them to have a room on their own for studies, hanging out with friends (even if only on FaceTime) and just having their own space.

Children getting more expensive, school stuff costs more in secondary, they move to adult clothing and tastes, more food costs, trips are more expensive or going out/days out/holidays.

Unfortunately your age means that if you need to go back to work you will struggle finding something easy, too many young and with good skill sets looking for jobs.

Unless the whole economy is repaired and stable I wouldn’t make drastic changes.

It's definitely a big transition from FT to PT. I don't work now but help DH run the farm and 3 DC, I wouldn't change it for the world, kids are 5, 3 and nearly 1 and spending time with them is worth the tightened purse strings.
Transitioning to a different part time job may help you decide, and free up some more time for DC in the mean time. But as reluctantbrit said, be cautious of job and finance stability at the moment.

Yes - this is exactly what we are doing. So sick of paying a mortgage and looking down the barrel of years of work before retirement. When I started working, women retired at 60. Now it's 67 for me. I can't hang on that long. I think the government are hoping that most of us die before cashing in on retirement.

I'm so done with working. Don't care about living in a tiny house.

DH and I are in a very fortunate position and I'm likely to retire early (He will be retired too but the age difference means it won't be early for him ) If you can hang on working FT for a while longer, or plan to go back to FT after a career break you may be able to retire early or go PT in early retirement age. Good for the long run but requires a bit longer in the rat race.