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Original poster

Want to retire but can't afford to

134 replies

Classof76 · 19/04/2023 11:49

Sorry for long post....
I find myself in a situation which is making me feel miserable probably depressed too.
I work for a local authority in a clerical role, I have lost all interest and passion for the role or come to that working full stop, I feel I have had enough.
I am 61 and have worked continually for 45 years except for 6 months mat leave. I am currently full time working a 14 day fortnight on 22K. I worked for private companies who did not always have pension schemes. My current pension is poor as even though I have worked there 20 years the majority of this was part time, due to childcare.
Right now, I cannot afford to work part time as I need the money and this would also affect my pension which is not enough to live on, best case scenario is 6K plus 4K lump sum if I go at Christmas. I also have a private pension pot of 40K.
I did not anticipate my pension being my only income as I had inherited my parent’s house and that was to be my income, however after getting divorced I now live there and I was shafted by my ex-husband for want of a better word, I didn’t even (stupidly) opt for a pension sharing scheme, he also took half my inherited property capital.
I have remarried, my DH works FT and is the same age, he only has the state pension at 67 and a private pension of 30K.
I feel so trapped as I also have an auto immune condition so I cannot do anything physical as I tire out and so working in this role is good for that but not for my MH. I really hate it as all my friends have been able to retire and I don’t have anything in common with the younger graduates I work with.
I applied for redundancy a year ago, and they refused, (said it was down to money but it wasn’t that, just they wanted my skills) I was hoping this would come around again but nothing is planned for the future.
I am considering part time topping up with my private pot to see me through anyone have any other ideas?

OP posts:
Thread gallery
5
LadyVictoriaSponge · 19/04/2023 13:03

You say you need the money so can’t go part time, if you post your outgoings maybe fresh eyes will be able to see some solutions.

Original poster
Classof76 · 19/04/2023 13:04

cromwell44 · 19/04/2023 12:58

I'm the same age as you OP and I sympathise with what I see as the pension gap beteen expectations of retiring in early 60s and the receipt of state pension at 67. Unless you can make some sort of income from your property, I can't see where you would get income between now and state pension age if you give up work. You are very young for equity release, if taken now you'll be paying the interst for many years and from what you say you won't be able to release enoguh capital to replace you salary. However you cn't retire and hang on to your full current property value to hand on.
Maybe work out exactly how much income you need as additoonal to yor £6k oer year pension over the next few years. Bearing in mind your husband is in full-time work, then either downsize to generate cash
or look for a diffeenrt jonb that won't make you so miserable. A change might make the next few working years more enjoyable.

Totally agree with all of this, I really don't feel I have the energy or enthusiasm to start a new role at this time of life as my friends are meeting up etc and I'm very envious they can do this.
I just want out but that's not going to happen
I do blame myself for making a total mess of my divorce, especially as he was younger and will be retiring at 55!! I was manipulated in a bad situation so I am suffering for it now.

OP posts:
Original poster
Classof76 · 19/04/2023 13:06

Also, because my husband is also full time ( but loves his job) I'd feel guilty and like I was sponging off him if I resigned.
I'd feel like I couldn't buy anything, not that I am extravagant in any way!

OP posts:

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General money Retirement & pensions
Wc100423 · 19/04/2023 13:07

Is your husbands pension state and 30k a year or is his pension pot 30k?

If you have an autoimmune disease look into applying for PIP.

Wavinggoodbyetoo · 19/04/2023 13:09

Have you looked for another job OP? You need 5 years to get to State Pension age.

Although the pension is good, you also contribute to that from your salary and you might find that a job elsewhere would pay more. Retail and hospitality are crying out for people. It’s not easy work, but you can move about and find something that suits.

I think your SP and small LGPC will put you in an OK position in retirement, but some capital (house repairs etc) would be needed and you personal pension pot offers that. 5 years and you’re home and dry.

Look at the retirement living standards website for income needs in retirement.

Original poster
Classof76 · 19/04/2023 13:10

Wc100423 · 19/04/2023 13:07

Is your husbands pension state and 30k a year or is his pension pot 30k?

If you have an autoimmune disease look into applying for PIP.

He has a private pension the total is 30k, so maybe 2k a year, it's nothing is it?
Can I apply for PIP, I don't think it would apply to me ..

OP posts:
SweetSakura · 19/04/2023 13:13

@Classof76 I have an autoimmune disease and some people get PIP for it. Our charity helps advise people on how to apply, I don't know if you can find similar guidance?

Original poster
Classof76 · 19/04/2023 13:15

Wavinggoodbyetoo · 19/04/2023 13:09

Have you looked for another job OP? You need 5 years to get to State Pension age.

Although the pension is good, you also contribute to that from your salary and you might find that a job elsewhere would pay more. Retail and hospitality are crying out for people. It’s not easy work, but you can move about and find something that suits.

I think your SP and small LGPC will put you in an OK position in retirement, but some capital (house repairs etc) would be needed and you personal pension pot offers that. 5 years and you’re home and dry.

Look at the retirement living standards website for income needs in retirement.

To be honest, I haven't looked. I do like working from home, it's easier, I know I couldn't be on my feet all day. When we go walking I have to ask DH to slow up for me and and if I'm in the garden for a few hours I really feel it later on.
Yes I've checked out that website thanks, probably fall into the bottom middle bracket, sunny need much to make me happy!
Re repairs, plan on putting a new roof on soon and it's had a thorough updating when I moved back in so all that's ok but we still need savings (which we have) to fall back on.

OP posts:
SweetSakura · 19/04/2023 13:16

On a separate note I know it must be hard not to be envious of people who have already retired, but if they worked full time (for instance) while you were part time then I guess in a way you have just each had your "non working" at different times of life. A later retirement just being the price for the privilege of part time working earlier on, and maybe you can make your peace with it that way?

Original poster
Classof76 · 19/04/2023 13:16

SweetSakura · 19/04/2023 13:13

@Classof76 I have an autoimmune disease and some people get PIP for it. Our charity helps advise people on how to apply, I don't know if you can find similar guidance?

Something I could look on, I've never been on any benefits.

OP posts:
Original poster
Classof76 · 19/04/2023 13:18

SweetSakura · 19/04/2023 13:16

On a separate note I know it must be hard not to be envious of people who have already retired, but if they worked full time (for instance) while you were part time then I guess in a way you have just each had your "non working" at different times of life. A later retirement just being the price for the privilege of part time working earlier on, and maybe you can make your peace with it that way?

They were always part time...
I was part time for child care, then later I went to 4 days, my day off then was to support my brother and parents (sadly all passed away now) so I have never really had any time to myself.

OP posts:
Wc100423 · 19/04/2023 13:19

I read on another group that there is a Facebook group fro people with thyroid autoimmune disease which help people apply for PIP. You have a life limiting illness which needs treatment I believe the advice was to apply and see what happens. Google autoimmune disease and pip uk some links come up.

SweetSakura · 19/04/2023 13:21

Classof76 · 19/04/2023 13:00

It helps I work from home and funny have to travel in for 7am for a parking space and I can take breaks and work different hours if needed.
I've always been one of those people that never take time off sick, last time was appendix 4 years ago.
I'm just tired, fed up I don't suppose I can justify time out for being tired can I?
I had high BP last year and was offered a sick note but I'm ok now.
Daft aren't I?!
I've realised you get no better thought of .... In fact it backfires being conscientious!

Show quote history

I definitely think it's time to be a bit less conscientious and take the time off when you need it.

(And I say that as someone who worked from bed last week rather than take a sick day, but I am at a different stage in my career and life!)

Original poster
Classof76 · 19/04/2023 13:21

Wc100423 · 19/04/2023 13:19

I read on another group that there is a Facebook group fro people with thyroid autoimmune disease which help people apply for PIP. You have a life limiting illness which needs treatment I believe the advice was to apply and see what happens. Google autoimmune disease and pip uk some links come up.

Thank you, I'll do that

OP posts:
gogohmm · 19/04/2023 13:23

Every sympathy, my pension pot is similar. I strongly suspect I'll be working past 67, that's just the reality of life - we live longer than when the pension age was younger. I suggest looking for work you can sustainably do until 70 or so, subsidising with your private pension- if you delay your state pension you get more

Highdaysandholidays1 · 19/04/2023 13:25

Over 55 flats or houses are subsidised to buy around here, by a considerable amount, so don't be too sure you can't buy. Check online if you meet the criteria and then think about doing that, which would free up some capital as an alternative to equity release.

Ozgirl75 · 19/04/2023 13:27

Are you being paid well in the job you’re doing? They clearly like you, so could you ask for a pay rise? If not, I know you don’t want a new job, but could you look for something and just know it’s for a set time period but try to earn as much as you can in that period?
Also, if you work from home, are you in an expensive area of the country? Could you relocate? I know that’s hard when you have friends and family. How about moving from a house to a flat? They’re normally cheaper to run, and living closer to a town can be really nice when you’re older as you don’t need to rely on a car and there’s more going on.

The other option is to find a different job, but one that you love, and can do part time, and semi retire. If you knew you only had to work 3 days a week, it was paid ok and you really liked it, working for even 10 years more might not seem so bad. Your husband will be working anyway.

Look at where you can use the skills you have - don’t sell yourself short. I employ three women and honestly, I would much prefer women in their 50s and 60s (even though I know I’m not supposed to!) because the women we have in their 20s and 30s are so incredibly unreliable with childcare and sickness that I would always prefer a more mature candidate. And before anyone shouts all my female employees ARE in their 30s and have small children which is causing my rapid greying hair.

Original poster
Classof76 · 19/04/2023 13:28

gogohmm · 19/04/2023 13:23

Every sympathy, my pension pot is similar. I strongly suspect I'll be working past 67, that's just the reality of life - we live longer than when the pension age was younger. I suggest looking for work you can sustainably do until 70 or so, subsidising with your private pension- if you delay your state pension you get more

Thank you, it's just I know I can't face another 6 years of this
Some days I just sit and cry at my computer.
I also think my own parents didn't make great ages and I don't have that much longer left if I end up the same as them. So I need to make the most of what I have now, not be unhappy.
But then I think I'm lucky as I can mostly WFH and I have a home.

OP posts:
beguilingeyes · 19/04/2023 13:28

I'm in a similar position to you..I'm coming up to 62 and thought I'd have given up work by now, but the cost of living scares me. Who knew I'd be worried about putting the heating on at my age.
I feel that if I do give up work, and then want to go back because I need the money, it'll be difficult to get back into the job market.

Original poster
Classof76 · 19/04/2023 13:30

beguilingeyes · 19/04/2023 13:28

I'm in a similar position to you..I'm coming up to 62 and thought I'd have given up work by now, but the cost of living scares me. Who knew I'd be worried about putting the heating on at my age.
I feel that if I do give up work, and then want to go back because I need the money, it'll be difficult to get back into the job market.

What a crazy world we live in.
I'm sure my mum retired at about 50!

OP posts:
sixfoot · 19/04/2023 13:32

my mum didn't retire till 74. Low paid jobs all her life and simply couldn't afford to. Some people manage to retire early, lots and lots don't.

AP5Diva · 19/04/2023 13:33

I can well understand why you feel so depressed over your situation as it’s not really your fault you are in it.

Id check you both have the 35yrs for full state pension..or are about to before doing other advice about retiring.

Have you checked your national insurance contributions and state pension forecast? You can still top up any part time years as far back as 2007 until 31 July 23. I mention this because if you were very part time you may not have gotten credit towards the full state pension.

First thing you should do is check and ensure you will get the full 35yrs:
https://www.gov.uk/check-state-pension

It will also show you if you have any years you can top up if you will be falling short (or fear you may fall short as the forecast assumes you will work full time until you reach state pension age).

Check your State Pension forecast

Find out how much State Pension you could get (your forecast), when you could get it and how you could increase it

https://www.gov.uk/check-state-pension

Original poster
Classof76 · 19/04/2023 13:37

Ozgirl75 · 19/04/2023 13:27

Are you being paid well in the job you’re doing? They clearly like you, so could you ask for a pay rise? If not, I know you don’t want a new job, but could you look for something and just know it’s for a set time period but try to earn as much as you can in that period?
Also, if you work from home, are you in an expensive area of the country? Could you relocate? I know that’s hard when you have friends and family. How about moving from a house to a flat? They’re normally cheaper to run, and living closer to a town can be really nice when you’re older as you don’t need to rely on a car and there’s more going on.

The other option is to find a different job, but one that you love, and can do part time, and semi retire. If you knew you only had to work 3 days a week, it was paid ok and you really liked it, working for even 10 years more might not seem so bad. Your husband will be working anyway.

Look at where you can use the skills you have - don’t sell yourself short. I employ three women and honestly, I would much prefer women in their 50s and 60s (even though I know I’m not supposed to!) because the women we have in their 20s and 30s are so incredibly unreliable with childcare and sickness that I would always prefer a more mature candidate. And before anyone shouts all my female employees ARE in their 30s and have small children which is causing my rapid greying hair.

Unfortunately local government don't really work if you ask for a rise, I've been on the same grade for years, good at what I do but not great in having confidence in myself.
I'm up north so relocating not great anyway DH wouldn't consider that with this mum.
Totally understand what you say about the job market, I know I'm very reliable lol.
I'd love to work for myself but have no skills really... Though I'm creative I'd have to turn over lots of goods to give myself a decent income

OP posts:
FrownedUpon · 19/04/2023 13:41

I’d look at a lifetime mortgage or equity release. Its the obvious solution really. Don’t worry about inheritance, your DD can sort her own life out.

ModeWeasel · 19/04/2023 13:47

How about renting a room to a lodger - can get a certain amount tax free I think?

Also definitely check your pension forecast and if worth topping up - do so asap as can currently do this cheaper, check mse