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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
pickledandpuzzled · 19/04/2023 17:11

What is your sick policy and disability policy?

Find out.

See your GP and discuss your inability to keep up the current pace. Ask whether you'd qualify as disabled.

Take some sick leave, in accordance with policy, to recover your physical and mental health. Use the time to reassess. And work less hard at work, even though that goes against the grain.

LuluTaylor · 19/04/2023 17:28

Or an easy job such as taking people with learning disabilities out and about

Being alert to and able to quickly respond to the needs of a client whose behaviour, due to their issues, may at times be demanding/difficult is not an "easy job"! You have to be mentally switched on the whole time. Being a support worker is for those with physical energy and a genuine desire to help, not for those who fancy a cushy job and an easy life! That mentality leads to client neglect.

Bramshott · 19/04/2023 17:31

Could you drop back down to 4 days OP and reclaim a day for yourself/to meet friends? You'd have a drop in salary but it could very well be worth it to you.

Interested in this thread?

Then you might like threads about these subjects:

General money Retirement & pensions
Original poster
Classof76 · 19/04/2023 17:53

caringcarer · 19/04/2023 17:02

Check how much state pension you will be entitled to when 67. If you worked part time for many years in the past you may not have full years for some years. Are you on the correct medication. I have hypothyroidism and I feel exhausted if I am under medicated. Ask for a blood test to check. Could you work for another 3 years then retire 4 years early?

I get the full amount and sunny need to put any more in, I've worked 45 years 10 more than is needed.
Just had yearly bloods last week, they are in the range but that means nothing given I have Hashimoto's.
I shall try for as long as I can work for, but I'm getting despondent.

OP posts:
Original poster
Classof76 · 19/04/2023 17:54

LuluTaylor · 19/04/2023 17:28

Or an easy job such as taking people with learning disabilities out and about

Being alert to and able to quickly respond to the needs of a client whose behaviour, due to their issues, may at times be demanding/difficult is not an "easy job"! You have to be mentally switched on the whole time. Being a support worker is for those with physical energy and a genuine desire to help, not for those who fancy a cushy job and an easy life! That mentality leads to client neglect.

My brother was disabled, it's a very intense job in have a lot of respect for support workers

OP posts:
SweetSakura · 19/04/2023 17:55

LuluTaylor · 19/04/2023 17:28

Or an easy job such as taking people with learning disabilities out and about

Being alert to and able to quickly respond to the needs of a client whose behaviour, due to their issues, may at times be demanding/difficult is not an "easy job"! You have to be mentally switched on the whole time. Being a support worker is for those with physical energy and a genuine desire to help, not for those who fancy a cushy job and an easy life! That mentality leads to client neglect.

Yes I am surprised people think that would be a good job for someone with chronic illness

Original poster
Classof76 · 19/04/2023 17:55

Bramshott · 19/04/2023 17:31

Could you drop back down to 4 days OP and reclaim a day for yourself/to meet friends? You'd have a drop in salary but it could very well be worth it to you.

It's something I need to think about. It's just the pension situation that's going to be affected.

OP posts:
Original poster
Classof76 · 19/04/2023 17:58

pickledandpuzzled · 19/04/2023 17:11

What is your sick policy and disability policy?

Find out.

See your GP and discuss your inability to keep up the current pace. Ask whether you'd qualify as disabled.

Take some sick leave, in accordance with policy, to recover your physical and mental health. Use the time to reassess. And work less hard at work, even though that goes against the grain.

I'd get 6m full 6 half. I don't fall under the disability policy.
My GP would probably support sick leave but knows how I am generally so wouldn't class me as disabled.
I'm also trying to work a different way/pace but it's hard as I can see it building up which is stressful.

OP posts:
LuluTaylor · 19/04/2023 18:04

My house isn't really big enough for that unfortunately.

You'd be surprised OP. As long as the room has a window and enough room for a bed plus some sort of cabinet to keep clothes in, someone will rent it. With the current housing crisis you'd have your pick of people. They'd need use of the kitchen and bathroom obviously, but if you pick someone decent having a lodger needn't be any more of an intrusion on your life than having to work all week is.

swanling · 19/04/2023 18:05

'A person has a disability if:
They have a physical or mental impairment, and
the impairment has a substantial and long-term adverse effect on the person's ability to carry out normal day-to-day activities.'

GPs are not necessarily clued up on the legal definition of disability. They don't have legal training.

Original poster
Classof76 · 19/04/2023 18:06

LuluTaylor · 19/04/2023 18:04

My house isn't really big enough for that unfortunately.

You'd be surprised OP. As long as the room has a window and enough room for a bed plus some sort of cabinet to keep clothes in, someone will rent it. With the current housing crisis you'd have your pick of people. They'd need use of the kitchen and bathroom obviously, but if you pick someone decent having a lodger needn't be any more of an intrusion on your life than having to work all week is.

I think it's the sharing of the bathroom that's the issue, I know my DH wouldn't be at all happy with that!

OP posts:
Chewbecca · 19/04/2023 18:10

You say you are saving like mad - this suggests you don’t need your full salary to live on, is that right? In which case, I would definitely consider cutting your working hours. I would also start taking sick days when you are feeling worn out. Mentally move to a winding down phase of work.

Personally I wouldn’t consider too much wanting to help your DC in your plans, no child wants their parent to work themselves into the ground for them, I would hate to think of my mum doing this.

Original poster
Classof76 · 19/04/2023 18:11

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).

Yes I checked years ago and recently.
Full state pension having worked a FULL 45 years.

OP posts:
TennisWithDeborah · 19/04/2023 18:12

You sound absolutely worn out. I think you need some time to recharge OP. Get signed off for a few weeks. It won’t improve your finances but I think you need it.

Dorisbonson · 19/04/2023 18:27

See if you can move to a different team to maintain interest in your role.

You can't really afford to retire on 6k a year. You need to last as long as you can in that role.

If you have room for a lodger maybe take one in?

NewNovember · 19/04/2023 18:30

I do t understand so you have 40k lump sum plus two times 8 k state pensions plus a 6k and 30k private and you own properties so £52k a year pension 4Pk lump sum and sale is a property. What is the issue? Surely you can survive on the 40k plus the 6k and partners earnings until state pension kicks in.

CordyLines · 19/04/2023 18:36

OP your posts are so sad and filled with lack of hope. Try not to go there just now.

If it were me I would right now get signed off for a month. Then on return cut my hours down to the bone, to the limit of what I could afford. I know it will/may affect your final salary pension but now is the time to live.

I was in a similar position although I had savings built up, and due to end of life caring for sibling and parents I worked mornings only for six months, then went three days a week then 2.5 and stuck at that until I finally was able to retire, because they offered to boot me out the door on a package! They needed someone full time, couldn't do anything about my hours as they were sanctioned by previous managers etc. so they were glad to see the back of me. The relief of having a break from work was immense, although it was filled with other stuff, which I then had the energy for.

Make no mistake, you are not important to them, only to the extent that the person managing you is protected by your diligence. They don't care personally about you - it is a numbers game. When you realise that, it is easy to say in your head "OK, F off the lot of you I'm doing what I want FOR ME".

You will survive and will not starve. Sometimes we fear things that will never happen and can over analyse/overthink. I wish you the best of luck and hope you can find some solutions if what I have written above is just not going to work for you.

Original poster
Classof76 · 19/04/2023 18:39

NewNovember · 19/04/2023 18:30

I do t understand so you have 40k lump sum plus two times 8 k state pensions plus a 6k and 30k private and you own properties so £52k a year pension 4Pk lump sum and sale is a property. What is the issue? Surely you can survive on the 40k plus the 6k and partners earnings until state pension kicks in.

Whoaaaaa there....
Nothing like that at all!!
I have a private pension total value 40k to last forever....ie I can draw down on that.
Work pension if I leave now of 6k (plus a 4k lump sum)
And state pension in 6 years time..
I don't have properties but a small house I own.

OP posts:
Winter2020 · 19/04/2023 18:43

Hi OP,
This is probably the scheme you referred to earlier but you need to ask Human Resources and your work pension for information and a quote on “Flexible retirement”.
lots of my colleagues (also LA) have done this recently.

So you can get your 25% tax free lump sum (colleagues have used this to finish their mortgage) and take your pension but continue to work in your current role and but work less. Get the quote and then decide if you can afford to work 3 days or less and still have a similar income to now when you add wages plus pension.

By still working (but less) you might be able to hang onto your private pension longer and use that to supplement your state pension by 4 or 5 k a year for a decade or so?

Original poster
Classof76 · 19/04/2023 18:45

CordyLines · 19/04/2023 18:36

OP your posts are so sad and filled with lack of hope. Try not to go there just now.

If it were me I would right now get signed off for a month. Then on return cut my hours down to the bone, to the limit of what I could afford. I know it will/may affect your final salary pension but now is the time to live.

I was in a similar position although I had savings built up, and due to end of life caring for sibling and parents I worked mornings only for six months, then went three days a week then 2.5 and stuck at that until I finally was able to retire, because they offered to boot me out the door on a package! They needed someone full time, couldn't do anything about my hours as they were sanctioned by previous managers etc. so they were glad to see the back of me. The relief of having a break from work was immense, although it was filled with other stuff, which I then had the energy for.

Make no mistake, you are not important to them, only to the extent that the person managing you is protected by your diligence. They don't care personally about you - it is a numbers game. When you realise that, it is easy to say in your head "OK, F off the lot of you I'm doing what I want FOR ME".

You will survive and will not starve. Sometimes we fear things that will never happen and can over analyse/overthink. I wish you the best of luck and hope you can find some solutions if what I have written above is just not going to work for you.

Thank you for this, I'm sure what you say is right.
I'm under no illusion I'm only a number.
I need to do what's best for me in my own time.
If that means going off sick at some point ( which goes against the grain believe me) then I'll do it.

OP posts:
Winter2020 · 19/04/2023 19:03

Hi OP,
I’m confused by the numbers in your first post. You say your pension is “best case scenario is 6K plus 4K lump sum if I go at Christmas”. Do you mean 40k lump sum?

Here is a bit of my pension statement and your lump sum does not look the right proportion at all?

Want to retire but can't afford to
Silvers11 · 19/04/2023 19:08

@Classof76 Does the LA not support partial retirement? My OH did this in the civil service and their pension schemes are similar - or they used to be

Basically it meant he got his retirement pension from the civil service at the age he applied for it - but he also then changed his working hours to part time. The caveat was that he couldn't earn more by taking partial retirement and working part time so we had to work out how many hours he could work part time to make the amount up to his full time salary. The retirement age for the Civil Service Pension he was on was 60. He did qualify for a further pension payment when he finally retired but that was at part time rates

If this is available to you, it might be worth thinking about? He cut his working week to 3 days a week and it made a huge difference to him. It did take a bit of working out cash-wise but it worked for us. He did have to get permission though to do that, it wasn't guaranteed, but it was worth it. He absolutely hated his job too

If you are going to have a state pension, your LA pension and your private pension pot you'd need to do the sums as to what you would get if you go for this option ( if it IS an option)

Silvers11 · 19/04/2023 19:10

@Classof76 PS - i think the partial retirement I spoke about above is maybe called flexible retirement, or similar

alpacamaraca · 19/04/2023 19:15

Does your LA offer flexi retirement? Might be worth looking into.

Original poster
Classof76 · 19/04/2023 19:20

Winter2020 · 19/04/2023 19:03

Hi OP,
I’m confused by the numbers in your first post. You say your pension is “best case scenario is 6K plus 4K lump sum if I go at Christmas”. Do you mean 40k lump sum?

Here is a bit of my pension statement and your lump sum does not look the right proportion at all?

So the most I can have is around 6k a year plus a lump of 4k or....and I'm not sure if this is better 4k a year plus 30k lump sum.
I'm assuming I'll need the 6k figure as 4k is worse or do I use the 30k over this time as income? Shame I couldn't blow it on a round the world cruise 😂

OP posts: