Would you go part time/quit your job if your mortgage was paid off?

[Purpledragonz]

Just that really!

No, most of the cost is normal bills! Our bills (for everything is 2k a month) the mortgage only takes up £550 of that.

Yes, yes yes, I paid off the mortgage and work 20 hrs a week.

No. My contribution to our mortgage is £250 a month. I'd need to be better off by far more than that to be able to go part time!

I would rent the house out and travel the world, maybe taking on some temporary jobs to extend how long I was in a country for / how I could keep travelling for.

No because I still need to save for bills/house maintenance/holidays and pension savings.

I’ve dropped from 5 to 4 days, but there are still many more bills to pay, plus two DC to fund through university! So no major lifestyle changes and still shopping at Aldi, buying yellow sticker food etc 😆

I’m part time anyway (work 9.30-3 every day so I don’t need any wrap around school childcare) but no I wouldn’t quit and am looking forward to working more when dc are older. I enjoy my work and would probably do it/something similar in a voluntary capacity if I didn’t need to earn money.

I've been mortgage free for nearly 20 years and still work full time. I have a family to support and bills to pay.

I think I’d rather work as much as I can while I can to build up a decent pot for anything that could happen post retirement

DH and I already work PT and we only have a small mortgage. So no, we wouldn't quit or reduce hours further. The extra money we would save some of it (we save very little at the moment), and use some of it for holidays abroad (we can't afford this at the moment).

First thing I did when I paid my mortgage off was go PT. I just don’t see life as work. I want time off from it & I felt like life was passing me by. I don’t have a lot of free time as my day off is spent looking after my mum but I can do all school drop/pick ups & I’m done by 3.

Paying off our mortgage a few years ago allowed me to give up work to become a sahm. I'm now going back to work part time next month as my youngest is old enough for pre school. I will increase my hours once my middle and youngest child are in school

No, because my financial situation is such that I do not have as large a pension as I'd like.

I'm 38 and only started paying into my pension when I turned 31. I was a SAHM for the 10 years prior to that. I have worked PT for the past 7 years now.

Once my youngest is 18, I'll be 44 and intend to go FT then.

So I've done things the other way round really!

We haven’t got a mortgage. Dh and I still need to work full time to pay the bills. That won’t change anytime soon. I can’t imagine being able to give up work ever.

Even with the mortgage paid off we couldn’t afford to reduce working hours. Everything else still costs so much. And we need to save for retirement.

No, now the mortgage is paid the income is covering improvements to the house and some extra holidays which we couldn’t afford when we were paying the mortgage.

Not quit, but might reduce hours or move to a contracting role. Or DH might, since I am already only working 4 days. It’s still a decade away unfortunately!

I didn’t.

Have more than one mortgage-free property, but working gives me more than just financial gain so I’ve kept it up fulltime.

No.
Paid off the mortgage many years before we retired (at 55 & 57).

In it's latter years our mortgage was practically insignificant compared to council tax (the highest bill) and the massive payments we were making into our pensions.

I'm already part time (0.8 FTE), due to pay off the mortgage in a few years but not planning to reduce my hours further.

I plan to only work for part of the year once my mortgage is paid off.

To add, if I was in my 50s and had worked FT forever, I would most definitely consider it. Particularly given that I'd expect someone of that age to have a large majority of final salary pension contributions.

Nope. Similar to PP, I'm already 0.8 FTE. The mortgage will be paid off in 2.5 years but then I need to ramp up the savings for Uni costs and my pension.

Yes I think this makes a difference. I did a ‘career’ type job after kids so don’t have much of a pension (yet) and also have lots more to achieve/develop in my new profession. I’m sure I might feel differently if I’d worked full time in this role for a couple of decades already.

Paid off my mortgage a couple of years ago, but still work full time.
I'm going on more holidays (especially now my boys have left home), but still want to be building up my pension pot.
Aiming to retire in 4 years and happy to keep going until then.