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

[Purpledragonz]

Just that really!

No, I haven't done.
In fact I've taken on a casual hours job on top of my full time one.

No, we are relying on the mortgage ending in 2-3 years and then saving that payment to freshen up the bathroom and kitchen when my DH retires. Hoping to have 5-6k l left over to buy a cheap little camper van for our adventures.

I'm already working part time.

I have "downsized" once - in quotes because the house is actually the same size but I moved to a much cheaper area.

I have 25 years contributions/entitlement in the state pension (some is from having small children).

The interest from the money freed up day downsizing is helping me live month to month.

When my kids are all finally out of the nest I will buy a much much smaller probably one bed flat to live in with the "spare" money and rent out the house I currently live in. That will effectively be my pension.

I do have some private pesion but it's scattered and not worth much.

We are quite close to paying ours off. We could do it if, for example, the interest rates became unmanageable. It would just leave us with very little in savings.

I now work school hours only which is really part time. But I wouldn't reduce my hours any more than that. I'm worried about my pension as it is!

Not initially, we’d probably continue as we are but once the kids have finished school we’d probably reduce hours then so that we can travel more/ have long weekends away, etc.

I can't take my work pension until I'm state pension age anyway without taking a hit (I'm 38 at the minute and state pension age likely to be 70 odd by time I get there)

Hoping to be able to save more between now and then and have a buffer to live off if i decide to retire early. Tbh, having been a SAHM and then working PT all my adult life, I wont mind doing 20 years FT.

I'm in a defined benefit scheme, which is a good one.

Also, we may receive some inheritance, altho pur plans do not factor this in.

I gave up work 18 years ago when I paid half of our mortgage off from investments I'd been putting money into for the previous15 years. They had performed so well during the boom years and I was lucky to have cashed them in the year before the financial crash happened.

It has been great and has allowed me a lot of freedom and time with the DC.

Life is very different now though and I'd not make the same decision today. We have no mortgage but the cost of living is suddenly so much higher than it was even just three years ago. We are financially comfortable still but luxuries like holidays we've previously been able to enjoy without a thought have had to be cut. I gave up my job all those years ago confident that we could still afford those things. I wouldn't have that same confidence these days.

No. I'm be 52 when it's paid off, but have l plans to retire at 60. Going part time or stopping work would affect that and also mean I couldn't pay the regular bills!

I work 21/22 hrs per week over 3 days and husband works a 3 on and 3 off shift.
We paid off our mortgage 2 years ago aged 55. We both love the work/life balance this gives us. We both belong to a gym, I have an allotment and I have agreed to help out with my granddaughter when daughter in law goes back to work in April when her maternity leave ends. I sometimes think i should work a few more hours for the extra money but we are comfortable and manage quite well. I have seen so many people we know suffer with illness or early death where they haven't even benefited from their pension in later years that it's made us think enjoy life while you can as no-one knows whats around the corner.

Those of you already working p/t how will your pensions look at 60?

I've been kicking in almost the maximum allowed to my work pension since I was 23, so what with employer contributions, plus additional financial factors, it's looking pretty good. Plus we don't have big outgoings.

Also, I don't want to retire early. I like my job and doing it part-time means I don't feel at risk of burnout.

Once the mortgage is paid off, you're still faced with upkeep, repairs, improvements, old age, pensions and savings

I'd slack off to find a job I enjoyed, but I have paid off my mortgage, I'm on minimum wage and every month is a struggle

I'm one broken downpipe from an an overdraft or a loan

This is exactly the same as my figures too. Paying my mortgage off, I'd still need to find £1500 a month.

I did, but then I was fed up with my job! It depends on your financial situation, it was the right choice for me.

Well, yes I've done that. Handed in my notice spontaneously a few months ago after putting up with a lot of crap for years. It's the most pro-active thing I've done in ages.

I've paid off my mortgage and have some savings to keep me going between jobs (and hoping the next one's better than the shit show I've just left)!

I quite enjoy my job and I get a sense of satisfaction out of it - out of knowing that I'm decent at it. I've just had a couple of months off between jobs and tbh I've been climbing the walls for the last few weeks! I'm not great at boredom or entertaining myself (and also my pension would be shit so I wouldn't have the funds for loads of travel etc).

I'd very happily go part time though! Ideally something like three months on, two months off so I could do big trips on my 'off' time, but otherwise maybe working Tues-Thurs with a nice four day weekend for city breaks etc.

I've paid off my mortgage and I'm part time.

I know my boss thinks I'll increase my hours when my youngest starts school but I have no intention to.

Absolutely! I'd spend more time with family, friends and see as much of the world as possible. Go live your life and enjoy it.

Almost mortgage free now & have gone down to part time. I do 2 or 3 days a week. It’s made a huge difference to our quality of life & I can’t wait to retire!

We paid our mortgage off last year.

For years we put everything into the mortgage. Now, we have to address everything else. Updating old cars, house renovations etc. Plus we'd like nice holidays again. We also start paying school fees next year when DS starts high school.

There's always something in the wings waiting to gobble your money.

Probably part-time: I really like my job, but it's pretty full-on and I'd like more time to do other stuff.

The only problem is that, given its full-onness (not a word, I know), I don't think it would really work PT. I am trapped in a gilded cage of my own making.

We have a few years left on the mortgage and paying it off should coincide with DC finishing Uni. So will carry on for a year or 2 to build the saving pot. Then hopefully retire around 60.
A few things recently have made us realise,life is short.
We want to retire young enough to make the most of it! Work gets in the way of living!

No because my utility bills of which I have tried desperately to cut down are too expensive, I can’t do anything about the council tax which I’m paying £200 a month for and it’s just gone up by 5% - and will continue to go up every year! My water bill on a meter is also getting ridiculous as well as the gas and electric.

Those of you already working p/t how will your pensions look at 60?

When I was on ML and since I have returned to work PT, the family pot covers the difference, including employer contributions, between my pension contributions working PT versus FT.
I pay this money into an additional contribution pension running alongside my regular workplace pension.
When I reach State Pension Age there is bound to be a small difference as the two funds are invested slightly differently but I have tried to future proof as much as possible.

Mine took quite a hit from ML:part time initially but I was saving on childcare. Now at the end of that I’m paying 11% of my salary on top if employers 11% and overpaying my bonus for next few years into it. Should be back on track by end of this year.