Would you keep working after 45 if you didn't need to?

[elsamayy]

Disclaimer: This is not me yet, I am just thinking ahead and evaluating options.

My ambition is to accumulate and invest enough money within the next 10 years to put me in a position of financial independence. I am mid-30s now, so that will take me to mid-40s. I am also planning to have a child in the next couple of years. So by that point, I might have a primary school-aged DC.

At the moment, I work full-time in a regular corporate job with decent flexibility and good perks, nothing awful, but it’s still a lot. I’m someone who experiences financial anxiety, so feeling financially secure is really fundamental for me. My partner earns a good wage as well, but I prefer not to rely on anyone else but me for my financial stability. The agreement with my partner is that he will go part-time for a few years if a DC arrives.

I love the idea of scaling back or stepping away from work to spend more time at home and just enjoy life and family a bit more, but I am conscious that 45 is very young to stop working, and it might be a silly plan.

So, I’m wondering: if you reached a point where you could afford not to work through financial independence, would you actually stop? Or would you keep working for structure, social contact, or “just in case”?

I’d love to hear from anyone who’s thought about or done something similar.

I'm 50. Is so love to stop working. We could afford it but I like my financial security.
If I stopped work tomorrow I'd spend a few months sorting the house and garden, spending more time in the evening with my kids and actually do some exercise.
I'd do a bit more volunteering

Can you work part time? That's probably a good compromise, especially as few people can afford not to earn at all.

I currently work 90% hours over 4 days and my medium term plan is to cut back to 50% over 3 days in 5 years time when I'm 57 and can take some of my pension.

On the financial anxiety, you could probably benefit from learning about financial independence retire early (FIRE) and how to tell when you get there.

A lot of it is about spending less (not necessarily as little as possible) because the less you spend, the more you can save and the less you need to have coming in, so the earlier you will achieve financial independence and be able to retire early. But that depends on your attitude to spending money and 'stuff'. If you're the type of person who likes to spend a lot of money and finds having to cut back miserable, you'll need to save a lot more than someone who's happy with less money because they achieve 'the number' as in the amount you need for financial independence that will fund your desired lifestyle a lot earlier.

Yes, absolutely. What would you be doing besides working? I am incidentally 45 and I’m not working at the moment. Now this is due to illness (cancer) that prevents me working a proper job at the moment (no option to phase in or be PT, it’s all or nothing and I can’t do all), but I’m not unwell enough to not be able to get out and do things.

I have spent the past year doing my hobbies, reading, gardening, doing the school runs and shuttling children to activities, a few holidays, housework, walking the dog, baking. I mean, honestly it’s been better than been on the bones of my ass because of my treatment while trying to hold my career together (I’m a PhD level health scientist), but lord no, I could not do this for the next 30 years. I’d be bored out of my damn mind.

I’m actually looking to re-train, get an additional qualification next year and launch a new career, which I hope to do for at least 20 years. I get a lot of satisfaction from work. I think there is absolutely something to be said for changing course at middle age. But I wouldn’t waste some of your best years burning out in a corporate job (and missing out on family time if you have a family), just to stop it all for a bit of travel and gardening at 45.

Do something you love now that isn’t sucking the life out of you and prioritise fun outside of work. I’m a big believer in building a life you don’t feel like to need to escape from. If you need to get through it just to get to 45 and finally get a break, you’re probably doing too much right now.

Yes, I accumulated enough money to allow me to stop working 6 years ago and giving up work was the obvious thing for me. It coincided with having a family (my eldest is 7) so I've not had lots of time to get bored! Youngest is not at school full time yet and there are lots of things on my list that I want to do once they are - renovate our house, get fitter and get some health niggles sorted, continue studying (am doing an OU degree), get involved in some creative projects I've put on the back burner since having kids.

Socially I've found it best to not say very much about our finances, so people often assume I'm a sahm dependent on DH, which you might find annoying although I don't care personally. I keep a company ticking over (I do very little actual work) and have some more visible investments like property, partly for tax reasons and partly because society expects people our age (mid 40s) to be working, so it deflects any curiosity when people ask what I do with my time.

I could have given up working but decided to work 2 days a week, I loved my DC but being at home every day did become a bit boring, most of my friends went back to to work full time and I did miss the routine of working and felt I more energised with DC when I was at home.

I work 3 days a week, I have an 11yo and I’m 46. I’d be bored shitless if I didn’t work at all.

I worked too hard for my professional qualification to give it up early.

Edited to add: there’s also the just in case element. DH is a contractor and whilst we have savings, it’s much easier for me to find a FT job if needed if I’m already working.

The work you do in your 20s & 30s can totally set you up for having choices in later life. People seem to be quite black and white about this but really it's not all or nothing. Being able to choose what you do is so, so valuable.

It all depends on if you have DC or other things that are expensive but it's like putting on weight/dieting, it's far easier to spend money than accumulate it but compounding is the best thing for wealth. Look at all your outgoings, etc.

If you enjoy your job I think its great to achieve financial independence. I loved the work I did in my 20s to mid 40s and it paid very well so had no mortgage, pension all saved for and savings and that gives a lot of peace of mind. I still got plenty of time with my children, did adjusted hours so picked kids up from school. Got to go on lots of amazing holidays. I don't regret any of that even though it was very full on.

I also got cancer late 40s and was a huge relief not to have to work then and no financial pressure.

Stopping work at 45, its hard to say now as life takes twists and turns. Nothing has to be forever, you can try things and see what works.

Yes. I never want to retire.

I am 45. I would definitely take a sabbatical and see how that felt, but I wouldn't take any forever decisions and wouldn't want to feel like my working life is over. More of a pit stop than retirement. Then if you thrived in it, you would have the option to stop working. If you got bored, then you had a mid career break.

Absolutely no way! I don’t ever want to retire, and it’s not even about the job itself as I have had jobs I disliked, and I felt the same then.

I love going to work and meeting people and contributing.

Im older than 45 but might feel differently when I am much older, I might be tired by then, but now, even if I won the lottery I would continue working. I am lucky to be able to work.

I had a mid career break in my early 40s for a year through redundancy and decided to stay off work till my youngest started school. I did all the garden, house, gym, school run stuff. After a year I was definitely ready to go back, but went part time and have stayed that way (late 50s now). All my friends were at work most of the time, there's only so much to do with the house and garden and having DCs restricts travel or even days out. Now I'm older and the DCs grown up I do volunteering and hobby groups in my spare time but nearly all the other people are older than me and I'm not sure I would have fitted in very well in my 40s. Whereas I really like my work and colleagues and can't see me retiring any time soon although I could.

No I don't think so. All my friends were still working then, so Id have no one to hang around with, my kids were at school. Most activities during the day that don't involve pre schoolers are designed for the over 60's or are majority attended by the over 60's.
Id like to cut down my working hours in 4 years time when my youngest child turns 18 and work a couple of days a week until I'm retirement age or maybe older if I want. I enjoy my job though, and enjoy meeting people and the brain stimulation of doing it. If I retired at 45, Id have possibly 40+ years to fill. My grandmother lived to 105!

This all seems very theoretical. You aren’t financially independent yet, you don’t have a family at this point. If financial stability is very important for you then concentrate on that.

It seems daft to say you will stop work at 45 - you could be just halfway through your life, what will you do for the next 45 years?

I think you would need to have accumulated a great deal of wealth to manage that and be able to live well until your late 80s, for example.

The danger with stopping f/t work in your prime by going p/t or whatever is that you are reducing your pension and savings for the future.

And it might mean that instead of being about to retire fully at say 60 , you need to keep on p/t work until you are older. When it will feel harder. (I worked f/t until I was 63)

I felt in my prime at 45 - and still had primary age kids.

When I was in my 20s and working in a corporate job that was my dream but I never earned enough to achieve that. I'm late 50s now and have had to give up work this year due to ill health.

I think I is a great idea as long as you have lots of hobbies and interests to fill your time. I don't think anyone says in their deathbed "I regret that I didn't work more."

No but by 45 I want to be in a role where I can plan to drop to 4 days at 50, 3 at 55 and retire somewhere between 57 and 60.
I had 5 months break between jobs 3 years ago and I was bored stiff by the end of it, couldn’t wait to go back to work!

My rule is that if I earn or acquire enough assets, I'd never work for somebody or have someone work for me.

Both cause complications that I wouldn't be bothered with if I could afford not to be.

According to my calculations, by then my investments should generate enough yearly interest to be able to live off of it without eroding the nest egg much.

I appreciate that there is a whole psychological and social side to this decision though, beyond the mere financials.

That sounds like a good rule to have! Food for thought :)

What about making a contribution through tax? I’ve got several acquaintances and family who don’t work in their mid 40s due to not needing to financially and I couldn’t say they’re very happy.

i’m mid 40s and the happiest people I know are those working part time or with a good amount of flexibility in jobs they like and i’d aim for that.

Yes, I'd always have to work at something but having money would enable me to work for myself, not have to priortise paying bills etc. I would work at being an author and give up my day job by choice. And also my house and garden would look absolutely amazing.

One of my university friends retired at 45. He is an exceptionally bright guy from a normal background who earned big money working in finance & consulting but he lived a completely normal life. No Porsches, Rolexes etc. Instead he invested heavily in property & tech stocks & gave up work when was able to live comfortably on the income generated by his investments. He has never regretted it for a moment, he has a lovely family who he spends time with and he travels the world enjoying his hobbies.

I have nothing but admiration & respect for him, and If I were in his position I would do the same.

I would give up now if I could. I'm 40. I'm so over it. Rubbish management time and time again, useless systems that don't work, ridiculous policies and cost saving that effects so much. I'm done

you are obviously successful to be considering this but two things.
Don't underestimate the identity or status you may subconsciously get from your professional label. This will disappear if you retire.
If you retire at 45 then change your mind it may be very hard to return to a similar level in your field You may have to start afresh a few rungs down.