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.

Omg i would love to! Infact at any age 🤣 I’d love to be able to potter about and do whatever I fancy. You would need a huge amount of money to retire at 45.
Prob about £1m minimum I’d imagine as a rough guide.

kids cost a lot so factor that in but they’ll also keep u really busy. So u certainly won’t have time to be bored I’m sure.

Will it be enough to provide financial assistance for your DC though? Nice family holidays, experiences, days out and extracurricular activities growing up, substantial contribution at university and then house deposit?

I had 16 months out of work after being made redundant age 51. Loved it. Couldn't afford it longer, sadly.

If I had been able to quit entirely, I'd probably have turned to some regular voluntary work - a friend who retired at 54 does a lot with the local cultural trust, going through boxes in museums stores and making sure they're properly labelled in the database, which is the sort of thing I'd love. Also, my garden was in better shape, and I was fitter, because I wasn't sitting at a desk all day, but had time for exercise classes, and I had more time for creative hobbies and travelling around, and...

But I have to pay the bills, so here I am at work (on lunch.)

I'm not sure how you are going to accumulate enough money in 10 years to last you another 40 plus years particularly if you throw a dc into the mix.

I'm very-late-30s and planning my early retirement.

I'll leave work once I've accumulated enough money to see me comfortably through the rest of my days. This is often called "fuck you money".
I reckon that'll be when I'm around 48-ish.

At the moment, I plan to just completely walk away at that point. But I've also mentally compartmentalised my working life as taking me to the age of 50. If I reach fuck you money before 50, I think I'll see how circumstances look, how things are feeling and make a decision then.

Have you come across FIRE - financial independence, retire early?
It's really useful to help you think through what size pot you need - generally recommended to be 25x yearly spending.
It can also help with modelling what your draw down will look like - generally recommended to draw down 4% of your pot each year.

No. I have been out of work for 12 months and I am bored beyond belief. And I'm 63 - very keen to get back to work!

I'd quit tomorrow if it was financially feasible.

Yes, I love work. I am mid-40s now and I am still building up my career. Don't intend stopping for a long time.

I am aiming for 2 mil at the moment, but who knows if that will even be possible! Life has a way of throwing curveballs at you

No, I wouldn’t stop working as I love the work I do though I’m not particularly reliant on the income.

I’m 36 and would stop work today if I could 🤣

Yes, if all continues as is now between now and then, it should be enough to live comfortably, albeit not luxuriously. My partner plans to keep working, so that will help with providing for any potential DC

I am fortunate to work in a very high-paying country in a good job, and my expenses are pretty reasonable, so I can save a lot every year.

Yes I love the FIRE movement and, in fact, it inspired me to start planning this way!

I think there's a lot of variables. If I genuinely had enough money coming in from interest/investments that I could replace a decent full time salary, live a good life including lots of travel, hobbies, experiences for me and DC without eating into the money then yes I probably would

However I would need to be able to afford an active and fullfilling lifestyle. Pil gave up work at 50 as they had a large inheritance, what has actually happened is they've spent all their money, not invested in their pension, and have been bored for 15yrs before most people retire, and now have little money to enjoy themselves with.

Personally I'd be working more towards flexibility rather than giving up work together. A colleague takes 2 months off a year unpaid and this is probably more the wort of thing I'd want to do, combined with working reduced hours. Better work life balance but also keeping the routine of work and keeps your hand in the game in case things go tits up.

I'm 51. We could afford for me to stop working as DH is a high earner. I wouldn't want to though - my work brings me a lot of fulfilment. Maybe in my late 50s I'll feel differently. I do work part time (0.8 FTE) which is great - I love my day off!

What if dh gets sick though? Several friends in my small network have had cancer in their 40s. Can you afford long term care home care in retirement? All of that needs thought.

@elsamayy It wasn't clear from your OP that you were a high earner.

I was made redundant at 44 from a lovely part time job. As I couldn't find anything as flexible that was as interesting I have not worked for the last year. I don't need to work financially and still have young children so spend a lot of time at the moment managing investments, doing bits around the house, going to the gym and ferrying children around.

I am finding it is not however great for my mental health and I have become a bit too fixated on my physical health. I would ideally like to find another part time, flexible job in my field but if this is not possible am considering starting a business or volunteering.

I have worked p/t since having dc & I plan to carry on. I would like to retire in my early 60s so that's what I save for however if I feel differently I would continue working.

I do like my job though & I have quite expensive tastes 😆

100%. I've been working non-stop for 40 years and I've had enough now. I enjoy my job but I just want to relax, read, paint, watch tv, get a dog. Sadly, I can't afford to retire so will be working until I drop.

I don’t know if I would. I like the intellectual stimulation of work and the sense of belonging. I’d probably like to work less but not not at all. I work 90% in four days and have one primary age DC. About to hit my mid 30s!

I love the way your title assumes nobody is already over 45 😂

Im 58. Still working. Still love it.

I’ve been pondering retirement a lot recently as I’m late 40s! No way would i retire now, and I could potentially afford to.

I am definitely sick of work, particularly line management. However I also have 2 children and I want to be able to help them through uni and with deposits on property etc. and I want to travel and have a very comfortable retirement. My DH and I have done a lot of saving, topping up of pensions and invested. All with a view to retire at 55. I’m still planning to retire at 55 and given how long people are living these days, I expect most of my peers will be working long after that! I also think that personally you get a lot of benefits from working in terms of being active and social.