If you had a million pounds, would you carry on working?

[theveryveryhungrycaterpillar]

I know a lot of people will reply they love their jobs and would no matter how much money they have but if I’m honest I don’t enjoy mine at all (teaching, if that’s relevant!)

Interested to know.

This one

I could give up work but I don’t. Late 40s. It gives me purpose in life.

Yes definitely, we live overseas, run a UK company from here. But we have a lot of young retired friends who have made a fortune in property, investment's or bit coin and are bored senseless. They honestly are so dissatisfied with their lives

Yes would carry on working but would drop my hours. Early 40s with 2 young kids and living in the SE. £1m doesn’t get you much these days so would buy our forever house (that’s most of it gone) and then invest the rest for DC’s futures.

£1m doesn't give a huge income £50k at 5% enough to live on, but people on here seem to have incomes up to £100k or more, so maybe not enough to retire on just that for them.

£1m - £50kpa for 20 years if spending the capital. But spending it is not the way to retire on it. Invest it. Live off the income from that. How much do you need a year? 5% return is £50k for example. Keep investing excess over what you actually use and keep compounding the interest.

It would seem the majority would not do so but the problem is the majority who are answering seem to love their jobs. I absolutely hate mine!

That would be the tentative plan if and it’s a massive if I did so. I’d live off the interest.

Definitely not !!

I’d get an easier job with working hours that suited me then take early retirement.

Meanwhile I’d step back in my current role, eg leave on time, WFH more even though should be in the office, speak my mind more often. I think I would be managed out (so more cash) or promoted if I cared less.

I’m 45 in an nhs role, I would definitely leave but would love to work in a job I loved

I’d pay off my mortgage, ensure the kids finished uni with no debt and stop worrying about work - I’m self employed and enjoy what I do so I wouldn’t quit but I’d also not stress about losing clients and having to balance the books. It wouldn’t leave a huge amount left over but enough to live very comfortably to retirement and beyond.

Yes, but only because I love my job.

I've been in jobs I hate before and id be gone faster than you can say resignation

Is there something you would love to do if money wasn't a consideration?

My DH as an example would love to work at a zoo. But he has zero experience or qualifications and we don't live close enough to one currently. If we had enough money to relocate, be mortgage free, and take an income from an investment though, to supplement the likely low salary an entry level position would involve, that would compensate for his larger salary now.

Leaving your current job doesn't have to mean retiring. Absolutely if I didn't need the money I would leave a job I hated, but that doesn't mean I would never work in some way again

I took a career break a few years ago. Intended to go back after 12 months, took another 12 to find a job. The two major things I learnt in that time were 1) I really dislike not working. Hobbies & socialising just don’t do the same for me. 2) Once you are out of work it’s really hard to get back in it and as I advance in age it’s only going to get more difficult. I’m aware that there’s every chance that if I stop earning now I may never get another job in my area of expertise so I need to be absolutely sure before I jack in my potential to earn from my career. So no, I wouldn’t retire, I’d be afraid of being bored and running out of money too soon.

Is there a way of doing a job you don’t hate OP? Or at least dislike less?

@Overwhelmedandtired anything I would want to do wouldn’t be possible unfortunately!

I know on MN work seems to give a lot of people purpose and enjoyment but I find it a huge source of stress, even if the work itself is OK just getting there feels like a big hassle around everything else

I think you have unrealistic expectations of just far 1 million would go. If you are young with kids it generally wouldn’t enough to see you through a lifetime without working, let alone send them to private school and also not work.

Depends mainly on your current age and then other factors. I'm 51 with no mortgage but have an older DH who cannot work again due to severe disability so currently must work until retirement age and probably beyond; but in our circumstances yes I could stop work with £1million.

@joanofaardvark i love not working. I will admit that Covid was largely quite a happy time for me, which feels awful to admit but I really was very happy.

Yes, but I am within a few years of retirement anyway, work PT and like my job.

At my age now (late 50s,) NO WAY.

If I had been like under 40, I don't think I would 'stop working' but I would not work for someone else. I would start my own business.

I didn't enjoy working so I sropped as soon as it was financially feasible to. Having plenty of time for family, wellbeing, study, exercise and interests has been more important to me than having a career.

I don't plan to return to work but I am progressing more seriously in my study and I will probably have a second career of some sort down the line, albeit more on my terms and following my own interests rather than being dependent on it for a salary.

I'm older so yes, definitely. I've worked since I was 17. So unless I was doing something that actually "defined" me then it would be very hard to carry on. I mean, I've been very fortunate and had mostly lovely jobs and great colleagues so I'm not bitter and twisted. But realistically it would change the whole dynamic and your attitude to others. The minute someone really pissed you off, you would know that you didn't have to stick around and put up with that shit. And you wouldn't have the motivation to heave yourself out of bed at 6am on a freezing cold winters morning, complete with de-icing the car or standing on a bus stop. You would know that you didn't have to do it. If I was younger, I'd dabble in something though to keep me active and sane.

Assuming you get 5% - many savings account are less than that for £1m , that would be taxable which a lot of people
seem to forget, so not a massive income at all.

I would leave for 10k