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.

So you're on a "higher than average" wage level then. Most people are on average wages. Of course someone on a relatively high wage will have a different "point" at which they could afford to stop working.

Yes - of course. I was speaking from my perspective only. And also due to the place I live as well. Which makes the million pound not go as far as it would in the uk

Not immediately, but I'd top up pension, pay down mortgage and earmark for school/uni. Then I'd drop a day or two at work and carry on as normal

I don’t get anything, I haven’t even got it yet and will of course get proper expert advice at the time. I’m just looking at some figures on ChatGPT.

In this scenario the OP isn’t working. If they wanted a private or state pension they would need to contribute which would eat further into their 2200/mth.

i would only not have a pension at all if I had never worked, which is not the case (and clearly is not the case given I identify my job in my OP!)

I would pay off the mortgage and cut my hours at work to do two or three days a week I think.

That's why you have a properly balanced portfolio, i.e. to weather the fluctuations. History shows that, over time, investments have always risen in value.

The people who lose out with fluctuations are the ones who "have to" sell or cash in when the market is low. You won't need to do that with a long term portfolio of investments, properly balanced, with a good mix of shares, bonds, cash, and funds with the right mix of income & accumulation units.

Well I’m presuming you are still relatively young? Your private pension will likely be negligible and you won’t have been working enough to get the full state pension. You could top up both, but it would cost you.

They'd still have all the years of working prior to the million pound win and the years for which they were eligible for "carers" NIC credits whilst caring for a young child or elderly parent, etc., so would probably have already accrued plenty of years towards state pension, especially if they were middle aged when they got the million. They can also pay a relatively modest amount of voluntary NIC contributions if they thought it was worth it. Or set up a small part time self employment to qualify for S/E national insurance credits.

I know people say they would carry on working but I think as soon as you have a bad day at work, most would be running out of work laughing! Not related to a lottery win but at a place I worked, someone was having a bad day which also coincided with an inheritance finally going into their bank account.... he sent a 'global' workplace email stating exactly what he thought of someone and just left the building! (I actually thought "good on you" when I read it).

Anyway, no! I'd be jetting off somewhere for an extended stay! ✈️🌤️🌊

Again, none of which is guaranteed. History is only a guide. It isn’t a crystal ball. It all depends on how risk averse you are. I personally wouldn’t bet my entire income on investments only, or rather certainly not 1m of investments. But you do you.

Is this a real possibility? Any chance you could pivot instead? Do tutoring instead? Or go part time?

Exactly

Why are you presuming that? Genuine question. I wish my face looked like my writing then! I am 48.

I am part time: still loathe it. I dread the days I go in so much that it overshadows the time off I do get.

Noooo

At my current age of mid 50s I would be done with working. If I was in my 20s or 30s I would continue to work but maybe start my own business.

I retired for far less than that😀

I’d pay off my mortgage, or maybe buy a bigger, newer property and work part time. Put some away for the kids and maybe invest the rest so I could retire earlier but wouldn’t retire straightaway

48 is not old OP! Sorry you hate your job however. I have been there. It’s really horrible.

Well, worst case scenario, you go back to work.

But anyway, not all would be in investments, some would be in "safe" cash at the bank savings accounts or in secure bonds, hence it being a "balanced portfolio". The idea being that you can "ride out" short term crashes like during Covid without having to sell assets/investments at a loss.

Anyway, in a proper long term financial crisis, inflation and interest rates would rocket, so everyone would be beggared, taxes would rise, benefits would fall, etc. Even those in jobs would find themselves struggling.

It’s certainly not young!

I’m a similar age to you, 2 kids in high school. Own my own house, have a decent level of savings, investments and pensions. I don’t love my job but I wouldn’t quit immediately. I’d top up my pensions and investments, put extra aside for the kids for uni and house deposits etc. treat us all to some great holidays, new car etc, and make a plan to retire at say 55.

No. Would like to but it wouldn’t last long enough