Active discussions

Meet the Other Phone. Child-safe in minutes.

Meet the Other Phone.
Child-safe in minutes.

Buy now

Please or to access all these features

Talk
AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

To retire from work early

43 replies

norabloom · 05/06/2011 18:19

I have the opportunity to leave work and take an early (reduced) pension.

As I worked part time for 9 years when my children were small, the pension will be about £12,000 a year.

It will mean a big drop in income but my DH has an income and is encouraging me to go for the retirement.

My kids are grown up now - although one has just left university and is living at home.

I have always had my own income and never had to rely on DH for money. He is generous and nice, but I am worried about giving up my salary (although also a bit excited by idea of giving up work which I have come to dislike more lately).

AIBU to think I can't do this?

OP posts:
jubilee10 · 05/06/2011 18:38

I would do it. You will have your pension and you could always do something else if you wanted too.

Mumwithadragontattoo · 05/06/2011 18:40

YANBU if you feel ready to give up work. It sounds like it might be a good opportunity and you will discover lots of new and enjoyable ways of spending your time!

fruitymum · 05/06/2011 18:41

go for it! you can always pick up something part time.

Beamur · 05/06/2011 18:42

You could retire and take this pension and still look for another job if you wanted to be doing something and earning more money.
I'd go for it in your position.

shirleyshortcut · 05/06/2011 18:42

i will be, sooner the better

purplepidjin · 05/06/2011 18:43

YABU! If you want an income of your own, find something you absolutely love doing and make some money at it. You are now in a place where you have the freedom to choose exactly what you want to do. I'm not quite 30, and that's what I'm aiming for in the future... You have acheived one of my life's ambitions Grin

PS 12k a year is 1k a month. Which is about what I live on currently. You'd be surprised how far you can make it stretch if you need it to Wink

Portofino · 05/06/2011 18:44

Can you not find a part time job to keep you busy and Let you keep your pension money. The grown up one still at home should be paying his way too....

rookiemater · 05/06/2011 18:53

What age are you?

unknownrebelbang · 05/06/2011 18:59

I'd be off like a shot even though I (mostly) enjoy my job!

In fact, I'm already planning my own early retirement.

You could do it, then always look at a part-time job if it doesn't suit you (which is exactly what DH did when he retired.)

mumnotmachine · 05/06/2011 19:15

After tax I earn less than £900 a month, and that feeds, clothes and entertains 4 of us and runs two cars!
And I wouldnt say we suffer for it!

Go for it- you can always fill the gap with a part time job at a later date!

Dozer · 05/06/2011 19:19

Yanbu to be tempted, but if was me I would do some sums first. How much of a drop in income will it be compared to your current salary, how many years til you could retire on a full pension, and what would that be? Does your dh have a good pension coming along too?

Original poster
norabloom · 05/06/2011 19:20

I am 52.

My son will be contributing (or leaving home), but is just finishing a graduate diploma in law - so after that.

Thanks for all the positive vibes!

I want to do it, but I guess I am just scared because I have always had a job since I left university (except during maternity leave) and I have an expensive shoe habit huge work ethic.

OP posts:
Original poster
norabloom · 05/06/2011 19:24

It will be a drop of £33,000 in annual income. My pension at 60 will be bigger of course (c.16,500).
My DH has no pension but he does have his own company and some property he is hoping will be his pension!

OP posts:
LadyThumb · 05/06/2011 19:27

My Retirement Pension is just over £7,000. That's what you get for working for 20 years, then being a Carer for the next 26!!!

Original poster
norabloom · 05/06/2011 19:31

LadyThumb - I didn't mean to sound spoiled and ungrateful.

You are right of course. I will be OK financially but I will have to find some positive ways to spend my time.

OP posts:
heleninahandcart · 05/06/2011 19:40

I've done it. I'm much poorer and much much happier. I was so worried about it before I did it I completely forgot I could also get another job anyway.

Go for it. You can afford it, you have your DH as back up and you will have your pension for independence :)

Nanny0gg · 05/06/2011 19:42

You lucky devil!
I've got at least another 3 years and I'd love to be able to go now.
Take it and enjoy!

lynehamrose · 05/06/2011 19:46

If you feel you can live comfortably on it then why not? You're not scrounging, you've paid in and are getting your entitlement. Could you try a 6month period of living on the reduced income to see how it goes? Remember though, once you are retired you will have more time to shop/lunch out/ visit galleries etc so factor that in too. I would happily retire early if it enabled me to spend time doing the things I wanted, but not if I was struggling to finance it

purplepidjin · 05/06/2011 20:08

Wow, your drop is our household income! Definitely going to be financially do-able, particularly if you enjoy painting/sewing/crafting for which there's a huge market online.

Think back to when you were a kid. What did you want to do? What did you enjoy doing?

Or, earn your "keep" in conscience. I bet you've got a million skills that would benefit a charity, or society as a whole. Could you go into local politics and make a difference to your community? Get involved in Lions/Rotary/Round Table? So many exciting possibilities!

AnnoyingOrange · 05/06/2011 20:10

Areoyu sure you can tke your pension a 52?

I thought that the last government introduced a restriction that no-one can take one now until they are 55?

AnnoyingOrange · 05/06/2011 20:11

www.direct.gov.uk/en/Nl1/Newsroom/DG_183877

heleninahandcart · 05/06/2011 20:38

I also realised just how much going to work cost me in fares, sandwiches, coffees, clothes, uncomfortable formal work shoes, cleaner, dry cleaning for starters.

Adversecamber · 05/06/2011 20:52

This reply has been deleted

Message withdrawn at poster's request.

Original poster
norabloom · 05/06/2011 20:53

Yes Annoyingorange. I can definitely take it. I just have it reduced further because I am less than 55. Under the terms of my organisation's pension scheme I have a protected minimum pension age of 50 actually (although the pension is reduced if you take it early).

I think I am lucky too. I worry a bit about DH business as his company is only a few years old and the credit crunch has affected it. But, as several people have said, I can always try and get another job if necessary.

I am really not sure how I want to spend my time though. When you are at work you dream about spending days making jam and writing best sellers, but I suspect when the possibility is actually there before you those things may not seem so desirable (or achievable!).

OP posts:
sue52 · 05/06/2011 21:02

norabloom I took early retirement at 55. It has worked out really well for me. I work one full day a week and do another half day for a local charity. I'm really enjoying my extra time and have taken up painting again after a long break, my garden has never looked as tended as it does now and I am reading all those books I never had the time for. If you can make the sums work for you, I recommend it.