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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

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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:

purplepidjin · 05/06/2011 21:08

Meh, if the novel doesn't work out piss off to Africa/India/South America for six months then come home and write about it grin]

Original poster

norabloom · 05/06/2011 22:43

Thanks for the positive answers.

I never thought I would want to leave work but the politics are getting me down lately.

I like the idea of voluntary work. I would love to teach literacy. I would also like to try and get fit and lose the insomnia and middle aged spread.

It's really heartening to hear from those of you who have retired early and are happy and I think I won't need a big income to do the stuff I want.

OP posts:

purplepidjin · 05/06/2011 22:56

I am very very very jealous as well as being thrilled for you

MadamDeathstare · 05/06/2011 23:00

This reply has been deleted

Message withdrawn at poster's request.

PigletJohn · 05/06/2011 23:12

Bear in mind that in time, your DP might resent you loafing and idling about while he works 14-hour days.

Some people take up hobby businesses that only survive on a subsidy from the DP, which is even worse.

Just a thought.

Original poster

norabloom · 05/06/2011 23:14

Yes - I hadn't considered the tax thing. Thanks MadameD.

Not sure I would want to go back to my company though! It was always a pretty special place to work but that has all changed since we got a new Director.

Purplepidjin - I like the clothes you have made (pics on your profile). The wheelchair trousers look great.

OP posts:

MadamDeathstare · 05/06/2011 23:19

This reply has been deleted

Message withdrawn at poster's request.

Original poster

norabloom · 05/06/2011 23:21

PigletJohn - my DP will not resent me idling about - mainly because whatever I do it won't be idling.

I also don't intend to take up a hobby subsidised by my husband. I will still have my own income (although much smaller).

He works because he likes working and likes his job (as I did). We are independent people with our own careers and lives and we are not constantly watching each other to see who is taking more than the other!

You seem a bit bitter tbh!

OP posts:

PigletJohn · 05/06/2011 23:23

no I like loafing.

but it's worth bearing in mind. These things do happen.

cat64 · 05/06/2011 23:29

This reply has been deleted

Message withdrawn

spiralaripspiralarips · 05/06/2011 23:32

Have you got any other money saved up?

Part of me would really really want to say to you just go for it, carpe diem and all that, but another part of me would be a bit worried by your dh not having a pension at all (what if the business struggles and his 'pension' properties end up heavily mortgaged?), and also because I know from experience with family members how even moderate care costs later on can burn up money, and that scares me.

I think if I were you I'd probably experiment for at least a few months to a year with living on the reduced income and saving the difference, while mulling it all over. If it's too difficult financially then you'll have learnt something, and if it works like a dream you still won't have wasted that time because you'll have a bit more cash from your salary saved up for when you've retired.

Original poster

norabloom · 06/06/2011 00:04

I have got some savings. Also DH has his property (for pension) and no mortgage on that or our house. He is pretty determined to make his business a success.

And I can always get another job if necessary I suppose.

OP posts:

purplepidjin · 06/06/2011 12:07

Nora, more pics at www.facebook.com/mimapants which is my "hobby business" currently subsidised by my full time job in care plus a bit of nannying on the side and I'm also a youth worker. I also have a mortgage and all the household bills still come out of my account. We're in the situation where I own the flat (mortgaged) and DP moved in because it made no sense to get a place together iyswim.

You have no mortgage, which drastically reduces your joint monthly outgoings. You sound like you are supportive of each other, and have your heads screwed on straight. If you retire, you will have more time to keep the house nice and also you could get involved in your DH's business - I assume you've got loads of transferable skills like office management, customer facing, communication, computer stuff... That's a pretty damn strong starting point

Original poster

norabloom · 06/06/2011 15:53

Yes I have some transferrable skills I reckon. I have managed a department in an arts organisation for 20 years. I will happily volunteer if anyone will have me!
I am also looking forward to having a pristine house and weed-free garden and sitting on my sofa reading and drinking tea
Purple - I looked at your site. What a good idea. I had a friend who was severely disabled and in a wheelchair and it would have been great to have had some trouser-solution for him. It got so difficult for him to dress.

OP posts:

EssexGurl · 06/06/2011 15:58

I would say go for it - but only if you have a plan in place for what you want to do with your time. There are only 8 years to go until you are 60 which really isn't that long. What are you going to do with your time once you are retired? Properly investigate what you want to do before you make any decisions. My grandmother lived until she was 92. My Mum's aunt has just celebrated her 96th birthday. You could (hopefully!) be on this planet a long time yet. Don't make a rash decision that you could regret later on.

said · 06/06/2011 16:04

Do you have to go now or can you go at any stage between now and 60? Is this a one-off offer? Have you had notice of this for a while? Normally I'd say go, go, go but, thinking sensibly, I may give myself 3 years and live on 12ishk per year until then whilst I save teh excess. Depends on whether or not you find your job bearable enough. If you hate and it depresses you, go.

purplepidjin · 06/06/2011 16:05

You have millions of skills that both your DH and any charitable organisation would love. You'd be a bonus to anyone Local theatre groups, art groups, music groups, I hear the libraries are going to be looking soon...

I started MimaPants because I'm sick of having to dress people in jogging bottoms just because they need elasticated waists Why shouldn't my clients have nice clothes? Learning difficulties doesn't mean your fashion sense gets switched off!

EssexGurl, good point on the planning. But I reckon Nora will be quite able to say "Right, let's try this for six months and see what happens" without doing too much damage My gran just hit 90 and is still volunteering with a local carer's group

VivaLeBeaver · 06/06/2011 16:07

I would do it like a shot, there are plenty of things I could find to fill my time.

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