To Consider Retiring at 48....

[Mercurial123]

That's it really. My son graduated last year and has a job with good prospects. So it's just me and the cat at home. I'm mortgage free and have rental income from a property of £1,000 per month. I've got savings to cover repairs and can rent my spare room out to a student as I live close to a university. I can spend more time with my elderly parents and do volunteer work at the local nature reserve and with refugees. I'm kind of excited I want to make changes before I'm 50. Would you do it?

Do it! I'm so jealous. I'm 47 with a ginormous mortgage and two kids to put through university.

Why work if you don't have to? It's so time consuming and stops you doing the things you really want to do in life.

I would continue working, maybe in a 0hrs contract or part time job? Even if you only average 16 hours over 3 days, that still gives you loads of free time but you have a back up if something goes wrong and you'd still be paying some NI?

I'd do the above while looking at maybe retiring between 50-55?

I've been lucky enough to do a lot of travel and have worked overseas for years. Travel isn't really a priority. I'm not in debt I love having a simple life and my outgoings would be minimal. Maybe I could take a year out see what happens I can always find part time work if need be. My son doesn't expect me to help him buy a house he should be earning a decent salary in a few years.

Taking a year out or cutting down to part-time sound like the best options. Dip your toe in the water and see how it goes. No need to commit fully at this stage. Good luck!

I've 30 years of NI contributions for the state pension I paid when I was at university and living overseas.

What will you do if your rental property is vacant?

My sister did this at 57 after a life changing event and hasn’t looked back! She does an undemanding part time job, has started a small business from home and spends tons of time with friends and on hobbies/volunteering etc.

You have to have 35 years of Nat Insurance contributions to get a full state pension at 67 and that might go up ( it has lately)
How about getting a low key part time job, nothing too arduous, p/ time in a gift shop or something. You would still be a NI contributor.

I'm on course to retire by 50. Can't wait.

If it's financially feasible, then I don't know why you wouldn't do it, OP.

I'm always surprised by comments on NI - I don't think the state pension will last long though, so NI contributions wouldn't concern me in retiring early.

Yes do it, sounds wonderful.

Thanks everyone I think I'm going to do a year out and take it from there if need be I can do a part time job to pay the bills. I couldn't afford a gap year before going to university so thirty years later I'll get the chance

Ooh enjoy

Do it

I also had cancer, at way younger, so I retired from work I loved and spent years studying for, at 30!

I had always dreamt of volunteering overseas with similar projects to things you are drawn to, for me it's with children, so I upped and left. I had no financial plan or fall back or whatever, just some savings and the profound knowledge that life is short.

I have never regretted it and I don't worry about things that aren't important, it's a joy in all the ways possible.

You sound wonderful... and young! Do it:)

Siwel thank you ☺

LuMarie once you come through the other side of a cancer diagnosis life is never the same. I've wanted to make changes for a few years now I can. I want to get involved with my community and to help our new residents .

See if your employer will offer a year's career break. I agree that life is too short. You sound like you have certain goals so won't be watching daytime tv all day. I'd probably make sure I had enough to help the kids in case they struggled to get on their feet. Like you say, you can always go back to work if necessary.