To retire at 42?

[milkandcrisps]

Obviously not actually retire. Here is my situation. I have no family at all and no partner and few friends.

I am considering having a child. Because of my age I would have to do this with fertility treatment.

I have thought and thought about how I might be able to work with a child and I’m not sure it’s possible. Nursery costs are too high. Plus sometimes I have to do anti social hours.

So - I am considering retiring aged 42. If I took even five years out it’s unlikely I’d get back into my line of work. I don’t think I care as I hate it but am I mad??

If you can afford it why not?

The question is can you afford to?

I guess you can afford to do that? Or do you mean stop work but claim benefits?

Yup the only question here is can you afford it.

If yes, of course crack on!

With difficulty to be honest but yes just doable. And I suppose I still have twenty years of a pension I’ve paid into.

So are asking us whether you should leave your job and go on benefits? Or are you asking whether you should leave your job and get a different one?

Any chance you can go down to one day a week for example just so you keep a foot in the door?

Errrr no im asking if I would be unreasonable to leave my job and not really work again.

But how would you fund yourself for the next 40+ years? Kids are ridiculously expensive.

Yabu if it means going on benefits.

You haven’t answered how you will afford to live. 20 years of pension isn’t much m, have you done any calculations about how much pension you would get?

You know you can’t claim a private pension until 55?

No, no calculations.

As for funding myself well yes kids are expensive if you have the money, if you haven’t, they aren’t.

I have a small income of £450 a month. Plus CB. Plus I should be able to work a tiny amount independently and from home.

Longer term I’d need to rethink my future.
Possibly fostering or even being a childminder or working in a nursery. Not a lot of money but enough to not starve.

Depends on your finances. Sit down and do the sums, if you can support yourself in a manner to which you are happy then retire away. If you can't then you will have to work.

Remember the pension age may continue to advance and that accessing your current pension pot early will likely incur very substantial costs.

Yeah I know butterfly but still I have some contributions I suppose?

I have a small income of £450 a month. Plus CB. Plus I should be able to work a tiny amount independently and from home.

^Wouldnt you want to give your child a comfortable upbringing? Why would you scrimp and save when you have an option not to?

Of course I would but I’d be scrimping and saving whatever.

So negative to think that 5 yrs out of jobs market means that you'll never work again. Shouldn't be so negative. Plus sounds dead boring.

Just take opportunities as they come.

But that is the reality ye

If I took five years out I will have killed my own career plus be approaching 50.

Pointless to say ‘I can do this AND THEN go back to work’ when I can’t.

From memory 20 years contributions are not enough to claim a full state penguin. I actually don’t believe state pension will be around for too much longer- it’s not enough to live on now. So I guess you really have to think long term.
Having a child is ok OP but lots of single parents are in paid employment and make it work. Kids are expensive if you have money or not there is no getting away from that.
I would sit and do some serious financial planning and budgeting calculations.

Will £450 a month cover bills, rent, food, nappies?

I think yes to the baby. Yes to taking pressure off yourself when they're little. Then look at working for yourself in a flexible way like you suggest, by childminding or something, to support you and child as they get older.

Move somewhere where nurseries are less expensive? And don't forget you get 15 hours free childcare at 2 or 3 (my kids are older). Plus child tax credits etc. I worked for about 200 quid a month clear when my kids were in nursery, but it was worth it for the continuous service, the pension contributions, and not losing my position at work. Once they are 3 they can attend school nursery and that is either free or cheap, I paid 60 quid a week to top up our free hours to full time.

Perhaps I’d think of a career break, and then working in a lower paid job, post child. Tbh, you may want to go back to work after having a baby, I guess you never know how it will be for one once you have a baby.

I am 51 & thinking about jumping to another industry next year how dare you imply I can't. Pah. I'd have to learn a load of new skills & get a portfolio established, but so what? I had 8 yrs as a SAHM & it was scary getting back to work & rediscovering what I was capable of, but not impossible. You could live another 50 yrs, what example will you be to your child if you decide living in poverty is better than trying to earn your keep?

So £450 + £82(cb) is only £532/ month

Do you have rent/ a mortgage to pay?
How much is your council tax?
What about water, electric, gas, tv, phone etc?
Plus all the extra costs associated with a child

Can you genuinely afford it, and afford it with enough spare to give yourself and the child a good quality of life?
If yes then go for it. If not you need to reconsider work options