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??

[IcedPurple]

You "can't be arsed" getting into a discussion about the most important, irreversible and life-changing decision you will ever take?

Seriously?

[albert92]

@milkandcrisps if you don't go back to work I think you will find having a baby incredibly lonely ! If that's what you want to do then do it but can't you change your line of work and maybe go part time somewhere as tax credits pay up to 70% towards nursery fees and when
Your child starts school you will have a lot of time on your hands. I don't think giving up work completely is the right answer but maybe find something more suitable when your child is 2/3 years old, less hours but still getting an income. I wouldn't hack into your pension you saved it for a pension not for when your 42 ! X

[IcedPurple]

You should think very very very carefully before 'retiring' at your age. Jobs are easy to give up, not so easy to get back.

When I saw this title, I thought you were going to say you had built up a lot of savings or had another source of income. However, just over £100 a week is really very little to maintain yourself, let alone a child who is totally dependent on you. Also, children grow up. Even if you were to get pregnant quickly and have a baby next year, that child would be relatively independent and no longer require full-time care when you're still relatively young. Do you really want to give yourself no other options except as the carer for your child? Sounds extremely precarious to me.

[milkandcrisps]

I know florence but you know I can’t even be arsed getting into all that. Life’s too short.

Ye 45k

[Howmanysleepstilchristmas]

is the 450 after bills and rent?

[YeOldeTrout]

You sound very welded to your current line of work. May I ask what you do or how much it pays (rough take home/month)?

[florenceheadache]

you actually sound selfish, no partner and no family. If something happens to you who will raise and love this child? Are you expecting this child to be your friend as you only have a few? And why do you only have a few friends and why do you not like your job?
Sorry but there’s more wrong than your views on a career break.

[milkandcrisps]

A state penguin would be cool. I would vote for a government that give us penguins

[milkandcrisps]

I know little but I’m talking about my own pension not a state one and for the state pension I would still be claiming CB.

Yes lots of parents are in paid employment and make it work but that’s usually because they have some help, even if they are not with the child’s other parent he may help financially or physically, grandparents etc. I have to be realistic. The child will get ill and not be able to go to nursery; I will have to be in work before nursery opens and after it closes sometimes.

[IcedPurple]

a full state penguin

I know it's an auto-correct typo but... snigger!

[Happinessisabook]

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

[YeOldeTrout]

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?

[imip]

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.

[oldbirdy]

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.

[annikin]

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.

[Howmanysleepstilchristmas]

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

[littleblackno]

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.

[milkandcrisps]

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.

[YeOldeTrout]

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.

[milkandcrisps]

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

[greendale17]

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?

[milkandcrisps]

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

[Asdf12345]

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.

[milkandcrisps]

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.

[ButterflyWitch]

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