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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

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Original poster

To give up work at 55?

75 replies

Ifeelfat · 14/05/2020 20:49

I can probably afford to. I live in an area of deprivation where the salaries are low and opportunities few, but a) is it lazy and b) should I have more ambition? Would you?

OP posts:

Lovestonap · 14/05/2020 20:51

Errrr. Hard to say. Your life? Do what you want?

RhymesWithOrange · 14/05/2020 20:51

When you say you can probably afford to what do you mean? Secure pension / savings or benefits?

HollowTalk · 14/05/2020 20:53

What would you live on? Do you want to stay in that area? Do you have dependents? A mortgage?

How do you feel about your job?

Ragwort · 14/05/2020 20:54

Do you like your job?

I am 62 and really enjoy my job and would hate to give it up ... but it is part time and I have loads of autonomy to ‘do my own thing’. I am currently on furlough and it has made me realise that I really enjoy working.

I think if you can manage financially, have Hobbies and interests to fill your time and are not that enthusiastic about your job then why not retire? But make sure you have a plan, I do know a lot of retired people who find their lives a bit aimless so think about how you will full your days.

HollowTalk · 14/05/2020 20:54

You'll have to continue paying NI for the next ten years.

Ragwort · 14/05/2020 20:56

And make sure you really can afford it, state pension doesn’t apply until you are 66/67 (are you female?). The value of Savings and investments will have dived due to the current financial situation.

DramaAlpaca · 14/05/2020 20:57

I'm the same age. I can't yet afford to retire, but I don't want to yet anyway. I like my job and going out to work every day is good for my mental health.

However, I've been working part time over the last few weeks and I'm enjoying it as my job can get very stressful, so the thought of winding down a bit is quite appealing.

If you are sure you can afford it and want to, why not? I don't see it as lazy at all, and if you don't have career ambition at 55 that's fine. I don't any more - been there, done that, achieved enough career wise.

NiceLegsShameAboutTheFace · 14/05/2020 20:59

I wouldn't – but only because I love working. I'm fast approaching 55 but the current situation has given a bit of an insight into what retirement might be like. Quite frankly, you can keep it!

But .... you are not me. And I am not you.

Do you like working? Have you got plans for what you'll do with the time?

Summerof699 · 14/05/2020 21:01

I would keep working for a while longer, maybe reduce your hours or go part time if you want more time for hobbies?

State pension may not be as good after this crisis, I think by keep working you'll gain more financial security.

TorysSuckRevokeArticle50 · 14/05/2020 21:07

Can you afford to self fund your lifestyle between now and pension age or would you need to claim universal credit?

Doggybiccys · 14/05/2020 21:17

I’m 55 this year. Would love to give up my v stressful but quite well paying job and do something I actually like part time.

As a side - ridiculous that we are now being told to work til 60s/70s as people today are so much healthier/living longer yet possibly denied a ventilator as over the hill!!! Double standards in the extreme

Ghostlyglow · 14/05/2020 21:22

I'll be 55 this year and was planning on retiring. If I can keep on WFH I might consider waiting a bit longer, but I'm done. My mum died when she was 67 and not long retired, that's not going to be me. I won't have much money at all, but, fuck it.

Mrsmadevans · 14/05/2020 21:24

I would . I retired at 56 , 3 years ago , never regretted it .

Justrestingmyeyes1 · 14/05/2020 21:26

I'm 52 this year and I plan to retire at 55.
My job is quite physical - early years childcare and my back, knees and hands are buggered! I just can't see how i'd be able to carry on much longer than that.
If you can afford to and want to - go for it..you're a long time dead as my nan used to say

ragged · 14/05/2020 21:26

I would be very bored if I stopped working.
What would I do instead - clean house? Spend money? Pine for all the places I'm not allowed to go to?
Sod that for a bag of larks.

SerenDippitty · 14/05/2020 21:30

You'll have to continue paying NI for the next ten years.

Not sure that's right. Depends how long you have already paid in? I gave up work at 58 (last year, voluntary early severance scheme) and don't pay NI. I'd paid in for 38 years.

I don't regret it one bit. OP, if you can afford it go for it.

HollowTalk · 14/05/2020 21:30

It all depends on whether you have another wage-earner in the family, doesn't it? A lot of people just don't have that choice.

eaglejulesk · 14/05/2020 21:30

If you had asked me this two years ago I would have said no as I intended to keep working after retirement age and couldn't imagine not working. Then I was offered redundancy and took it - now I do need to find a job but I really really don't want to. I'm LOVING not working and now can't wait until I can officially retire. If you can afford to not work and think that's what you want go for it.

Rhubardandcustard · 14/05/2020 21:34

Before corona that was my plan. I’m five years to go. But now goodness what state my pension pot is in. Was going to just get a part time local job and do part time retirement but think I will have to put paid to that for at least 10 years at least.

popsydoodle4444 · 14/05/2020 21:35

If you can afford too and want to.Do it.

My mother in law decided to "retire" at 52 when her contract at her job ended.She just didn't look for another job.It was just as well as she was diagnosed with a life limiting condition 18 months later.She died 3 months before her 67th birthday and ending up getting sod all of the pension she worked hard for.

user1471464702 · 14/05/2020 21:35

My partner retired at 50 and loves the freedom of doing whatever Whenever I tried to retire at 48 and had the itch to do something so volunteered and in ptime work again and love it I thrive on routine tho but partner a free spirit - do whats right for you and enjoy NI is paid into for 25-30 years to get full pension so you should be fine

HarderToBreath · 14/05/2020 21:40

Check NI contributions here

www.gov.uk/check-national-insurance-record

Thisbastardcomputer · 14/05/2020 21:42

I retired at 50 and lasted 6 months before becoming self employed and working part time, which I still do 2 days per week.

There was no one to do anything with, my friends were all working

Original poster

Ifeelfat · 14/05/2020 21:47

I won’t need benefits, I’d use savings and investments. I can understand those who love their jobs carrying on, I just don’t - not even part time - and these last few weeks have allowed me to think I could actually give it up.
It just seems too early somehow, I was brought up with a strong work ethic and don’t feel I should give it up I suppose.

OP posts:

Purplewithred · 14/05/2020 21:49

Definitely give up work. You might find something voluntary or a hobby you love, and a whole new social life.

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