Would you retire At 50 if you came into money?

[Quarks69]

My Work colleague is not enjoying her job at the moment. Sadly her mum died and so she has come into an inheritance which has paid off her mortgage and leaves her and hubby with a clear million. They have no real work pension so this is it. He wants to retire early but he says it’s not enough. As someone who also dislikes her job, I think she should jump at it, life’s too short etc, but she’s not sure. Thought I’d see if you think this is enough to stop work with? Not that I’m jealous or anything 😊

I was 52 and retired. Having a wonderful time but you do need lots of hobbies and interests. We usually travel 8 months of the year but . . .. I didn't have a massive amount but invested in property well.

@PegasusReturns

Life’s to short to do a job you hate and you certainly don’t need work to fill your time (although I work because I love my job).

I’d be nervous about two people trying to live off a million for 40 years. But it totally depends what current lifestyle is like.

A million and no mortgage? I could piss it.

No, far too young, I'm older than that and no way am I thinking about retiring yet. I'd use it to retrain or as a cushion to take lower paid but more enjoyable work.

@DynamoKev
A million and no mortgage?
I could piss it.

And I couldn’t so it really depends on the friends current situation.

You can get an income of around 2k a month after expenses in the south east if you're sensible.

Yes but you do need big money to retire that early or the boredom will set in very quickly.

I would not, because I enjoy my job and would rather just cut down hours and make sensible plans for the bulk of the money.
1 million isn't as much as it sounds, if it's for 2 people for the next 30-40 years.

Nope. I just wouldn't give a F about getting paid or hitting deadlines anymore.

I don’t think that is enough to retire. I’d meet with a financial advisor and work out the details.

Once I have enough savings, yes I will retire. I love my job, but I don’t need to work to stay busy. I have a million hobbies I’d rather be doing.

With no other pensions, £1 million isn't a huge amount to cover two people for 30 - 40 years. DH and I both have reasonable pensions and are 50 and 52 respectively. We talk about winning the lottery a lot - if we won 1 million, then we'd definitely retire at 55, but just not enough to allow us both to finish now.

I'd love to retire from current job - I don't think I'd be bored at all. Right now I could volunteer to assist with non skilled bits of vaccine rollout, I've always fancied doing a creative writing degree. I'd also potentially get a lower stress, lower paid job if that were possible.

If they are happy to live on state pension and have 'full stamp' then they could use it to fill the gap between now and their retirement age (67?) But I don't think it's enough to have a decent lifestyle into old age without scrimping. I'd work to 55 or go part time.

Yup, in a heartbeat!

There was a time when I would have said no and carry on with work. But life is too short. Yes you may like to be 100 but you may not so you should enjoy life whilst you can.

I’d find a part time job I liked. 3 days a week.

Depending on their lifestyle that's not enough to retire on for two people at that age.

1000% yes I'd leave my current job and work for myself doing my much more enjoyable side hustle. Life is too short though bills must be paid unfortunately.

There's always something to do, if you get bored. Invest wisely tho.

@notanothertakeaway

1 million is £500,000 each

If they live another 30 years, to age 80, that's £16,600 each per year

Care home fees approx £1,200 to £2,000 per week. On average, people live approx 18 months after admission to care home

1 million sounds a lot, but if you want to be able to choose your own future care, I would continue working

They'll be getting a state pension in their late 60s which will add a fair bit on. I really wouldn't want to base how I live my healthy life on possibly going into into care for 18 months when I'm old and frail. For a start, I might not live that long.

We've had lots of awfully young deaths around us, we're living for now.

Would you retire At 50 if you came into money

Oh honey, I would be but a puff of smoke 🤣🤣Byeeeeeee ✈

I'd retire at 25! There are loads of things you can do to keep busy, volunteer for an animal charity, walk dogs, crafts, learn languages, sports. I dont life to work at all, if I could never work again I would in a heart beat.

Live not life

If they retire at 50 and they live to 90 (very common now) that’s £25k a year.

I’m not sure I would do that. Perfectly good income but hardly a life of riches with which to spend loads of time. I’d rather work more to cover the basics and then be able to live the life of Riley during my hols etc.

To clarify, I wouldn't retire on 1M at 25, but at 50 I think it's enough to retire. If I had enough to retire now then I would.

I would retire at 36.

Age 50 and paid off house? You bet I would. In a heartbeat.