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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

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Original poster

Would you retire At 50 if you came into money?

305 replies

Quarks69 · 01/02/2021 21:05

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 😊

OP posts:

Honeyroar · 01/02/2021 23:26

@Circumlocutious I wonder if it is because by 50, if you’ve worked, you’ve done quite a lot. And you’re not stuck home with a baby, you can go off and do what you want. I think people saying it’s too young or they need to something meaningful etc might think of retiring as sitting at home doing nothing, whereas I see it as doing exactly what I want.

Thelnebriati · 01/02/2021 23:27

If they haven't been paying their NI contributions, she could do that from now on and boost her income with a State pension.

TableFlowerss · 01/02/2021 23:27

A million? Hell yes I’d retire!!! Especially if I hated my job, what’s the point.

Throughhistory · 01/02/2021 23:30

@Circumlocutious

So many opting for early retirement, but in a SAHP thread you see so many questions such as

but what do you do all day? How boring’
i can’t imagine not working and not having that professional identity
don’t you want to model a positive example of being a hardworking parent to your children.

Confused.. is that all exaggerated?

I've been the hard-working example and had the professional identity. I bloody love owning my own time now. It's so liberating.

funinthesun19 · 01/02/2021 23:30

I would! Unless I really really enjoyed my job.

AgeLikeWine · 01/02/2021 23:32

If I was in a job I disliked and I inherited a million pounds, I couldn’t not quit. Even if I knew that continuing to work for a few more years would be financially prudent, the alarm would go off one morning and
I would just think ‘fuck it’, and I would turn it off and go back to sleep.

Caterinaballerina · 01/02/2021 23:33

The £1m could be invested sensibly to give decent returns. I’d look into that and see what they are for a year then have more evidence to support the argument of retiring. But in the meantime quit knowing I can afford a break between employers now.

Jsnn · 01/02/2021 23:34

They should retire now, Men probably have something like around 20-25% chance of not making it to retirement age.

AlwaysLatte · 01/02/2021 23:43

I sort of retired when being a SAHM merged into early retirement in my 40s (although I hope to pick up a few hours' tutoring in the future when things get back to normal) and you absolutely do find things to fill your time - I'm busier than ever these days! But I'd be concerned at retiring with the amount you mention - it doesn't equate to much of an annual income unless you are pretty frugal, and it doesn't leave much of a cushion for the unexpected. If I were you I'd pick some PT work that you really enjoy, to boost your pension, and invest most of the money.

PlanDeRaccordement · 01/02/2021 23:43

@Circumlocutious

So many opting for early retirement, but in a SAHP thread you see so many questions such as

but what do you do all day? How boring’
i can’t imagine not working and not having that professional identity
don’t you want to model a positive example of being a hardworking parent to your children.

Confused.. is that all exaggerated?

Different life stage. SAHPs are generally 20-30yrs young than retirement age people (55-70yr olds).

Arobase · 01/02/2021 23:44

Yes, but because I work for a charity whose cause I believe in, I would probably carry on working at least part time on a voluntary basis. I suspect however that I would be selfish and bow out of the more boring elements.

LunaHeather · 01/02/2021 23:45

@WanderingMilly

Yes, I most definitely would retire early on that. In fact, far, far less than that and I'd still retire. I have so many things I'd love to do instead....

Me too!

Out of interest, how much do you think? For one person?

ItsIgginningtolooklikelockdown · 01/02/2021 23:47

Life is not always too short one of my grandparents retired at 65 and lived to 95. He was drawing a pension for the same amount of time he was in work.
This post confused me. The grandparent in question must have started work at 35 to have been getting his pension for the same amount of time he was in work! (Perpetual
student?)

RainingBatsAndFrogs · 01/02/2021 23:49

Yes, but you can only put £20k pa in a S&S ISA. Each. But even so.

This isn’t the best moment to be hoping to live off the interest of £1m.

IdblowJonSnow · 01/02/2021 23:54

I'd leave the job but look to do something else. Could she retrain or study? If her husband thinks it's too soon he can keep on!

sbhydrogen · 01/02/2021 23:55

I'd retire, or rather go to an easy part time job (for the social aspect). I'd also invest in a property somewhere where renting is desirable so there's always income coming in.

QueenPenny · 01/02/2021 23:56

For people who say too young... by the time you are in 70s you may not have the same health or mobility to do a lot of things, whether physical or mental faculties, to get skilled in a new hobby, campervan, whatever rocks your boat

QueenPenny · 01/02/2021 23:59

Or covid 2039: the sequel...

EventuallyDeleted · 02/02/2021 00:03

I might not have the health in the 70s no, but I really enjoy working and just can't imagine stopping anytime soon (mid 50s). Yes there are loads of other things I could do (I have lots of hobbies and interests) but I'm not giving up work for them for a good few years yet.

PlanDeRaccordement · 02/02/2021 00:16

@ItsIgginningtolooklikelockdown

Life is not always too short one of my grandparents retired at 65 and lived to 95. He was drawing a pension for the same amount of time he was in work. This post confused me. The grandparent in question must have started work at 35 to have been getting his pension for the same amount of time he was in work! (Perpetual student?)

I think it’s more that the U.K. state pension topped out at 30yrs of work? So even if you work 45yrs, you still get same pension as someone who worked 30yrs.

Sorka · 02/02/2021 00:55

I’d love to stop working. I want to live my life on my own schedule not someone else’s. By 50 I will (I hope) have paid the mortgage down or off so could invest the million for an income. I’m single so it would only need to cover my living expenses and I could definitely retire on it.

Bobbi73 · 02/02/2021 01:01

I retrained a few years a go and made my hobby my job so I wouldn't want to stop but I'd like to Cherry pick the best jobs. My husband also loves his job and wouldn't want to retire yet. Probably work until 60 then retire. A million is not that much if one of them gets ill and needs care etc.

Anystarinthesky · 02/02/2021 01:05

I would retire!

I own my own home and I'm not a big spender.

Be great.

grassisjeweled · 02/02/2021 01:07

Yes I'd retire. I'd be happy off 13k a year.

Hawkins001 · 02/02/2021 01:16

I'd do part time for my current organisation, but then I'd be running my eBay business.

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