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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:
Panozzo · 02/02/2021 08:13

@MrsElijahMikaelson1

I always remember one of my first ever patients-him and his wife had spent all their working lives saving for a massive round the world trip when they retired. His wife had a massive stroke within a month of their retirement and he never did ever go anywhere as couldn’t face it without her...he always said don’t waste your life away, live it! See everything you can, experience everything-those memories would have been wonderful to have now😢
😢 wise words!
waltzingparrot · 02/02/2021 08:18

I would, but my view is coloured by the fact my dad died at 51 and my mum never got to do all those things they'd planned to do together in retirement.

Chicchicchicchiclana · 02/02/2021 08:19

As someone in her late 50s who very often looks forward to Monday coming round again so that I can do something that requires me to really think and engage my brain and take responsibility (rather than just life stuff and fun stuff) I wouldn't.

In many ways I'm dreading retirement. I'm looking into work I could keep doing til I'm in my 70s if I make it that far!

rookiemere · 02/02/2021 08:20

People are right - you absolutely could pop your clogs come retirement, which is one of the reasons I work a 4 day week rather than full time and try to go on holidays as much as I can now ( obviously last year has been a bit tricky).
However that does mean I have less to put in the pension pot, so for me it's all about balance.

Aixenprovence · 02/02/2021 08:31

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

Is it so high? Just checked the ONS life expectancy for a 50 yr old man - it is 84 - though of course that doesn't tell you the chance of not living to 67.

Haven't read all the thread yet, but I think it very much depends on whether they have dc and if so what financial help (if any) they'll want to give them.

rattusrattus20 · 02/02/2021 08:34

the key text is "not enjoying her job at the moment.", in those circumstances I'd quit in a heartbeat.

but, still, I'd think twice about swearing off all work for good, generally speaking it's a great way to meet and stay in touch with people and, I suppose, 'the modern world', in some sense.

BarbaraofSeville · 02/02/2021 08:44

@Aixenprovence

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

Is it so high? Just checked the ONS life expectancy for a 50 yr old man - it is 84 - though of course that doesn't tell you the chance of not living to 67.

Haven't read all the thread yet, but I think it very much depends on whether they have dc and if so what financial help (if any) they'll want to give them.

I have an on and off slightly macabre hobby of wandering through graveyards and reading headstones.

Even recently, there's an awful lot of people who have died well before retirement age.

Average life expectancy says little about an individual's chance of death. The average life expectancy for 3 people who lived to 59, 66 and 99 is 75, yet only one of those people live to pension age.

BarbaraofSeville · 02/02/2021 08:45

individual's age of death that is. Of course we all have a 100% chance of death, sooner or later.

BarbaraofSeville · 02/02/2021 08:50

Life expectancy also doesn't tell us anything about healthy life expectancy.

I know several people who spent the last few years of their lives very ill or disabled, so far from the enjoyable retirement of cruises, theatre etc that people imagine. These people were generally housebound, apart from being taken out to medical appointments Sad.

alienspiderbee · 02/02/2021 09:03

Yes, wouldn't even have to think twice

How will we replace the highs that come when things go well at work, the "yes" feeling of being invincible

This is a totally alien concept to me, work doesn't give me any 'highs'

3orangekissesfromkazan · 02/02/2021 09:08

I wouldn't , especially at the moment.

My work is keeping me sane, and for a retiree there is very little to do at the moment. You can't travel or see family, and lets be honest we have no idea at the moment how long his situation is going to last.

3orangekissesfromkazan · 02/02/2021 09:09

.. caveat is I really enjoy my job, which obvs makes a huge difference.

TwoZeroTwoZero · 02/02/2021 09:14

Of course I would. I wouldn't share my news with anyone and would have to be fairly careful with the money because 1,000,000 isn't a huge amount (though it is to me) and I'd hate to be left destitute. I'd retire and fill my time with photography and working towards photography distinctions.

HelloDaisy · 02/02/2021 09:18

I know 2 people who retired at 50 as well as another who won the lottery but all are working again as it keeps them busy and active during the week and gives them a focus.

Personally we inherited enough to pay off our mortgage and have some savings but we are still working as enjoy what we do. The money has simply taken away the stress of paying bills.

Lalliella · 02/02/2021 09:18

Hmm tough one. I know that living for the day is a great idea but the problem is you never know what the future holds. £1m sounds like a lot, but £25,000 per year between two people not so much. What would they do when the money is gone?

If I were your colleague I’d sit it out a bit longer at work and see if it improves and if it doesn’t look for another job that she enjoys more and that gives her a good work-life balance.

You sound like a nice colleague btw, I truly believe you’re not jealous and just pleased for her.

McEwan · 02/02/2021 09:22

Any actuaries on here might be able to help, but my understanding is that a 50 year old man has a 12% chance of dying before reaching 67, and a 50 year old woman has a 8.5% chance of dying before reaching 67.

ONS_data

LunaHeather · 02/02/2021 09:45

@alienspiderbee

Yes, wouldn't even have to think twice

How will we replace the highs that come when things go well at work, the "yes" feeling of being invincible

This is a totally alien concept to me, work doesn't give me any 'highs'

Absolutely - what highs? Depths of despair, yes. But highs from work?!
georgarina · 02/02/2021 09:53

I wouldn't retire but would definitely change jobs to something I enjoyed rather than working for the money!

unmarkedbythat · 02/02/2021 09:53

Is £25k p/a so little when you have no mortgage or rent to pay? For most people, the big spend is rent or mortgage (or childcare).

LunaHeather · 02/02/2021 09:55

@unmarkedbythat

Is £25k p/a so little when you have no mortgage or rent to pay? For most people, the big spend is rent or mortgage (or childcare).
No, it's a lot if you live a life that used to be considered normal but is now considered frugal.
Colorindex · 02/02/2021 09:56

I would leave the job I dislike and get one part-time or perhaps lower paid doing something g I do like. Or re-train. Or volunteer. She should deffo think about enjoying the relative freedom that kind of money can bring.

Parkandride · 02/02/2021 10:12

£40k a year based on the 4% rule would be lovely in retirement. Assuming a paid off house already.

I just ran the calculations and withdrawing that much and them living to 90 gives a 90% success rate of dying with money in the bank even allowing for inflation. In fact on average they would die with over £2.7 million in the bank.

Thats not allowing for any private pension, state pension, savings, inheritances etc which would boost their security.

unmarkedbythat · 02/02/2021 10:15

@LunaHeather that's what I was thinking but I seem very out of step with most pp. I was doing our annual budget last week and looking back at previous years. Apart from the point I was paying £850 pcm childcare, rising to £320 per week in holidays I couldn't cover with leave and family kindness, rent has always been my biggest expense. I could keep our family of five comfortably on £25k a year if I didn't have that to pay and I wouldn't be scrimping at all.

TheGravelRoad · 02/02/2021 10:16

@Itscoldouthere

This thread is so funny, like there’s only two ways work, work, work or retire and you’ll be bored, do people think retired people do nothing but sit around a swimming pool or go on cruises? So many other things you can do with your life....
It seems like a lot people really are so lacking in interests and hobbies that they can't imagine life being fulfilling without work.

Mad.

AryaStarkWolf · 02/02/2021 10:17

In a heart beat