Stick it out for 20mths til retirement or ***k It and leave now and live on my savings

[booboo57]

I have just had enough of my relatively well paid but stressful job.
Last couple of years have been so difficult with Covid, wfh etc but now we are back in the office pt it is no better. Don't get me wrong, my job is no where near as hellish as some who post on here but i have just had enough.

Can't motivate myself to get my arse in gear, things are slipping, I'm forgetting to do things. Feels more than the usual up and downs as i've had this feeling since June.
One of the reasons for taking this job on was the extra money i could save for my retirement, i manage to save nearly £1k most months (I know, I'm really lucky). Some of this has been spent on home improvments and v expensive holiday in a Cornish spa hotel this summer (so worth it but did nothing to improve my attitude to work).
DH rekons I'm mad to pass up the opportunity to save more money for the sake of a few months. Looked at going part-time or changing roles but the thought of starting again in a new role is so depressing.
My current plan is to give my 3 months notice next month. Have six months off over the summer and if i really hate it look at a temping or such in Sept. next year.

What do you think? I feel I'm being a bit chicken giving up and not "leaning in" but on the other hand I deserve some time to myself.

Just do it - I jumped off the wheel of my career in my 40s and dived into lots of freelance arts and music work - loved it. Of course there was a financial penalty in lots of ways, but at least I felt as though I was living.

Really - life is just too short. My OH retired at 60, was diagnosed with Parkinsons and is now dead. He had no proper retirement to speak of that was not overshadowed by his physical decline.

Carpe diem! - just do it!

If you're in a large organisation, see if they have an early retirement scheme - pension early but reduced. That might be financially better than resigning and living off savings. Don't do anything until you've done all your research - by which time it'll only be 19moths to sit out.

@YanTanTetheraPetheraPimp

I retired early, managed on my small NHS pension for 3 years until state one started. It’s the best thing I have ever done! It took me 2 years to slow down and actually enjoy my days - lockdown really helped me there! I genuinely thought that if I carried on working I wouldn’t live long enough to see my state pension, I was that stressed and burnt out. Life’s lovely now.

I did too. I regret it. Once you’ve retired every penny counts because that’s it. There won’t be any more. I’d hang on for 20 months personally. Build the savings, prioritise your health - you don’t need to retire to eat well and exercise.

I think we’ve been focused on our replies on money and health.

But can I come back to your point about chickening out / leaning in, and then your follow up post about not being a coward?

There is nothing cowardly about choosing a retirement date based on what you can afford and how much you like your job.
You wouldn’t feel you weren’t “leaning in” if you retired at 66. Yet where did 66 come from? Arbitrary age set by government. Not that long ago, 65 would have been perfectly reasonable in your eyes, right? Forget about financially - I mean the point when it’s not lazy or cowardly to leave.

You clearly have a really strong work ethic. You are committed, care about doing well, and it bothers you that you feel you’re not performing your best. It’s all very well people saying coast it for the money… that doesn’t suit everyone - it can be stressful for some people to under perform or be under utilised.

I think you need to work hard at separating out what you feel you’re supposed to do - “lean in” from the financial and lifestyle decision.

It’s OK to retire at 64. It’s not lazy or cowardly or uncommitted or leaning out. It’s just a financial and lifestyle choice.

Don’t let the fact the government arbitrarily* chose 66 for your state retirement age interfere with how you feel about stopping work.

*well, calculated by many actuaries not random 😉

This is a tough one. if it were me I’d probably stick it out. But I would give myself a whole lot of grace for attitude and accomplishments. I’d find semi-interesting side projects to do at work to keep myself engaged as well as planning projects for retirement that keep me motivated to hang on.

Yes I do think you need to get over the guilt somewhat of not keeping up the prior pace and to settle in and coast. There is a happy medium there somewhere.

Mostly I say this as someone who has a low risk tolerance for income, and retirement scares the crap out me as I know I won’t have much control over my income. I’m saving like mad now to help with that impending panic.

There is another option, can you start looking for a semi-retirement job? Maybe split the difference something less taxing, but would allow you to save half of what you are saving now? I plan on on leaving my current career when my husband retires in about6 years and looking at recertification in my former techy career to allow me to consult. I will step back into an individual contributor role and will be looking for more flexibility and less responsibility.

Husband I will still be young, him mid 50’s me early 50’s so not quite ready for garden puttering and coffee clatches yet, but will be ready for less work.

I'm in a very similar position, OP, I'm looking at going at Christmas or Easter.

As the months till retirement pass by it is getting increasingly harder to get even slightly interested in work, let alone motivated. I don't know if I can bear the extra three months till Easter.

I think once the finishing line is in sight it gets harder to be in work. I'm glad though that I gritted my teeth and stuck it out an extra three years of solid AVC tax free saving, it really has boosted my savings.

@Cocomarine you have got the dilemma! I can do all the logical stuff, financial spreadsheets until the cows come home . But (annoyingly) that doesn't help how I feel.

Which is fed up that I want to give up and little excited about something new.
I am actually going to have to do some work now. Will check back this evening. thank you everyone.

he already said she can live on her savings. We don’t all need husbands to support us you know
But surely, under MN rules, 'her' savings are family money or does that only apply to the man's savings?

My Mum died at 69, and had 9 years of retirement. 9 years! After a lifetime of working in a shit job, skint and unhappy. Retire as early as you can. I'd much rather retire in less money early than work for longer and retire in more

I'd stick it out, 20 months is no time really. I'm 34 though, if I was in my 60s I might think differently.

What do you want to do when you retire? Do you have plans? Perhaps start organising what you want to do next. My DDad decided to go to university so spent the last 6 months or so at work organising that. I am in my 50's and have started a creative course with a view to moving away from my high pressure City job (I am off today as I'm switching to a new project) into something more arts based before I retire.

@JudgeJ

he already said she can live on her savings. We don’t all need husbands to support us you know But surely, under MN rules, 'her' savings are family money or does that only apply to the man's savings?

Well since that post shes told us this is her second marriage and their finances are separate.

Go off sick for a bit (assuming you get paid)

@bigbaggyeyes

My Mum died at 69, and had 9 years of retirement. 9 years! After a lifetime of working in a shit job, skint and unhappy. Retire as early as you can. I'd much rather retire in less money early than work for longer and retire in more

That’s so sad for your mum - glad that she was part of the cohort still retiring at 60!

I agree that less money for longer is better - but you still have to hit a minimum amount of money.

@JudgeJ

he already said she can live on her savings. We don’t all need husbands to support us you know But surely, under MN rules, 'her' savings are family money or does that only apply to the man's savings?

I don’t give flying fuck what MN groupthink is - not that I actually do think there’s a single view on that!

My husband and I have completely separate finances, and I’ll retire when I want to.

@YouTubeAddict

Go off sick for a bit (assuming you get paid)

Having read the OP’s post, does she strike you as someone who would be happy falsely going off on the sick?

@KingdomScrolls

What are your sickness benefits like? If your work is affecting your health (including mental health) that's what it's for. My employer pay full pay for six months and then half pay for six months. Take a break then re-evaluate. Twenty months saving £1k a month plus whatever else you salary goes on is a lot to walk away from

That's really not what sickness 'benefits' are for. OP says she stressed and fed up fair enough but sick pay isn't there to 'take a break' when you're fed up of work.

If it is genuinely making you ill then yes but you don't just go on the sick cause you're fed up of your job. Half the bloody world would be off!

@YouTubeAddict

Go off sick for a bit (assuming you get paid)

And take up a GPs much needed time for a bogus sick note?

I'd tough it out, till the end.
Play the game and take the money.

I decided to retire early as my mum died at 47. As far as I am concerned I am on borrowed time already. I don't regret retiring early BTW. today I have been outside nearly all day, weather wonderful for October, on the beach, in the backyard with my plants, potting up for winter, dog walked twice. Nothing spectacular but better than all the stress I had.

All very well to tough it out to the end - you do not know when the end of life will be or what illness might precipitate that end. Or the quality of life you night have in the intervening years. Life chucks shit on you and you may be one of the unlucky ones whose retirement is blighted by illness.

Go now and live!

Can you imagine on your death bed regretting deciding to live and enjoy yourself - or can you imagine regretting using up precious time doing something you do not enjoy when you did not have to?

@tedsletterofthelaw I've had those sickness benefits for fifteen years and haven't abused them. In that time I had a week off for severe tonsillitis and a week off when I and my son had Covid. If the OP is feeling so badly about work she's willing to just walk away, isn't that an impact on her emotional well-being and mental health? I'd rather a member of my team took some time out to look after themselves and so we could discuss a suitable return to work and look at ways to ease some of the issues, than just quit. So yes I do believe this is what an ill health/sickness policy is for. I even put the caveat in my original post saying if your work is affecting your health including mental health that's what a sickness policy is for.

@GiantHaystacks2021

I'd tough it out, till the end. Play the game and take the money.

Having enjoyed 3 years of early retirement already, I haven't regretted it for a second. Yes we've lost a bit of income, but waking up every day knowing that no-one else owns your time is worth that small sacrifice. I'm completely content.

@booboo57 you do not need to wait until 66 to take your private pensions.

Get Out and enjoy it while you can. You'll never get the time Back