To go part time

[Naomi198]

AIBU to just have a part time job, aim to earn about 800 per month and spend my time relaxing/hobbies?

Our household outgoings are minimal and add up to about 1500 a month basics (£350 mortgage) and 2000 if living a more treat based life. No DC so no outgoings there

I have approx 200k in private pensions and about 75k in fixed savings + 30k of investments (excepting pension). I’m likely to inherit another chunk of money in the next 10 years as I’m sole beneficiary of a will (with property in trust).

AIBU to go for a minimal work life?

Do you have life insurance?

It sounds like you're burnt out. Maybe look at giving yourself a break and going part time for a year or two, with a view to increasing your hours in the future. I think you'll quite quickly get fed up of living on very little money.

There are lots of alternative options for you! I felt unwell working 60 hours a week, am fine with 40!

@NeesAndToes yes I do. It would cover the remaining mortgage + lump sum and DH is sole beneficiary of my pension, not that I’m actually planning to die but just in case, I’m protected

The money is needed to fund reasonable housing, food, heating, car and so on. With most people living a long time, working is not about having cash to splash it’s about basics, long term.

FGS life is way too short not to!

I read the comments saying £200k isn't that much of a pension...and don't cut off professional opportunities....

Come on people, get some perspective! OP has a very affordable lifestyle, more savings and pension than most people would dream of and a real opportunity to relax and take the foot off the pedal.

Definitely do it OP. You only life once and clearly have thought a lot about it. Life is for living and pursuing hobbies while you're still able is surely the point of life. Enjoy!

My parents would have an absolute meltdown if they thought I was going part time at my age but I’m just fed up!

I don’t think it’s a bad idea. What’s the point of putting money in a pension if you don’t live now. Money can’t buy time after all!

@Loopytiles

There are lots of alternative options for you! I felt unwell working 60 hours a week, am fine with 40!

But she wants to work part time. 40 hours isn't part time.

I personally struggle to see how you pursue multiple hobbies working 40 hours per week, without feeling stressed. It's different when you have children, they take a lot of your time and you don't mind sacrificing some hobby time to help pursue theirs but without children, you need more to balance your life outside of work.

But if I were in OPs position, I would 100% embrace the freedom she has to work less and live more. 40 hours a week doesn't create much balance imo.

I have a friend who retired at 41, but he is a banker so he nice a nice pot to keep him going until he dies BUT I am saying “he is a banker” rather than “was a baker” because he found retirement so boring at that age he missed the excitement of work.

And also, I think it is ok to go part time but not on the basis of pensions but on the basis of disposable money. There is not much point in having more free time if you have no money to do interesting stuff with.

Yeah unless the inheritance is a sure thing and a good 200k+ your pention is under funded. But it's your life 🤷 I'm jealous you ahve this option! 🙂

Do it. My brother is 41 and last year went down to 4 days a week so he could have a day to do his own thing.

Owns his house with his partner, she was on board. He's a saver and it wasn't a huge reduction in salary either.

He's much happier for doing it.

Will you have any money for hobbies?

You're already reducing household outgoings from 2k ish to 1600, if you only earn 800pm surely that just covers your half of the bills? It would be sad to work part time to then have 0 money left over to be able to enjoy the freedom with.

If you can afford it and it's what you want then go for it! It's your life and not for anyone else to tell you how to live it.

You could live till you're 80 or you could die next year (hopefully not), but I can't imagine anyone laying on their deathbed thinking, 'Fuck, I wish I'd worked more and put more into my pension'. (Especially when there are no kids to be provided for).

As long as you're earning enough to live the lifestyle you and your DH are happy with then do it. You only live once, enjoy it!

To PP, sorry if that wasn’t clear, the 1600 includes leisure spend of 500 per month (250 each though we usually just spend from one pot)

@Naomi198

To PP, sorry if that wasn’t clear, the 1600 includes leisure spend of 500 per month (250 each though we usually just spend from one pot)

Sorry that was incorrect. It only includes £200 of leisure spend (100 per person) so obviously low

Could you go slightly reduced hours: ie 4 days per week?

[quote Naomi198]@NeesAndToes yes I do. It would cover the remaining mortgage + lump sum and DH is sole beneficiary of my pension, not that I’m actually planning to die but just in case, I’m protected[/quote]
Ah good. Nice one so many people don't and then it all goes wrong.

Could you consider reducing your hours slightly? So a formal flexible working request to work 4.5 days or something?

Depends how much you dislike your current role - or work life balance.

there's a lot more flexibility and open mindedness these days about part time prfessional working. I had a 'chuck it all in" moment a few years ago, but I'm a lot more tolerant working professionally 2-3 days a week than full time.
the idea of working full time in a basic wage role and earning less than I could in two days was galling.
Stepping down into a more junior role can be frustratingly stressful

That seems low to me. I’m 58 but dh just turned 50 and we’re aiming at about 1 - 125 M.

You say you could "go back to your profession, which is well paid", so wouldn't it just make more sense to go PT in your profession ??

I bring home twice what you are thinking about, working 3 days a week, and I am not in what anyone would consider a "well paid profession".

If you have the skills / qualification / experience to be well paid, then why not be well paid for the part time hours ?

Any options for compressed hours or a nine day fortnight?
I work part time because of childcare (3.5 days) but really I don't ever want to return to full time.
Even dropping one day makes a huge difference

I must admit £800 must be very part time i may go part time soon 22 hrs ish and not on loads over minimum wage really but will still being home around £1200 and if your profession is very good could you not do that part time so still earn a good wage

While 200k isn't enough to retire on, it's pretty good going for 37 with 20 years plus left to grow. Assuming your mortgage will be paid off and you don't ever want to upsize or have children, then yes, I think you are in a position to be flexible and take a step back. But if you've been working 60 hours a week then something like 30 hours would probably feel amazing, and less dramatic than 2 days a week.

My advice is just to keep your hand in. If you remain employed albeit part time, should you need to, you should always be able to increase your hours. Leaving work completely is entirely different. Im in a similar position to you OP, just been accepted to go down to 3 days, I have a lot going on out of work at present and that's my focus. Next year, my focus may be work and I may well look at going full time again.

Do it! If you dislike it you can always return full time or 4 days. Life really is too short. I will never again work full time.