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?

Of course part time is an option too. But £800 month sounds like v few hours. Lots of options in between that and your current 60 hours a week!

i wouldn't count on any inheritance until you have it in your bank account. Therefore in your shoes I'd not reduce my income so much at this point. If you can reduce your hours/change job - great go for it.

Life is too short to be unhappy, but too long to commit yourself to a retirement of penury.

I'm 33, no kids I've just gone down to 4.5 days and when I get my next promotion (should be early 2023) I'll be going down to 4 days. But I earn 58k for full time, so still a really good salary and pension even for the slightly lower hours. If I were you I'd go for a middle ground, less stressful 4 days a week role in your current industry before going down to a very part time role that will leave you penny pinching. I definitely wouldn't want £100 a month for fun money, I think I spent that yesterday on dinner and drinks. A lot of my female friends without children work 4 days now, why work for money you don't need when you want extra time? I have horses and like nice food, wine and holidays, if I had cheaper tastes I'd be 4 days a week now 🤣

Yes I'm 4 days a week - never went back to full time properly even though DS almost 16. Although I do seem to be working today on my non paid day

I’d explore other options first. Like a different job, setting up a side hustle, asking if you can take additional leave without pay for a few weeks each year.

Yes I think you should go part time but personally I think you might struggle on only £100 leisure spends. Yes you have a good amount of savings, but if you keep dipping into them for holidays etc you're going to erode them.
We're both part time but we are nearly mid 50's and have a wonderful life but we have a large budget for leisure and holidays.
Couldn't you drop down to 30 hours? Surely it will feel like part time and you would have more money to play with.
Also how long do you have left on your mortgage?

@GettingThemFromHereToThere

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!

Yup, yup.

You say your oh is fine with it but will he really be when he wants to start a hobby but can't afford it. Wants to go on a nice holiday but again, it can't be afforded.

I think expecting him to put 50% in and living very frugally just so that you get to have it easy is not really on and if he us OK now, there is a big risk that resentment might take over as frustrations set in.

What do you earn currently OP ?

I work 3.5 overnights and my husband 3 (long) days. We earn £1400/£1500.

If you could just up your work ideas a little to earn that amount you would have more options for leisure/holidays/one off costs or to add to your savings for these things in the future.

So I think yes to part time but not quite as little as only earning £800. You are so young and even if you are happy to scrape by surely your partner/family/friends would get sick of you having no money for leisure or having to pay for you. You should have at least 50 years of being able to live a full and active life now. You don't want the highlight of your year to be a day out sightseeing with a flask surely?

How will you pay for new boilers/roof repairs/car repairs etc for the next 50 years? I think you only earning £800 might prevent your partner from ever being able to take his foot off the gas which isn't fair.

If you want to stop working completely e.g. at 55 you would need savings to cover until state pension (at 67+?) So 12 years of £800. I've just made that £115,200 of savings needed to not work at all 55 years until 67. You may intend to keep working but no one knows what the future holds in terms of health and you can give yourself this option - or not.

If you hate your sector consider a change of sector but if you're just exhausted part time would help that.

Good luck