Page 10 | I don't want to work anymore!

ettieb · 2023-09-13T11:50:58+00:00

I'm 55 and have been working since I was 16 apart from a couple of years off when my son was little. I'm so over working. I don't hate my job.. I've worked there a long time... with lovely people.. my boss is great and I can choose whether I work from home or go into the office or a bit of both.. so I know I'm very lucky but I just want freedom to do what I want when I want. It doesn't help that a lot of my friends are retired and do lovely things which I want to join in with. I can't believe I've got to do this for another 12 years... there are no options for me financially to go part time. We are on holiday at the moment in Devon.. nothing fancy.. just a caravan and cooking for ourselves mostly as we can't really afford to eat out... but I'm as happy as Larry... just knitting.. doing crosswords.. generally bimbling around doing my own thing. I just think I wanted to moan!

shivawn · 15/09/2023 17:44

@Cottagecheeseisnotcheese Will the state pension be there or be worth the same amount in 32 years time when I reach pension age is the question. I live in Ireland where less than 35k each a year wouldn't go particularly far if you hope to have a pretty active retirement.

Cottagecheeseisnotcheese · 15/09/2023 19:15

@shivawn sorry I don't know enough about Ireland to say. All I can advise is maximising your savings right now as the earlier you save the better it will grow and hopefully ride out the ups and downs of bull and bear markets, but certainly now is the time to plan for it. Most people estimate you need about 65-70 % of your income in retirement so if 50K is OK now 35 would be about right

givemeasunnyday · 15/09/2023 20:56

Jellywobblescobbles · 15/09/2023 09:21

If people want to watch tv when they retire (I know a few relatives who did this before retiring) then it’s not sad is it? Each to their own. Not good for cognitive decline but some people don’t have hobbies or put plans in place for retirement.

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I, and the poster I quoted, were actually replying to another poster who said:

I'm dreading stopping really. Just the thought of having to watch bad tv

so I was saying if that is the only thing they can think of to do when they retire then it is pretty sad!!!!

givemeasunnyday · 15/09/2023 21:16

ElizaAgainn · 15/09/2023 11:39

There is that factor for some people - ie one of the "sudden deaths" that have been happening since 2020. So - need to count in a possible "sudden death" out of the blue for those that have had "that Jab - 2020 onwards". Message being "try to live for the day as much as possible - just in case" if one has had that jab and is at risk of "sudden death". I refused to have it personally - and so can expect the rest of my due lifespan presumably - but would have to factor in "a possible sudden death" if I had had it....though my "unexpected factor" is the "bad/long cold" I had last year turns out to have been Covid, so there are a couple of minor health issues because I didnt know it was Covid at the time and so didnt treat it (yep...I've got our remedy for it and have taken it since - but my regret is not taking it immediately - now that I know it wasnt a cold) - so my unexpected stuff from that that is restricting retirement currently is I'm working on how to get rid of deafness in left ear/breathlessness and loss of sense of smell (on top of "my own" health issues).

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What???? Pretty sure there have been "sudden deaths" of younger people since the beginning of time, not just since 2020.

You need to get out more.

PupInAPram · 15/09/2023 21:30

I've decided to go next summer. It will be 3 years until my state pension, but I'll top up my work pension with savings. I'll have worked for 44 years. I am floating on air in work now I've decided, although I won't be telling anyone till next Easter. It' s my guilty secret and it's getting me through some truly sh*y work days with a smile on my face.

PupInAPram · 15/09/2023 21:31

@ElizaAgainn are you bonkers? 😂

PrueRamsay · 15/09/2023 21:37

I’m 58 and have 5 more years of mortgage payments left to make. I’m overpaying to try to get that down, but really, I won’t be able to retire until I’m 65 when my work pensions kick in.

I should probably be saving more, but like many other posters, I’m financially supporting young adult DC who are struggling to eat because their rents are so high compared to their (graduate) salaries.

I did think about reducing to four days a week once the mortgage is paid, but wouldn’t that affect my Final salary pension? Surely you want your last few years of salary to be as high as possible? Or have I misunderstood how it all works?

I would never be bored bumbling about, reading, knitting, meeting friends and travelling. I cannot bloody wait!!

PuzzledObserver · 15/09/2023 23:04

@PrueRamsay I did think about reducing to four days a week once the mortgage is paid, but wouldn’t that affect my Final salary pension? Surely you want your last few years of salary to be as high as possible? Or have I misunderstood how it all works?

It will depend on the rules of your scheme. Some schemes it’s the average of your last 3 years, others it’s the best of the last 3 years. So look at the details of your scheme - or as k the pensions department, if you have one.

Mia85 · 15/09/2023 23:11

PrueRamsay · 15/09/2023 21:37

I’m 58 and have 5 more years of mortgage payments left to make. I’m overpaying to try to get that down, but really, I won’t be able to retire until I’m 65 when my work pensions kick in.

I should probably be saving more, but like many other posters, I’m financially supporting young adult DC who are struggling to eat because their rents are so high compared to their (graduate) salaries.

I did think about reducing to four days a week once the mortgage is paid, but wouldn’t that affect my Final salary pension? Surely you want your last few years of salary to be as high as possible? Or have I misunderstood how it all works?

I would never be bored bumbling about, reading, knitting, meeting friends and travelling. I cannot bloody wait!!

Is it definitely still final salary? Most DB schemes seem to be career average now

AuntieJoyce · 15/09/2023 23:20

PuzzledObserver · 15/09/2023 23:04

@PrueRamsay I did think about reducing to four days a week once the mortgage is paid, but wouldn’t that affect my Final salary pension? Surely you want your last few years of salary to be as high as possible? Or have I misunderstood how it all works?

It will depend on the rules of your scheme. Some schemes it’s the average of your last 3 years, others it’s the best of the last 3 years. So look at the details of your scheme - or as k the pensions department, if you have one.

You would earn less pension for the time you were working fewer days per week, but it wouldn’t impact the pension that you’ve previously earned. It would still be based on your full time equivalent salary rather than your part time reduced salary

PrueRamsay · 16/09/2023 12:10

Yes it is still definitely FS. That's good that I would still get paid on the FTE wage. I should probably check it out with our pensions team at work - they are notoriously shite though...

SiouxseeSioux · 16/09/2023 18:23

@Eventingmum according to Gov.uk website you need 35 qualifying years to claim the new full state pension. It has been 35 years for a long time. Where have you read that it's 40 years? I'd like to check that for my own peace of mind.
And it depends on when you were born as to when you reach state pension age. I don't reach that until I'm 67, and so I cannot claim it or get a free bus pass until I'm 67.

PuzzledObserver · 16/09/2023 19:42

@SiouxseeSioux you can check how many qualifying years you have and how many more you need here: https://www.gov.uk/check-state-pension

I was surprised by some of what I found there - for instance, I didn’t realise that my years in full time education all counted and I therefore have more years than I had realised.

Check your State Pension forecast

Find out how much State Pension you could get (your forecast), when you could get it and how you could increase it

https://www.gov.uk/check-state-pension

FelineUK · 04/12/2023 20:07

Same. When I was made redundant a couple of years ago, I took on a part-time job. Hubby assured me we could manage and we have. A humble income and a humble life but my quality of life and health has improved tremendously - happy wife, happy life :-) Two non-working days, plus a weekend, and they are totally full. I have done my (full) time working like crazy, occasionally til 10pm, coming home exhausted just in an effort to get ahead for the next day in a frantic, fast paced role and now, working part-time.. I feel I have reclaimed my life and can breathe! Ok, so we no longer have the twice a year holidays abroad, or the two or more cars, or any other 'luxuries' but we have what we want and with just a few years' mortgage left, we can then use that money towards savings or one holiday abroad. Pottering.. severely underrated, wonderful pastime!

MummyLongLegz2002 · 12/03/2024 15:56

Ugh, I feel the same. I'm currently in my workplace writing this.

For the past few hours (or months), I've just been thinking about how much I hate it here and how much I want to be free. I have so many passions and hobbies but no time to develop them the way I would like to.

As a young mum, 22 years old, I'm struggling to find hope. It's just such a long game. I'm not from affluence and have no savings. I fear I will be working til the day I die.

5thCommandment · 12/03/2024 16:10

If ever there was a thread to convince people to prioritise their private pension, this is it. The more you save the earlier you can retire - look at the FIRE method.
I've just reduced my pension contributions to 50k/year and feel guilty about it, but we needed a bit more day to day for the kids.
I'm 40 and can't wait to get out and go travelling.
The only route out is to save/invest...

Wakintoblueskies · 12/03/2024 16:26

5thCommandment · 12/03/2024 16:10

If ever there was a thread to convince people to prioritise their private pension, this is it. The more you save the earlier you can retire - look at the FIRE method.
I've just reduced my pension contributions to 50k/year and feel guilty about it, but we needed a bit more day to day for the kids.
I'm 40 and can't wait to get out and go travelling.
The only route out is to save/invest...

Can you not read the room?

Do you really not realise people can’t afford to pay anywhere near that much into a pension fund or are you merely using this thread as some sort of self congratulatory wankery?

Minikievs · 12/03/2024 16:32

5thCommandment · 12/03/2024 16:10

If ever there was a thread to convince people to prioritise their private pension, this is it. The more you save the earlier you can retire - look at the FIRE method.
I've just reduced my pension contributions to 50k/year and feel guilty about it, but we needed a bit more day to day for the kids.
I'm 40 and can't wait to get out and go travelling.
The only route out is to save/invest...

You've "reduced" your pension payments to an amount that is more than my entire gross annual income, and I'm the sole adult in a household of three.
I am fully aware of the need for a personal pension, and contribute as much as I can to it.
What do you propose I top it up further with? Magic fucking beans?

Wishahwas · 12/03/2024 17:39

@5thCommandment your point about planning as early as possible for a pension is fine - note ‘as possible’. But honestly, why did you have to mention that you are able to reduce your pension by well over the uk Median gross annual earnings for full-time employees of c35k, other than to boast. You could simply have said you prioritise saving for your pension (and saving a shed load of tax at the same time) without the figures. Most people know it’s a good idea but don’t have the money spare, no matter how ‘tax efficient’ it might be to save, or how sensible it might be to be able to try to retire early.