To give up working at 52?

[caniquitwork]

I am a teacher, but I've had enough.
I have a small teacher's pension- small because only paid in 15 years and even then mostly only part time. Have some other private pensions which will eventually pay out about £1000 a month, but not till I'm 60. Would not touch teacher's pension until then either.
So here's the aibu part - I have a house I own outright so no mortgage, but to live on until 60 I have about £250000 I inherited. Would obviously invest but don't think interest would be enough to live on, so would also just withdraw from the pot iyswim.
Would that work? Would it be selfish- should I keep this money safe for my children?
No dh in the picture. Keep
going round in circles. Wouldn't mind working in another job to supplement but worried if I could even find anything.

Absolutely go for it, it’s your money and you’re in a good position, at the moment you should be able to earn at least £12500 per annum in interest on £250k, if you worked p/t earning similar to that you could probably live ok, without a mortgage, without touching most of your savings for the few years until you take your pensions. Then you’ll be ok.

you have a house to leave for your children so do what feels right for you now. I’m sure they’d want you to be happy and not working yourself into an early grave doing a job you don’t want to do.

She’d earn £12,500 a year just in interest!

Tutor your subject for a bit of income and just enjoy the extra time you have.

That is absolutely ridiculous, no way will you be in boarderline poverty!
you have a house bought and paid for, £250k in the bank and a good pension coming in 8 years time. Some people live in cloud cuckoo land!
I retired at 57 with pretty much the same set up as you. Never regretted it for an instant.

How bloody dare you! I’ve seen some judgemental posts on MN but this deserves an Oscar for cheek…
’sitting on my arse’
‘fritter it away’
‘get a part time job’
‘put some more in trust for your children’
’they won’t get a pension like your teachers pension’
‘make sure the kids are set up for life’

What part of your post supports OP in her desire to retire early? as is her right!
She is not obliged to ‘set her adult children up for life’ so do not try to place this guilt and supposed responsibility on her shoulders.

Our’s have worked their backsides off, have high profile jobs, they are home owners, and their financial situation is secure and comfortable. They were brought up in the knowledge that as adults they would need to be self sufficient. As kids they were given pocket money which they earned, they helped with housework, gardening etc, we were a team as both DH and I worked. DC’s also had paper rounds, babysitting jobs, they dog walked for neighbours etc. It’s called growing up responsibly and preparing for adult life. It’s what I did as a kid, it’s what my DH did too.
OP’s children will inherit the property when she dies, that in itself is an inheritance and more than enough IMO. Going through life being the bank of mum and dad is ridiculous, because one day we will be dead, and the bank accounts will have been drained by these adult children and they’ll be left rudderless and drifting with the tide because mummy’s apron strings have snapped.

OP… if you read this for goodness sake retire early, get out of the rat race, go on holiday, or sit on your arse (if that’s what pleases you) because you deserve it, and above all else ignore the ridiculous judgemental BS that CinnamonJellyBeans offered you.

Seems a lot of support on MN for the not working, sitting on your arse etc option if half a chance is offered. I wonder why.

Because life is for living not slaving away? Who says OP is going to sit on her arse? Maybe she actually has a life - unlike some?

I'd go teach English abroad a few years. Use your skills but in a culture that values older people and education. Make a bit of money, housing covered, rent out the house here and have a little adventure. Japan or Vietnam perhaps.

@WeCanOnlyDoOurBest
Nope, I'm still of the (correct) opinion that taking money someone else earned and left to you, frittering it and sitting on your arse doing the take-a-break wordsearch is obscene.

There are some envious and bitter people on this thread.

I would do it in a heartbeat if I could afford to!

It’s not like people are saying claim benefits and don’t work. The OP has enough money she doesn’t need to work, and I assume doesn’t enjoy her job anymore (same for lots of teachers). Why work and be miserable if she doesn’t have to?

my mother worked until she was 62 and died at 64. I’m sure she would have lived the opportunity to benefit from her retirement whilst healthy enough to do so.

Are you ok? Listen to yourself!
OP has earned her own money too, she has also been in teaching all her working life, she’s in her 50’s, yet YOU think it’s ok for her children to take the money she is earning, plus the money she inherited which was bequeathed to OP and OP should keep working for her ADULT children.
It is immoral for her to give the inheritance away when it was the wishes of the person that left it to her that she should have the money to do with as she wishes.
Give your head a shake, think about this, and realise you are way off mark. If you can’t understand what is ethically right here you need help.
THE INHERITANCE BELONGS TO OP… got it?????

There was a man who died at his retirement celebration this week.
My sil died a few months before retirement.
Dsis at 50 dB at 61. And on and on.
Friends in their 40s.
Do it.

I’m trying to understand the hostility on this thread to using inherited assets to retire earlier.

OP paid for her house and also for her pension and teacher’s pension, so it is a combination of inheritance and assets she earned. I’m not sure why if she has the money and a decent financial planner to make the best use of her assets, why she shouldn’t retire. She doesn’t owe her children anything…they likely will split the proceeds when he house sells anyhow.

I retired at 57…some of the money was what we earned, some was inherited. We don’t have DC. Was I supposed to work till 67 or later, just because more of it would go to the charity we are bequeathing it to?

I mean, I had a friend who died at 60 of pancreatic cancer. DH’s cousins died in their 50s. You can’t take it with you.

lastly, OP is a teacher. Teaching is a very difficult profession…after decades of it, it isn’t all that unusual to be burnt out and need a rest.

But you suggested buying a horse! That’s definitely frittering money away,

The money I inherited comes from someone owning a piece of land and being able to see it at a very good price, so not really worked hard to pass this on

Just ignore the jealousy people who say you’d be wasting the money. It was left to you to do with as you pleased. You don’t leave money in a will and stipulate it has to be used for only certain things! Whoever left you the money would probably be pleased for you to retire early and enjoy your life, I know I would!

I know of so many people who never reached retirement age including db who died aged 57. Of course we need to make sure we don't have to live in poverty during retirement but there's no point being miserable with our job. Db left me £200k and I'm sure he would be pleased if I used it to improve my life.

You’re wrong.

I have retired early thanks to an unexpected inheritance. I didn’t want to fritter it away on a holiday, a second home, a horse, or anything else I didn’t really want or need.

I could have bought a bigger house but I don’t need it. I could have bought a new car but I don’t need one. I could have bought some expensive jewellery but I’d never wear it.

Retiring early has allowed me to be less stressed, look after myself better by eating better and exercising, have time to do things that make me happy, and spend more times with friends and loved ones.

Retiring has had the most positive impact. And I am glad that something so positive has come out of something so horrible as the death of a loved one.

If you consider that obscene, you are the one with the issues, not me.

Use the money as you see fit OP, and ignore those who disagree. I’ve given someone a piece of my mind who saw fit to tell you otherwise. Retire, enjoy!

That frightening to hear, I hope I don’t need to go in hospital 😫🤯

Great advice!!!!!!!!

I drew my teachers pension of 15 years at 55
it is about 550£ a month I took a lump of 14,000 too .
I think give it a go .
plenty of little part time jobs to try.
I live in a small coastal town and a lot of hospitality friendly kind of cafe work jobs .

not glamorous but cleaning pays £20 p hour and gardening £18 per hour
dog walking also £15-18 per hour
plenty of people would love an ex teacher as baby sitter or after school childcare .

YOLO
Hand your notice in today. If I could give up work I absolutely would
Life is for living
Enjoy!!!