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.

Going to bed but lots to think about!

Why is living a life you enjoy 'frittering it away'?

A holiday fits that definition better.

I cannot understand why someone would stay miserable when they have the money to make a change.

Just do it! I retired at 57 with only 12 years of teacher's pension contributions and about £30k in savings. I did own a house outright but I had 8 years to go before my state pension kicked in. I lived frugally but I didn't care because I was free to do things I enjoyed and I no longer had the stress. One teacher retired at 65 after 40 years of service and died in the first summer holiday after; I didn't want to be that person.

There's no way I could take the money that someone else worked hard for/saved all their life and fritter it away, so I didn't have to work any more. Travelling, a holiday home, a horse, something tangible, useful, inheritable, maybe, but not sitting on my arse.

How is a holiday or a horse (really?!) not frittering money away, but using it to reduce stress by giving up a job frittering money away? Surely it’s the other way round?

I currently have a little over £200k invested in well diversified worldwide funds within isas . It has gone up over £30k in the last year and is tax free , you could live off that but obviously it comes with risks and it dropped £40k in the first 6 months of covid.

Unfortunately mine is to pay off the interest only mortgage but if I didn't have that I'd definitely be going heavily part time at the very least.

Whatever you decide get £20k of it into a cash iss before the end of this tax year, you can always take it out again.

So much to think about. It took me a year to reach my decision, going back and forth with my Financial Advisor doing cash flow forecasts based on different scenarios.

In the end I was so frustrated with my job (it was already part time so no option to just reduce hours), and frustrated with myself for not making the decision, I resigned. Nothing is forever. If I need to go back to work in 10 years in some capacity I will. I don't regret it so far.

I have tracked my spending for over 15 years by putting it all into personal finance software and categorising everything, and continue to do so, so I know exactly where my money goes and how much I need to continue with my current standard of living. I think if I wasn't sure how much I'd need, or where there was a bit of leeway to tighten my belt etc if I needed to short term, then I'd probably have kept working for a bit longer.

I'd probably plan to work another couple of years, then retire if you still want to. The extra couple of years of pension and savings will bring more security.

Just go go for it, honestly! Sure get some easy part-time work to bring a bit it. Enjoy!!

My mistake. Thank you for pointing that out I had misunderstood. Actually makes me feel better for what I may do in the future.

For those who, in your situation, would keep working and pass it onto the kids. Are the kids expected to do the same? Maybe this is exactly where the ops money came from. Where does it stop and someone actually gets to spend the money? Don't the kids want their mum to enjoy her life?

It's tight op. Every year extra you can hang on helps, even if it's just one more year. Or try looking for work in the summer before you quit.

Clerk to Parish council? There’s one near us 25 hours a month £14.50-£16.50 an hour - check your council website.
Court usher is another job often done by semi retired.

It's an interesting one, my pal died at 52 out the blue & it shook me up, I sort of ponder packing it all in too & am at a v similar age to you. Have a bit larger pot but no pension till state at what 68? Or as said more likely will be 71 by then.

I've been a landlord & it's been smooth but I'm pulling out, I did wonder about getting a cheaper rental place, but still big stamp duty on a 2nd property from April & are big risks involved in it now if you get a problem tenant.

Definitely. Loads of my friends and family are retired teachers. Some just do their own thing, others do tutoring, hourly FE lecturing, social research or freelance admin work to get some cash and mainly because they like keeping busy. Some just do volunteering, travel, hobbies or just sitting about and going for lunch!
Teaching is very taxing and you deserve to stop when you lose the passion or inclination. It has to be enjoyable to you and for the benefit of the students.
Enjoy your time now with less commitment x

Do it OP! We did in our 50s and love it. Haven't regretted for a second.There's no better feeling than waking up on a Monday morning and remembering you own your own time. Every day is as busy or as peaceful as I want.

Why would OP be "sitting on her arse"? Did you not ready the DC have already received inheritance?

Do it. My DH and I have £600K and a paid off mortgage plus decent pensions. He’s 60, I’m in late 50s. No kids, no relatives to leave the money to. He still wants to go to work full time…I retired recently from an academic career, and have been trying to get him to retire now when he is young enough to enjoy it. He likes his job, but I am surely going to enjoy myself doing something else other than working.

OP intends to quit working and is unsure of she will be able to procure subsequent employment, which will indeed allow her spend a lot of time "sitting on her arse"

Yes, and I have explicitly referred to their inheritance and how it's not going to guarantee their financial security.

And if they decide to.not pay the rent and trash tbe house and you can't get them out for 12 months?

Initially I was thinking absolutely but I think a lot depends on what type of person you are and what you want from retirement. You said no partner in the picture grown up kids and you struggle with confidence. Tell me if I'm way off but I'd be concerned you would become isolated and lonely. Do you have hobbies, or are you part of any groups. Do you have friends. Are you interested in traveling. I think a part time job would be great and a nice balance.

I would if I could.
But I'd probably get a little part time job - a 2 day a week job in our local independent bookshop came up recently which I would love. (Also a teacher - it's relentless, and I'm completely knackered all the time now I've hit 50)

I wouldn't, no.

My mum did in 2018. Quite her job at 51 when she received 280k.

She always planned to return to work after having a year or so out. Something PT. She had her mortgage paid off already.

Well, the pandemic hit. She was always a drinker, but Lockdown made it worse. Now, five years later, she has 7k left. She's an alcoholic with severe depression and agoraphobia. She also now has liver disease and neuropathy. She can't work. The money is running out. She's 57. Short on NI contributions so won't receive full state pension and has no private pensions.

She's now put her house on the market for 350k. Hoping to sell and get 100k to live on.

It's a nightmare. Different situation as you're not an alcoholic but just a word of warning!

She didn't invest the 280k. Left it in her normal bank account so didn't make a penny of interest.

Dreadful situation.

Your eventual pension of £1k per month doesn’t sound like much to live on, even with no mortgage to pay. I would work for another 10 years and focus on building up your pension to give you a more comfortable retirement if I were you.

@invisiblebark wouldnt it be a better option for your mum to do equity release?

I retired at in my 50's and lived on savings, have no debt, own home outright. Best decision I ever made. As much as I love our children I dont think its my duty to keep my savings for them, they will inherit our home when we're dead and gone, they will sell that and thats a good enough inheritance imo.
Use your savings, get the hell out of the rat race, and enjoy waking up every day with a smile on your face knowing the stress free day is yours.