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Original poster

Dh wants to retire early

113 replies

ginorwine · 11/08/2017 19:56

Dh is a public services senior manager - he is 58 and exhausted . He wants to retire in march next year after over 30 years of service and paying into pension it will be 18 k per annum .
I work part time and he may do somethkng . When he retires we may be in a new area so nether of us would have jobs initially - in fact they are hard to get in the area we may go to .
So my question is is 18 k enough to live on ? No mortgage but normal bill s such as life insurance , council tax , etc . We may need to run two cars due to remote area / in case we have a job each .
We are currently on 60 k joint income but are supporting two at uni so this will be a big change and I wonder if anyone else done this ?

OP posts:
sororitynoise · 11/08/2017 20:00

You won't starve but your lifestyle will suffer.
Why can't you work full time?

Viviennemary · 11/08/2017 20:16

£18K isn't a huge amount these days. Could he not carry on working but do three or four days for a couple of years. . I'd say it certainly won't be enough between you to live on especially running two cars.

BackforGood · 11/08/2017 20:23

Of course it is enough to live on. The question is, whether it is enough to 'live the life you'd want to' live on. Loads of people live on £18k or less, and have to pay rent out of that.

What you'll need to decide, is how much you want to find jobs (as in, how keen you are, whether you will take any sort of job) against how much you want to do the more luxurious things in life, such as go on holiday, eat out, replace cars, etc.,etc.

Oblomov17 · 11/08/2017 20:32

Most people I know won't have anything like 18k from their pension.

Have you sat down and worked out how much you need for 'absolute essentials' ?

Passthecake30 · 11/08/2017 20:34

I'd probably wait until dcs were out of uni tbh.

pitterpatterrain · 11/08/2017 20:34

What is the thinking behind the move?
Is it somewhere remote?

I suppose I am thinking for even later in life it isn't ideal (e.g. If you needed care at home, family visiting)

Chottie · 11/08/2017 20:34

Looking forward, won't both you and DH qualify for state pensions when you reach 66/67?

TinklyLittleLaugh · 11/08/2017 20:38

Do you have equity in your house? Could you downsize? Take in a lodger?

We retired a couple of weeks ago. We did the Martin Lewis spreadsheet and costed stuff out. We also did a kind of flow chart to take into account the different bits of pension we can take at different times.

EMSMUM16 · 11/08/2017 20:46

Yes it is. You may have to be creative about spending money but you'll have more time together

rollonthesummer · 11/08/2017 20:49

How old are you-why don't you work full time?

blue25 · 11/08/2017 20:50

It wouldn't be enough for us but everyone's different. I'd like an active retirement with lots of travelling, eating out etc which will cost money. Some people are happy to potter, volunteer, garden etc.

BarbaraOcumbungles · 11/08/2017 20:53

You could get a full time job to bumb up the family income?

Original poster
ginorwine · 11/08/2017 21:02

Didn't kno there was a spread sheet on Martin Lewis - will look into it .
We only plan to run two cars ifvwe both have bits of jobs .
My pension will be 3 k on top when I'm 55 or 6 k when 65 or 68 ( I've not checked yet / wait for info )
Dh thinks dc will get full uni loans if he retires . .. and that they will inherit when we pop off our mortal coil so will be ok ( sign properly over to them )

OP posts:
Icequeen01 · 11/08/2017 21:02

My DH retired at 51 (3 years ago) after 30 years in his previous job. He has a reasonable pension but as we still wanted to have a lifestyle where we could afford holidays etc he found a full time job in a completely different field which was supposed to be taking a bit of a step back. It hasn't quite worked out like that as new role has now developed and isn't the 'step back' he wanted but as many of his skills are transferable he will be looking to drop down to 3 days next year either in this role or in a new one. Would your DH be willing to work a few days per week to top up his pension?

hollytom · 11/08/2017 21:03

If work is affecting his health then he should do it. My dad worked on until he was 65 and then died 3 months later. I knew he was tired but he felt he had to go on for the money as one of my brothers was still at University.
Once the dust has settled I am sure there will be opportunities to make extra top up money, there was an article last week in the telegraph I think about a couple living on low income after early retirement but topping it up with house sitting by £300 a month.
There are quite a few ways to make extra bits of money once you start researching. I do matched betting which I make a few hundred each month.

Original poster
ginorwine · 11/08/2017 21:04

I've done lots travel in my youth - I don't like flying now . My idea of adventure now is to travel most of uk - flask n sandwiches wd do us - but need enough to go to pubs to socialise . !
Yes state pension later .

OP posts:
Original poster
ginorwine · 11/08/2017 21:08

Holly I'm so sorry to hear that - my darling dad retired and had a stroke within a year - his dream of a camper van adventure - split screen vw - was cut very short . He had much more money than us but did manage to enjoy some things as his stroke was quite mild but it did sadden him . My dh is strong minded and wanted support kids Thro uni but I can see him struggling now .its the stress levels and decision making as well as long days .

OP posts:
Original poster
ginorwine · 11/08/2017 21:09

Yes he would look for a job - he is very practical .. this wd need to be weighed up with car costs ..

OP posts:
sororitynoise · 11/08/2017 21:09

You still haven't answered why you can't work full time if your DH is burnt out.

Original poster
ginorwine · 11/08/2017 21:11

Holly wd love to know more about ways to boost income ! I've never heard of matched betting .. house sitting sounds like a free holiday to me !!

OP posts:
Original poster
ginorwine · 11/08/2017 21:11

I've never worked full time . I have a health issue .

OP posts:
Original poster
ginorwine · 11/08/2017 21:12

Well not for some years .

OP posts:
sororitynoise · 11/08/2017 21:12

Lots of people have health issues and work full time, myself included.

allegretto · 11/08/2017 21:13

Why don't you try limiting yourself to that income for a while and see?

Bluntness100 · 11/08/2017 21:13

Why do you need to move to a new area and you also give up work. Do you wish to retire? Is it to enable you to pay the mortgage off?

Yes, of course it's a huge drop and yes it's a small income. Take off your ent or mortgage payments and then try to live off it and see how you feel?

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