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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:
rollonthesummer · 11/08/2017 21:14

wd love to know more about ways to boost income

Working more is what most people opt for!

Original poster
ginorwine · 11/08/2017 21:14

I'm not saying they don't . However it wdnt work for me - no point in one ok then me not ok - that's why I'm looking at supporting his decision to retire .

OP posts:
HeddaGarbled · 11/08/2017 21:15

I think it's the move you should reconsider not your H's early retirement. If you stay where you are for a good few years longer, you can continue working. You should throw everything you can at your pension for as long as you can bear to stay working, then think about moving once you retire.

Original poster
ginorwine · 11/08/2017 21:16

Roll
He will prob work as will I - both part time . It's just initially we have to know that we can manage on his pension in case we don't get jobs in proposed new area .. I have a job here but no guarantee - therefore need to ensure can manage as otherwise that would swap one stress for another ..

OP posts:
Original poster
ginorwine · 11/08/2017 21:19

Hedda
Yes that's one option
I've swapped from a stressful career to a minimum wage job tho - it's 0 hour contract and at times I don't get any work ( rare tho )

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

Allegretto
That's great idea ! I didn't think of it . We are supporting two at uni but I'm sure we can do a comparison ....thanks .

OP posts:
Original poster
ginorwine · 11/08/2017 21:24

Roll
I've worked since I was 13 with a Saturday job
I just fancy doing work in a different way now , if possible , that's all . Wd look for work but wd also like to think outside the box .

OP posts:
Out2pasture · 11/08/2017 21:27

My dh and I both retired at 57 with many years of service (him 30 mine 15). We budget carefully but have no difficulty making ends meet.
He would have liked to have found other post retirement work but the market here is poor and the money not really necessary.
All 3 dc had finished uni, were in stable jobs, and we paid off their student loans.
Have you tracked ALL your expenses lately?

inlectorecumbit · 11/08/2017 21:28

It would be difficult to live and maintain your current lifestyle on £18K. I retired last December in similar circumstances and returned to work 16 hours per week.
DH and l did a spread sheet and we reckon when l fully retire in the next year or so, to maintain out current lifestyle- and we are no way extravagant we will need a minimum £2K.
If you intend to run 2 cars it will really eat into that £18K with all the running costs as well as normal household bills.

isthistoonosy · 11/08/2017 21:32

If you are in the countryside and don't want to work could you look at being more self sufficient instead? Its something to do and cuts costs.
Or could your husband look to step down a few grades at work and go pt and stay where you are for a few more yrs?

hollytom · 11/08/2017 21:34

Here is the article about house sitting www.telegraph.co.uk/money/consumer-affairs/ultimate-downsize-sold-home-now-get-paid-live-peoples/

Matched betting is where you basically take advantage of all the promotions that bookmakers have. It is not gambling but you need to be careful with it or you could lose money. I knew nothing about it when I started. The site I use is profit accumulator which takes you through what to do.

Original poster
ginorwine · 11/08/2017 21:35

Out - we haven't but will focus on doing so !
Intellect - thanks - we don't expect simijar lifestyle - it's more about protecting dh health whilst making sure we can manage . We have a dd just start uni so the timing is bad - we had dc quite late ... at the time grants for uni were around ---

OP posts:
Original poster
ginorwine · 11/08/2017 21:38

Is this - I did thknk of that but he doesn't want to do it as he feels it would be a conflict as he would be working for those he now manages .. I will mention it again . In some professions I thknk you can retire and go back but in ours ( my ex profession ) you cannot .

OP posts:
Original poster
ginorwine · 11/08/2017 21:38

Thanks holly !!

OP posts:
Original poster
ginorwine · 11/08/2017 21:40

Holly that article is amazing -- !! I note they don't have dc tho !😜

OP posts:
inlectorecumbit · 11/08/2017 21:45

You or your DH could perhaps pick up a part time stress free job just to bring in some cash. Health is more important than money. I am NHS and could retire early -l now quite enjoy my 16 hour week, l have colleagues who have gone to work in B&Q and 1 who is now a driver with the local hospice.
You certainly have to cut your cloth and we were lucky that we had our DC's early and they are all self sufficient ( well almost).
sit down with your DH and do a spread sheet of what you need to survive and what you would like to have extra and work things out from there, However as l said if his health is suffering it is a no brainer. He has to retire.

ijustwannadance · 11/08/2017 21:48

Do you children have part time jobs whilst at uni? If not, tell them to start looking.

asaloo · 11/08/2017 21:49

I think £18k is a decent amount for a couple with no children or housing costs. DH was the sole earner through most of our working lives and £18k was a bit above his salary, and we managed fine for the basics, and we could also have some modest luxuries like holidays too. The dcs got full loans/grants at uni, and bursaries and didn't need us to support them. DH retired early as he reached the age limit for pension credit and I had to claim PIP for my disabilities, so our income now is £20k a year plus we get housing and council tax covered on top, and I'd say life is pretty comfortable (but obviously we have never been used to a £60k income). We do have a car but we mostly use public transport as it's free, I think city living can be more affordable in many ways.

It's worth looking into the benefits you can get for care/disability needs if you have a health issue - my PIP makes up a big part of our income and it means DH can claim Carers Allowance too. I've never been able to work full time due to my health issues as they were very severe so I do understand that it must have been difficult to work.

HeddaGarbled · 11/08/2017 21:49

Could you try living on his pension for a year or two before you move while you put all your wages into savings/your pension? That might give you a better idea of how realistic your plans are.

My H took early retirement (not from choice - redundancies) and I work 4 days a week. It's actually worked well, he does most of the housework and cooking so I don't feel like I'm subsidising his life of leisure and it makes my life a lot easier. I do earn more than minimum wage, though and I'm very focussed on building up my pension for when I retire.

inlectorecumbit · 11/08/2017 21:50

Oh and be careful with match betting -DH did this for a while and eventually the bookmakers get wise to you and restrict your bets and your accounts are closed.
But yes initially you can make money, especially with the casino offers anad free bets but you need a lot of different bookmaker accounts to make it work. DH lost £750 from Canbet after they went burst.......

TinklyLittleLaugh · 11/08/2017 21:52

To be honest, when we did the spreadsheet we found we needed more money than we thought. But we were realistic and generous: we have room to cut down if we need to. My DH is going to do four days a month for an old customer at a very good daily rate, which should see us okay.

I think there's more to life than money though, as long as you can meet your basic needs. There's lots of stuff you can do freely or cheaply. Check out what's going on in your community. You can shop around for cheap flights and travel bargains. We have bought a caravan and have had some great trips out this summer on tiny gorgeous £10 a night campsites. Will probably do a European tour next year.

venusandmars · 11/08/2017 22:31

What do you spend your money on at the moment? Do you save anything? I would worry that the lifestyle you are used to would change massively.

I understand what you say about holidays etc but petrol to travel plus accommodation and food in the uk is expensive.

It would be really stressful to find that you couldn't take all your children out for dinner to celebrate a birthday or exams passed, or that you couldn't travel to visit them.

I agree with others who say you should think about staying where you are and keeping your job. Why are you planning to move?

BackforGood · 11/08/2017 23:14

House sitting could be a good way to earn a bit and see different parts of the UK.
Other 'outside the box' income / jobs could be something completely different, like being film extras - a lot of sitting around apparently, but an income doing something completely different / not stressful.
I have retired friends who do what might once have been considered teens 'Saturday jobs'.... things like collecting trolleys at the supermarket.... one that delivers leaflets.... one that does a paper round...... a dog walker...... someone who cuts lawns / tidies gardens a bit...... A very small income, but they reckon it gets them out in the fresh air, is free exercise, they chat to other people each day, and does bring in a small amount - thing being lots of these jobs only work in a City or town. If you have to factor in running a car and travel costs just to get to where you can do them, it's not so good.

TinklyLittleLaugh · 12/08/2017 00:14

We thought about things like going out to dinner for a birthday. There are usually 8 of us (4 kids plus GPs) so £160 absolute min. And at about six times a year (youngest would rather have a party) you are looking at nearly £1k a year on birthday meals!

We decided a really nice meal at home or a barbecue or a lovely beach picnic are the sort of choices we will be making in future.

HeartburnCentral · 12/08/2017 00:32

You mention both of you having health problems. I would worry about being able to finance (if either or both of you needed) full time care when older.
Any dealings with a bookie is gambling (which can be highly addictive) no matter what they call it. Dodgy, especially if you are on a fixed income. Will Brexit affect your plans?

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