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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:
Mumteadumpty · 12/08/2017 07:58

It is perfectly possible to live on £18k a year, but require a completely different mindset.

My income has fluctuated over the years, and when I worked very part time I had to watch every penny.
Working full time allows me a much more comfortable lifestyle, but I am often too shattered to enjoy it!

MaybeDoctor · 12/08/2017 08:22

Why not consider some self-employment options that you could begin doing/planning now, then scale-up when you retire?

mayhew · 12/08/2017 08:45

Public sector employers tend to be much more open to part time work in senior positions than private employers. My husband is going half time in October at 56 and plans to stay till 60. He does do some sessional teaching as well. His pension will be slightly reduced.

I retired from the NHS at 55 and receive a pension of £15k. I could live on it if I had to but I also work on the bank 2-3 days a week which brings my income to £25ish, which is fine.
Our mortgage is paid and daughter graduated.

PattyPenguin · 12/08/2017 11:47

OP, you have two children at university. Are you sure they will be independent once they graduate?

You do know that almost half of recent graduates are living with their parents, don't you?

Getting a job that will pay rent and bills is becoming very difficult for young people, even those with degrees. If you downsize, where will they live? If they struggle financially, will you be able to afford to help them out?

These are probably things you should be considering.

CrewsInn · 12/08/2017 13:22

DH retired at 54 when DC were still at primary school. He had a stressful demanding job he hated and has never regretted it.
I did the same at 50 but have always done some part time work. The local council has been a good source of casual work in various roles. I can choose to work or not though of course I'm not guaranteed work.
DC are both now at uni.

Original poster
ginorwine · 12/08/2017 19:50

Patty
Are they children or adults ?

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Original poster
ginorwine · 12/08/2017 19:52

When. Do adult children become adults ? Am intrested .

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Original poster
ginorwine · 12/08/2017 19:54

I'm intrested to know when they are considered to be adults ..

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Original poster
ginorwine · 12/08/2017 19:55

Oops posted too many tines .

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Original poster
ginorwine · 12/08/2017 19:58

Crew do ur dc get full lioans etc well done re your choices .

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Original poster
ginorwine · 12/08/2017 20:00

Patty
When would you feel it's tine to let adult children make there own way and for them not to live with aging parents ???

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dertyyuoih2 · 12/08/2017 20:06

I'd draw up a spreadsheet, do you have rainy day savings?
I think it's doable if you have savings and no debts, then look at getting something part time and be open to whatever it maybe!

BackforGood · 12/08/2017 20:08

gin - I think patty is just pointing out that statistically a lot of graduates aren't able to get jobs.
Most of us, as parents, would then be quite happy for them to return home for a while, until they are able to become more independent. Yes, legally they are adults, but they will always be our children.
I don't know if it is just your posting style, but you seem really anxious (?) / defensive even (?) about patty's comment.
I suspect it was just suggested as something for you to consider, as, if you've not got dc of that age, you might not realise how many young people aren't in a financial position to set up on their own at 21 - it's not a dictat saying you must.

Original poster
ginorwine · 12/08/2017 20:28

10!k savings

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Original poster
ginorwine · 12/08/2017 20:31

Back
U are correct
I was being defensive out of sheer desperation to have time with dh and our own life - sorry but true .

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PattyPenguin · 12/08/2017 20:31

gin as BackforGood says, it's not a matter of considering a person a child or an adult, it's a matter of money and the current jobs market.

Many graduates are in temporary internships, some of which are unpaid, or are working in insecure jobs, many of which don't even guarantee specific hours, or even any hours, of paid work each week.

I am just suggesting that it might be worth researching your children's prospects of financial independence after graduation, and considering whether you want to continue assisting them or not.

Original poster
ginorwine · 12/08/2017 20:34

And I must confess
No
We are niot happy for them to return home - we want tine for us - feel guilt say that but I'm sure others feel the same ....

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Original poster
ginorwine · 12/08/2017 20:38

Whilst we wd not want them on the streets
We feel that we want tine fir us - they can fjat share etc and we wd give every spare penny but we don't want to live life around adult children's needs .

OP posts:
Pizzaexpressreview · 12/08/2017 20:40

18k is an incredible pension!

Original poster
ginorwine · 12/08/2017 20:43

Pizza I have no idea I just know it took 30 yrs to build - thanks

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jaffacake2 · 12/08/2017 20:43

It's an interesting thought that you should consider whether you need to financially support adult sons or daughters before you decide on retirement. I can understand why the op is defensive.
I have taken retirement earlier then I had intended due to ill health and am now on a low NHS pension . My youngest daughter is still in higher education doing a master's degree but has financially supported herself with minimum wage jobs and lived independently. She knows that she can have a room at home if needed but will not be helped financially due to my reduced income.
I could have struggled working a few more years but would have pushed myself physically and mentally. I think health is better than a higher income for without it you have nothing.

hollytom · 12/08/2017 20:44

Why shouldn't you want time to yourselves? Don't feel guilty. Also if your children do end up back at home then they will have to contribute and pay rent. I gave my mum some money each week when I was working and living at home it was still cheaper than renting. Once they have finished university that should be it stand on your own two feet.

hollytom · 12/08/2017 20:46

Sorry i have to disagree with some of the above posters it's not up to the parent to research job prospects! Too much helicopter parenting!

Original poster
ginorwine · 12/08/2017 20:47

Patty when I left uni I was on my own
I will support were I can but the idea of £ support when we are hoping to carve out our own lives now is challenging when I see dh struggling and I want him to be in s fit state when he retires - my dad had s stroke months after he left his job .

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Original poster
ginorwine · 12/08/2017 20:49

Holly
Thank goodness !!! I was feeling guilt at the suggestion that we do such things !! I love my dc but there comes a point where we love and support but it's over to them ! Thankyou .

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