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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:

Original poster

ginorwine · 16/08/2017 13:48

Lady
Thanks re tax relief and pension
I don't know anything about it but will tell him - he hopes to go to a pension workshop to look at options . Do you have to pay in a lot to get tax free ( cash much accounted for as pay for two at uni )

OP posts:

Original poster

ginorwine · 16/08/2017 15:30

OP posts:

Out2pasture · 16/08/2017 15:45

Best Gin if you go to the workshop as well, mine was complicated lots of options. My husband and I attended it 3 different times and took notes.

mayhew · 16/08/2017 18:11

His employer almost certainly has a pensions advisor somewhere in the system. He should make an appointment to see them to work through scenarios of early retirement, part time working and extra pension payments.
I took early retirement at 55 after paying in extra contributions. I now work part time. The pension plus earnings is similar to my previous take home pay. My husband is going half time at 56-60 for a slightly reduced pension but will also do some part time teaching.

MissDuke · 21/08/2017 11:22

OP there's no point asking on here about when our adult children should no longer expect to rely on their parents - only you can decide that! You clearly want to move away and leave them to it and that is your right - but I doubt many here will agree that it is a good idea. However what does that matter if it is what you want?

I personally think moving when you know it will make life harder is a crazy idea but again it is up to you!

The one thing that I do agree with is that your oh should retire. He has been working FT all of these years having to bear the responsibility of supporting you all - give him a break, let him retire. However I wouldn't think it is a good idea to make other life altering decisions until he gets a change to rest and recuperate for a while.

hoochymama1 · 25/08/2017 16:32

Gino, you have been battered on this thread, but that's mumsnet, we speak our minds.
This has been so useful for me, I am 56 and intend retiring at 60 on a small pension. But, I think it's about doing your research, and cutting your cloth according to your needs. Also I would second doubts about moving to a rural area, and two cars, this can be v expensive. I think a trend now is to downsize and move to inner city flats.
Re adult children, we do what we can to help them don't we? Try to teach them independence. I really think though that they will not inherit massive capital, care needs and residential homes will eat up the equity that we may have built up.
Thanks so much for an excellent thread. Much food for thought

Tumbleweed101 · 26/08/2017 09:13

Would you have rent instead of a mortgage or are you able to buy outright in new area?

£18K is enough for a basic lifestyle without housing costs, esp if you both then get part time jobs to supplement.

Life is more than just working forever and early retirement with enough to manage on sounds lovely. Add in a part time job and some hobbies and it will be fine.

Tumbleweed101 · 26/08/2017 09:25

Adult children - My eldest is 19 and just finished college. I wouldn't expect to be financially supporting him past the age of 20, not for general living. He will need to work/ claim JSA etc just as I had to from that kind of age.

I'm not in a financial position to do so as a single parent raising younger children too. I don't think parents should be obliged to fully support adult children, it's how they learn independence. (Obviously they would still have a place to stay etc if I have the space and help if I can afford it for emergencies).

SomeDoNot · 28/08/2017 09:21

I think it would be serving not living.

What happens when you need a new car? You could be 30 years on that income. The roof needs repairing? etc

SomeDoNot · 28/08/2017 09:22

SURVIVING not serving

PeralMePots · 29/08/2017 13:06

I think you will be surprised how little you can live on once you are retired. Lots of incidental things really mount up when you are working. Before we took early retirement we did a spread sheet. Every month we allocate money for, Essential bills, gifts, holidays, entertainment, and savings for emergencies.

DH and I both lost our dad's before they reached retirement age so this was always a plan for us. I did some temp work for a few years, just a couple of months here and there. This was more to get me out of the house rather than for money. DH did an OU course and did think about some part time work. We actually managed financially really well, still being able to save so he decided against it.

ChessieFL · 30/08/2017 08:23

OP, check that £18k is what he will definitely get - in the public sector pensions are reduced when retiring before normal pension age (same as state pension age) so check that the £18k is after any early retirement reductions that would apply for retiring at 58.

Pantryboy · 30/08/2017 22:16

I took retirement in May and my dh is going in Nov . I can honestly say it is the best thing I have ever done. I worked as a nurse for 38 yrs and I realise I may be still in the honeymoon stage but I am very happy and do not regret it one bit. I took the largest lump sum and the smallest pension and my dh is going to do the same . Took the largest amount because we will have to pay tax over 11,500. we will have to pay tax but the lump sum is going to supplement our wages until we can claim our pension in 4 yrs dh and 11 yrs for me ! lol ! We have 2 dds who are in UNI we are not going to be like you op of course we want them to manage on their own ...but we are a little more realistic than you .......begging your pardon .......the state of the workplace now is totally different to what we had when we were young and I am of the opinion that my dds are my /our responsibility until the day we die . You don't mention your lump sums presumably you will be able to use that to supplement your pensions ?

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