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Can I retire at 61 with 500k pension?

133 replies

haveienoughmoney · 06/11/2021 11:36

There’s a bit of a back story involving the relocation of the company I work for meaning I’d have to commute for 3 hours a day 3 days a week - they will give an allowance to cover some costs for 2 years, after that you’re on your own. They have declined my request for a WFH contract, even though Occupational Health have recommended it, the team I’m in is all remote anyway so there’s little point in my commuting to sit with people who have nothing to do with my role.

So - do I suck it up for 2 years and then retire at 63 or do I go now? My pension pot (DC) is just under 500k which sounds like an awful lot of money, but it could have to last until I’m 90+!

My intention in retirement is to sell my house for about 370k - no mortgage - and move closer to my sons in North Yorkshire where I’d be looking to buy for about 300k. This would enable me to upsize! - I have a tiny but very pretty cottage in Hampshire, I’d be looking to buy a 3 bed town house up North.

I’d value some opinions as once I’ve made the decision there’s no turning back. For what it’s worth I don’t particularly enjoy the job now that we have new owners, both my sons are keen for me to move nearer to them. I really like the area where I’d be looking to buy so if my boys moved away (I don’t think they will, but who knows)? - I think I’d be happy there.

I’m not a big spender and am happy with a reasonably simple life, I need to maintain a decent 2nd hand car, I’d like a few European trips and some meals out.

All thoughts welcome and thank you!

OP posts:
haveienoughmoney · 04/06/2022 19:16

Another quick update. I’ve accepted a year’s fixed term contract at the company I used to work for (the business area I worked for was taken over by my present company, the original company still exists). Best result ever, I can now start retirement planning!

OP posts:
Gassylady · 05/06/2022 08:20

Wow that is great news.

Libertybear80 · 05/06/2022 08:23

At this age life is too short op. Retire move find a part time job.

SweetSakura · 05/06/2022 09:09

That's a great update op!

Vernonia · 05/06/2022 09:14

Glad things have worked out for you OP

ThatPosterIsSoRight · 07/06/2022 19:19

Great news, I remember your original thread and it’s always good to hear how things have worked out.

Clymene · 07/06/2022 20:09

That sounds brilliant @haveienoughmoney

I'm not many years behind you and have a similar sized pot so I've read this thread with much interest.

LifeStopped · 07/06/2022 20:34

Brilliant result OP!

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