Do I jack the job in or stay and be miserable.

[TubbyJones]

Has anyone been in the same situation as me. I just can’t make my mind up.

I’m 58 about to turn 59. The Job is no longer enjoyable after 21 years of service. I’ve built up a pension over 21 years but if I take it know it will have a financial impact later in life. I don’t have a mortgage and I don’t have any debt. Is life to short to stay in a job I no longer enjoy, my gut feeling says life is short, don’t stay if you’re not happy. However, I don’t feel ready to retire full time. I could work part time, but this will affect my pension or I could move on, either way I keep going back to the same old question. The pension pot.

Oh what to do.

Have you worked out how much you need to live on, and how your pension pot / state pension / savings / any other money will compare to that ? Do you have enough to live on (even if frugally) or is there a gap ? You mention a financial impact but do you know how big that is ?

I think you need to work that out first before you can decide whether to leave / stop work completely, or go part time, or anything else.

Thank you for your reply.

I have a spreadsheet on all incoming and outgoings. I’ve taken into account my pension if i claimed it now plus savings. There an £8k drop per year if i claimed my private pension now. This would make it incredibly tight now and in the future.
If i claimed my private pension at 67 plus state pension i would be considerably better off but theres no guarantee that i would be in good health to enjoy life.

So could you quit your job and get another more enjoyable part-time job that pays £8k pa? Life's too short to be doing a job you don't enjoy for the next 9 years. Going part-time will also ease you into retirement, rather than it being a sudden break.

Can you find another full time job? It may give you your enthusiasm back. I wouldn't want to retire on the bare minimum and it will just make life more difficult than it needs to be. Perhaps consider again in 5 years time.

How easy would it be for you to find another job to fill the gap?

for anyone to make any sensible judgement on this, more info is needed:

• what sort of pension? DB or DC? Is this projected income? What about inflation? How much pension are we talking anout
• how much do you earn, and how much would that be impacted by going part time?
• any other savings?
• will you stay where you live now? Could you downsize to release money?
• have you budgeted for capital expenditure? Are you likely to need new roof new kitchen new bathroom new car etc at any point in the next 30+ years?

It seems like you’re asking for an emotional response (life’s too short etc), but there will be a lot of years of poverty if you can’t really afford to retire now. Change of job or reduction in hours should at least be considered in detail too. You may prefer not to share detailed financials on a public forum, and I get that, but otherwise no one can give you proper advice.

I’d recommend the mse retirement forum on this topic - lots of info and well informed people there

I’d go and see a reputable financial adviser.

Thanks for the feedback, much appreciated.

I could find another job but it would mean taking a pay cut, and this cut compared to what i’m currently earning is a lot.
i’ve spoken to close family and the option i’m currently considering is reducing down to a 4 day week, work from home 1day a week with 3 days in the office. This would be a good start without a huge drop in salary and little reduction in pension. It would also ease me into retirement when i decide to drop further. I could review this every couple of years.
I’ve noted the suggestion on a financial advisor and i believe this to be a good approach.

Thanks