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Retirement

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Retiring unexpectedly and worried financially

52 replies

BundleOfLaptops · 17/07/2024 13:48

Hi

Has anyone here retired suddenly and unexpectedly?

I have suddenly retired through ill health. Not really my choice (my employer pushed it) but I can see it's the right thing. I will not be able to work elsewhere (condition of ill health retirement).

And I still have a mortgage. And school age kids for another 10 years.

I can just about make the sums work but it'll be tight. With potentially a lot of life ahead of me. I'm worried there'll be no fun just paying the essentials.

Has anyone been in a similar situation ? I feel very unusual in still having the mortgage (about £150k) and kids at home. Which scares me.

OP posts:
BundleOfLaptops · 28/07/2024 19:00

Hi @AyoadesChinDimple Good to hear. It feels lonely sometimes. HR referred to my "peculiar" circumstances the other day and it felt awful.

I hope yours is going smoothly. I must admit I got a bit of a shock with the figures when they arrived. Less than I was expecting as they calculate by reference to the last five years work pattern (rather than current work pattern) and I was very part time until my youngest went to school. Manageable but another step of worry.

OP posts:
hastalavista · 03/08/2024 23:52

Cut down by using food pantry/community groceries

Topcashback

Do £100 bank switching bribes

Sell old stuff. You could try buying stuff at bootsales and reselling on facebook marketplace but you would have to make sure you dont look like you're trading/ too successful

Picniq is a good site for kids activities

If you are so inclined, join church groups for company. They may also share stuff/giveaway stuff from time to time. There are also Facebook groups where people give away stuff.

It's scary if you think you can never earn income again and never have a nest egg again and have that financial freedom. On the other hand, hopefully the pension is protected and goes up with inflation?

Elizabeth Finn/Distressed Gentlefolks trust?

Does your union do one of Grant's?

Let the kids school know in case they can help/not hassle you for donations?

If you are time rich, maybe you can use your time to find the cheapest ways to do things, maybe enter competitions?!

Invest a little bit of money every month to feel like you are doing something eg £25

I dont really like the idea but something like match betting

Surveys?? Or is that like work.

Is there anything you can do in exchange for goods but not getting paid eg that website where you give in your receipts... I'm not sure where the boundary is around work.

Nothing big but psychologically it's nice to feel you can have the odd treat.

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