When to retire with a teenager at home

[Cocojazz]

I'm 62 and thought that I would finish work at 65 and have enough to live on until the state pension. I have a few pensions (2 that are DB ones and 2 pension pots) so I'm going to be in a good position.

However I'm getting tired these days - I work full time, commute into the office 3 days a week and I'm looking at figures now in order to finish sooner rather than later. My husband is a few years younger than me but should be able to stop work at 60 (he's been very good with savings, pensions etc.)

The problem I have is that we have an 18 year old son still at home. He will be doing A levels in the summer but not sure if he will even pass them (that's a whole other thread!). He isn't planning to go to Uni but obviously needs to get a job.

Part of me thinks that retiring earlier will give me time to help him with his future but another part of me thinks I just need to be out of the house as things have been very stressful with him lately (I'm currently ill with a 2nd cold this year).

So should I be looking to stop now or give it another year when I hope our son will have a job?

TIA.

Could you go part time? Then you would have more time but still have an escape when you need to.

Having had first hand experience of teenagers I'd say work until he's gone 😀

I wouldn’t say work until he’s gone as you don’t actually know when he will be gone. I think you need to plan a transition of what you want keeping in mind the current economic climate for both you and him.

It sounds as though he isn’t going well as school? What are his plans if he fails A levels? By now he should be thinking next steps - college, apprenticeship etc. It will be a slippery slope if you let it drift imo, be clear that you expect from him. It seems many young people are happy living at home, drifting and living off their parents. It’s one thing finding things difficult but another completely if they’re just not bothering. I think young people get too many opportunities to not ‘launch’ these days.

Can you go part-time?

If the DB pensions are from employments that were started a while ago, check what the Normal Retirement Date (NRA) is, and also what the deduction for taking them early would be.

Often you'll find that schemes initially had a NRA of 60 or 65, as the scheme didn't foresee the State Pension age rising, and although most will now have been amended, if you joined before it was changed it may still apply.

I've had one of my DB pensions come into payment when I was 60, and another at 65.

I’d go for retirement as soon as possible. You never know what’s round the corner. You can’t wait until he’s gone as he could be there for years. My niece is still at home at 30! You could spend some time helping him plan his future in terms of work & a flat. Then enjoy your retirement.

I think this is going to be an increasingly common situation with women having children at age 40 plus. Personally I'd retire now as you never know how your health might go. I'm in my late sixties and have noticed a drop in energy levels and a few other little niggles since my early 60's.

I am medically retired and have had this situation. My younger child was 20 when I retired (but she’d had years out or education for medical issues so was finishing an access course).

I needed to retire.

living with a tricky teenager is tricky whether you are working are not. There are plenty of opportunities to get out if the house if retired though - gardening, an allotment, I joined various music groups, university of the third age.

i’ve had both mine land back with me for a bit post uni while they were sorting out flats and jobs and they did genuinely appreciate it.

i can also (and have) done a fair bit of cheap travel. If you can go in term time it’s so so much less expensive.

Thanks all. Lots to consider.

I don't really want to keep on working, and yes, I could always get out of the house if I needed to!

If I went part time I would probably have to do a job share which I'm not that keen on. Part of me just wants to finish completely.

I don't know what the future has in store for any of my family so I guess I should just go with my gut feeling.

I'm seeing my financial advisor in a couple of weeks so hopefully can get a plan in place.

@P00hsticks That’s interesting about NRA. I looked into taking a DB pension recently and there didn’t seem to be any benefit in waiting till I was older so that probably explains why.

If you don’t ask for a later retirement quote, they wouldn’t add the late retirement increase factor - most have one.

I retired early and do two days a week voluntary work for charities. DH is also younger and I had 4 years retired before he did, it should have been 6 years but his work offered severance last year. If you do the maths and it’s ok financially then do it but you need something to fill time. If it’s laying watching Netflix eating cake and you want to do just that go ahead. There is no right way to do retirement only what’s right for you.

@DingDingRound3 I got the figures for taking it at 60 and 65 and there was no real benefit in waiting.

Seems a bit odd, but might be that you have various NRA and they all cancel each other out.

I would go for retirement but plan for hobbies, volunteering, travelling, things that get you out of the house. Perhaps part time work if an option.