60 this year. Frugal retirement or carry on?

[EmeraldJeanie]

I'm support staff at a school so not mega bucks! I have a small pension and lump sum I can claim at 60 (started ball rolling on this). Had 8 years not working (regret financially) but have been working in this role for getting on 11 years.
Work is tough. I am touch wood fit but just feel jaded. A TA in her 60s retiring this year and I am tempted!
Back of the envelope calculations means could do it if frugal. State pension would help increase income at 67.
I would do pre 2008 pension plus 10 years early taking one, topped up over 7 years by lump sum.
My husband needs to be on board. He is 58 so I want him to do back of envelope calculations as well for 60. He is much less impulsive than me!
We have paid off our mortgage though house could do with TLC. Have enough savings for new boiler/ bathroom etc if need be. To be honest, bathroom could stay in 70s glory as far as I'm concerned!
I have elderly parents, an unwell best friend and life seems short. However...and this is the big one...I have a child at University and another in sixth form and there are accommodation costs etc.
If I continue working it will be til 62 max. I will look at my numbers again! Whatever we do and whenever, it will be a caravan holiday retirement not a cruise one!!

Could you go part time rather than fully retire?

Personally I’d be working until the youngest is through Uni (because we paid accommodation costs) unless you can cover them from savings.

Not sure what I'm asking really! Work are not encouraging part time with support staff so doesn't feel an option. I guess wondering if others feel like I do and if anyone jumped ship on tight money!

I have friends in your position so I do understand the urge to retire at 60. However you have dependent children and for me, this would stop me from retiring. If it was just you and DH then you could agree a financial plan for the next 10 years but with children in the mix you would be leaving yourself very vulnerable to uncertainty.
As other posters have said, would part time working help bridge the gap?

I’m 56 and just had a good inheritance, and I’m considering it, but I worry that I’d be bored.
But work is getting harder (menopause brain and struggling for words at times) and I’ve no desire to go through an interview for a new job.

You are probably right @PersephoneParlormaid
I will make sure get pension can claim at 60 and likely keep powder dry for now decision wise.

I know it sounds a bit morbid but if you retired now and your dh (god forbid) dropped down dead the next week could you manage?

what if your youngest wanted to go to a London university and accommodation was even more expensive? Or not necessarily London but just a more expensive city?

remember its not just a choice of 60 or the normal pension age (65 or 67?) but could be 61 or 62. Use the website for the different calculations (are TAs in the TPS scheme?).

There's a middle ground between retirement and carrying on, which is to find a job with less responsibility. Then you delay drawing your pension without the pressure of this role.

One of mine came back home from uni for 6 months, and has been living with us for 2 years.

Tricky one. Had a colleague do this- admittedly they were 62, did have some savings etc and access to modest occ pension. Found it too restrictive financially though and regretted it, then had some difficulty finding another role. Personally I don't think I'll ever have this option, as am the breadwinner and my husband can't work anymore due to severe disability (is 63, 13 years older than me.) I guess its all about work/life balance and what you and your husband can agree you're both happy with...?

I do this role as supply (along with another job) and I am always busy and get offered work pretty much every day. You could do that, as then you can have as many days off as you like but still earn when you want.

I most definitely have brain fog. Things are afoot structure wise at work and may sit quiet and make sure have all information. No harm in asking about part time at some stage. Will wait til I know more about what going on at work...

Honestly i'd stay working until 62 and see how much you can save / put into pension in thst time.

The combination of you being sixty but still having a child at sixth form makes this tricky. I feel for you, it’s a tough job at any age. I am sixty too and I know I just couldn’t do it.

I think you probably need to limp on until youngest finishes university. 💐

If you can afford it I would. Especially if your husband is younger and can carry on working for a few more years.
You can live more cheaply once retired, no new clothes for school etc. You will have more time to do what you enjoy and be far less stressed. There will be time to plan cheaper meals, batch cook etc
( if you are the cook).
Obviously you are factoring in supporting your children. A less stressful part time role might work? If you need it.

Limping on is likely but whacking money by to build up more.
End of half term blues!

I retired at 58, my DH was 62 carried on working, he retired 2 years later after heart attack. We don’t spend massively, we have 4 small pensions and DH (now 68) gets State Pension. We don’t regret retiring early, it’s a lot less stressful. We also had several years looking after parents, which took its toll on DH. We did get inheritance money in 2020 which we have as back up, but that money has to now last us all our days.

Do the money crunching now and see what you both think, life is for living, not doing a job you don’t enjoy, you don’t ever know what’s around the corner.

Given the way the cost of living has increased over the last few years, I'd be vary wary of 'doable if frugal' as a starting point long term plan. I think you need more breathing space at the start than that, so that if the costs of everything do keep going up you can still manage by becoming more frugal.
The dependent kids would be another concern as PP have said.

I am going to ponder on though as may not be all or nothing decision.
I am actually very active physically in my role as well. I cope but sometimes as I sprint across a playground I think how old are you?!

No clothes, no eating out. Sounds miserable

You need to run the numbers fully - as a couple.

Maybe try the book 'how much is enough' because that's exactly the question you are asking and only your records know the answer. You might even be pleasantly surprised!

You need to know your outgoings, now and any future changes. Income now and any future changes. Any savings that can be dripped back. Then you can tweak your outgoings to see how much you would be 'allowed' to spend without going bust at a young age.

Thanks all. This is helpful.

I think this is probably the best idea for now tbh.

School support jobs (I'm also in one) are almost as stressful as teaching just without the extra time spent on lesson prep, and the pay, once pro rata'd for term time only is appalling.

I'm only 50 but am looking to relocate and downsize this year to reduce my mortgage, and find a remote working working job - ideally over four days a week all year round.

My daughter finishes her degree this year and if she can secure scholarship funding will hopeful be off to a new city for her Masters. As a single mum, I'm in no position to help her financially, despite doing a second job for the last three years, so my changes won't affect her.

Running the numbers as a couple is fine, but you also need to run them for both of you without the other one, as unexpected things can happen.

Yes not many employers are willing to hire 60 somethings. Worth thinking about if times got tough