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!!

Definitely do something about the ‘brain fog’ -retirement will make it worse if you just ‘retire’ and don’t make any other changes in your life. ‘Brain fog’ /Menopausal brain /peri etc is a lazy cop out - not inevitable.
Take up a stimulating hobby or sport / do more, not less!

Am same age and in the same boat, one at Uni, one has apprenticeship, we could both go this year but accommodation costs and job market for young grads is stopping me. We are more than comfortable at the moment, this would change if we retire. I have a good job, paying 50% into my pension, I was part time for 15 years but now full time on hybrid flexible work pattern. I sort of want my DC to become more financially independent before we retire. I guess that’s one of the downsides of having or DC later in life.

Many people like this retire, have no hobbies and become isolated. Then you’re at higher risk of health problems and dementia. I wouldn’t be betting on having a dh round forever for finances/entertainment. Anything could happen.

In the grand scheme of things you are already working part time. I also work in a school as support staff and it is that time off every 6 weeks or so that gets you through it.
If you can keep going for a bit longer, it is more being paid into your pension which will help in the long run.
Being a TA is a tough job now and I get why you want to retire but you need to think where you will be in 10/15 years and struggling with putting on the heating because you can live a frugal life now is not going to bring you any joy in future years.

Will think on!
62 maybe more sensible paying my extra money from 2008 pension into savings/ pension pot.
I am on HRT and also physically fit (touch wood). Brainfog is something I am aware of and trying to improve...
I need to think about how I balance children and older parents etc...

My husband has more health issues (Currently) than me. That is also something to think about.

@EmeraldJeanie have you done a state pension check to see if you have enough years' ni contributions for the full state pension? There will likely have been years when you were contracted out/not working.

Also, could you allow yourself the equivalent money to pension for 12 months and see how it goes?

Good luck.

I have paid enough into state pension. Did check a couple of years ago.
Will double check though!

I think the university costs will be the crucial thing to consider and how much you want to support your children.

If you both retire will your income be low enough for your children to qualify for a loan large enough to support themselves?

If you retire and your husband keeps working, how do the figures look? If they won't qualify for a large enough loan, can you afford to support them on one income?

I am planning to retire early but only once the youngest has finished uni. And I might defer if they find it hard to get a job and are still living at home as then our food bill etc would be higher.

Would cutting your hours be an option?

What about another job? A TA must be on about minimum wage and you can’t take days off when you want. Have a look around and see if there is anything else that takes your fancy. A change for a couple of years, alongside taking your pension for the security, would see you through for a bit.

I would definitely carry on working.
I am 60 and have decided to carry on, though if there’s redundancy on offer, I will look at that. I am the breadwinner (I earn 36k).

I wouldn't. 60 isn't old in my book.

TA pay not great. I am not going to do anything rash I've decided.
As dh says, only have to give 4 weeks notice if all gets too much.
I can walk to work. A big plus.
Supply an option though not likely my comfort zone.
So, I think ..keep calm and carry on ..unless school do something that makes me really think Fuck it!

If you didn't have financially dependant children I would say go for it, but your kids will need money for another 3-4 years if your youngest is going to uni as well. It would be a lot of pressure on your DH to supply that on his wage alone, and it's precarious since you say he has health issues.

That isn't old! Look round for something else. Maybe try a 3 or 4 day week job. It might just be your job making you feel like this.

I'm 58. My youngest dd is 18, wants a gap year then Uni, so that takes me to 62. I'm going to take my private pension then and go part time (3 days/24hrs if they let me) for a few years.
I'm really wary of walking away until I'm sure. Getting work over 60 looks tough.

I feel exactly as you do. I'm 62, my ds is taking a'levels this year, and will head off to uni in September.
My pension is not huge, my mortgage ends in June. I've just finished renovating our home so nothing needs doing, and I could downsize if necessary.

Ds is working part time and can easily earn £6k per year without impacting his studies. His df will contribute £125 a month to his living costs so that will give him another £1,500 a year for his keep, giving him £7,500 plus whatever I can add, so his maintenance loan should be limited.

Work is becoming less appealing by the day. I have worked for 40 years except one maternity leave. Like you I want a little time while I am healthy.

I’m 59. Husbands 57. Youngest is at university too. There’s no way I would stop working on the figures you have there. I’m planning on retiring at 61. It’s easy to get caught up in other retirees demob happiness but quite honestly you look like you would struggle. I would have conversations with work about ways to make your job less stressful and plan to leave at a more sensible point.

Dh retired at 60 but he has a lot saved up, large sipp and crucially enough savings to fund himself until state retirement without touching his sipp. I plan to quit in 3 years once I’ve maxed out my ni contributions (younger and lived overseas)

Oh and we have the house paid off, no loans and dc left home with jobs, one even has a well paid job, the others have well paid dp’s! He wouldn’t have retired if still supporting dc

Frugal is a concept that is more attractive in theory than practice. I'd keep working especially as you have one child at university and one still at high school. I'm 62 - my birthday was yesterday - and I'm sticking it out for another 3 years.

I'd look at numbers again. Also, if the mortgage is paid off (brilliant) I'd query the merit of taking a lump sum early (whenever you retire). It would impact the value of your regular payments and what would you use it for?

Edited to add - sorry, you've said you'd use the lump sum to top up until state pension age. It might work out more financially beneficial to leave the lump sum where it is and then your regular payments will be higher

I did this 6 years ago at 60 and have just received my state pension. I lived on 2 small (very small) pensions . My husband had been retired many years (older) by then. I had always said I would go at 60 and have never regretted it, luckily we had savings as backup and this is because we have always lived frugally.

I did not however have children to support or elderly parents alive which may have made my decision difficult.

Good luck with whatever you decide. I know that I would not still be able to do the job I did as it was very fast paced and intense.

In your position I wouldn't retire. It's one thing if your DC are through uni and independent, but yours aren't. One hasn't even left school yet! You've got several more years of supporting your DC and that can be a lot more expensive than you think. You say you've missed eight years of contributions so how many years do you have - have you met the minimum 35-year threshold for NI contributions to ensure that you'll get your full state pension?

TBH, there is nothing in your OP that makes me think you should retire or are in a good position to do so. Feeling jaded? Come on! Doesn't everyone by 60? You don't want to be retiring with the bare minimum - you could live into your 90s so every year of contributions counts.

I feel your pain but if you throw in the towel now you may regret it. If you and hubby sit down with a financial advisor it will you better perspective.