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Retirement

Planning your retirement? Join our Retirement forum for advice and help from other Mumsnetters.

Original poster

60 this year. Frugal retirement or carry on?

137 replies

EmeraldJeanie · 21/02/2026 07:42

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!!

OP posts:
WonderingWanda · 21/02/2026 09:15

Try another job, schools are increasingly toxic work environments even for support staff. Lack of funding, reduced staffing and pressure on everyone. I'm a teacher but I won't be seeing this up until retirement age. I always think the ladies on the tills in my local M&S seem happy, they never rush anything (much to my annoyance), have a good chat with each customer and then pootle about straightening hangars. Or maybe I will just become a Gardner, nice and physical so I will get fit, outdoors and minimal contact with other humans.

Lemondrizzle4A · 21/02/2026 09:15

Have you considered working as a supply TA. Some agencies offer this. Could be to cover long term sick etc. Might be worth investigating if you feel you want to work but your job is too much.

Original poster
EmeraldJeanie · 21/02/2026 09:19

Thanks everyone!
The small pension and lump sum are from a deferred pension that I can take with no reductions at 60 (later this year).
I can put that all towards future retirement...be that sooner or later.
Once things settle with crap going on at school and we all know how the land lies, might be open about where I would prefer to be next year. I am not prescriptive as have a range of experience over the years. However, know where I would prefer not to be! Others often more vocal than me so maybe need to get my wants and needs across...when the time is right!

OP posts:
suburburban · 21/02/2026 09:19

I’m thinking along same lines. I have savings and no dependent dc, may be necessary to move to a cheaper house in a different area.

it’s quite depressing that dm could retire at 60 not that long ago

Original poster
EmeraldJeanie · 21/02/2026 09:24

My mother retired at 60. However, did do other work part time as felt too early.
I think being sucked in by recently retired friends and others on the horizon of retirement! Need to be careful...
At least have holidays. Count down to Easter!

OP posts:
TinkerTailorLadyThinker · 21/02/2026 09:32

I don't see how you can make this decision without a) giving us figures and b) your h's pension and current income.

You need to both sit down and work out what impact your retiring would have on your life.

You also need to look carefully at what income you'd have if you H wasn't able to work though ill health or (to be blunt) dropped dead at 60.

How much of his pension would you be entitled to?

Our biggest outgoings were when we had both our kids at uni at the same time- contributing to their living costs. That was years ago and parents were often subbing their kids then to avoid huge student loans.
At one point, our outgoings each month exceeded our mortgage.

Up until then, we could have always managed on one income - my H's.
But at that point we needed mine and I worked part time earning around what you will now.

There's no short cut to doing the maths.

BUT you also need to consider if you would be bored. Retiring at 60 means you may live for another 30 years. How will you fill your days?

I'm older than you and working very p/t out of choice (my own business, akin to counselling) and I'd hate to stop altogether.

Friendlygingercat · 21/02/2026 09:35

I retired from full time work as an academic at 60 and took my state and private pensions. However I had a fund of skills which enabled me to earn a good part time income without too many hours. I did consultancy and later private tutoring. Ive also been involved in the antiques world for many years and still so some online selling. Most people have some kind of marketable knowledge or skill which they can use to generate a part time income.

TinkerTailorLadyThinker · 21/02/2026 09:37

Look at your monthly income net as a TA- what's that? Around £1500 a month or less?

What's going on with that income?
Spending it or saving it each month?

How will losing that impact on you when your younger child goes to uni?

Original poster
EmeraldJeanie · 21/02/2026 09:49

Nailed it on my take home income @TinkerTailorLadyThinker !

OP posts:
Pippatpip · 21/02/2026 09:55

I am a teacher and could potentially have retired last academic year. I’ve dropped a day and in my mind have decided to stop my current job in summer 2027. I think it more helpful to think in ‘how many terms’ rather than ‘years’. I wouldn’t object to a more part time position with low responsibilities. I’m certainly not doing another inspection!

TinkerTailorLadyThinker · 21/02/2026 09:59

EmeraldJeanie · 21/02/2026 09:49

Nailed it on my take home income @TinkerTailorLadyThinker !

LOL!

So the question is, where does that money go now?

Saved or spent?

ByQuaintAzureWasp · 21/02/2026 10:04

Get a pension forecast not on back of fag packet.

You could try living off less now and see how it feels ... put the rest in an AVC for when you retire.

zurigo · 21/02/2026 10:09

I have elderly parents, an unwell best friend and life seems short.

Just a quick point on this. Whenever savings, pensions, retirement age, etc comes up on MN everyone always focuses on the possibility that their life will be short, but it could be long and you could have many, many years of living on an insufficient income.

It's not so bad being frugal when you're still relatively young and healthy, when you can get out and about, meet friends, drive a car, etc, but when your friendship group has dwindled through death and illness and you're not so fit and healthy any more and you get out less and spend more time at home, you want to know that you can put the heating on without worrying, that you can afford to take a taxi where you need to go, etc. I have a visceral fear of being poor and cold in old age and I think we all should.

Hopefulsalmon · 21/02/2026 10:09

How about trying to live on the money you'd have if you retired for the next six months to see if it's feasible? You could save the excess to boost your capital.

ByQuaintAzureWasp · 21/02/2026 10:10

If you do decide to retire make sure you retire the day before the new academic year starts so you get paid over the main holiday period.

LilyBunch25 · 21/02/2026 10:14

EmeraldJeanie · 21/02/2026 08:20

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

It definitely is I'm afraid...5 years ago we were both earning well etc. Then a health event changed everything and I am now the sole earner longterm. Husband 63, 13 years older than me.

LilyBunch25 · 21/02/2026 10:15

zurigo · 21/02/2026 10:09

I have elderly parents, an unwell best friend and life seems short.

Just a quick point on this. Whenever savings, pensions, retirement age, etc comes up on MN everyone always focuses on the possibility that their life will be short, but it could be long and you could have many, many years of living on an insufficient income.

It's not so bad being frugal when you're still relatively young and healthy, when you can get out and about, meet friends, drive a car, etc, but when your friendship group has dwindled through death and illness and you're not so fit and healthy any more and you get out less and spend more time at home, you want to know that you can put the heating on without worrying, that you can afford to take a taxi where you need to go, etc. I have a visceral fear of being poor and cold in old age and I think we all should.

I totally agree with this. My own personal position has led to some very sobering realisations for the future, and could be for a very long time.

Cheersminesalargeone · 21/02/2026 10:21

I retired early on a small private pension, hubby was still working and paid bills etc. honestly it was hard, however much you think you can manage on you’ll need more. I had to keep going into my savings especially when buying clothes shoes (my downfall) etc. Now I have my state pension life is good.

Original poster
EmeraldJeanie · 21/02/2026 11:00

Do you regret retiring early @Cheersminesalargeone ?
I think I need to do more homework and keep going on for the moment but financially plan...

OP posts:
RetirementTimes · 21/02/2026 12:08

I lasted until 61 in an independent school as a head of a small department but it was becoming increasingly toxic with a money and results focus. The head was demanding more and more from staff and I realised in January 24 that I really had nothing left to give and the stress was starting to impact my health.

Best decision I ever made was to leave teaching. If you need to work look for something else outside of teaching.

RetirementTimes · 21/02/2026 12:12

My children were both finished uni when I retired and had secured jobs. They even celebrated when I left teaching

whiteroseredrose · 21/02/2026 12:16

Unfortunately we can’t predict the future. A friend’s DH had carefully planned his retirement but then we had a stock market downturn and the cost of living crisis. His money went down and cost went up so he ended up working again, but as a delivery driver.

TinkerTailorLadyThinker · 21/02/2026 12:23

RetirementTimes · 21/02/2026 12:08

I lasted until 61 in an independent school as a head of a small department but it was becoming increasingly toxic with a money and results focus. The head was demanding more and more from staff and I realised in January 24 that I really had nothing left to give and the stress was starting to impact my health.

Best decision I ever made was to leave teaching. If you need to work look for something else outside of teaching.

She's a TA not a teacher.
There is a difference in the responsibility.

LizzieSiddal · 21/02/2026 12:25

Definitely look properly at the figures. I have a friend who retired early as like you she felt a frugal retirement was better than carrying on working. It was great for the first year but with inflation and cost of living increasing so much, she’s beginning to struggle. She can’t afford to do things she really enjoyed, going for lunch, cinema etc and I worry about her mental health.

RetirementTimes · 21/02/2026 12:29

Personally I think schools are toxic for the older members of the workforce. It doesn’t matter if you are a TA, teacher or a HoD. If you get an HT & Business Manager who have a mindset to drive down the wage bill it is hard, less experienced staff tend to be cheaper. Even in the indie sector the expectations for a TA are high as any ‘free period’ is seen as a cost, HT would simply add on more responsibility/tasks.