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!!

We don’t have to have a frugal retirement, many of our friends died by their mid fifties, four in total. My DH is also two years younger so did have to wait for him. Plus I know it’s harder for this generation but DS ex GF paid most of her way through University, she was first in the family to attend and her parents just didn’t chip in at all.

I know a lot of early retirees and all of them apart from two do some sort of voluntary work. A

There is also how well you are even if alive, I have been diagnosed with angina, they are also checking it’s not something more sinister. People may say they know people who are 90 but most are just doing a bit of pottering about if lucky by then. To be honest lots of really elderly unwell people should be allowed to die as it’s a living death for them.

I suspect you are in the LGPS (sorry not rtft). You could ask if your employer (academy trust or LEA) if they would allow you to flexibly retire - you would reduce your hours and/or grade and take your pension accrued so far, but keep working fewer hours. Your employer will have a policy on whether they will allow this.

I am LGPS.

Oh another option - take your deferred pension. This might push you into paying more tax. Look into paying AVCs with the amount you get taxed on, you effectively then get 20% extra - it can be taken as a tax free lump sum when you take your benefits

@Thestarsmayalign
Sounds like you and I have lots in common including a rickety old van 😂
Your dog walking is a great idea. I do some gardening for a couple of my elderly neighbours in the summer and that gives me a little float for treats (beer!) and camping trips.

I do keep really busy and my way of life forces a schedule on me in terms of the day, week and year which keeps me motivated. I grow as much as I can, harvest and preserve food to last the year and my hens keep me busy. There is always something to repair around the place or some new project to work on. I try to have one major project a year that will save me money long term - solar panels last year and rainwater harvesting this year. I barter (eggs/gardening), skip dive, use freecycle type sites, go to charity shops and car boots to save money. My volunteering work takes about two days a week and is very sociable which I love.

Long term I don't worry really. If I can manage on the tiny sum I do then the state pension will take the pressure off as I become older and perhaps less able.

It's not for everyone but it suits me perfectly. You seem very happy too, good on you.

@EmeraldJeanie Just as an aside, if you and your DH travel together you can buy a Two Together railcard for £35 which means you get a third discount on all rail travel even before he is 60. You get lots of other discounts on it too like half price admission to various venues.

I have just been 'let go' from my part time admin job in the NHS and I am 66. I can't face looking for something else. I am now living on a pretty small budget and it's not much fun. If you can hang on, I would.....at least for a while. I would ask again about the possibility of part time or job share. It helps your self esteem and keeps your brain active. I feel a bit redundant to society now. 😮‍💨

The kids are the main stumbling block.

Hmm cruises are a lot cheaper than you might think. Much cheaper than all inclusive hotels of a similar standard.
Also what price not having to get up on the morning?

Just set my alarm for 6am!
Never been on a cruise...have been in a caravan and chalet. One day maybe...

OP - do you work school hours or do wraparound as well? Do you do holiday club or just term time work?

Don't take this the wrong way but, if it's just school hours and 13 weeks holidays, isn't that like semi retirement? As a TA you won't be planning etc in the evenings, weekends, holidays.

I just don't see what you'll gain by embarking on a frugal retirement. I think most workplaces are quite difficult these days - mine certainly is - but I finish at 3pm every day and walk the dog, go to the gym, read. Looking forward to being in the garden in the evenings. I'd get restless without the structure of work and I want money for eating out, holidays, treats.

Sorry if someone has already posted this but London freedom passes are now state retirement age. It was 60 for a long time but no longer 😭