Can't semi retire til the debt is gone!

[Deleted User]

Hi to anyone reading. I earned my debt free status about 3 years ago but after a difficult year my debt stands at £7700. It was nearer £10k but I've reduced it quite a bit.

My story - I work in a well paid but extremely stressful local authority job. I know I'm much better off than some and I'm grateful for the opportunities I've had.

The job is impacting on my health and so I'm now looking to step down my responsibility to find other employment that will help me slow down. Hopefully I will live longer if I do this! I'm 62 years old and could take my pension of about £11k but no lump sum. My mortgage will run for another 6 years and has about £44k outstanding. Can't fully retire yet and will need a part time job to help pay the mortgage.

So! I can afford to pay the debt off at £650 per month to clear it by this time next year. This means I'll be trying to find ways to cope with my job until then as well as increasing the payments to pay off faster.

Thanks for reading!

[Deleted User]

A little bit of money saving today - I walked instead of paying for the town centre car park. Not much but it's a start.

I'm not expecting people to respond much to my ramblings. I never seem to draw many people but I'll keep posting just to keep myself on track

[Deleted User]

I'm back at work tomorrow after a weeks annual leave. Lunch is made so no excuse for spending. I'm quite good at taking lunches though as I really don't like shop sandwiches.
It won't be long before I'm making soup to take on the colder days. I'm counting down the days until I can start job hunting. At my age it won't be easy but I have to stick.with the one I have so I can bust the debt. Then I'll have more options of being able to take a lower salary to tide me over til the state pension kicks in.

pidge04

Good luck- hope you find something soon

Karonher

Hope you find something suitable. Could you stay at the job for a little longer after you pay off the debt. If you managed another 2 years after you could have nearly £16,000 saved by putting the £650 a month away. Even 12 months would give you a really good emergency fund. Would part time in the job you have be an option as part time could still give you a good salary if it is well paid and would not be as stressful.

jwil

Good luck

GlendaSugarbean

Best of luck! Can you move sideways into another LA post or something related? Do you have expertise you could use in consultancy work? Your experience and age should be an asset not a problem for any new jobs you are looking at.

EarlyRetirement

Good luck on your journey. I understand how being in a stressful job can impact on your health and well being. Will follow with interest.

doingitanyway

Wishing you good luck.

Having got debt and mortgage free I am now thinking about retirement. I would like to go at 59/60 but might carry on working 3 days a week (currently do 4)

I enjoy work but also carry out a stressful role.

I will be following you for inspiration