Stopping at 48 - is it possible?

[Deleted User]

Really enjoying this thread and it strikes a chord with me. Would really like to retire by 55. (Unlike you I need to pay off mortgage first )Great to see you have done lots of research and are well on the way to seeing it through. Beauty about being in your situation is that you have choice. Definitely worth looking at change in working though. Was full-time in stressful job that sucked the life out of me. Went part-time (two days) and took a second job in a field I had always wanted to do, but hadn't done because the pay wasn't great. Love doing it and it's given me the perspective to see what I actually loved in my first job. If your partner isn't contemplating giving up work, it is definitely worth considering how you would spend your time after retiring, as well as the financial side, so that you actually enjoy your well earned free time. Good luck! I shall follow with interest

c'est_moi

So - an update. I have continued working but have now given notice that I will be leaving this July. I have been able to negotiate a smallish package to go which means that I will not have to go down the strenuous ill health early retirement fight. I have no new work lined up, but intend to pick up some zero hours type work or seasonal work which is pretty plentiful around here.

I have been given more accurate calculations on taking my pension at 55 - it will be £1200 a month - more that I had originally thought - so that's good news.

My health is up and down, but knowing that I'm in the final stretch now is making it much, much easier to deal with the stress.

I am enjoying looking up the much cheaper costs of holidays out of the school season!!! I am also already spending more time on my hobbies and no longer bringing work home in the evenings and weekends.

I am still worried about finances in the future, and the burden on my wife as she continues in work, but she really does enjoy her job and we have talked it over at length and she remains 100% supportive.

Thanks to all the above posters who gave advice. I did think carefully about what you all had to say. I will update again in the future.

GunJack

c'est_moi wrote: »

No, I didn't think I could carry on paying into my work pension if I leave but had not thought about setting up a new pension. I suppose I had dismissed it because I didn't think I would be paying in to it for very long. Is there any point paying into one for say 5 years? I know there is probably no easy answer to that!

Do you realise that, even if not working, you can pay into a pension £2880 net every year and get the tax relief of £720 a year on it UP TO AGE 75?
It doesn't magically stop just because you've stopped working, and it's a better return than savings accounts....

MEM62

AnotherJoe wrote: »

Over 40 years, with £120k in savings, forget the risk of shares (and do you mean shares rather than funds?) , you'll have far more than your fingers burnt by inflation, think 60% burns. In just 20 years time expect to see that worth at best, 2/3 what it is now.
Just something to consider assuming this money is for the long term. At worse start creating a savings ladder.

Yep, I have never understood this train of thought either. People claim to be risk adverse or want low risk solutions and then keep large chunks of their money in cash - which is subject to the highest and most certain risk all - inflation risk.

It really is bizarre.

Miiade

Good luck to you op, from the numbers and expenditure you state you will be fine.

Makes a nice change to read about someone thinking outside the box, rather the usual type of question on here such as “I’m 63 and got a million pound in my SIPP and I spend £10 a month can I retire yet question!”

fred246

I remember your original post and remember thinking some of the comments sounded a bit sexist. My wife gave up work when we had children which I was in agreement with. She then refused to ever go back to work and became a lady of leisure. When I had earned enough for me to retire the other housewives were phoning her up. "Are you letting Fred retire? Is that wise? Shouldn't he keep on working?" I am sure if you were a woman who's husband wanted to carry on working that would be seen as being fine.

ess0two

Miiade wrote: »

Good luck to you op, from the numbers and expenditure you state you will be fine.

Makes a nice change to read about someone thinking outside the box, rather the usual type of question on here such as “I’m 63 and got a million pound in my SIPP and I spend £10 a month can I retire yet question!”

Quite apt, where I work this year the company failed to take the apprentices on due to no positions.

There' s at least a dozen 56+yrs old people all with 1mill pots cribbing about retiring etc and how they'll survive, feel sorry for the lads just starting out.

c'est_moi

More than happy to step aside for someone younger to have my job! It really is a game for someone with more energy and who is prepared to accept pointless changes and meaningless tasks without questioning them.

I am more than ready for the next phase in my life. Scary? Yes - that good salary has been coming in for a while now, and who knows what demands on our purse may be around the corner. But, it is so, so freeing to know I will be walking away from all of that stress. Two recent bereavements within my family and friendship group have been a reminder that time is very precious. I read someone on here who said that the money MAY run out, but that the quality time WILL run out.

Decision made, savings and pensions being totalled up. Looking into those adult education classes I always looked at wistfully online but never had the time to give, have two holidays and two short breaks booked and I think I'm good to go.

Almost-free

As someone who has had cancer twice and gave up a stressful
Nhs career as it was making me ill and miserable , I would say talk to your wife . I’m pretty sure she would rather see you happy. I currently work three days a week in a job I enjoy - I therefore no longer yearn for holidays etc as my day to day life is so much happier. even though I’m on a fairly low income.
You may find something you enjoy which will mean your savings stay largely intact in any case . Good luck with your choices 😃

c'est_moi

Just wanted to give a quick update.

I worked my last day at the end of the July and entered 'retirement' in this weird covid world. No leaving speech (probably for the best ), no retirement holiday - all very strange.

I have zero regrets. I honestly feel like a new person. I don't feel sick all weekend at the thought of work on Monday. No management setting pointless tasks with ridiculous deadlines. No mare dreading the comments of toxic colleagues.

I have spent so much time outside - my garden looks great and I have rediscovered the fantastic walking routes of my local area. I have started some hobbies I have wanted to do for years. I do miss some friends from work, but other than that I do not miss work at all.

So far we have not needed to touch the savings - thanks to refunds from covid cancelled holidays. I think we will be ok without touching them for a couple more months. It will be very strange to turn from saver to spender after years of adding to the bank balance.

I have more time to practice moneysaving. I have already manged to reduce our monthly bills from SKy and from our broadband provider. I shopped around for the car insurance. I am going to change utilities provider later today. I save money in the supermarket through vouchers and the £5 off lidl app. Some of this is very small stuff, but I enjoy the challenge.

I have not put any effort into job hunting yet, other than registering to mark exam papers next summer. I have done this before and the money is pretty good for 3 weeks work. It will be much easier to do this without also teaching full time at the same time.

The evening classes I want to take are not currently running, but I do still intend to them. I am also getting more time to exercise and my diet is better now I have time to cook, which I have always enjoyed.

So, in brief, it is still early days but I have to say that life feels pretty damn good right now. I do still worry about the big bills - for example the car needed service, MOT, tax and insurance all at the same time (owch), but I do have to keep reminding myself that the money is there. In fact e managed to get the savings up to 140 K by the time I  left work.

I hope that I still feel as optimistic, especially as the weather turns colder, but so far so very good.....