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Would it be foolish to stop work at 52?

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  • Albermarle
    Albermarle Posts: 27,831 Forumite
    10,000 Posts Seventh Anniversary Name Dropper
    I think many middle class people are going to be shocked to their core about maintaining their standard of living in retirement. 

    Especially any dreams of retiring early /before the state pension(S) arrive will have to go on the back burner .
  • robatwork
    robatwork Posts: 7,266 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    robatwork said:
    To get back on track... just a general comment about this particular forum. As well as being one of the most useful and realistic resources for UK (pre) pensioners, it tends to err on the side of financial surety. I've seen threads where £30k or even £40k wasn't seen as enough to live comfortably in retirement.

    Obviously it depends on your lifestyle, but just bear it in mind. In your position I'd be leaving my detested job as soon as I could. 

    In the unlikely worst case there are still jobs available to people in their 50s. 
    The retirement surveys indicate that a couple need around £45K - £50K after tax to have a comfortable retirement with some luxuries . 

    Retirement living standards | Loughborough University (lboro.ac.uk)

    That would not be a proper luxury retirement, as that would cost triple that probably .
    The problem with those kind of surveys/reports is - apart from unforgivably not being able to scroll to the right to actually read the thing (had to reduce page size to 75%) - their numbers are too generic. A "Moderate" single person spends £750 on clothes/footwear yearly? I haven't ever spent that yearly!
  • jim8888
    jim8888 Posts: 412 Forumite
    Tenth Anniversary 100 Posts Name Dropper
    robatwork said:
    robatwork said:
    To get back on track... just a general comment about this particular forum. As well as being one of the most useful and realistic resources for UK (pre) pensioners, it tends to err on the side of financial surety. I've seen threads where £30k or even £40k wasn't seen as enough to live comfortably in retirement.

    Obviously it depends on your lifestyle, but just bear it in mind. In your position I'd be leaving my detested job as soon as I could. 

    In the unlikely worst case there are still jobs available to people in their 50s. 
    The retirement surveys indicate that a couple need around £45K - £50K after tax to have a comfortable retirement with some luxuries . 

    Retirement living standards | Loughborough University (lboro.ac.uk)

    That would not be a proper luxury retirement, as that would cost triple that probably .
    The problem with those kind of surveys/reports is - apart from unforgivably not being able to scroll to the right to actually read the thing (had to reduce page size to 75%) - their numbers are too generic. A "Moderate" single person spends £750 on clothes/footwear yearly? I haven't ever spent that yearly!
    So you're not planning to buy a pair of Rishi Sunak's £300 trainers?
  • robatwork
    robatwork Posts: 7,266 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    jim8888 said:

    So you're not planning to buy a pair of Rishi Sunak's £300 trainers?
    Only to Ebay.
    I might buy myself a pair of £60 Asics trainers every few years.

    Now I googled them I wish I hadn't - I see he spent £95 on some plastic flip flops. Hope he's less profligate with our money.
  • Kim1965
    Kim1965 Posts: 550 Forumite
    500 Posts Second Anniversary Name Dropper
    I believe the average uk household income after tax is £2566 pm, presumably mr average has to pay rent/mortgage, feed & clthe children.
     You should be fine. At worse you may havevto work pt, but a least it will not be doing the job you hate. What you have decided rightly or wrongly is from when you retire, you will not be able to improve your financial position. This goes against the instinct of many on this forum. 
  • atush
    atush Posts: 18,731 Forumite
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    If you cant save while on the one income, i feel you dont have enough savings/Sipp to retire at 52.
     
    Rethink going at 55, go part time to see if that helps, or get a different job for a few years.  Will give you more time to save
  • DT2001
    DT2001 Posts: 836 Forumite
    Seventh Anniversary 500 Posts Name Dropper
    atush said:
    If you cant save while on the one income, i feel you dont have enough savings/Sipp to retire at 52.
     
    Rethink going at 55, go part time to see if that helps, or get a different job for a few years.  Will give you more time to save
    In the original post it says they can live on £3k that OH earns net. OP’s other half is increasing his pension and OP is not aiming to draw until 60 so in effect increasing amount payable then.
    There is also the BTL which is generating £6k.

    Personally I’d look at taking an actuarially reduced figure. I took mine at 51 (protected age clause in redundancy package) as although the crossover point from getting more (in total) was mid 70’s in my case I will have paid less tax and theoretically our spend will decrease from 75 onwards.
  • Albermarle
    Albermarle Posts: 27,831 Forumite
    10,000 Posts Seventh Anniversary Name Dropper
    robatwork said:
    robatwork said:
    To get back on track... just a general comment about this particular forum. As well as being one of the most useful and realistic resources for UK (pre) pensioners, it tends to err on the side of financial surety. I've seen threads where £30k or even £40k wasn't seen as enough to live comfortably in retirement.

    Obviously it depends on your lifestyle, but just bear it in mind. In your position I'd be leaving my detested job as soon as I could. 

    In the unlikely worst case there are still jobs available to people in their 50s. 
    The retirement surveys indicate that a couple need around £45K - £50K after tax to have a comfortable retirement with some luxuries . 

    Retirement living standards | Loughborough University (lboro.ac.uk)

    That would not be a proper luxury retirement, as that would cost triple that probably .
    The problem with those kind of surveys/reports is - apart from unforgivably not being able to scroll to the right to actually read the thing (had to reduce page size to 75%) - their numbers are too generic. A "Moderate" single person spends £750 on clothes/footwear yearly? I haven't ever spent that yearly!
    Yes the clothing/shoes  spend does stand out as somewhat OTT . On the other hand a grocery shopping bill of £200 a month is rather low , unless you are teetotal and always buying cheap food .
    I think the overall figures look about right . Although it seems that some can manage on a lot less.

    I agree that many on these forums are high salary earners and have big pension plans.  Good for them.  We feel pretty sure we would be fine with £2-2.5k per year 
  • robatwork
    robatwork Posts: 7,266 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    robatwork said:
    robatwork said:
    To get back on track... just a general comment about this particular forum. As well as being one of the most useful and realistic resources for UK (pre) pensioners, it tends to err on the side of financial surety. I've seen threads where £30k or even £40k wasn't seen as enough to live comfortably in retirement.

    Obviously it depends on your lifestyle, but just bear it in mind. In your position I'd be leaving my detested job as soon as I could. 

    In the unlikely worst case there are still jobs available to people in their 50s. 
    The retirement surveys indicate that a couple need around £45K - £50K after tax to have a comfortable retirement with some luxuries . 

    Retirement living standards | Loughborough University (lboro.ac.uk)

    That would not be a proper luxury retirement, as that would cost triple that probably .
    The problem with those kind of surveys/reports is - apart from unforgivably not being able to scroll to the right to actually read the thing (had to reduce page size to 75%) - their numbers are too generic. A "Moderate" single person spends £750 on clothes/footwear yearly? I haven't ever spent that yearly!
    Yes the clothing/shoes  spend does stand out as somewhat OTT . On the other hand a grocery shopping bill of £200 a month is rather low , unless you are teetotal and always buying cheap food .
    I think the overall figures look about right . Although it seems that some can manage on a lot less.

    I agree that many on these forums are high salary earners and have big pension plans.  Good for them.  We feel pretty sure we would be fine with £2-2.5k per year 
    Well yes, I tend to spend £300 a pop at Costco but their food (and bog roll) is good quality and lasts for weeks in the freezer (not the bog roll unless it's a special occasion). I've done my own sums and think it's more than possible to live on £25k pa and have holidays and a decent car. Given the way the cost of living is going however unless it's index linked I may have to revise this.

    That final line you quoted in italics was from ChocolateWombat and I'm sure a typo for per month.
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