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Retire, semi retire, or keep working???

Hi, 58 year old male. MaintenanceEngineer, work 3 on 3 off, 12 hour. continental patteren, getting a bit much.
Have 5 pensions totaling £294k and a investment of £71 with Fidelity. 
 No major overheads to speak off, day to day bills...
Not sure if I'm mentally ready to retire? *Physically fit, keep busy with gym and walking dog, don't drink too much. 
*Like the idea of going part time 20/25 hours a week.
* Keep working, other than the constant swaping between day shift and night shift, job is fine, get around £51k before tax a year (would I be mad to give this up)???

Can I combine the lot into a drawdown scheme or put into a long term interest paying account drawing out 15-20k a year??

Will probably need to go finical planner route to be on safe side...

Any help much appreciated 🙏 
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Comments

  • Albermarle
    Albermarle Posts: 26,039 Forumite
    10,000 Posts Sixth Anniversary Name Dropper
    and a investment of £71 with Fidelity. 

    That's not going to get you very far !

    I am sure you will get plenty of good comments but just note similar questions have been debated regularly on the forum and looking through it you will get some good tips on retirement generally.

    One critical point you do not mention is your current and planned expenditure.

  • SouthCoastBoy
    SouthCoastBoy Posts: 1,017 Forumite
    Fifth Anniversary 500 Posts Name Dropper
    edited 25 September 2023 am30 9:57AM
    You say the job is fine, but getting a bit much. Don't these points contradict each other?

    If the job is fine and you feel you're not ready to retire I think you have answered your own question.

    Before making any retirement decision you need to ensure you can financially afford to retire. I would suggest creating a detailed spreadsheet plotting expenditure vs income and project that out 30 years, factoring in growth and inflation impacts.

    Also it is worth checking your state pension forecast to ensure you are on track to receive what you think you will receive.
    It's just my opinion and not advice.
  • Hi, the job itself isn't hard, it's the constant 3 day change of shift pattern... I like the idea of retiring, I do generally keep busy, wee jobs about house, out with dog, gardening... but come the winter 🤔
    NI contributions are at the max, no issues there.
    Will probably go down the Financial advisor route. 


  • Hi, sorry, £71k
    Not heavy spenders, taking bills out the equation, we can get by on £220 a week. Do have £30k in a saving account for any issues...
    Yup, will trawl the boards and take what advice has been offered beforehand 
  • Macgomez1 said:
    Hi, the job itself isn't hard, it's the constant 3 day change of shift pattern... I like the idea of retiring, I do generally keep busy, wee jobs about house, out with dog, gardening... but come the winter 🤔
    NI contributions are at the max, no issues there.
    Will probably go down the Financial advisor route. 


    I know what you mean about certain aspects of a job become more difficult. I'm the same age as you and had a 1h 45m commute each way which was getting too much. I found a new job which is 100% work from home. Took a 30k pay cut but means I'm still earning money and not dipping into my pension fund just yet.
    It's just my opinion and not advice.
  • With a pension worth just under £300k you should be able to take out about £10k a year. That £10k will be taxable but if you have no other income you won’t pay tax. Is £10k a year enough? 

    I guess you will get a full state pension when the time comes too, so you might be able to take out a bit more in the early years and less when your state pension kicks in. 
  • LHW99
    LHW99 Posts: 4,964 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    NI contributions are at the max, no issues there.

    Still worth checking, due to the change in state pension calculations in 2016. You could need any number of years NI for a full pension, I think the range on here has been something like 29 through to 49 years!

    https://www.gov.uk/check-state-pension - read it all, not just the headline figure, because how many (if any) additional years you need isn't right at the top.


  • As you have no db reliable income until sp i would be tempted to work pt. If your expenditure is really that modest a 20 hr week would cover them. Replacement cars/holidays etc can come out of savings. Do you want to leave an inheritance? 
  • El_Torro said:
    With a pension worth just under £300k you should be able to take out about £10k a year. That £10k will be taxable but if you have no other income you won’t pay tax. Is £10k a year enough? 

    I guess you will get a full state pension when the time comes too, so you might be able to take out a bit more in the early years and less when your state pension kicks in. 
    Realistically £10k would do... Nothing fancy on the horizon though. Wife's pension pays the bills. State pension won't reach me till I'm 67. Maybe and account the pays in the region of 5%, could plow the £5k left over from the interest back in....
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