Can I quit work yet?

Albermarle

£1600 a month seems on the low side for a family with two children. Does it include one off expenses, like holidays, house maintenance etc ?

af1963

Imagine a household with one person earning full time National Min Wage ( about £18k after tax etc) , and another working part time 2 days a week on NMW (about £8K, no tax/NI due).

That's roughly what your household income could be if you quit to live on your savings and your partner continues as now. 

Families like that do exist, and manage to get by.  So yes, it's possible. 

You may be a bit better off than that, if you can spend a bit more than £18K per year, and if your partner earns more than NMW. You're mortgage free, and sounds like you may be in one of the cheaper parts of the country to live. ( i.e., not London !).  You'd also save on some potentially quite high childcare costs, and get much more time with the children.

But it's a choice you'd be making to get by on a *much* smaller income than currently, potentially for life. Not much cover for large unexpected costs. Probably wouldn't support the costs of paying for two EVs either - what happens to those ?

I wouldn't do it on those numbers. As others say above, other more interesting jobs are available, and that might be a better option - even part time.  But its not impossible, and you'd always also have the option to return to work. 

njkmr

Lifestyle choice really.
If you think you can live a simpler cheaper life and manage ,go for it.
You can always get another job in future if its not what you thought or if things get a bit tight.
Good luck whichever way you go.
Your only here once...!

michaels

You will of course get full child benefit and may qualify for other benefits which should help.  WE brought up our 3 kids on similar annual expenditure (assuming DW earns about NMW) and I don't think they missed out and you can never get back time spent working rather than with them at any age.  Less spending generally means less environmentally unsustainable 'stuff' which is a win for everyone.  Once your kids are at school (unless you home school) then you might be able to put your skills towards volunteering in an area where you see them as adding value.

Might your partner resent working while you don't?

In terms of 'the money side', you should be able to invest so that your funds keep up with inflation so spend current pot divided by number of years it needs to last in real terms going forward.  IO must admit that I have a 'if I stopped working today, how much would I have to live on for the rest of my life number always calculated

p00hsticks

VXman said:

FrankRizzo said:

You have £257,000 in cash = £25,700 per year, until 55 - the kids will consume a lot of that, so its tight,  personally I would try and make it work due to the benefits of not having to work - do you think it will be do able?

How much does your partner make a month?

If that is the only income in the house it will be tight but be aware there will be no tax payable on that, no pension contributions, no National insurance.....

Although the OP or partner may want to make voluntary NI contributions for a while to ensure they get a full State Pension when the time comes. Child Benefit will give credits for one of you until the youngest turns 12, but you'd need to look into whether the 2 days a week is enough to take them to the Lower Earnings Limit and so get credits too...

 The OP doesn't give any indication of how much of the childcare . housework etc they'd be prepared to take on if and when they quit, or how else they would occupy their time. It sounds as if they are running away from something unpleasant, rather than running to something desirable. That would concern me.

infj

Being bored at work is a nightmare - I know - I've been there and I didn't earn anything like your salary. It makes you depressed and fed up and desperate to escape somehow. There's actually a term for this - it's called boreout.
First question perhaps is why is it boring? 
Is there not enough to do? If so, any possibility of going part-time? You keep a still pretty good salary but get more time for more interesting things.
Or is it boring cos you've done it for too long and it's thus far too easy. Or is a pointless job and you know it? Looking for a new job or thinking about retraining in something else would seem sensible then (Healthcare is crying out for professionals in lots of different areas - it's not just doctors and nurses - there are lots of other professions.)
Or can you take a sabbatical? Time to think what you really want without the dread of going to work every Monday.
What does your partner think? It might be a major shock to them.
Going from earning over 80K down to living off only £20K pa will be hard as you will be used to it. It's not impossible of course - lots of people do and often on less than that.
I don't personally think you have enough money saved to not work at all for the next 10 years. But you don't have to stay where you are either - a new job, part time work, a different career could all be possibilities.
Good luck!

2nd_time_buyer

It is tight. But you have time to rethink if it doesn't work out. I would have loved to spend more time with the children at that age... maybe not that much time though! 

You have put yourself in a position to have choices. Well done! 

born_again

Could Op do, yes if they are careful.

@infj Mentioned being bored at work, imagine being bored at home & not being able to do anything due to spending limits. Going to lead to stress in household.

But OP mentioned pension @ 55 
From 6 April 2028, the NMPA will increase to 57. So, from 6 April 2028 you'll need to be aged 57 or older before you can start taking money from your pension. There are still some circumstances where you can take money earlier, like if you're suffering from ill health or have a protected pension age

But of course above is subject to any changes in government & could be made lower or higher. 
Same with state pension. How will that stand if nothing paid in over that timeframe?
Has OP checked what it is at now?

https://www.gov.uk/check-state-pension

SouthCoastBoy

I was bored at work and earning a 6 figure salary therefore difficult to walk away from, however I moved to a new job and in the process taken a 30% pay cut. However a lot happier and more engaged, so it doesn't have to be all or nothing.

 I would suggest finding a new position, kids are very expensive and the extra money will enable you to do additional things with the kids and help them out as they get older. I often considered quitting the rat race but never did and am now thankful I didn't. I know its not easy when you are bored at work, but try to see the bigger picture in the fact you are investing in your kids future.

NorthernMonkey1

infj said:

Being bored at work is a nightmare - I know - I've been there and I didn't earn anything like your salary. It makes you depressed and fed up and desperate to escape somehow. There's actually a term for this - it's called boreout.
First question perhaps is why is it boring? 

It's a job in IT for a megacorp. I make audit scores look good. 

It pays well because megacorps like good audits, its boring because its total BS. Im good but its hard to think youre making the world a better place