Can’t be bothered with work any more

Mistermeaner

Age 45 

Got 890k in my dc pension 
40k in a Lisa 
10k in a cash isa
40k in a s&s isa 

my missus (age 40) has 190k in a dc pension + Lisa , plus she work local government so is building a CARE pension 

That’s more than enough for our retirement, I’m pretty miserable in my job, while it’s well paid I almost don’t need the money or the grief 

the issue is short term cash flow ; we have no debts other than mortgage of 180k (on house worth 500k) and nothing on finance (cars are owned outright) 

that 50k in instant access Isa + missus salary would probably last us 2 years of frugal living but then we would be unstuck 

what if any options do I have to access any of those savings, even if it’s at tax penalty ? While likely a very bad idea I’d just like to understand 

chatting sensibly with the missus I probably need to put up and shut up for another 5 years which will likely see our oldest 2 kids through uni plus give me time to build an outside of pension war chest and pay the mortgage down …. But before I turn my mind to facing down 5 more years of email and teams call tedium wanted to see if anyone has any bright ideas 

get a new job is an obvious one I’m already looking into that but anything remotely well paid will likely be of a similar tedious nature given my chosen career path 

Marcon

Mistermeaner said:

Age 45 

Got 890k in my dc pension 
40k in a Lisa 
10k in a cash isa
40k in a s&s isa 

my missus (age 40) has 190k in a dc pension + Lisa , plus she work local government so is building a CARE pension 

That’s more than enough for our retirement, I’m pretty miserable in my job, while it’s well paid I almost don’t need the money or the grief 

the issue is short term cash flow ; we have no debts other than mortgage of 180k (on house worth 500k) and nothing on finance (cars are owned outright) 

that 50k in instant access Isa + missus salary would probably last us 2 years of frugal living but then we would be unstuck 

what if any options do I have to access any of those savings, even if it’s at tax penalty ? While likely a very bad idea I’d just like to understand 

chatting sensibly with the missus I probably need to put up and shut up for another 5 years which will likely see our oldest 2 kids through uni plus give me time to build an outside of pension war chest and pay the mortgage down …. But before I turn my mind to facing down 5 more years of email and teams call tedium wanted to see if anyone has any bright ideas 

get a new job is an obvious one I’m already looking into that but anything remotely well paid will likely be of a similar tedious nature given my chosen career path 

Pensions - cannot access until you are at least 57, unless you are too ill to work again.

ISA - can take tax free at any age.

Lisa - 25% penalty for withdrawals which are not used for either a first home deposit, OR taken after age 60.

SarahB16

Mistermeaner said:

Age 45 

Got 890k in my dc pension 
40k in a Lisa 
10k in a cash isa
40k in a s&s isa 

my missus (age 40) has 190k in a dc pension + Lisa , plus she work local government so is building a CARE pension 

That’s more than enough for our retirement, I’m pretty miserable in my job, while it’s well paid I almost don’t need the money or the grief 

the issue is short term cash flow ; we have no debts other than mortgage of 180k (on house worth 500k) and nothing on finance (cars are owned outright) 

that 50k in instant access Isa + missus salary would probably last us 2 years of frugal living but then we would be unstuck 

what if any options do I have to access any of those savings, even if it’s at tax penalty ? While likely a very bad idea I’d just like to understand 

chatting sensibly with the missus I probably need to put up and shut up for another 5 years which will likely see our oldest 2 kids through uni plus give me time to build an outside of pension war chest and pay the mortgage down …. But before I turn my mind to facing down 5 more years of email and teams call tedium wanted to see if anyone has any bright ideas 

get a new job is an obvious one I’m already looking into that but anything remotely well paid will likely be of a similar tedious nature given my chosen career path 

I'm intrigued as to what your chosen career path is if you would kindly share that with us? 

RipleyG

"anything remotely well paid will likely be of a similar tedious nature given my chosen career path"

Then perhaps a mindset change? You say your wife is earning, you already feel you have enough set aside for pensions, and you could live on £25k a year. So rather than a well paid job, how about something you enjoy that pays enough that yours + your wife's collective earnings are at least £25k a year. I think there are a lot of people on this forum that will tell you such a lifestyle can be both achievable, and enjoyable. 

QrizB

Mistermeaner said:

chatting sensibly with the missus I probably need to put up and shut up for another 5 years which will likely see our oldest 2 kids through uni plus give me time to build an outside of pension war chest and pay the mortgage down …. But before I turn my mind to facing down 5 more years of email and teams call tedium wanted to see if anyone has any bright ideas 
get a new job is an obvious one I’m already looking into that but anything remotely well paid will likely be of a similar tedious nature given my chosen career path 

Have you worked out how much you actually need to service your mortgage and meet basic household expenses? National average full-time salary is around £36k pa, so a career change might not need to be paarticularly well paid.

Or can you reduce your hours at work? I've recently dropped to a three-day week on the glide path to retirement, albeit I'm a decade older than you.

Hoenir

Find a vocation that you enjoy. I'm reminded of a banker who lost their highly paid job in the GFC. Retrained to become a social worker. Transformed their well being. 

Alexland

Sorry to hear you are feeling this way.

I'm a similar age and have a similar scale S&S investment portfolio also weighted heavily in pensions and LISA and its a strange feeling to probably already have enough to retire yet still plenty of short/medium term liabilities to work to pay for.

Can't really help you but I thought you might like to know you are not alone perhaps that helps.

If you really want to go early you might need to be tax inefficient on your future earnings or pay the LISA early withdrawal charge to get more accessible savings. Or do something with a mortgage to shift money between years but then it would reduce your wealth in the retirement years and its hard to do that if there's a partner involved.

Unless you are likely to get gifted money or can downsize yes its looking like at least another 5+ years work ahead but as mentioned above maybe try and find something you enjoy more.

Grumpy_chap

In the OP's other thread, they mention significant dissatisfaction with their current role and a possible heart condition:
https://forums.moneysavingexpert.com/discussion/6579732/advice-required-regards-employment-situation-rights-location-of-work/p1

Ordinarily, for a person currently in their mid-40's the absolute earliest pension can be accessed is 57, possibly 58 years (or whatever future changes may be introduced).  
I think there are exemptions related to ill-health but most people would prefer and try their best to focus on maintaining health than have early access to pension because of ill-health.

Seeing this thread makes me wonder whether the other thread is actually all about the OP seeking to engineer a redundancy situation with the current employer such that a payout (of whatever size) softens the change.

Without access to the pension funds, the OP has not set out that he and his wife clearly have sufficient to allow the OP to stop working.  Around £90k in ISA of various types (£40k with restrictions on access) but £180k mortgage and an expectation that frugal living on only the wife's salary can only be sustained for a couple of years.

Given the financial challenge of the OP ceasing work now (and the potential relationship risk tight finances can bring), it would seem as though the OP needs to stick with the current job while looking for an alternative employment role.  That role does not need to be in the same industry as the current role and might be rather less well paid, but that could be viable, still achieve the wellbeing change the OP desires and meet the financial needs of the family.

hugheskevi

If trying to maximise immediate assets, regardless of cost, you might be able to do something along the lines:

• Increase mortgage to 80% LTV (easier said than done, but maybe possible) and extend term to as long as possible to reduce monthly payments. That would give an extra £220,000
• Take penalty on LISA to access before 60. That gives £30,000
• Plus the £50,000 already held

That is a total of £300,000.

You should investigate if you have any protected minimum pension ages in your pension. If not, that £300,000 would have to last about 12 years until you reach age 57. That would barely give £25,000 p/a but you would also have much higher mortgage payments. So it isn't currently viable, especially with kids on way to university.

Mistermeaner said:

chatting sensibly with the missus I probably need to put up and shut up for another 5 years which will likely see our oldest 2 kids through uni plus give me time to build an outside of pension war chest and pay the mortgage down …. 

I would think very carefully about paying the mortgage down.

The mortgage gives you a way to have short-term cashflow, that can later be repaid from pension. Hence it is a way to effectively move resources from post age 57 to pre age 57.

So things like re-mortgaging, extending term, perhaps extracting more borrowing from the mortgage one way or another and maybe doing it a few different times to increase LTV. The problem with that is that you end up with a lot of debt, and a lot of assets which may be tricky to manage. In that scenario, an offset mortgage might be appropriate - you have a big mortgage, but also a lot of savings in the offset savings account. In the years before age 57 you reduce the savings in the offset account, and they are repaid from your pension when you can access it. That minimises both investment risk and the amount of interest paid. 

A positive thing is that time is very much on your side here. Your problem period is between now and age 57. Every day that passes means the period reduces in size. So carrying on working, saving, and reducing the time period the funds have to cover has a very rapid effect in increasing the amount of funds available to cover the period without work up to age 57. Doing this whilst working on increasing mortgage LTV would rapidly increase your cash flow to age 57.

You should make a detailed financial cash-flow plan for various different future age/time brackets:

• The period from now to when you leave work
• When you leave work to age 57
• Age 57-60 (when LISA available without penalty)
• 60-67 (State Pension age)

And add in similar key dates based on your wife's minimum and normal pension ages.

Silvertabby

Mistermeaner said:

get a new job is an obvious one I’m already looking into that but anything remotely well paid will likely be of a similar tedious nature given my chosen career path 

Why stick to your current career path if it makes you so unhappy?  What are your hobbies - would you be able to get a job linked to that?  Even a minimum wage job would now pull in the best part of £22K per year, which would be better than just throwing the towel in completely.  And it would, hopefully, be something that you'd enjoy.  

I'm now past SPA and happily retired with several hobbies - but If I did have to work I'm sure I'd  enjoy working in a wool shop! 

Bostonerimus1

I got bored with my work and retired at 53. After 3 years of retirement I was offered a part time position by a colleague and that's worked out very well. It keeps me active and gives me some extra money. OP why don't you look for some part time work? no need to stop working entirely.