Giving up working at 50

mad m · 31-10-2020 12:49am

I’ve seen many people retired after working for 40 years and after a year or two I’ve heard they have got cancer, died from Covid etc. Brother in law in US was working for same Pharma company for 27 years, he is now 54 and got offered severance package and grabbed it with both hands. It was his last day today and happy as a fool.

He’s been offered 4 jobs already but is going to take a year out....If you can get out early get out in my opinion.

JohnnyFlash · 31-10-2020 12:50am

I always loved the idea of giving up work at 50. Worked actively towards it. Then I got to 50; my marriage was as good as over, and I suddenly found myself running a business I really loved.

I was employing 14 people at the start of this year. Now I have one employee, and it's costing me money to keep him employed. You don't want to fúck over the people who've bought your products over the years either, so I will continue to employ him.

I made enough money since 2010 that I don't have to work a day in my life again. I'm starting to realise that isn't the point though.

Mr_Muffin · 31-10-2020 12:53am

That'd be the dream, but I'll be working for the rest of my life unless I win the lottery. I don't earn much, and have little chance of ever owning my own home. At least I'll be busy I suppose.

cloudatlas · 31-10-2020 1:11am

Extreme Frugal Minimalists Plan to Retire by Age 35!
https://www.youtube.com/watch?v=20rMBoMK9j0

If I didn't drink the money I would have :pac:

Anyway it's funny how some folks are like I don't work I'm on the dole and there is rage and others are like I 'retired' early and am on the dole and everyone is like yay! Welldone!

If I'm ever unemployed again I'll just tell people I'm temporarily retired, less stigma.

dotsman · 31-10-2020 3:13am

hurikane wrote: »

Pretty sure they were talking about the 400k getting you to pension age, and having no loans or mortgage.

But if you are only talking abut 1-2%, then you are talking about trying to live off 4K-8K per annum until the state pension kicks in. Extreme poverty.

If you are talking about trying to use the 400K to just get you to 70, then see below:)

arctictree wrote: »

Feck the annuity, 20K a year until you are 70. Then on to the state pension. Maybe an inheritance along the way as well.

If you are happy to live off 20K p.a. or worse, the state pension. 20K per annum is very little. Remember, you will be retired with zero job (and hopefully good health:)). You are going to get bored very easily. For me, I would want to travel, weekends away, have nice things, socialise, play golf, drive a nice car - all things that cost a lot more than 20k per annum once food/bills are taken into account. Think of it another way. 20K p.a. is minimum wage. Are you happy to live on minimum wage for 20 years of your life and then drop to 12K p.a. until you die?

What if you are in poor health for years before you die? Constantly needing home help/nurse or having to go in to a nursing home?

But all that is a moot point as, if the 400K is in a pension scheme, you are going to be limited to using an official pension plan. If you wanted to just take it all as cash and spend it all between 50 and 70, then you could, but you would lose a big chunk of it to tax:eek:

Augeo wrote: »

There are other perspectives rather then annuities.

True, but annuity is the easiest for people to understand. Besides, with something like an ARF, you could easily run into under/over drawing it when it's such as small amount and for such a long period. Likewise, you would need an AMRF before you could go down the ARF route, leaving you with a lot less to invest in the ARF. Regardless, retiring at 50 with only 400K means you will be very poor in retirement.

gogo · 31-10-2020 3:58am

Work send me out a pension statement every few months, I swear to god I have a little cry every time I see my retirement age on it... don’t have another 30 years in me.
Love to bug out, cottage some where remote, fire, kindle, movies = happy out. I’m essentially aiming for the life of a seventy year old whilst in my forties...... without all the health ailments and that musty granny smell

jenneyk19 · 31-10-2020 4:00am

i sold two companies and retired at 33.

arctictree · 31-10-2020 9:35am

[Deleted User] wrote: »

I'd be surprised if the state pension would be worth much after another two decades... it's going to be one of those things that will be sacrificed (or misused) eventually.

People keep saying that but the state pension has been continuously been increased in nearly every budget for as long as I can remember.

arctictree · 31-10-2020 9:38am

eviltwin wrote: »

I don’t know what I would do all day. I like my job and I would miss working.

There are a million things to do. Only limit is your imagination....

Thierry12 · 31-10-2020 9:38am

If they bring in UBI in the next 20 years I'll do it too ;-)

Galwayguy35 · 31-10-2020 10:05am

Fair play to anyone who can afford to retire in their 50s when they have the money to do it.

Have 19 years left on the mortgage so I'll be working for a while yet.

Have a private pension which matures when I hit 65 so if I'm not 6 feet under before then I'll hang up the work boots at that age.

31-10-2020 10:07am

dotsman wrote: »

............

True, but annuity is the easiest for people to understand. Besides, with something like an ARF, you could easily run into under/over drawing it when it's such as small amount and for such a long period. Likewise, you would need an AMRF before you could go down the ARF route, leaving you with a lot less to invest in the ARF. Regardless, retiring at 50 with only 400K means you will be very poor in retirement.

Yes, I know all that. As I said

Augeo wrote: »

Some private pensions can be accessed at 50.... You'd want a pot of 400k at least to consider it IMO.

It's clear the OP isn't conceptually unhappy with a poor retirement..... I'm sure they won't have a pension pot of 400k at 50 also.... Most won't have that at 68.

Galwayguy35 · 31-10-2020 10:07am

upupup wrote: »

I lost my job in my early 40's after the constuction industry collapsed.I owned my own house,had no debts and a little saved so I decided to chill out for a few years till there was work again.
I haven't worked since and life is relaxed and the way it should but not everyone can live this way.My car got smaller due to tax and insurance,my skysports and other non essentials/bills disappeared.No holidays but everyday is a holiday!:)

My savings dwindled down to zero but it happened gradually so I was well prepared to have nothing and when I did have nothing and was still happy I became even happier as the worry was gone.
I had to communicate with some welfare people/projects but when life is good and relaxed these were not a problem and I did them and enjoyed them,they ended and I got back to my early retirement again.
I figured out some very deep stuff too.Stuff happens when you get out of the rat race and focus on your own happiness 24hrs a day,7 days a week.
"Everything" falls into place if you let go of "Everything"

So if you have no savings are you relying on the state to cover day to day living?

DrPhilG · 31-10-2020 10:17am

Been working 2 jobs for nearly 20 years. Only a few shifts a month in the second one so not too bad. I'm not working myself into the ground or anything.

The longer I work 2 jobs, the sooner I can work none. We're building up a savings pot and have an investment property that will be mortgage free in 12 years, as will my own house. I'll be 50 at that point.

Plan is to go part time around 50 and then see what the lay of the land is and retire late 50s.

31-10-2020 10:17am

gogo wrote: »

.....
Love to bug out, cottage some where remote, fire, kindle, movies = happy out. I’m essentially aiming for the life of a seventy year old whilst in my forties...... without all the health ailments and that musty granny smell

Have a holiday home like that..... Don't think I'd fancy being there year round with little to do TBH.

littlevillage · 31-10-2020 10:23am

LuasSimon wrote: »

One would be better off not working with less money than in a job you don’t like which must impact your health .

Very well said

Sky King · 31-10-2020 10:36am

upupup wrote: »

I had to communicate with some welfare people/projects but when life is good and relaxed these were not a problem and I did them and enjoyed them,they ended and I got back to my early retirement again.
I figured out some very deep stuff too.Stuff happens when you get out of the rat race and focus on your own happiness 24hrs a day,7 days a week.
"Everything" falls into place if you let go of "Everything"

Wow that sounds great, I'd love to let go of everything. Do you mind if I ask where your income for your amazing 'early retirement' is coming from, given that you have no savings, and apparently are answerable to Welfare?

I guess I just want to know if myself and the other people here who have jobs are funding this wonderful lifestyle of yours.

Snails pace · 31-10-2020 11:45am

Too young to think about retirement yet and I'm recently after drawing down a business loan that will have to be paid back. However, I love what I do and have a good work life balance. I'm self employed and I'd like to be able to step back from what I do in my mid 40's on. Not retire but hopefully have a few people employed to take some of the workload. If I have children and they have no interest in what I'm doing I'll sell up and retire in my 60's. A lot can change between then and now though

tjdaly · 31-10-2020 11:59am

If you're waking up at 5.00 every morning OP it could be due to caffeine or nicotine withdrawal. What time do you have your last cup of coffee in the evening? Also, maybe try to get into running or some other exercise.

CelticRambler · 31-10-2020 1:51pm

Sort-of retired at 37 after opting in favour of "family" over "career" while the property bubble was still growing pre-crash. Partially un-retired at 45 when "family" didn't need as much investment and work gave me a chance to combine travel and culture. Still semi-retired at 53 and aiming to get back to a near-complete non-salaried existence because I'm fed up working stupidly short French 35-hour weeks (I'd much rather work 120 hours in the week when I'm working). This year's circumstances helped highlight how, with the travel-and-culture benefit removed, there's no professional satisfaction for me any more in the day job. The only reason I stay in the system is because I'm a stranger in a strange land, and staying in the system makes life easier; and my daily needs are so limited, just about all of my earnings goes into savings, which I'm hoping to use to set up a hand-off new business to give me a legitimate reason to opt out of the other and keep me in pocket money till my hundredth birthday.

LuasSimon · 31-10-2020 2:15pm

Valyawl wrote: »

How could you remain on welfare from 50-65 surely they wouldn't pay you for that long? Maybe I am being naive. !!

Theres a certain irish ethnic group are all on it from 18 to the grave and no welfare person bothers them .

Neames · 31-10-2020 2:45pm

I enjoy my work and have a healthy work life balance.

I had it in my head to stay working until I'm 70. However that's changed recently and I'm now preparing to stop working in my early 60s.

Mortgage will be cleared, family grown up and a decent pension pot built up. I'll still be young enough to enjoy retirement and enjoy working life before that.

Signore Fancy Pants · 31-10-2020 3:05pm

Im 39 and can retire with a modest pension by the end of the year but I am heavily considering a career change instead.

All going as planned, I will be working for one company full time, part time for another and consulting as a nixer, all done from home. No commute, stress free, easy money. The full time gig and the pension brings me to a 6 figure salary alone.

The plan will be to do that until Im 50. The wife is self employed and plans to sell the business or shut up shop when she hits 50.

Then its travel the world for a few years and enjoy life as long as we can.

eddie · 31-10-2020 3:34pm

upupup wrote: »

I lost my job in my early 40's after the constuction industry collapsed.I owned my own house,had no debts and a little saved so I decided to chill out for a few years till there was work again.
I haven't worked since and life is relaxed and the way it should but not everyone can live this way.My car got smaller due to tax and insurance,my skysports and other non essentials/bills disappeared.No holidays but everyday is a holiday!:)

My savings dwindled down to zero but it happened gradually so I was well prepared to have nothing and when I did have nothing and was still happy I became even happier as the worry was gone.
I had to communicate with some welfare people/projects but when life is good and relaxed these were not a problem and I did them and enjoyed them,they ended and I got back to my early retirement again.
I figured out some very deep stuff too.Stuff happens when you get out of the rat race and focus on your own happiness 24hrs a day,7 days a week.
"Everything" falls into place if you let go of "Everything"

Did it ever dawn on you - who is paying for your "chilling" !!.

eddie · 31-10-2020 3:36pm

cloudatlas wrote: »

Extreme Frugal Minimalists Plan to Retire by Age 35!
https://www.youtube.com/watch?v=20rMBoMK9j0

If I didn't drink the money I would have :pac:

Anyway it's funny how some folks are like I don't work I'm on the dole and there is rage and others are like I 'retired' early and am on the dole and everyone is like yay! Welldone!

If I'm ever unemployed again I'll just tell people I'm temporarily retired, less stigma.

No everyone that pays for it ................ is like Yay.. !

Mister Vain · 31-10-2020 3:43pm

Bring in a universal basic income.

griffin100 · 31-10-2020 3:59pm

I’ll be 50 in a couple of years and my kids will still all be under 18 at that stage. The last few months of WFH has confirmed for me that retirement when the kids are still young is not an enticing prospect.

By the time I’m 60 they’ll all be in their 20’s and hopefully finished college, so that’s early enough for me to retire. I plan to have the mortgage paid off by then. I have a PS job and am lucky enough to be on the old style pension - I started in 2006 but due to a year I spent in the public sector in the late 1990s I am in the better scheme. I know exactly what my pension and lump sum will be when I hit 60 and it should be enough to retire on and possibly move abroad. The big uncertainty for us is that my wife is self employed and her business has been hit badly by Covid.

I like my job and I’m senior enough that I can happily think about another 12 years or so working. I really don’t want to work beyond 60 though, life can be too short. If I’m stuck financially there’s always consultancy that can be done.

Plans are easy to make, but we never know what’s around the corner so I won’t be wishing the next few years away counting down to retirement like some people I know.

AlphaDelta1 · 31-10-2020 4:06pm

Got myself out of the rat race at 42 years of age. Now drive a coach part time as have the mortgage paid off. We spend 3 months of the year in south of Spain in wife's brothers apartment complete with swimming pool although we haven't been over this year due to Covid. I'm not money rich but i am time rich and that is invaluable to me.

AlphaDelta1 · 31-10-2020 4:09pm

Mister Vain wrote: »

Bring in a universal basic income.

This will happen sooner than we all think. Hopefully the days of people killing themselves working 50hrs a week will vanish also. I can see 4 day weeks being the norm in a couple of years also.

Tea drinker · 31-10-2020 4:11pm

mad m wrote: »

I’ve seen many people retired after working for 40 years and after a year or two I’ve heard they have got cancer, died from Covid etc. Brother in law in US was working for same Pharma company for 27 years, he is now 54 and got offered severance package and grabbed it with both hands. It was his last day today and happy as a fool.

He’s been offered 4 jobs already but is going to take a year out....If you can get out early get out in my opinion.

My dad didn't last a year into his retirement, died of cancer. Yeah you don't know how long you have, or how long your loved ones have. Mam died 2 months ago.
If you spend your time being "busy" you can miss important things and not contemplate what is important to you.

I hope to retire ~55, I hope my wife retires before me. I hate watching stress consume her health. Might be good to keep some part time work just to keep in with private health insurance. Retiring at 55 is assuming I pay my mortgage off soon and continue building pension pot and savings
we have an option to live abroad rent free at the moment, that might be an option and rent out our own place.

Giving up working at 50

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