Giving up working at 50

Do what makes you happy. I'm in a job which is sucking my soul from my body dealing with asshole directors and VP's. I stay because its a senior position I worked hard to get into.

My dream is to move to the South of Spain one day. We plan on paying off the house within next 4 years and maybe then can get out of the rat race or settle for a low paying remote job.

Augeo wrote: »

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

400K would be nowhere enough to retire on if starting at 50. From an annuity perspective, you'd probably be talking about receiving 1-2% max.

Invalided out of work at 38, and pensioned off at 40.
Have gone back to uni and am making great strides in my DIY skills and actuall Student dossing on teams

Far luckier than most my age in that I'm mortgage free and even with just an invalidity pension quite financially secure.

The rat-race and the entire work life balance of the post industrial revolution labour market needs serious reassessment in the coming return to "normality".

The Finn's are leading the way in proposing a 6hr per day, 4 day week aswell as their previous trials of UBI.
The whole paradigm of productivity/economic value and the value and distribution of inputs and outputs is approaching an inflection point IMO.

There will be huge amounts of economic shock and turmoil but while maybe radical wealth redistribution will never happen. The actual provision of economic security for the masses is sorely needed.
The coming of industry 4.0 and the huge integration of tech like Watson will infringe on the economic "value" of far more than the usual manufacturing/manual/driver segments that are expected.

Already AI is playing a role in insurance/financial/legal and medical segments.
In a world where automation is cheap, 99% infallible and ever cheaper?
What value and what economic power can be ascribed and accrued by Joe Public?

It's a trite phrase, and overused...
But!
It's a brave new world people!
Do we go down the path of Roddenberry? Huxley? Or Wagner?

LuasSimon wrote: »

With all thats happening in the world and many of us spending time at home is it time to get out of the rat race if it returns??
Some of us are bored and isolated been at home but some like myself could adapt to not working and getting back to a basic life going for walks , bit of tv , home cooking, going for a frive if or when you want without all the demands of working,commuting etc etc.
Money of course is the question , if you own your house and had some savings could one eek out an existence on welfare until a pension kicks in at 65 ?

You won't be able to eek out an existence on welfare because you have to be actively seeking a job to be given social welfare, it's not a top up for 15 years to tide you over to retirement.

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"

dotsman wrote: »

400K would be nowhere enough to retire on if starting at 50. From an annuity perspective, you'd probably be talking about receiving 1-2% max.

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

Has anyone heard of part-time work its the greatest thing since sliced bread? best of both worlds.

LuasSimon wrote: »

A fair point , to be honest I’d take a job doing something else but I thought anyone over 50 with no degree wouldn’t be able to get a job . Maybe it’s a fresh start I need although I’d struggle to work past 60 . Take redundancy now , get some other job for 5-10 years ( if I get one ) and end up on welfare closer to 60

Think you need to be 62 to get the free pass on social welfare,heard they might be changing that.

Jimson wrote: »

32.

15 year mortgage on a 2 bed apartment that cost 120,000. Saving 500 a month on top of it. Paying into a pension since 23

All going well ill be somewhat retired by 45 and just do 6 months contracting and six months off every and sign on for the time off.

Don't you just love people who had the sense to do what you didn't.

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

LuasSimon wrote: »

A fair point , to be honest I’d take a job doing something else but I thought anyone over 50 with no degree wouldn’t be able to get a job . Maybe it’s a fresh start I need although I’d struggle to work past 60 . Take redundancy now , get some other job for 5-10 years ( if I get one ) and end up on welfare closer to 60

You Really don’t need a degree to get a good job though . Great work experience good attitude and ability to make money can go very far