Giving up working at 50

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.

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.

Sky King wrote: »

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.

I'm on welfare and if you are a taxpayer,thank you for your contributions and thanks to all the taxpayers.I appreciate it.

I got my first job at 11 and worked and payed tax for over 30 years.If someone complains about my life now and has not worked for as long as I have,I pay no heed to them.If someone has worked for longer than me and is complaining then I pay no heed to them as I regard them as a grumpy old sod that should have figured things out after all that time spent working...What are you here for?

I contribute to society in other ways that are better off left out of the rat race,wages and taxes.I have been busier since covid arrived.I have many skills that I give but to put me on a time sheet would take the real "me" out of what I do as it would be just another job to get bored of.I am retired early but the majority of people I meet these days are retired.Some are close to 90 years age and its not money contributions they want,Its stuff that can not be bought that they want and need.

Not everyone can "let go of Everything" and retire early but if anyone thinks they can,Do it before it's too late!

Welfare is there to help people until they get back on their feet and find work.

If someone is on it because they couldn't be arsed to work they are a leech.

upupup wrote: »

Your anger is taking this thread off topic.
My advice is "let go";) of your anger and resentment towards those that are happier than you.Stop giving out and put your attention on something you like.If you like leeches then I suppose you are fine:)

Of course you are happy sitting on your arse doing nothing while claiming welfare.

Not sure how you are getting away with it up to now but but it just proves how easy it is to game the system.

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 ?

There's a ton of people out there that don't get a choice in the matter. Many companies won't touch someone in their 50's.

Niner leprauchan wrote: »

society cannot function in that way, we need people to contribute to the fund beyond what they take out or theres nothing left to cover those in genuine need and services like road maintenance, road sweepers, etc

I would be far more critical of people who choose to "retire" early if I could actually see my tax money at work.

Just seems to flow into a black hole of ineptitude and waste right now, so I applaud anyone who can claw back the money they paid the government.

Mid 40's here, would never work a day again if I didn't have to. I'd volunteer somwehere to keep some sort of structure to my daily life and actually see other people, but on my own terms.

I'd probably get bored at times, but then I'd remind myself that I don't have to get up at the crack of dawn to go to some job that I hate (I've never known what I really wanted to do) and then I'd turn over in my bed and go back to sleep.

Always think it's a bit sad when I hear people say that they'd be "bored" if they had no job to go to.

Maybe some people enjoy what they do. I personally enjoy being out and about meeting people through work. I can’t see myself ever fully retiring. I farm part time so that’s where I’m retiring to. I enjoy making money and won’t lye about it. I find it sad when people just get to the stage that they give up, arseing about a house watching tipping point is my idea of hell, complimented with a round of golf with someone who should have been brilliant only circumstances went against them or a pint with someone who was a genius until the drink got hold.
If your financially secure enough to quit your job early then you should have the ability to create a position that will both be if it yourself and the others around you, whether that’s your children or just society in general.

Who2 wrote: »

Maybe some people enjoy what they do.

Of course there are.

But the vast majority of people work in jobs they dislike or even hate. They work all week merely to makes ends meet. Yet still claim impending boredom if they hadn't got the job to go too. I've worked in a few different types of jobs in my time and have heard that said, no matter what the job was.

Thing is, getting and securing work these days is bloody difficult and it's a constant strain on people. This gets doubly so when you reach your 50's and job prospects plummet. So, I say to people, if you can retire at 50, do so. You'll soon find many ways to occupy your time if you use your mind.

Who2 wrote: »

I find it sad when people just get to the stage that they give up, arseing about a house watching tipping point is my idea of hell, complimented with a round of golf with someone who should have been brilliant only circumstances went against them or a pint with someone who was a genius until the drink got hold.
If your financially secure enough to quit your job early then you should have the ability to create a position that will both be if it yourself and the others around you, whether that’s your children or just society in general.

In my experience, the people who end up arseing about the house are those who've built their lives around a job they don't really care for, and even though they're financially secure enough to quit, they just won't. The ones who quit are rarely bored or "doing nothing".

This whole concept of "financially secure" is a bit of a non-issue too, as is the idea that only people who are paying taxes are supporting the country. There are plenty of "non-working" people putting in thousands of hours in all kinds of associations, providing all kinds of services that the tax-payers aren't funding. If you're part of that no-income world, it's entirely possible to live comfortably on very much less than those who opt to maintain an expensive lifestyle so that they can keep paying taxes.

CelticRambler wrote: »

In my experience, the people who end up arseing about the house are those who've built their lives around a job they don't really care for, and even though they're financially secure enough to quit, they just won't. The ones who quit are rarely bored or "doing nothing".

This whole concept of "financially secure" is a bit of a non-issue too, as is the idea that only people who are paying taxes are supporting the country. There are plenty of "non-working" people putting in thousands of hours in all kinds of associations, providing all kinds of services that the tax-payers aren't funding. If you're part of that no-income world, it's entirely possible to live comfortably on very much less than those who opt to maintain an expensive lifestyle so that they can keep paying taxes.

Maybe that’s the case somewhere but the vast majority I see just head over to lanzarote two to three times a year and do the same monotonous boring regime continuously year in year out until their time is clocked in.
If you put a percentage on the amount who volunteers in non funded charities what would you say it is?

My plan was win the lotto and retire at 30

Mad_maxx wrote: »

Nothing sad about it, life is largely about occupying oneself

Thats a terrible way to look at life. Time is the most precious thing in the world. Even in lockdown theirs still loads of things to do in your free time assuming you have the internet. Bordom is only for people who are too lazy to use google.

bubblypop wrote: »

But there's a million different things to do outside of work!
I like my job, it's probably more then just a job, but there are so many other things I will do when I retire.
At 54

You must be a Guard.