Facing another 10 years work or more

[8-P]

Hi All

I’m 50 in November and the thought of working for another 10-15 years blows my mind(certainly in the sort of corporate environment I currently find myself in). I’m honestly not sure how I will face it, but I will have to, bills to pay, mortgage might be done in 5 years if things go to plan.

I can’t be the only one thats got to this sort of age and had these thoughts.

Anyone been here, changed careers perhaps, stepped back or something else.

Interested to hear any experiences.

[StevieBee]

59 here!

Six years ago I was faced with a future similar that you have described with a similar sense of foreboding. I had a minority share in a company that was on its last legs. The primary owner was retiring and I was looking at being subsumed into a larger corporate entity to see out my working years. I decided to take a punt and set up on my own. It was stupidly risky, I couldn't afford it, but I had to try.

It was hands down the best decision I made. Whilst my personal finances have improved a fair bit, that's not the biggest benefit. It has reinvigorated me in terms of self-worth and purpose, things I felt had started to diminish. I like the fact that I am as close to being a master of my own destiny as you can get. It has been and still is scary at times but it's that that keeps you on your toes.

My wife often said I should have done it years ago but I would contest this and say that if I'd done it way back, I probably wouldn't have made it as well as I seem to be doing now.

By the time you're in your 50s, you should be at the top of your game, approaching or at the peak of your career. That should be recognised and rewarded. If that isn't the case from an employed situation, then employing yourself is a great way to capitalise upon the hard-yards you've trodden so far (that's not to say more hard-yards will be needed of course).

Easy to say and type. Not so easy in reality and not always an option for some. But worth exploring the opportunity to do something on your own.

[8-P]

Self worth and purpose are two things I’m really lacking.

I’m a Head Of, there is no where to be promoted to in the company I’m at - they are struggling too(got complacent) so becoming director isn’t an option and actually I’m not sure I won’t the extra pressure.

I’d love to do something for myself actually it’s always been my dream I just have idea what I’d do. I’m skilled at what I do but the market is saturated in my field and AI is a big threat.

[Doesitdrive]

64, starting over again, divorce looming, and actually feel the happiest I have for years.

Working, sometimes 7 days a week, did last week, Holiday tomorrow, second in 7 weeks with new partner.

Looking into leaving the Uk.

Faced with a work till I drop situation, which I am quite happy with, seems sensible to do it somewhere warm, cheaper to live, and not dying on its feet.

Pre break up I did try retirement, look where that got me lol, I honestly couldn't face retirement again, the thought of not working, doing something I enjoy.

I trained as an accountant for 7 years , hated it, so can understand it's different in corporate.

[Rob 131 Sport]

OP. I’m 54 in October, so a little older. In recent years I’ve become more invigorated with work and actually don’t want to retire now and have a significantly more frugal lifestyle.

I could realistically retire at 60 and be reasonably alright financially, providing that being a landlord doesn’t become even more burdensome. Moreover, because my Wife an I have saved for our future will we ever get a state pension, like those who’ve never done a days work.

I would like to work 3 days a week from age 60, but would be choosy on who I worked for.

[MustangGT]

66 here, drawing two pensions, back in work 4 days/week providing my skills to a company in need. The money does not matter, it keeps me sane, nothing worse than retirement for me.

[StevieBee]

8-P said:

I d love to do something for myself actually it s always been my dream I just have idea what I d do. I m skilled at what I do but the market is saturated in my field and AI is a big threat.

OK - but keep in mind that markets are saturated for a reason; there's business to be had. Think about how many restaurants or estate agents are clustered around one another in many High Streets. And how often a new one springs up. If you do something slightly different and look different, it can sometimes be easier to break into an existing, saturated market by offering something that is either better or cheaper or both.

AI may be a threat but only if you allow it to be. Most of the time, Ai is inert. It just exists and needs the intervention of human beings who know what they're doing to optimise its capabilities. Maybe that could be your differentiator; offering expert, Ai based solutions in your field.

[ClaphamGT3]

56, just taken on a big new role at work.

Prior to this was toying with leaving executive life and moving to a a portfolio of NED roles in two years when youngest leaves school. Given this new role, I plan to push that out by at least three years.

Still planning to be F/T with a portfolio of roles until 70, winding down to a few super-interesting &/or pro-bono roles taking up max 2 days a week by 75 (health permitting)

[Sheets Tabuer]

Not sure if it's a mid life crisis but i read the average 50 year old has 26 years left, the thought of wasting another moment of that getting up and sitting there day after day at a computer screen just running down my life clock fills me with dread.

Doesn't help my function has been absorbed in to the corporate entity so I've gone from being the master of my own domain, in charge of multi million pound budgets for the UK arm to reporting to a team leader in another country telling him what I've done today. FML.

[Belle427]

I`m 52 and in a lucky position where I could be mortgage free soon, absolutely hate my job and would finish tomorrow if I thought I could manage.
I`m doing my best to think of aiming to retire at 60 so my company pension builds up more and I have a goal to look forward to.
Its tricky trying to work out what you need financially to retire.

[toon10]

I'm 51 and there's no way that I'm working past 60. I'm throwing everything at my ISA and pension which are both doing well. I'm hoping to retire at 58 which is realistic as I can live off my ISA and then draw my pension at 65. I wish I knew about investing earlier but I am where I am. I've had an enjoyable and successful career but in all honesty, once I hit 40 I was ready to stop working. Every day is a mental struggle but I need to plough on. Worst case scenario is that I leave the corporate hamster wheel and get a regular clock in, do your time, clock out type of job for a couple of years if I need to top the bank balance up.

The biggest threat to my plans is me. I love "things" and love to spend. I don't need a new car but I'm looking. I don't need new speakers for my man cave but I'm looking. I have several nice watches and don't need another one but... you guessed it, I'm looking. If I can curb my consumerism, I can stay on track.

[Electronicpants]

toon10 said:

I'm 51 and there's no way that I'm working past 60. I'm throwing everything at my ISA and pension which are both doing well. I'm hoping to retire at 58 which is realistic as I can live off my ISA and then draw my pension at 65. I wish I knew about investing earlier but I am where I am. I've had an enjoyable and successful career but in all honesty, once I hit 40 I was ready to stop working. Every day is a mental struggle but I need to plough on. Worst case scenario is that I leave the corporate hamster wheel and get a regular clock in, do your time, clock out type of job for a couple of years if I need to top the bank balance up.

The biggest threat to my plans is me. I love "things" and love to spend. I don't need a new car but I'm looking. I don't need new speakers for my man cave but I'm looking. I have several nice watches and don't need another one but... you guessed it, I'm looking. If I can curb my consumerism, I can stay on track.

It's a kind of vicious circle as you try and get a bit of a dopamine hit off new purchases to stem/smother the feeling of having to keep going.

[alock]

8-P said:

Hi All

I m 50 in November and the thought of working for another 10-15 years blows my mind(certainly in the sort of corporate environment I currently find myself in). I m honestly not sure how I will face it, but I will have to, bills to pay, mortgage might be done in 5 years if things go to plan.

I can t be the only one thats got to this sort of age and had these thoughts.

Anyone been here, changed careers perhaps, stepped back or something else.

Interested to hear any experiences.

I'm 50 later this year as well. I've spent the last few years trying to have a high-level plan for the rest of my career/life. Obviously injuries/illnesses might drastically change this.

My 50s is going to be continuing to work PAYE (with some contracting on the side). I'll clear the new mortgage I needed after my divorce, and pay all surplus into pensions and ISAs. I have an ideal target of completing all this by 58.

My 60s will be semi-retirement. I'll drop the PAYE, so just contracting about 30-40 hours per month. I only need to earn enough so I don't need to dip into savings or pensions. There'll be no mortgage, and if my 50s go to plan, no need to continue paying into savings or pensions either. This covers what I think is the biggest problem with early retirement, which is having to fund everything, rather than just topping up the state pension.

From 68, all my core living costs will be covered by the state pension, which can be topped up from savings/pensions. I can then choose whether I want to take full retirement. I currently enjoy what I do, and am well aware of the mental health issues of not having a purpose in life, so will be able to make this decision at the time. My dad worked until 72.

[WayOutWest]

Something definitely clicks after 50 when you realise your time is finite to say the least. I was on track to not retire until my mid 60s, which is a bit of a gamble even if you like your work, and a nightmare if you don't.
So made some big changes just a few years ago. Downsized early, which enabled clearing the mortgage in one fell swoop, plus cashing in some equity to stuff into ISAs. Then hugely increased salary sacrifice pension contributions. I think I might be ok by 56, certainly by 57.

Resigning from a soul destroying permie job having to manage both up and down helped, and I'm actually fairly well motivated in a contract now where they just let me get on with building stuff without much interference and avoiding the corporate politics and insane number of meetings the last job was plagued by. But even then your time isn't your own, so it has bought me a couple of years rather than discovering a new calling.

[Doesitdrive]

WayOutWest said:

Something definitely clicks after 50 when you realise your time is finite to say the least. I was on track to not retire until my mid 60s, which is a bit of a gamble even if you like your work, and a nightmare if you don't.
So made some big changes just a few years ago. Downsized early, which enabled clearing the mortgage in one fell swoop, plus cashing in some equity to stuff into ISAs. Then hugely increased salary sacrifice pension contributions. I think I might be ok by 56, certainly by 57.

Resigning from a soul destroying permie job having to manage both up and down helped, and I'm actually fairly well motivated in a contract now where they just let me get on with building stuff without much interference and avoiding the corporate politics and insane number of meetings the last job was plagued by. But even then your time isn't your own, so it has bought me a couple of years rather than discovering a new calling.

I can understand the reasons of stuffing money into pensions etc, but there is no mention there of spending some of it enjoying yourself?
Without sounding morbid, hopefully, what if you dont make it?

My house is going on the market very shortly, will only be seeing half the proceeds, the mortgage was paid up more than 10 years ago, much quicker than the term of it.
That was my mindset then, but losing years to long term illness, marriage break up during it, and being in a lot of debt because of it has been life and mind changing.

Currently in Egypt looking at property and opportunities in the sun with my newish partner.

We are coerced in the UK, to always worry about the future and plan for every eventuality so the state can have a continuous income to waste, and we will cost them sweet FA. Lol.

At 64 and what life has shown me, I am not buying into it.

Life is for living.

[ChrisNic]

I’m having these thoughts a lot at the moment.

I’m 42 but have always been a planner so generally seem to be a few years ahead on most things. The thought of working to 65 fills me with dread and due to a role change 4 years ago I moved from blindly putting money into my pension to making a plan.

It’s become a bit of an obsession but once I realised that I could take ownership for my future by throwing pay rises and any bonuses into my pension. Current plan is to keep going where I am until I’m 50 (or before if they write me a cheque to go) and then step away from corporate life.

I’ve found comfort in putting that money away, it will either provide a good retirement to my wife or be something for the kids.

[butchstewie]

ISA, Pension(s), savings rate, and trying to have a goal or plan IMO.

If you can get to the point where work is optional rather than a necessity it can make a difference to how you approach it IMO.

Easy to say of course

[Skodillac]

Just turned 56. Would have retired last year if my missus hadn't insisted on private schooling for our two binlids from age 5 to 18. Oh well. The target is now 60, on a worse financial platform than would have been the case if we hadn't spent £500k on private schools, but we'll still be comfortable enough for a non-glamorous, non-jet-setting retirement.

We're about to do the early downsize thing, second binlid is off to University this year, so the plan is smaller, cheaper house in an area more accessible to events, shops, social activites etc, befitting of a retiree wanting to engage with the world and people in soical and cultural contexts rather than sitting staring at pretty trees in the countryside. Theory is that if we're in a smaller house, the offspring will be more minded to get their own places sooner after graduation rather than later - we have some cash from an inheritence being kept aside for them to have a deposit each to lubricate this process.

Honestly don't know how I'm going to face the next 4 years' drudgery and workplace bullstters, wish to God I was out of it already. Deep breath, knuckle down, it'll be here sooner than I think with any luck.

[RDMcG]

77 and worked from 11 to 74. Corporate from 21 onward when I graduated - had worked every summer/Christmas/weekend prior to that to pay for education.

I loved it all-loved the work (finance and later technology) -saw the world and would have continued but aged out . It happens.

We are all different. There were moments where things were not good where I was or I had peaked so I changed companies several times, 9 years, 17 years and 12 years being longest individual stints. No regrets,

I would say you are not too old to change and fully recognize the looming AI threat which is real. If you stay where you are you might alternatively grab the bull by the horns and become who pushes the new technology and becomes the champion.

I was in a company once that was facing a major decline . I joined the study of its future and ended up managing the restructure which took out 30% of the staff in three years. 11,000 people. The issue with change is you can drive it or it will drive you . With the tech side I pushed every new idea that would drive profitability. If not the competition would have done it to us.

[Skodillac]

RDMcG said:

77 and worked from 11 to 74. Corporate from 21 onward when I graduated - had worked every summer/Christmas/weekend prior to that to pay for education.

I loved it all-loved the work (finance and later technology) -saw the world and would have continued but aged out . It happens.

We are all different. There were moments where things were not good where I was or I had peaked so I changed companies several times, 9 years, 17 years and 12 years being longest individual stints. No regrets,

I would say you are not too old to change and fully recognize the looming AI threat which is real. If you stay where you are you might alternatively grab the bull by the horns and become who pushes the new technology and becomes the champion.

I was in a company once that was facing a major decline . I joined the study of its future and ended up managing the restructure which took out 30% of the staff in three years. 11,000 people. The issue with change is you can drive it or it will drive you . With the tech side I pushed every new idea that would drive profitability. If not the competition would have done it to us.

I can't imagine much worse than having to work in the environment you describe, RDMcG. Well, I am in it I suppose, or, more like, under it. I never pushed myself to those levels because it looked like a singularly poisonous, and unpleasant place to be. We are all different, as you say. My missus has gone there, and she's practically on the point of breakdown and burnout with the stress and the politics and the aholes she has to manage and be managed by.

Me, I'd rather stack shelves - if only that paid well enough.

No disrespect to you - well done and if you've enjoyed your career that's great.

Edited by Skodillac on Friday 20th February 11:11