Going part-time in your mid-30s?
Discussion
Lord.Vader said:
I’m 31.
I work 4 days a week, I’ve got a good job in terms of pay / benefits at a management level, (health care, bonus, profit share, flexi-time, DB pension, etc). In terms of holidays I get 26+BH then I buy an additional 5 as it is tax efficient and I’d rather be on holiday with less money than in work!
People don’t seem to realise how fast life passes by, I do 35 hours per week, 07:00/07:15-16:00/16:30 each day. I see people who do 45/50+ hours per week due to their own self inflated importance, my boss for example was in our office Mon-Wed last week, he left home at 06:00 Monday, was away two nights, yet emailing at 23:00 Wednesday and again on Sunday night, he has 3 kids under 5?!
I work the absolute minimum amount of hours, I get to work and get my job done, I don’t waste time sitting around idly talking ****!
I’m at the top of my pay scale so will probably get pushed to the next level within 2/3 years, no problem with that, but the business expects more ‘time’ from you with a max 8% pay rise and back to 5 days a week which I am not prepared to do.
Life is too short to spend it doing what other people want, I’m also using the time for hobbies and to start a little business that I hope can supplement an income.
Some people need to be rushed off their feet to feel they are on an even keel. Without it they'd feel like they have no idea what to do. I work 4 days a week, I’ve got a good job in terms of pay / benefits at a management level, (health care, bonus, profit share, flexi-time, DB pension, etc). In terms of holidays I get 26+BH then I buy an additional 5 as it is tax efficient and I’d rather be on holiday with less money than in work!
People don’t seem to realise how fast life passes by, I do 35 hours per week, 07:00/07:15-16:00/16:30 each day. I see people who do 45/50+ hours per week due to their own self inflated importance, my boss for example was in our office Mon-Wed last week, he left home at 06:00 Monday, was away two nights, yet emailing at 23:00 Wednesday and again on Sunday night, he has 3 kids under 5?!
I work the absolute minimum amount of hours, I get to work and get my job done, I don’t waste time sitting around idly talking ****!
I’m at the top of my pay scale so will probably get pushed to the next level within 2/3 years, no problem with that, but the business expects more ‘time’ from you with a max 8% pay rise and back to 5 days a week which I am not prepared to do.
Life is too short to spend it doing what other people want, I’m also using the time for hobbies and to start a little business that I hope can supplement an income.
Edited by Lord.Vader on Saturday 7th December 08:51
Then there are those who just don't like their home life so make every excuse to spend as much time at work as possible. Known a few of those, you had to push them out of the door to get them to go home.
borcy said:
Lord.Vader said:
I’m 31.
I work 4 days a week, I’ve got a good job in terms of pay / benefits at a management level, (health care, bonus, profit share, flexi-time, DB pension, etc). In terms of holidays I get 26+BH then I buy an additional 5 as it is tax efficient and I’d rather be on holiday with less money than in work!
People don’t seem to realise how fast life passes by, I do 35 hours per week, 07:00/07:15-16:00/16:30 each day. I see people who do 45/50+ hours per week due to their own self inflated importance, my boss for example was in our office Mon-Wed last week, he left home at 06:00 Monday, was away two nights, yet emailing at 23:00 Wednesday and again on Sunday night, he has 3 kids under 5?!
I work the absolute minimum amount of hours, I get to work and get my job done, I don’t waste time sitting around idly talking ****!
I’m at the top of my pay scale so will probably get pushed to the next level within 2/3 years, no problem with that, but the business expects more ‘time’ from you with a max 8% pay rise and back to 5 days a week which I am not prepared to do.
Life is too short to spend it doing what other people want, I’m also using the time for hobbies and to start a little business that I hope can supplement an income.
Some people need to be rushed off their feet to feel they are on an even keel. Without it they'd feel like they have no idea what to do. I work 4 days a week, I’ve got a good job in terms of pay / benefits at a management level, (health care, bonus, profit share, flexi-time, DB pension, etc). In terms of holidays I get 26+BH then I buy an additional 5 as it is tax efficient and I’d rather be on holiday with less money than in work!
People don’t seem to realise how fast life passes by, I do 35 hours per week, 07:00/07:15-16:00/16:30 each day. I see people who do 45/50+ hours per week due to their own self inflated importance, my boss for example was in our office Mon-Wed last week, he left home at 06:00 Monday, was away two nights, yet emailing at 23:00 Wednesday and again on Sunday night, he has 3 kids under 5?!
I work the absolute minimum amount of hours, I get to work and get my job done, I don’t waste time sitting around idly talking ****!
I’m at the top of my pay scale so will probably get pushed to the next level within 2/3 years, no problem with that, but the business expects more ‘time’ from you with a max 8% pay rise and back to 5 days a week which I am not prepared to do.
Life is too short to spend it doing what other people want, I’m also using the time for hobbies and to start a little business that I hope can supplement an income.
Edited by Lord.Vader on Saturday 7th December 08:51
Then there are those who just don't like their home life so make every excuse to spend as much time at work as possible. Known a few of those, you had to push them out of the door to get them to go home.
I've known that type too - never went home before the office cleaners arrived!
I had a TIA at 47, and when I was 50 the Government decided they wouldn't let people take private pensions at 50 any more, it would have to be 55.
I was in a well-paid job, but it was high-pressure role involving being on call some weekends with foreign travel at short notice so I ended up having the option of taking my pension at 51, or having to wait until I was 55 - so I took it early!
What I didn't notice was that another pension from a previous employer couldn't be taken until 55, but I just found a couple of part-time jobs for 4 years then took that pension too and by then the mortgage was paid off.
I blew part of that lump sum on a high-days and holidays car and 5 years on I haven't looked back.
More money might be nice, but time is priceless - and since my mother was in her 90s by then I found plenty to keep me busy.
So if you can afford to do it, why wouldn't you?
Good luck whatever you decide.
I had a TIA at 47, and when I was 50 the Government decided they wouldn't let people take private pensions at 50 any more, it would have to be 55.
I was in a well-paid job, but it was high-pressure role involving being on call some weekends with foreign travel at short notice so I ended up having the option of taking my pension at 51, or having to wait until I was 55 - so I took it early!
What I didn't notice was that another pension from a previous employer couldn't be taken until 55, but I just found a couple of part-time jobs for 4 years then took that pension too and by then the mortgage was paid off.
I blew part of that lump sum on a high-days and holidays car and 5 years on I haven't looked back.
More money might be nice, but time is priceless - and since my mother was in her 90s by then I found plenty to keep me busy.
So if you can afford to do it, why wouldn't you?
Good luck whatever you decide.
tighnamara said:
red_slr said:
+1
I work 50-51 weeks a year. For half the year I work 6 days a week, the other half 5.
The only saving grace is hopefully I can retire pretty early but if I could do 3 days a week I would crawl over hot coals to do so.
Money is of no relevance IMHO, so long as you have enough to do what you need to do. Just ensure you plan for the future.
My main worry about FIRE is a lot of people seem to know about it now, 3-4 years ago it was almost unheard of but every 30 something you talk to now seems to want to stop work. So will the government try and restrict people doing this? Who knows but its defiantly a risk.
Not sure I get the above, you say that money has no relevance but are working 51 weeks a year ?I work 50-51 weeks a year. For half the year I work 6 days a week, the other half 5.
The only saving grace is hopefully I can retire pretty early but if I could do 3 days a week I would crawl over hot coals to do so.
Money is of no relevance IMHO, so long as you have enough to do what you need to do. Just ensure you plan for the future.
My main worry about FIRE is a lot of people seem to know about it now, 3-4 years ago it was almost unheard of but every 30 something you talk to now seems to want to stop work. So will the government try and restrict people doing this? Who knows but its defiantly a risk.
What is it you do that you can mentally /physically work 51 weeks a year with 6 days a week for half the year.
Just interested, is this planning for an early retirement as that sounds terrible work life balance if money is of no relevance.
Good on you though as the job must be great and very enjoyable.
As for myself working 50-51 weeks a year is not a choice, that's the reality of running a small business in the UK today. People expect you to be open pretty much all the time, no matter how early you open its not early enough. As an example last year we had to close for 1 day at short notice due to a death in the family, we got a couple of negative google reviews because we closed for one single day. People are just pathetic when it comes to their own self entitlement sadly.
Employees will only work so many hours and someone has to pick up the slack. I could employ an office manager, but these days you are talking £40k+. In my business that's at least £200k in turn over to justify that person, its just not realistic.
When the govt increased the leave entitlement from 20 to 28 days that was the end of me taking any holidays.
And no I don't enjoy my job, not one bit but I don't really have any other options at this stage. I will hopefully be retired in the next 3 years give or take a year which will put me in my early 40s and plan to never work again but if I have to do some work of some kind then so be it will at least be something I enjoy and will never be FT work.
As I said my only worry is the govt are going to catch on to this and try and prevent people retiring early.
Im one of those people who lived to work, often staying till after the cleaners turned up. Sadly partly because there hasn’t been much of a life outside it, so those comments hit a nerve :-)
I’ve always made decent money as a result of being a work obsessed saddo and this year I’ve had a number of cash injections so don’t really need to work anymore in my late 30s.
I’ve actually been through 6 months of depression and soul searching as a lot of my identity was wrapped up with work and career and I don’t need to do that anymore.
I can understand why people want to retire or cut down their hours, but there is a lot of upside to work such as structure, social interaction, sense of purpose, status, mental challenge as well as the money. You lose a big part of yourself as you step back from work, particularly if you are the career type.
I’ve been mulling over what to do - job, another business, something part time etc. I’m still not really sure what to do as going to work even for 2 days if you don’t need to seems a bit of a sad and unimaginative way to spend your life just to fill your time. As I’ve just said, the social side and the challenge are appealing, but to work just for that also feels like a strange decision and I can’t quite make myself do it.
I’ve always made decent money as a result of being a work obsessed saddo and this year I’ve had a number of cash injections so don’t really need to work anymore in my late 30s.
I’ve actually been through 6 months of depression and soul searching as a lot of my identity was wrapped up with work and career and I don’t need to do that anymore.
I can understand why people want to retire or cut down their hours, but there is a lot of upside to work such as structure, social interaction, sense of purpose, status, mental challenge as well as the money. You lose a big part of yourself as you step back from work, particularly if you are the career type.
I’ve been mulling over what to do - job, another business, something part time etc. I’m still not really sure what to do as going to work even for 2 days if you don’t need to seems a bit of a sad and unimaginative way to spend your life just to fill your time. As I’ve just said, the social side and the challenge are appealing, but to work just for that also feels like a strange decision and I can’t quite make myself do it.
Edited by dmahon on Sunday 8th December 08:07
Edited by dmahon on Sunday 8th December 08:08
Edited by dmahon on Sunday 8th December 08:17
dmahon said:
Im one of those people who lived to work, often staying till after the cleaners turned up. Sadly partly because there hasn’t been much of a life outside it, so those comments hit a nerve :-)
This year I’ve had a number of cash injections so don’t really need to work anymore in my late 30s. I’ve actually been through 6 months of depression and soul searching as a lot of my identity was wrapped up with work and career and I don’t need to do that anymore.
I can understand why people want to retire or cut down their hours, but there is a lot of upside to work such as structure, social interaction, sense of purpose, status, mental challenge as well as the money. You lose a big part of yourself as you step back from work, particularly if you are the career type.
I’ve been mulling over what to do - job, another business, something part time etc. I’m still not really sure what to do as going to work even for 2 days if you don’t need to seems a bit of a sad and unimaginative way to spend your life just to fill your time. As I’ve just said, the social side and the challenge are appealing, but to work just for that also feels like a strange decision.
All depends on how you structure your life. Like you say some are completely lost without work providing a frame work for their lives. Others thrive in retirement and wonder how they ever managed to find the time to go to work. This year I’ve had a number of cash injections so don’t really need to work anymore in my late 30s. I’ve actually been through 6 months of depression and soul searching as a lot of my identity was wrapped up with work and career and I don’t need to do that anymore.
I can understand why people want to retire or cut down their hours, but there is a lot of upside to work such as structure, social interaction, sense of purpose, status, mental challenge as well as the money. You lose a big part of yourself as you step back from work, particularly if you are the career type.
I’ve been mulling over what to do - job, another business, something part time etc. I’m still not really sure what to do as going to work even for 2 days if you don’t need to seems a bit of a sad and unimaginative way to spend your life just to fill your time. As I’ve just said, the social side and the challenge are appealing, but to work just for that also feels like a strange decision.
I don't think going part time is sad (for those reasons) at all, if it works for you why not?
borcy said:
dmahon said:
Im one of those people who lived to work, often staying till after the cleaners turned up. Sadly partly because there hasn’t been much of a life outside it, so those comments hit a nerve :-)
This year I’ve had a number of cash injections so don’t really need to work anymore in my late 30s. I’ve actually been through 6 months of depression and soul searching as a lot of my identity was wrapped up with work and career and I don’t need to do that anymore.
I can understand why people want to retire or cut down their hours, but there is a lot of upside to work such as structure, social interaction, sense of purpose, status, mental challenge as well as the money. You lose a big part of yourself as you step back from work, particularly if you are the career type.
I’ve been mulling over what to do - job, another business, something part time etc. I’m still not really sure what to do as going to work even for 2 days if you don’t need to seems a bit of a sad and unimaginative way to spend your life just to fill your time. As I’ve just said, the social side and the challenge are appealing, but to work just for that also feels like a strange decision.
All depends on how you structure your life. Like you say some are completely lost without work providing a frame work for their lives. Others thrive in retirement and wonder how they ever managed to find the time to go to work. This year I’ve had a number of cash injections so don’t really need to work anymore in my late 30s. I’ve actually been through 6 months of depression and soul searching as a lot of my identity was wrapped up with work and career and I don’t need to do that anymore.
I can understand why people want to retire or cut down their hours, but there is a lot of upside to work such as structure, social interaction, sense of purpose, status, mental challenge as well as the money. You lose a big part of yourself as you step back from work, particularly if you are the career type.
I’ve been mulling over what to do - job, another business, something part time etc. I’m still not really sure what to do as going to work even for 2 days if you don’t need to seems a bit of a sad and unimaginative way to spend your life just to fill your time. As I’ve just said, the social side and the challenge are appealing, but to work just for that also feels like a strange decision.
I don't think going part time is sad (for those reasons) at all, if it works for you why not?
I’ve been part time since 28.
I started just by dropping to 4 days a week, and from 32 I do 3 days a week.
The work life balance to me is so important and I would recommend anyone do it if it would help their mental health too.
We live comfortably by not over stretching ourselves with big mortgages or expensive cars and luckily I got to the point in my career that I was earning enough that my part time salary is still a decent wage.
If things every became a struggle financially I know that I can go full time at any point.
I started just by dropping to 4 days a week, and from 32 I do 3 days a week.
The work life balance to me is so important and I would recommend anyone do it if it would help their mental health too.
We live comfortably by not over stretching ourselves with big mortgages or expensive cars and luckily I got to the point in my career that I was earning enough that my part time salary is still a decent wage.
If things every became a struggle financially I know that I can go full time at any point.
I will hopefully be retired in the next 3 years give or take a year which will put me in my early 40s and plan to never work again but if I have to do some work of some kind then so be it will at least be something I enjoy and will never be FT work.
I’ve always made decent money as a result of being a work obsessed saddo and this year I’ve had a number of cash injections so don’t really need to work anymore in my late 30s.
It is a proper first world problem when people talk about retiring in their 30s to 40s and never work again!
The power of PH!
Fair play, I say - everyone is different, with different needs & desires, & of course living costs and income needs!
I'm looking at numbers to see if I can jack in the daily grind mid next year. Mid-50s, nothing like this thread, & not especially because I desperately hate my "corporate IT" role (although it is now....dull !)
.......but I do see many who just live to work....& equally, I've been to too many funerals in the past 18 months, & know there is more to life than just work.
Figuring out "The Number" (the topic of a lengthy thread on MSE!) is part of the challenge.....
I would agree that this one nails it:
The work life balance to me is so important and I would recommend anyone do it if it would help their mental health too.
I’ve always made decent money as a result of being a work obsessed saddo and this year I’ve had a number of cash injections so don’t really need to work anymore in my late 30s.
It is a proper first world problem when people talk about retiring in their 30s to 40s and never work again!
The power of PH!
Fair play, I say - everyone is different, with different needs & desires, & of course living costs and income needs!
I'm looking at numbers to see if I can jack in the daily grind mid next year. Mid-50s, nothing like this thread, & not especially because I desperately hate my "corporate IT" role (although it is now....dull !)
.......but I do see many who just live to work....& equally, I've been to too many funerals in the past 18 months, & know there is more to life than just work.
Figuring out "The Number" (the topic of a lengthy thread on MSE!) is part of the challenge.....
I would agree that this one nails it:
The work life balance to me is so important and I would recommend anyone do it if it would help their mental health too.
red_slr said:
Maybe I did not make the point clearly, when I say money is of no relevance I am referring to the people who worry about stopping work without huge sums of money. I have friends who are in their mid 50s who have massive pension pots but want to carry on year after year because using the full 40k pension contribution makes them feel good when in reality they have more than enough to stop work and live a pleasant retirement. You don't need huge sums to retire early.
As for myself working 50-51 weeks a year is not a choice, that's the reality of running a small business in the UK today. People expect you to be open pretty much all the time, no matter how early you open its not early enough. As an example last year we had to close for 1 day at short notice due to a death in the family, we got a couple of negative google reviews because we closed for one single day. People are just pathetic when it comes to their own self entitlement sadly.
Employees will only work so many hours and someone has to pick up the slack. I could employ an office manager, but these days you are talking £40k+. In my business that's at least £200k in turn over to justify that person, its just not realistic.
When the govt increased the leave entitlement from 20 to 28 days that was the end of me taking any holidays.
And no I don't enjoy my job, not one bit but I don't really have any other options at this stage. I will hopefully be retired in the next 3 years give or take a year which will put me in my early 40s and plan to never work again but if I have to do some work of some kind then so be it will at least be something I enjoy and will never be FT work.
As I said my only worry is the govt are going to catch on to this and try and prevent people retiring early.
I can understand the difficulty when running a small business, catch 22 as you mention above everyone expects you to be available for them. As for myself working 50-51 weeks a year is not a choice, that's the reality of running a small business in the UK today. People expect you to be open pretty much all the time, no matter how early you open its not early enough. As an example last year we had to close for 1 day at short notice due to a death in the family, we got a couple of negative google reviews because we closed for one single day. People are just pathetic when it comes to their own self entitlement sadly.
Employees will only work so many hours and someone has to pick up the slack. I could employ an office manager, but these days you are talking £40k+. In my business that's at least £200k in turn over to justify that person, its just not realistic.
When the govt increased the leave entitlement from 20 to 28 days that was the end of me taking any holidays.
And no I don't enjoy my job, not one bit but I don't really have any other options at this stage. I will hopefully be retired in the next 3 years give or take a year which will put me in my early 40s and plan to never work again but if I have to do some work of some kind then so be it will at least be something I enjoy and will never be FT work.
As I said my only worry is the govt are going to catch on to this and try and prevent people retiring early.
I don’t know if you watched the 2 part pension programme last week, think it just highlighted you ill prepared people are. Example of 2 couples expecting so much on their retirement without giving any thought where they are in their financial planning and how they are going to get there.
Very worrying as most have great plans that will never come to fruition based on what pensions they have, a lot of high expectations on retiring early and having a big pot of cash.
I have a mix of friends who have great pensions, have retired early and others who have no idea when they are going to stop working. The ones that are going to have to work into their late 60s early 70s have resigned themselves to the fact.
It’s only going to get worse for the majority with younger people’s focus on “living for now” rather than balancing out to save for their retirement and future.
Hope you can cut down on the working hours and you get that retirement in 3 years time.
Hopefully I will see retirement in 5 years time at 57 or maybe earlier if I change my expectations..........
I did it my late 30's - more as part of becoming a self employed consultant and therefore more able to control the amount of hours I did.
I'm not exactly part time - more that I am happy to take on projects that don't engage my for 5 days a week - I try to average about 3 days a week but do more when needed (I just stop 'marketing' when I am getting busy). If I have a 'busy' year I earn well and aim to balance it with the following year to an extent. I guess in reality I have a target income - if I achieve that in 150 days OK, 100 is good and if I get there in 50 so much the better! (benefit fo success based fees)
I am much happier this way - partly as I am able to deal with the demands of the relatively stressful work better, partly as with fewer planned days I am able to pick up additional work on existing projects if needed and partly as I am able to just do what I want on the slack days. The latter can just be doing odd jobs that would otherwise be done on the weekend but mean we can do more of what we want as a family instead of doing cr.p around the house. My other half doesn't work Fridays either so that can be great to spend some time together when we can.
It did take me some time to adjust to the feeling that a slack day was unpaid - both in terms of feeling guilty and in terms of the lost income. However, having had several good years under my belt, it's all turned for the better and I am much more relaxed about stuff. Why worry about what you're spending on a shopping trip if you'll never spend as much as the lost days chargeable time anyway!
It will depend on your personal circumstances - I could never have done it much earlier as I 'needed'/wanted to get myself to a certain point of financial stability first. Equally I've been there/seen that working an average of 70+ hour weeks for a few consecutive years so have been on the other side of the fence - just that the grass is definitely greener over here for me!
I'm not exactly part time - more that I am happy to take on projects that don't engage my for 5 days a week - I try to average about 3 days a week but do more when needed (I just stop 'marketing' when I am getting busy). If I have a 'busy' year I earn well and aim to balance it with the following year to an extent. I guess in reality I have a target income - if I achieve that in 150 days OK, 100 is good and if I get there in 50 so much the better! (benefit fo success based fees)
I am much happier this way - partly as I am able to deal with the demands of the relatively stressful work better, partly as with fewer planned days I am able to pick up additional work on existing projects if needed and partly as I am able to just do what I want on the slack days. The latter can just be doing odd jobs that would otherwise be done on the weekend but mean we can do more of what we want as a family instead of doing cr.p around the house. My other half doesn't work Fridays either so that can be great to spend some time together when we can.
It did take me some time to adjust to the feeling that a slack day was unpaid - both in terms of feeling guilty and in terms of the lost income. However, having had several good years under my belt, it's all turned for the better and I am much more relaxed about stuff. Why worry about what you're spending on a shopping trip if you'll never spend as much as the lost days chargeable time anyway!
It will depend on your personal circumstances - I could never have done it much earlier as I 'needed'/wanted to get myself to a certain point of financial stability first. Equally I've been there/seen that working an average of 70+ hour weeks for a few consecutive years so have been on the other side of the fence - just that the grass is definitely greener over here for me!
dmahon said:
Im one of those people who lived to work, often staying till after the cleaners turned up. Sadly partly because there hasn’t been much of a life outside it, so those comments hit a nerve :-)
I’ve always made decent money as a result of being a work obsessed saddo and this year I’ve had a number of cash injections so don’t really need to work anymore in my late 30s.
I’ve actually been through 6 months of depression and soul searching as a lot of my identity was wrapped up with work and career and I don’t need to do that anymore.
I can understand why people want to retire or cut down their hours, but there is a lot of upside to work such as structure, social interaction, sense of purpose, status, mental challenge as well as the money. You lose a big part of yourself as you step back from work, particularly if you are the career type.
I’ve been mulling over what to do - job, another business, something part time etc. I’m still not really sure what to do as going to work even for 2 days if you don’t need to seems a bit of a sad and unimaginative way to spend your life just to fill your time. As I’ve just said, the social side and the challenge are appealing, but to work just for that also feels like a strange decision and I can’t quite make myself do it.
Just wanted to say. You are from what I can see from your post, incredibly successful. You clearly don't feel that way now but I can't imagine for a second that you won't look back in 5 years and chuckle to yourself that you had the courage to ditch work. You are where I dream of being, and I'm a bit older than you. I can't retire now but next year will pay off the last of my mortgage and be able to focus on myself more than work.I’ve always made decent money as a result of being a work obsessed saddo and this year I’ve had a number of cash injections so don’t really need to work anymore in my late 30s.
I’ve actually been through 6 months of depression and soul searching as a lot of my identity was wrapped up with work and career and I don’t need to do that anymore.
I can understand why people want to retire or cut down their hours, but there is a lot of upside to work such as structure, social interaction, sense of purpose, status, mental challenge as well as the money. You lose a big part of yourself as you step back from work, particularly if you are the career type.
I’ve been mulling over what to do - job, another business, something part time etc. I’m still not really sure what to do as going to work even for 2 days if you don’t need to seems a bit of a sad and unimaginative way to spend your life just to fill your time. As I’ve just said, the social side and the challenge are appealing, but to work just for that also feels like a strange decision and I can’t quite make myself do it.
Edited by dmahon on Sunday 8th December 08:07
Edited by dmahon on Sunday 8th December 08:08
Edited by dmahon on Sunday 8th December 08:17
Well done to you. Not only have you worked hard but you have had the foresight to put life before money.
mikeiow said:
Figuring out "The Number" (the topic of a lengthy thread on MSE!) is part of the challenge.....
Struggling to sleep as I think I've got a bug of some sort so just had a quick look but couldn't see it, do you have a link? Whilst everyone's situation is very different I think seeing some real world examples might help give me the confidence to believe my numbers!Edited by UpTheIron on Monday 9th December 02:49
The Number thread
https://forums.moneysavingexpert.com/showthread.ph...
Early retirement thread
https://forums.moneysavingexpert.com/showthread.ph...
https://forums.moneysavingexpert.com/showthread.ph...
Early retirement thread
https://forums.moneysavingexpert.com/showthread.ph...
red_slr said:
The Number thread
https://forums.moneysavingexpert.com/showthread.ph...
Early retirement thread
https://forums.moneysavingexpert.com/showthread.ph...
The problem with that, and the FIRE idea, is that it assumes that everyone hates their jobs, and also that you want to sacrifice a lot of opportunities and enjoyment now, in return for some potential benefit in future. https://forums.moneysavingexpert.com/showthread.ph...
Early retirement thread
https://forums.moneysavingexpert.com/showthread.ph...
I can't agree with either of those ideas. If you hate your job, then do something else, and sacrificing life now, when you're as young and fit as you'll ever be, in return for time later in some unknown state of health and mind is not sensible.
It's all about balance. Find a job you enjoy, invest and save sensibly, but there is little point missing out on opportunities now simply to buy a little more time later on.
Condi said:
red_slr said:
The Number thread
https://forums.moneysavingexpert.com/showthread.ph...
Early retirement thread
https://forums.moneysavingexpert.com/showthread.ph...
The problem with that, and the FIRE idea, is that it assumes that everyone hates their jobs, and also that you want to sacrifice a lot of opportunities and enjoyment now, in return for some potential benefit in future. https://forums.moneysavingexpert.com/showthread.ph...
Early retirement thread
https://forums.moneysavingexpert.com/showthread.ph...
I can't agree with either of those ideas. If you hate your job, then do something else, and sacrificing life now, when you're as young and fit as you'll ever be, in return for time later in some unknown state of health and mind is not sensible.
It's all about balance. Find a job you enjoy, invest and save sensibly, but there is little point missing out on opportunities now simply to buy a little more time later on.
I think the reality is most people who follow this idea have pretty good jobs, generally have fairly decent income and do still enjoy their lives. What they don't do is load themselves up with debt, spend money on unnecessary "stuff" and always try and get a good deal.
For some of us our job is not negotiable. Certainly for me I have no real qualifications, my previous technical qualifications are way out of date and pretty much useless. I am also very tax efficient as I contribute to a SIPP via my LTD and pay myself in the most tax efficient way possible. The trade off with that is because I am in a type of retail then my time off is very limited to either weekends or 1-2 weeks at Christmas. No one enjoys a visit to the dentist but we all have to go! That's how I see it anyway. (just I go every day
)My evenings and weekends are my own, I was in the Lake District last weekend. I will probably fly off somewhere for a week over Christmas and I am off to Italy in February. Only short weekend but it breaks up the monotony before silly season starts in April.
For me personally, without going into my own personal circumstances too much I have got myself into a position where my mortgage is paid off, I have built a reasonable pension and I have the things I want. I have yet to turn 40.
The down side is I have to work long hours and don't really get away much.
Its a bit of a chicken and egg situation really, but most interestingly I had not even heard of FIRE or even thought it was possible for me to retire before 55 until a few years ago. So I don't really see myself as being a FIREist. I just happened to be doing it anyway and did not realise it. Which brings me back to my earlier comment on this thread which is you really don't need as much money as you think you do.
red_slr said:
The Number thread
https://forums.moneysavingexpert.com/showthread.ph...
Early retirement thread
https://forums.moneysavingexpert.com/showthread.ph...
Thanks. Will have a read.https://forums.moneysavingexpert.com/showthread.ph...
Early retirement thread
https://forums.moneysavingexpert.com/showthread.ph...
Condi said:
The problem with that, and the FIRE idea, is that it assumes that everyone hates their jobs, and also that you want to sacrifice a lot of opportunities and enjoyment now, in return for some potential benefit in future.
I can't agree with either of those ideas. If you hate your job, then do something else, and sacrificing life now, when you're as young and fit as you'll ever be, in return for time later in some unknown state of health and mind is not sensible.
It's all about balance. Find a job you enjoy, invest and save sensibly, but there is little point missing out on opportunities now simply to buy a little more time later on.
I agree... I don't hate my job. My current role is the most enjoyable I've had for a few years. I do however resent the time it consumes... especially at this time of year it basically writes off Monday to Friday. I can't agree with either of those ideas. If you hate your job, then do something else, and sacrificing life now, when you're as young and fit as you'll ever be, in return for time later in some unknown state of health and mind is not sensible.
It's all about balance. Find a job you enjoy, invest and save sensibly, but there is little point missing out on opportunities now simply to buy a little more time later on.
Across various savings and investments I think I've got enough to see me through to 80+ with a monthly income greater than I currently earn before I have to think about selling properties that provide some of that income. But is this enough? Is there a unforeseen personal financial event around the corner that means I need to maintain my current earning level? I'm naturally risk averse so it's a difficult decision - what if I haven't got enough? Will I be able to find a job after a period out of work?
The balance of course is at what point do I stop worrying about what might happen and start making better use of my time - I'm mid-40's, my close family history suggests I'm quite likely to be knackered by the time I'm 70 and there is no point being the richest man in the graveyard.
Without seeing the numbers its hard to say, but honestly if you *think* you have enough to last you till 80 then you almost certainly do unless you have some unrealistic expectations or don't fully understand your requirements..
As I keep saying people always seem to overestimate how much they might need.
If you don't have to leave an estate (i.e no kids) and have planned correctly there is nothing stopping you, in the most basic terms if you need £50k a year and expect to live another 30 years you need 30 x 50k + inflation. No more.
If you want to preserve the pot or attempt too then you can use a safe withdrawal rate so long as you understand the returns your pot might deliver, plus inflation. That's where things get tricky and that's what FIRE is based upon.
It might be best to post your actual numbers (income, outgoings, cash, savings, investments, pensions) on MMM or MSE under a new user name and see what everyone says.
As I keep saying people always seem to overestimate how much they might need.
If you don't have to leave an estate (i.e no kids) and have planned correctly there is nothing stopping you, in the most basic terms if you need £50k a year and expect to live another 30 years you need 30 x 50k + inflation. No more.
If you want to preserve the pot or attempt too then you can use a safe withdrawal rate so long as you understand the returns your pot might deliver, plus inflation. That's where things get tricky and that's what FIRE is based upon.
It might be best to post your actual numbers (income, outgoings, cash, savings, investments, pensions) on MMM or MSE under a new user name and see what everyone says.
I'm 39 and very close to requesting a four day week. In reality, because of the job I do (national travel), it will probably amount to me asking for a change to 0.9 whole time equivalent over 4 days.
Ok - that's not much compared to some people who work part time, but it would be a big step for me as I've always been career-focused.
So.. I'm finding it very hard to actually take the step. The main downside I perceive for me personally would be colleagues thinking that I'd "giving up" on career aspirations. I certainly wouldn't be... but unfortunately the catalyst / coincidence is a senior job that I am being encouraged to apply for that wouldn't be doable on anything less than full time, involving more time away from home.
To help me decide, I did a "wheel of life". This seems to be a fairly common coaching tool and you'd find it quite easily on Google. Mine helped me lay out quite clearly what my inner thoughts had been telling me for some time: which is that I want to spend more time on things outside work.
Put another way, a 4-day week / 3-day weekend would give me a 50% increase in free time. As a family man of 39 years old, that's hugely attractive.
To answer the original post about pluses and minuses of going part time;
Plus
Better health
More leisure
Time to develop personally (e.g. taking up charitable roles)
Strengthened relationships
Minus
Slightly lower pay, pension - possibly working longer than planned
Slower / no progression, depending on your / employer's outlook
May end up doing same work in fewer hours (a common part-time curse)
Colleagues' / senior perceptions
As always, these are all personal situations and decisions and only you can decide what works for you!
Ok - that's not much compared to some people who work part time, but it would be a big step for me as I've always been career-focused.
So.. I'm finding it very hard to actually take the step. The main downside I perceive for me personally would be colleagues thinking that I'd "giving up" on career aspirations. I certainly wouldn't be... but unfortunately the catalyst / coincidence is a senior job that I am being encouraged to apply for that wouldn't be doable on anything less than full time, involving more time away from home.
To help me decide, I did a "wheel of life". This seems to be a fairly common coaching tool and you'd find it quite easily on Google. Mine helped me lay out quite clearly what my inner thoughts had been telling me for some time: which is that I want to spend more time on things outside work.
Put another way, a 4-day week / 3-day weekend would give me a 50% increase in free time. As a family man of 39 years old, that's hugely attractive.
To answer the original post about pluses and minuses of going part time;
Plus
Better health
More leisure
Time to develop personally (e.g. taking up charitable roles)
Strengthened relationships
Minus
Slightly lower pay, pension - possibly working longer than planned
Slower / no progression, depending on your / employer's outlook
May end up doing same work in fewer hours (a common part-time curse)
Colleagues' / senior perceptions
As always, these are all personal situations and decisions and only you can decide what works for you!
tighnamara said:
It’s only going to get worse for the majority with younger people’s focus on “living for now” rather than balancing out to save for their retirement and future.
This is slightly, if not very, unfair. It is hard, i think, for someone older to understand how things have changed with regards to pensions and living costs, as well as the wage stagnation since 2008. One of the things which has most struck me is how pensions have been cut, and the change from DB to DC. Quite often in jobs you get 40 or 50 year olds doing the same job as a 30 year old, yet one has the benefit of a generous DB scheme, index linked and requiring little outlay from their salary, while the other has to pay in 10% of their wages and gets no guarantees at the end of it all. Or, as in my current job, there are 2 of us who are similar ages, only difference is I am new and he has been there 5 years, and the differences in the pension schemes are night and day. For people paying DC schemes, remember their wages have been suppressed over the last 10 years too, while living costs have been increasing. In the SE especially, when even paying rent is taking over 1/3rd of their salary, worrying about pensions is not that important.
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