Should I Quit My Job And Retire?

[newbie99]

I am no longer enjoying working and I am on the verge of walking out out of the office.

My question is how much money do I need to budget for and what should I be considering before I quit. I am only 46 of age and I do feel my life is shorten as soon as I step into the work place. I put down as stressful job.

My situation is that I don't have any debt, but the only thing I am concern is that my kids are only 4 and 8. I still have small income from my rental properties.
Obviously my income will be by a significant amount.

Anyone could share their experiences on this?

[grasscarp]

I personally would not dream of retiring at 46. If you don't like your job look around while you are still employed. People more likely to want someone who is already working than someone who is unemployed or retired. You have a long way to go With bringing up your children.
I am fortunate that I enjoy my work and at 20 years older than you would advise to continue working if possible.

[-SharonA-]

You cannot retire. Who is going to look after your family. Also you will also get bored.

[ummmm]

At 4 and 8 the expensive years haven't started yet!

[Old_Geezer]

One has time to be bored ?
Only you can work out your finances and decide. But at 48 with kids it sounds a challenging task to get enough income to cover today's costs and put enough away to secure a decent pension.

[fiction-factory]

At 46 the average person has 40 years ahead of them. In your case you also have a family to support. Do you have a mortgage too? You have over 20 years until you get your state pension. Do you have significant savings? Or a partner who can support you. You may have to sell off a rental property to raise cash at some point but that will reduce your income too.

If you detest work then you need to find a way out but make sure you have something set up before you go. Look for a job which reflects your interests or where you will have less stress- maybe part time work for a while or temporary work via an agency.

If you have a very good income from your job I would set myself a date of maybe Easter 2017 and say you will try to find something before then. In the meantime you may find your feelings about your current job have changed

[bednobs]

at 46 you cn't "retire" as such (in the way tht i understand retirement at least, unless it's medicl retirement). I think a more correct term would be unemployed. Having no income would be very scary for lot of people especially with young kids, but if you feel you can mange, good on you! It's difficult for anyone to know how much you need to budget - hw much do you earn now? What are your committed outgoings both now and in the future? Have you tried a period of surviving just on your rental income and seeingif you nd your fmily can manage? Is there another partner in the scenario who is bringing in money?
My other concern is what would you do all day? at 46 probably most of the people you know are working so not available in the day

[Old_Geezer]

You may retire at any age. You can not start taking a workplace pension until 55 though, so you need to fund yourself. There may also be knock on effects to the State pension for not having paid in enough years.

Believe me finding things to do is not a problem. Finding the enthusiasm to be self motivating is more of an issue, at least in the early days when every day seems like a holiday and everything can be put off until the morrow. I hope most come out of that stage and start disciplining themselves after a while. I think it can be the big difference between forming an attitude of one's life no longer being important, you have no important role in life any more (having kids might help avoid that) and instead thinking you are enjoying the freedom to do what you want so much you should have done it years ago. But as mentioned, it is the finance that is the big issue.

[Islay]

Sure leave work and get tax credits to pay for your kids why not?

[jennyjoan]

I was in many many jobs under the umbrella of the Civil Service.

I hated some of the jobs and really wanted to walk out all the time - in the end I served 37 years - have to say I loved some of the jobs they outweighed the bad. God the bad were bad - in fact in one of the jobs I think I had a nervous breakdown but didn't get the help just plundered on as you do.

[pastafreak]

You may dislike what you are doing now,but have you considered re-training or going back to school? You are still certainly enough to look at other options. Give some thought to what you *enjoy* doing,then do some research into possible careers. Most of us go through periods where our jobs are a chore. But to be facing a life without a focus seems quite depressing to me...particularly at such a young age.

[Quoi]

i had a working 'rule' that said if I didn't want to go to the job on a Monday morning then change jobs.
I left employment at aged 35 - I did have a little help out of the door because I was a little rude to a manager.
However, nearly 60 now and haven't regretted the freedom that it gave me.
I am not rich and have been through some financial issues including the HMRC trying to bankrupt me but still here.
My answer..... If you are question is a serious one Just do it and if not serious .. well dont!
I had about 4k in 1990 from final wages salary when I left and I got a bit lucky with my first sale and just carried on making it up as I went along.
Just do a cash flow - thats where the biggest problems lie.

If you dont just 'do it' then you will spend the rest of your time regretting you didn't

[bednobs]

i presume from your post that you still worked though - self employed? I think newbie just wnts to quit entirely (retire)

[Prudie]

I wouldn't dream of giving up at work at 46 without a million in the bank. Seems ridiculous but that's only £25K a year for 40 years.

[silliemillie]

Have you thought of seeing your doctor? You sould a bit depressed at the moment, maybe he/she will sign you off sick for a short period so you can gave a think about what you really want from life.

The rest will do you good and if you really can't face going back then look for a job you might enjoy but you need to step of the wheel and regroup if you know what I mean.