Work to live or when to slow down

[Familyman77]

Lately I've been thinking about what my masterplan is. I've used advice here to get into a position I'm happy enough with at the moment so now I'm thinking more about long term goals.Married, 2 children aged 5 & 8, single wage of €4800 pm take home. Currently mortgage balance is 120k ( value of 350k ) and ive set myself goal of paying it off in 7 years. When I'm 50. Pension pot currently valued at 250k. I can expect another €150k ( airing on conservative side ) to be added through executive pension scheme by the time I'm 50. It is at this magic number I'm thinking of stepping down to an easier role or moving to a smaller company with lower salary / workload. What I'm wondering is if people have done this and whether they regretted it or wished they continued on with the long hours/ stressful job.

 

[Familyman77]

To add, I've been working a lot from home over the lockdown and this has definately changed my views on my work / life balance

 

[50andOut]

Hi Family Man

Firstly have you identified what your current and anticipated future expenditure is? This is key to understanding your options.

In 7 years your kids will be 12+15 - school costs increase and as you approach potential university, there could be further support and costs that you might want to help with.

Check out my post from a few years back which details a very similar question, I had a 7 year plan to step down from the day job at 50.

7 year Semi Retirement plan

Age: 43 Spouse’s/Partner's age: 45 Annual gross income from employment or profession: PAYE: 105,000 Sole Trader: €13000 Spouse: Housewife / Rent a Room: €8000 (8 months) The Sole trader income in only just starting now and I am not using this income in day to day spending as yet. I anticipate...

www.askaboutmoney.com

50+O

 

[Familyman77]

Thanks 50. I will read through it all properly and take a good few pointers into consideration. My initial thoughts on stepping back would be to scale back to a 8 to 5 monday to friday job. My biggest issue with this would be the loss of the executive pension averaging 20k per annum for 15 years. But then money isnt everything