At what age are you retiring?
Discussion
Sparkzz said:
I'm 28, work in Engineering.
I really plan to retire at 55 and I'm putting everything in place to accomplish that goal, life may stop it happening but that's my plan. I enjoy my work but I really see the value in getting out. I'm also ambitious, climbing the ladder is part of the plan.
Anyone else want to share their situations? I realise this may drum up some arguments but that's what Saturdays in 'lockdown' are for!
By the time you get to 55 you won't be able to retire at 55, the plan is to increase the age when you can retire to keep pace with increasing the state retirement age.you will be able to stop work of course, but not access your pensionsI really plan to retire at 55 and I'm putting everything in place to accomplish that goal, life may stop it happening but that's my plan. I enjoy my work but I really see the value in getting out. I'm also ambitious, climbing the ladder is part of the plan.
Anyone else want to share their situations? I realise this may drum up some arguments but that's what Saturdays in 'lockdown' are for!
As said if you truly want to retire at 55 don’t put all your eggs into the pension pot. You will probably need some kind of income to tide you over till you hit whatever the pension age becomes by then.
Do you have a mortgage? Then you have to decide if it’s better to pump money into the pension or get that paid off so you live rent free .
Good luck , I fear I would get bored trying to fill 40 hours a week , but I’d like to have the option to retire at that age
Do you have a mortgage? Then you have to decide if it’s better to pump money into the pension or get that paid off so you live rent free .
Good luck , I fear I would get bored trying to fill 40 hours a week , but I’d like to have the option to retire at that age
I don’t ever plan to fully retire. Work less and do more work that I enjoy yes but there is nothing I could think of worse than retiring completely decades before I kick the bucket. Unless I could afford to literally be on holiday all the time and have the same disposable income that I have now I would get far too bored even with hobbies and stuff. My pension pot would have to be astronomical to achieve that. Each to their own.
I probably could retire at 55 but wonder if I will get bored?
My current thoughts are to plan for 60 as I don’t think I will want to work past this; however, my dad is working 4 days a week at 72 with no signs of stopping. He really doesn’t need the money but he enjoys it too much to give up.
My current thoughts are to plan for 60 as I don’t think I will want to work past this; however, my dad is working 4 days a week at 72 with no signs of stopping. He really doesn’t need the money but he enjoys it too much to give up.
Now this is a topic of great conversation in our household
Can retire next year at 55 and have a final salary pension which is worth quite a bit (current transfer value is 2.3m)
First Grandchild has just arrived too.
but, but, do I stay or do I go now.
I think the ability to transfer out which is adding complexity, so its time for an IFA to really explain what my position is.
Need to understand the implications of the LTA on leaving it in and taking it out but after 5 funerals in the last 5 months, I makes you think.
Can retire next year at 55 and have a final salary pension which is worth quite a bit (current transfer value is 2.3m)
First Grandchild has just arrived too.
but, but, do I stay or do I go now.
I think the ability to transfer out which is adding complexity, so its time for an IFA to really explain what my position is.
Need to understand the implications of the LTA on leaving it in and taking it out but after 5 funerals in the last 5 months, I makes you think.
I'm 43.
I have a live DC pension and 2 dormant pensions from previous employers.
My wife is 39, and is part of the NHS pension scheme.
Current plan is to retire at 60 for me, and then wait until she reaches 64 before cashing my pensions out to buy years so she can access hers 4 years early.
I have a live DC pension and 2 dormant pensions from previous employers.
My wife is 39, and is part of the NHS pension scheme.
Current plan is to retire at 60 for me, and then wait until she reaches 64 before cashing my pensions out to buy years so she can access hers 4 years early.
Depends massively on having a second child for me.
I took over the family business from my father if a second child wanted the company I would work on to pass it on like my dad did for me.
If that’s not on the cards would sell up when I’m 50 re invest the cash to maintain my life style.
I took over the family business from my father if a second child wanted the company I would work on to pass it on like my dad did for me.
If that’s not on the cards would sell up when I’m 50 re invest the cash to maintain my life style.
It's a pretty odd idea that you can work hard for half your life and then expect to live off the benefits of that effort for the second half. It requires everyone else to recognise the value of your economic activity several decades after it actually happened. If you end up with a small younger section of society in employment who are supposed to be recognising the right of retirees to just consume those young people's output, there's no reason to think the young ones are going to be happy with that or will allow it to continue. A dose of wage inflation can rebalance the division of rewards from shareholders to employees, while inflation is writing off the value of debt. Economic rewards get rebalanced in favour of those who are still economically active while those living off investments feel the pinch. The early retirement/passive income lifestyle by its very nature can never be widespread because it requires the next generation to deliver it against their own interests.
Edited by ATG on Saturday 20th March 23:36
Stu-nph26 said:
I’m 36 earn a reasonable wage working in software sales and I’m on track to retire before my 45th birthday. I’ve made some pretty big sacrifices to enable that but 100% worth it IMO
How long are you assuming you are going to live until?90 is probably not an unreasonable assumption if you are fit - so you have enough stashed away for 55 years?
51 currently, will go by 55 maybe a little earlier, have no mortgage on our home but owe a little for a couple of btl that I will pay off with some drawdown from my dc pension which I'm paying into at the max rate, 20 years of a dB pension and a chunk in an isa.
The btl will allow me to pay the bills, I then live off the isa until I can draw from my dc, that gets me through until my dB kicks in...
This will work if I can stop buying relatively new and financially ruinous cars.... Otherwise its a few more years.
S.
The btl will allow me to pay the bills, I then live off the isa until I can draw from my dc, that gets me through until my dB kicks in...
This will work if I can stop buying relatively new and financially ruinous cars.... Otherwise its a few more years.
S.
The Spruce Goose said:
70, i don't really ever want to retire, will always try and carry on working, whatever it is.
A view many others take too.‘researchers found that retirees were 40 per cent more likely to have had a heart attack or stroke than those who were still working at the same age.’
https://thepsychologist.bps.org.uk/retirement-heal...
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