End of Retirement

[Jaguar99]

Hi all

I have been putting some more detail into my retirement plans recently (as I am hoping to semi-retire in the next 4-5 years)

One thing that has come up is what my age might be at the “end of retirement” - or to put it another way when I will die

It seems that most pension companies use 90 as a typical value so I have used this for now. However, my family does not have a history of living into ripe old age so should I factor this in and work on a pessimistic (from a life PoV) / optimistic (from a retirement income PoV) estimate?

Don’t want to be a pauper by the end but also don’t want to pop off with oodles of cash in the bank that I could have enjoyed (I have no-one to inherit anything)

Has anyone else estimated or discussed the end of retirement age and what’s the general advice?

[cowboyengineer]

I think I can take one for the team and inherit everything you have not managed to spend.

No need to thank me……

[anonymous-user]

I’ve got enough money to spend frivolously until I’m about 80-85. After that I’ll probably be infirm and a little gaga so will let the local social services take care of me or shoot me - their choice

Edited by anonymous-user on Friday 29th July 21:25

[Douglas Quaid]

Why not plan for 80, then kill yourself? That’s probably what I’ll do.

[Pitre]

The previous generation of my family all died quite early so I've always assumed I would be the wrong side of the grass quite early too and live my life accordingly, spending appropriately.

Damn. Still here...

[nickfrog]

Jaguar99 said:

Hi all

It seems that most pension companies use 90 as a typical value so I have used this for now.

Could you try and build your own retirement planning .xls with your own data? There are some online but they make choices for you.

I built mine a few years ago in a couple of hours where I can move a few levers (inflation, capital growth, retirement age, property value, IHT, tax allowance, etc). It also allows me to modulate sources of income (ISA, pensions, property, state pension etc) and optimise draw down from a IHT and tax point of view.

[selmahoos]

Douglas Quaid said:

Why not plan for 80, then kill yourself? That’s probably what I’ll do.

Guarantee you'll feel differently when you're 79 and a half

[WelshRich]

If you’re not worried about leaving an inheritance, one option might be to drawdown initially and then buy an annuity with whatever is left when you get to 75 or so… (takes some of the guesswork out)

[dmahon]

Not sure how much you would be doing by 80+ anyway. The state pension or subsistence benefits would probably be ample if you still own a property.

I’ll probably plan with an eye on mid 70s and then what will be, will be.

[hairy v]

WelshRich said:

If you’re not worried about leaving an inheritance, one option might be to drawdown initially and then buy an annuity with whatever is left when you get to 75 or so… (takes some of the guesswork out)

That's my thinking too.

There are various websites you can google to predict your lifespan - this is the UK Office for National Statistics data :

https://www.ons.gov.uk/peoplepopulationandcommunit...

[Wacky Racer]

https://www.death-clock.org/

[Wacky Racer]

dmahon said:

Not sure how much you would be doing by 80+ anyway. The state pension or subsistence benefits would probably be ample if you still own a property.

I’ll probably plan with an eye on mid 70s and then what will be, will be.

Paul McCartney and Mick Jagger are still prancing about on stage for over two hours,

[OldSkoolRS]

dmahon said:

Not sure how much you would be doing by 80+ anyway. The state pension or subsistence benefits would probably be ample if you still own a property.

I’ll probably plan with an eye on mid 70s and then what will be, will be.

My Dad and Step Mum both died this last year, he was just short of 85, she was 91. My Dad wasn't really with us in his last 4-5 years.

My Mum and Step Dad both coming up to 85 and they've just come back from another cruise and have the next one booked, plus another holiday after that. They keep themselves busy and seem to enjoy life though obviously not leaping around they are fairly mobile for their age.

Therefore I don't know which side I'm more likely to take after, though I do seem to have inherited my Dad's slow rate of going grey, so maybe that's a hint...

[anonymous-user]

Jaguar99 said:

Don’t want to be a pauper by the end but also don’t want to pop off with oodles of cash in the bank that I could have enjoyed (I have no-one to inherit anything)

What do you honestly think you are going to be doing when you are 90 other than watching TV all day and potentially stting in a nappy and having Alzheimer's?

Do you think you will be driving about in nice cars and going on holiday four times a year? I have never understood these people who believe they need the same amount of money in retirement as they needed when they were working. With no mortgage and no desire to go on holiday (too much hassle) or own a nice car (every panel will be dented anyway) what are you going to spend money on?

[supersport]

Joey Deacon said:

Jaguar99 said:

Don’t want to be a pauper by the end but also don’t want to pop off with oodles of cash in the bank that I could have enjoyed (I have no-one to inherit anything)

What do you honestly think you are going to be doing when you are 90 other than watching TV all day and potentially stting in a nappy and having Alzheimer's?

Do you think you will be driving about in nice cars and going on holiday four times a year? I have never understood these people who believe they need the same amount of money in retirement as they needed when they were working. With no mortgage and no desire to go on holiday (too much hassle) or own a nice car (every panel will be dented anyway) what are you going to spend money on?

This really.

Whilst I want properly want to enjoy retirement. If I do make it to 90 I largely expect to be spending most of my day dribbling by then.

I suspect there are ver6 few active and high spending 90 year olds, outside of care costs.

[Sausage roll]

I semi-retired last year and so had to start thinking seriously about how much longer I might live. So I though I’d work on the principle that I’d die in my early seventies (same age as when my father died) and if I planned pensions, etc accordingly Sod’s law will mean I live to 110.

[sociopath]

Save enough money to get to switzerland when you're 80, job done

[nickfrog]

sociopath said:

Save enough money to get to switzerland when you're 80, job done

Hopefully by then you won't even need to go to CH.

[Jaguar99]

Thanks guys. Some good answers there and a lot along the lines that I was thinking of

I have done some work in XL planning what I could draw down, what I will get as pensions, anything else I can bang into an annuity, etc. I have run scenarios with and without inheritance to me and with and without using equity from my house by moving to a cheaper area of the country for further draw down and/or annuities

The trick is estimating how much to draw down how quickly but then, as I was thinking and others have said, estimate and plan for a decent retirement until 80-85 and then plan on not doing much (or not caring by then) from that point until the end

I think 85 might be a fair compromise in terms of planning so will have another play with XL…

Thanks guys!

[Armitage.Shanks]

I'd work to late 70s and everything else is a bonus. You'll potentially be doing less so spending less and 'income' being boosted by state pensions and allowances.

When you look at Jagger et al and their lifestyle in their early days you'd expect them to be dead but keeping fit, working hard seems to keep them going. Same for Bernie Ecclestone, Rupert Murdoch who are still doing business deals in their 80s/90s. Seems to be that if you want to live a long life keep working and don't retire.

In terms of declining health in old age I have no intention of letting dementia or the like take hold and will purse the Dignitas option if that arises. I don't want to 'hang on' where the quality of my life suffers.